Everest Business Funding Review

Where does Everest Business Funding do business?

Everest Business Funding is a business financing offering by Everest Business Funding, a marketplace lender based in Doral, FL. Founded in 2015, Everest Business Funding offers access to business loans in 50 states (and Washington, DC).

What are Everest Business Funding’s rates?

Everest Business Funding offers a business financing product but they do not disclose their rates.

Does Everest Business Funding charge an origination fee?

Yes, Everest Business Funding charges a loan origination fee of $199 to $2,900

What limitations does Everest Business Funding set on the purpose of the loan?

Everest Business 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 Everest Business 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. Everest Business Funding provides access to the following business loan types:

• Merchant Cash Advances

Does Everest Business Funding charge prepayment fees?

Yes, Everest Business Funding charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a loan early.

How much can you borrow from Everest Business Funding?

Loan amounts start at $5,000 and go up to $500,000.

What is the maximum loan term you can get with Everest Business Funding?

Everest Business Funding offers business loans with terms ranging from 2 to 12 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What do you need to qualify for Everest Business Funding?

Everest Business Funding requires companies to be in business for at least 3 months. Businesses must have a minimum annual revenue of $10,000 to be considered.

Applicants with a credit score of at least 500 and up to 850 are eligible for Everest Business Funding.

Everest Business Funding does not have or does not disclose a minimum annual income eligibility requirement. Everest Business 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 Everest Business Funding. Their rates fall within the limits of The Military Lending Act.

Only U.S. citizens and permanent residents can apply for a loan.

What is the estimated funding time for a business loan via Everest Business Funding?

Everest Business Funding can approve (or deny) a loan application within 1 hour and fund business loans within 1 business day of approval.