Lendr Merchant Cash Advance Review

Lendr Merchant Cash Advance is a business financing offering by Lendr, based in Chicago, IL. Founded in 2011, Lendr offers access to business loans in 50 states (and Washington, DC).

What are Lendr Merchant Cash Advance’s rates?

Lendr Merchant Cash Advance offers a business financing product that ranges from 15% APR up to 99% APR.

Does Lendr Merchant Cash Advance charge an origination fee?

Yes, Lendr Merchant Cash Advance charges a loan origination fee.

What limitations does Lendr Merchant Cash Advance set on the purpose of the loan?

Lendr Merchant Cash Advance considers loan applications for business purposes, such as:

• Business Debt Refinance
• Equipment Purchase
• Hiring
• Inventory
• Lease Improvement
• New Location
• Payroll
• Product or Service Expansion
• Technology Investment
• Working capital

What types of business loans does Lendr Merchant Cash Advance offer?

Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Lendr Merchant Cash Advance provides access to the following business loan types:

• Invoice Financing
• Merchant Cash Advances
• ACH Cashflow Loans

Does Lendr Merchant Cash Advance charge prepayment fees?

Yes, Lendr Merchant Cash Advance 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.

What do you need to qualify for Lendr Merchant Cash Advance?

Lendr Merchant Cash Advance requires companies to be in business for at least 12 months. Businesses must have a minimum annual revenue of $10,000 to be considered.

Applicants with a credit score of at least 520 and up to 850 may be eligible for Lendr Merchant Cash Advance.

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 Lendr Merchant Cash Advance. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Lendr Merchant Cash Advance. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Proof of income
• Business formation documents

What is the estimated funding time for a business loan via Lendr Merchant Cash Advance?

Lendr Merchant Cash Advance can approve (or deny) a loan application within 24 hours and fund business loans within 2 business days of approval.