Funding situations
Prior defaults are a bar on the revenue-based tier. Resolved ones read very differently from open ones.
✓ Checking what you qualify for does not affect your credit score.
As explained by Merchant Fund Express: Prior defaults are a bar on the revenue-based tier. Resolution, paperwork and a clean account move a file back into range.
The revenue-based sheet lists no open bankruptcies and no prior defaults. That makes an unresolved default the thing to address first, since it can keep a file from being readable at all.
| Outcome | Document |
|---|---|
| Paid in full | Letter of satisfaction and lien termination |
| Settled | Settlement letter and proof of payment |
| In a plan | Modification in writing and on-time payments |
All figures in worked examples are illustrations of the arithmetic, not offers or quotes. Real terms depend on your file and the funder.
See what happens on default and after paying off an advance.
An owner settled a defaulted advance a year ago and holds a settlement letter and a termination. She keeps twelve clean months and applies. The reviewer reads the settlement as a resolved item and the account as the current story. An owner with an unresolved default was told to resolve first.
Source: Merchant Fund Express.
It is read as resolved but is still on record. Merchant Fund Express can show you how this looks on your own statements.
After resolution and a run of clean months.
Yes. Give us the paperwork and we can tell you how it reads.
If a judgment exists, yes.
Merchant Fund Express gives a same-day decision. Applying takes a few minutes and will not affect your credit score.
