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05-12-2019, 09:15 PM #1
- Join Date
- Jul 2018
- Posts
- 193
Cash advance/Loan calculator
Is there any loan calculator that can give me the exact date my deals can renew for a cash advance?
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05-13-2019, 09:05 AM #2
- Join Date
- Feb 2017
- Posts
- 3,429
If you take into account the average month, there are 21.74 working days.
https://www.quora.com/What-is-the-av...ays-in-a-month
All funders are different, and assuming they didn't stack your advance, it's generally when they're about 50-60% paid down. So: number of payments * 60% is where the renewal will for sure come in (you can try at 50%, though).
So: # payments * .60 / 21.74 = number of months from now when your deal will qualify for renewal.
Ask the funder for the specific rules for their funding. Then these two websites will make it precise.
https://www.timeanddate.com/date/workdays.html
https://www.timeanddate.com/date/weekdayadd.html
Set yourself a reminder on your CRM based on the outcome of that, as the formula about will only be approximate.
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05-13-2019, 01:11 PM #3
To add to the above --
Once you've done your calculations, I would definitely check in with the funder at the 50% paid-in mark *first* before reaching out to the merchant.
If the merchant had shoddy repayment, the funder might not want to renew them.
Once you know the merchant's repayment is clean, then you can reach out and request updated statements.
Checking in with the funder first will prevent you from chasing merchants down for updated statements that the funder has no interest in renewing.
(Of course, the funder might decline the renewal request for other reasons once reviewing the statements- as Micah noted re:stacking- but at least you won't be chasing defaults/habitual NSF'ers in hopes of renewing them!)
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