Snap Advances is a direct lender based in Valley Stream, NY. It was founded in 2009 and offers access to business loans in 50 states (and Washington, DC)..
Yes, Snap Advances charges a loan origination fee.
Some lenders only provide business loans for certain purposes. Snap Advances offers considers loan applications for the following reasons:
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Snap Advances provides access to the following business loan types:
No, Snap Advances will not charge you a late fee. Yes, Snap Advances charges borrowers with a late payment fee.
Yes, Snap Advances 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.
Loan amounts start at $5,000 and go up to $250,000.
Snap Advances offers business loans with a maximum term of 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.
Applicants with a credit score of at least 300 can apply for a loan via Snap Advances.
Snap Advances does not require borrowers to have been in business for a minimum number of years. Active duty servicemembers and their covered dependents are eligible to apply for a loan via Snap Advances. Its rates and terms 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:
Snap Advances can provide a credit approval decision in less than an hour and fund the loan within 3 business days.
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