in Business Loans from Snap AdvancesUnaffiliated
in Business Loans from Snap Advances
Strongly not recommended
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|Community Rating||Strongly not recommended|
|Loan Amount||$5,000 - $250,000|
|APR||10% - 99%|
|Loan Term||Up to 12 months|
Snap Advances Review
Where does Snap Advances do business?
Snap Advances is a business financing offering by Snap Advances, based in Valley Stream, NY. Founded in 2009, Snap Advances offers access to business loans in 50 states (and Washington, DC).
What are Snap Advances’s rates?
Snap Advances offers a business financing product that ranges from 10% APR up to 99% APR.
Does Snap Advances charge an origination fee?
Yes, Snap Advances charges a loan origination fee.
What limitations does Snap Advances set on the purpose of the loan?
Snap Advances 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 Snap Advances offer?
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:
- Merchant Cash Advances
- ACH Cashflow Loans
Does Snap Advances charge prepayment fees?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.
How much can you borrow from Snap Advances?
Loan amounts start at $5,000 and go up to $250,000.
What is the maximum loan term you can get with Snap Advances?
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.
What do you need to qualify for Snap Advances?
Snap Advances does not require borrowers to have been in business for a minimum number of years. Businesses must have a minimum annual revenue of $15,000 to be considered.
Applicants with a credit score of at least 300 and up to 850 are eligible for Snap Advances.
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 Snap Advances. 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
- Proof of identity
What is the estimated funding time for a business loan via Snap Advances?
Snap Advances can provide a credit approval decision in less than an hour and fund the loan within 3 business days.
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|Credit Score Range||
300 - 850
|Immigration Status Considered||
|Employment Statuses Considered||
|Verification Documents Required||
|Loan Amount||$5K - $250K|
|Loan Term||Up to 12|
|APR||10% - 99%|