Advances in MC Pay
In addition to Expresses, MC Pay has the option to give you an advance: receiving up to 10x your monthly income at once while retaining your copyrights. This can be very helpful for funding large projects or expenses.
Advances are available to creators with a channel connected to UFG.
1 You can request an advance within your MC Pay account, the MC Pay team will carefully review and consider the terms they can offer.
2 You do not need to provide any additional documents, just press 1 button to submit a request and wait until we send you the funding options MC Pay is able to offer (usually 1-2 days).
3 You choose the option you like best and it's done! The money is immediately added to your MC Pay account, where you can easily withdraw it wherever you want.
4 In the future, the amount of the Advances + fee is repaid from the channel's income. You have the flexibility to choose between 50% to 100% of future income when selecting your advance, so you can pay it off sooner, or pay gradually while keeping more of your monthly earnings.
How is the advance amount calculated and repaid?
Let's consider a practical example!
Imagine you've requested a $10,000 advance, the terms available at the time include a 9.9% fee, with a 70% deduction rate for repayment.
The Fee is fixed and is applied to the total amount you request.
So, $10,000 with a 9.9% fee, the fee will be $990. Therefore, the total amount to repay would be $10,990.
As this is a fixed fee, not an interest rate, the cost is completely transparent and will not change or increase over time.
Deduction rate is the percentage of your future YouTube earnings that MC Pay will deduct to cover the advance payment until it is repaid. You have the flexibility to choose between 50% to 100% of future income when selecting your advance, so you can pay it off sooner, or pay gradually while keeping more of your monthly earnings.
In our scenario, with a 70% future earnings deduction, let's assume your upcoming income for the month is $3000. This means $2100 will be deducted to repay the advance, while the remaining $900 will be available in your MC Pay account for withdrawal.
If you have any questions, please contact our Support or your personal manager.