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Every Apply button starts the same single application. Your chosen lender is prioritized first.
Most lenders in our network want $10,000 or more in average monthly sales and at least one year in business, though several fund earlier-stage operations at smaller amounts. Approval usually rests on revenue and time in business rather than a personal credit score, and lenders verify through bank statements or payment processor data rather than full financial statements.
Commercial lending has its own federal rules. Loans of $10,000 or less are held to the 35% APR criminal rate like consumer credit. Between $10,000 and $500,000 the exemption allows up to 48% APR. Above $500,000 there is no rate cap at all. That is what makes merchant cash advance factor rates lawful, and why comparing a factor rate to an APR without converting it is misleading.
Commonly 24 to 48 hours for working capital and merchant cash advances, longer for larger term facilities that require more documentation. The application runs online and most lenders decide within a day.
A term loan is a fixed amount repaid on a schedule at a stated rate. A merchant cash advance buys a share of your future sales at a factor rate, so repayment flexes with revenue and there is no fixed end date. The advance is faster and easier to qualify for; the term loan is almost always cheaper if you qualify for it.
