in Business Loans from Elevate FundingUnaffiliated
in Business Loans from Elevate Funding
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|Community Rating||Mostly recommended|
|APR (Variable APR)||N/A|
|Loan Term||N/A months|
Elevate Funding Review
Where does Elevate Funding do business?
Elevate Funding is a business financing offering by Elevate Funding, a financial services company based in Gainesville, FL. Founded in 2015, Elevate Funding offers access to business loans in 50 states (and Washington, DC).
What are Elevate Funding’s rates?
Elevate Funding offers a variable APR business financing product but they do not disclose their rates.
Does Elevate Funding charge an origination fee?
No, Elevate Funding does not charge a loan origination fee. A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.
What limitations does Elevate Funding set on the purpose of the loan?
Elevate Funding considers loan applications for business purposes, such as:
- Business Debt Refinance
- Equipment Purchase
- Lease Improvement
- New Location
- Product or Service Expansion
- Working capital
What types of business loans does Elevate Funding offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Elevate Funding provides access to the following business loan types:
- Merchant Cash Advances
- ACH Cashflow Loans
Does Elevate Funding charge prepayment fees?
No, Elevate Funding does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
What do you need to qualify for Elevate Funding?
Elevate Funding requires companies to be in business for at least 3 months. Businesses must have a minimum annual revenue of $120,000 to be considered.
Applicants with a credit score of at least 300 and up to 850 are eligible for Elevate Funding.
Elevate Funding does not have or does not disclose a minimum annual income eligibility requirement. Elevate Funding only considers borrowers who are employed.
The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Elevate Funding. Their rates fall within the limits of The Military Lending Act.
Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants may need to provide the following documentation:
- Proof of income
What is the estimated funding time for a business loan via Elevate Funding?
Elevate Funding can approve (or deny) a loan application within 24 hours and fund business loans within 1 business day of approval.
5200 NW 43rd Street
Gainesville, FL 32606 USA
About Elevate Funding
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|No Origination Fee|
|No Prepayment Fee|
|Credit Score Range||
300 - 850
|Immigration Status Considered||
|Employment Statuses Considered||
|Minimum Months in Business||3|
|Verification Documents Required||