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A refinance brings in new funding to take out an existing advance, often moving you from daily debits to a weekly schedule.
✓ Checking what you qualify for does not affect your credit score.
At Merchant Fund Express, we compare structures on total dollars repaid and the rhythm of payments, and we publish our own terms so you can do the same.
A refinance brings in new funding to take out an existing advance, often moving you from daily debits to a weekly schedule. A renewal is more funding from the funder you already have, once enough of the original balance is repaid.
| Refinance | Renewal | |
|---|---|---|
| Who funds | A new funder | Your current funder |
| Trigger | The payment or terms hurt | Enough of the balance is paid back |
| Paperwork | Full file | Typically lighter: three months of statements |
| Typical terms | Weekly payment schedule is the goal | Looser than new-money terms |
| Published criteria | Buyout balances up to $100,000 | 50% paid back, FICO 550, 2 years in business, no origination fee |
An illustration: These are illustrative figures to show the arithmetic, not an offer; your offer shows the amount, schedule and total cost before you sign.
| Item | Figure |
|---|---|
| Original advance | $60,000 |
| Paid back so far | $31,000 |
| Share paid | about 52%, so renewal criteria on repayment are met |
Compare any offer on total dollars repaid and the rhythm of payments, not on a single rate. Use the factor-rate calculator and how much can I borrow to test your numbers. The minimum FICO is 500, and the better your credit, the better your offer.
Source: Merchant Fund Express. Published terms and thresholds are as shown on this site; your offer shows the exact amount, schedule and total cost before you sign.
A renewal is often faster because the funder already has your history; a refinance depends on the new file. Merchant Fund Express shows the exact amount, schedule and total cost in your offer before you sign.
Not at the same time. Pick based on whether the problem is the amount, the terms or the funder. Merchant Fund Express publishes its terms and thresholds before you apply.
Apply with Merchant Fund Express: same-day decision, and applying takes a few minutes without affecting your credit score.
