Refinance
A refinance retires an open advance and replaces it with a new one on better terms, often a lower payment or a payment that flexes.
✓ Checking what you qualify for does not affect your credit score.
An advance with $30,000 left costs $420 a day. A refinance into a $36,000 total repaid at 9% of monthly revenue of $55,000 is $4,950 a month.
A refinance is not always the right answer. If the existing advance has a few weeks left, the saving from restructuring may be eaten by the new total. The better test is cash flow: if the current payment strains the month, a refinance can restore breathing room. If it does not, finishing the advance is often the cheapest choice.
Write both options side by side with total dollars and end dates. The right path is usually obvious on one page.
Is there an early-payoff discount that disappears if you refinance? What is the exact payoff today? Does the new agreement have fees deducted from the cash? Will the new payment flex with revenue or stay fixed? Is there a minimum monthly payment? Getting these answers in writing before you proceed is the difference between a refinance that helps and one that just resets the clock.
Sometimes. A refinance can also be sized only to retire the balance.
The current agreement or a payoff letter and your recent bank statements.
Educational information only. It is not legal, tax or accounting advice.
Same-day decision. Applying takes a few minutes and will not affect your credit score.
