Where does Snap Advances do business?

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)..

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?

Some lenders only provide business loans for certain purposes. Snap Advances offers considers loan applications for the following reasons:

  • Equipment purchase
  • New location
  • Product or service expansion
  • Working capital
  • Business debt refinance

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

Does Snap Advances charge a late fee?

No, Snap Advances will not charge you a late fee. Yes, Snap Advances charges borrowers with a late payment fee.

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 a loan with Snap Advances?

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:

  • Proof of income

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.

  • Institution Type
    Direct Lender
  • Credit Score Range
    300 - 840
  • Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Retired
    • Self-Employed
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
  • Minimum Revenue
  • Verification Documents Required?
    • Proof of Identity
    • Proof of Income
  • Business Loan Type
    • ACH Cashflow Loan
    • Merchant Cash Advance
  • Intended Use of Funds
    • Business Debt Refinance
    • Equipment Purchase
    • Lease Improvements
    • New Location
    • Product or Service Expansion
    • Working Capital
  • Funding Time Range (in days)
    3 - 5
  • Loan Amount
    $5000 - $250000
  • Loan Term (Months)
    Up to 12
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