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Merchant Cash Advance - What are the Options for Your Business?

With a Merchant Cash Advance (or MCA) a lender can buy a piece of your business’ future revenues and you'll receive the cash advance as a lump sum payment. Payments can fluctuate along with your sales volume, so you won't be stuck with a large payment you can't handle. Daily or weekly payments are sometimes drawn directly from the merchant account you use to process debit and credit card sales.

Funding Options
APR
Do you qualify?
Time in Business
Annual Revenue

N/A

Estimated Apr

630

min credit score

At least 3 months

No minimum

Qualifications

  • At least 3 months in business
  • 500+ Credit Score

Pros

  • Fixed monthly ACH Payments
  • 2 hr Same Day Funding
  • No Prepayment Penalty
  • Loan Amount Up to $250,000

Cons

  • High rates if held for full term

1.10 - 1.42

Factor Rate

500

min credit score

At least 1 year

$120,000

9.99-36%

Estimated Apr

600

min credit score

At least 2 years

No minimum

Invoice Financing

With invoice financing, you could pre-sell your unpaid invoices to another company in exchange for a lump sum payout. The accounts receivable financing service will retain a fraction of the value while they wait for your customer to pay. You can get the remaining funds owed when the customer has paid, minus the weekly fees that have accrued while waiting for payment. This can become very expensive, so it would be wise to use invoice factoring only with customers that you know will eventually pay.

Funding Options
APR
Do you qualify?
Time in Business
Annual Revenue

N/A

Estimated Apr

530

min credit score

At least 3 months

At least $120,000

9.99-36%

Estimated Apr

600

min credit score

At least 2 years

No minimum

Equipment Financing and Loans for Small Business

Equipment financing and equipment leasing can allow you to start using the equipment your business needs to generate revenue and pay it off over time. There can be options for all industries, from heavy construction machinery to medical equipment and everything in between. With the equipment itself serving as collateral, you might be able to get lower interest rates than you may see with unsecured business loans.

Funding Options
APR
Do you qualify?
Time in Business
Annual Revenue

1.10 - 1.42

Factor Rate

500

min credit score

At least 1 year

$120,000

9.99-36%

Estimated Apr

600

min credit score

At least 2 years

No minimum

9-22%

Estimated Apr

680

min credit score

No minimum

No minimum

Term Loans - A Comprehensive Guide

Traditional term loans are installment loans that small businesses can use to help achieve various goals. Whether it’s a major equipment purchase or an expansion project, getting that extra infusion of working capital is something that many businesses could use at some point during their life cycle.

Funding Options
APR
Do you qualify?
Time in Business
Annual Revenue

N/A

Estimated Apr

630

min credit score

At least 3 months

No minimum

1.10 - 1.42

Factor Rate

500

min credit score

At least 1 year

$120,000

9.99-36%

Estimated Apr

600

min credit score

At least 2 years

No minimum

9-50%

Estimated Apr

550

min credit score

At least 1 year

At least $192K

Business Line of Credit - Your Best Options

A business line of credit can give your company quick access to revolving credit. And though you may find business credit cards to be equally convenient, you might see lower interest rates, fewer fees, and more flexible repayment terms with a line of credit.

Funding Options
APR
Do you qualify?
Time in Business
Annual Revenue

N/A

Estimated Apr

600

min credit score

At least 6 months

At least $120,000

9.99-36%

Estimated Apr

600

min credit score

At least 2 years

No minimum

14-40%

Estimated Apr

600

min credit score

At least 1 year

At least $100K

9-22%

Estimated Apr

680

min credit score

No minimum

No minimum

Best Working Capital Loans for Small Businesses in 2020

One way to potentially access cash on a short-term basis is a working capital loan. You could use the funds for a variety of things related to your day-to-day operating expenses or a new business opportunity for your existing company.

Funding Options
APR
Do you qualify?
Time in Business
Annual Revenue

N/A

Estimated Apr

630

min credit score

At least 3 months

No minimum

1.10 - 1.42

Factor Rate

500

min credit score

At least 1 year

$120,000

1.10-1.48 FR

Estimated Apr

500

min credit score

At least 6 months

No minimum

9-22%

Estimated Apr

680

min credit score

No minimum

No minimum

Small-Business Loans - A Comprehensive Overview

A Small Business Administration (SBA) loan is a government-backed loan that can guarantee billions of dollars each year. Under the SBA’s various loan programs, funds may be available for purchasing inventory or equipment, adding to working capital, buying commercial real estate, funding the acquisition of other businesses, or refinancing other debts in some cases.

Funding Options
APR
Do you qualify?
Time in Business
Annual Revenue

6-10.25%

Estimated Apr

600

min credit score

At least 1 year

At least $500K

Startup Business Loans

With strong personal credit, even first-time business owners may qualify for a loan to help with initial startup costs. Startup funding is available in the form of business credit cards, credit line builders, SBA loans, non-profit microloans, personal loans for business use, and more.

Funding Options
APR
Do you qualify?
Time in Business
Annual Revenue

9-22%

Estimated Apr

680

min credit score

No minimum

No minimum

9 Best Short-Term Business Loans in 2020 - What You Need to Know

Like traditional term loan, short-term business loans can provide companies with working capital to overcome a financial hurdle, pay off higher-interest debt, or quickly jump on a great opportunity when it comes up. The main difference is that your short-term financing will need to be fully repaid soon, often within two years.

Funding Options
APR
Do you qualify?
Time in Business
Annual Revenue

N/A

Estimated Apr

630

min credit score

At least 3 months

No minimum

1.10 - 1.42

Factor Rate

500

min credit score

At least 1 year

$120,000