Your CEBA balance is due on December 31, 2026, and it has charged 5% interest since January 19, 2024. Use this calculator to compare keeping your CEBA loan until the deadline with refinancing it into monthly payments.
Talk to your bank or credit union too; they know your circumstances. When you are ready, compare lenders that refinance CEBA loans.
| Paying off your CEBA loan with a merchant cash advance | |
|---|---|
| Payment | |
| Monthly equivalent | |
| Number of payments | |
| Total repaid | |
| Cost of financing | |
A merchant cash advance is a purchase of your future receivables, not a loan. The advance equals your CEBA balance. You repay the advance multiplied by the factor rate in fixed remittances over the term, based on about 21 business days or 4.33 weeks a month. Some providers instead collect a percentage of daily card sales, so payments rise and fall with revenue. The cost is fixed when you sign, so paying early usually does not reduce it unless the agreement includes an early payoff discount. Estimates only; get exact figures from your financial institution and providers.
This financial analysis is provided as a general guide only and should not be relied upon as sole basis for investment or financial decisions. It is based on data and assumptions believed to be accurate at the time of analysis but they may not apply to your specific situation. No warranty is made regarding the accuracy or completeness of the information. Market conditions and economic factors can change rapidly and without notice, which can impact the analysis outcomes. You are advised to consult with a qualified financial advisor before making any investment decisions. This analysis does not constitute financial advice, nor does it take into account your personal circumstances, financial situation or needs.
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