|Loan Amount||$300 - $50,000|
|APR (Fee or Charge Based Product)||N/A|
Behalf Merchant Cash Advance Review
Behalf Merchant Cash Advance is offered by Behalf, a direct lender founded in 2011 and based in New York, NY. Behalf Merchant Cash Advance is available in 50 states (and Washington, DC).
Does Behalf Merchant Cash Advance charge prepayment fees?
No, Behalf Merchant Cash Advance does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the Behalf Merchant Cash Advance off early.
How much cash can you advance from Behalf Merchant Cash Advance?
Cash advance amounts start at $300 and go up to $50,000.
What types of repayment method does Behalf Merchant Cash Advance accept?
Behalf Merchant Cash Advance accepts the following repayment method from the Merchant:
- Split withholding
- ACH withholding
How often does Behalf Merchant Cash Advance process payments?
Behalf Merchant Cash Advance processes payments daily based on your business's credit card transactions. This means that a percentage of your transactions will automatically be sent to Behalf Merchant Cash Advance as payment for your cash advance until the full amount is paid.
Does Behalf Merchant Cash Advance charge an origination fee?
No, Behalf Merchant Cash Advance does not charge an origination fee. A origination fee is what some lenders charge for processing, underwriting, and funding a business financing product. Typically fees range from 0.5% to 5% of the total amount advanced. Whenever possible, go with lenders that don’t charge origination fees.
What is the minimum repayment amount required by Behalf Merchant Cash Advance?
There is no minimum repayment ammount.
What are the business financing requirements for Behalf Merchant Cash Advance?
To apply for Behalf Merchant Cash Advance, you need to provide the following business documentation:
- Business license
- Business bank account
What do you need to qualify for Behalf Merchant Cash Advance?Applicants with a credit score of at least 560 and up to 850 may be eligible for Behalf Merchant Cash Advance. The minimum age to be eligible is 18 or the state minimum, whichever is higher.
Behalf Merchant Cash Advance does not have or does not disclose a minimum annual income eligibility requirement.
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. APRs for the Behalf Merchant Cash Advance product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.
U.S. citizens are, of course, eligible for the services offered by Behalf 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
- Recent bank statements
- Business formation documents
- Proof of identity
What limitations does Behalf Merchant Cash Advance set on the purpose of the merchant cash advance?
Behalf Merchant Cash Advance considers merchant cash advance applications for business purposes, such as:
- Equipment purchase
- Lease improvement
- New location
- Product or service expansion
- Working capital
Other Services by Behalf
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|No Origination Fee|
|No Prepayment Fee|
|Business Financing Requirements||
|Credit Score Range||560 - 850|
|Immigration Status Considered||
|Minimum Months in Business||0|
|Verification Documents Required||
|Intended Use of Funds||
|Approval Speed||1 hour|
|Credit Bureau Reporting||
|Payment Options||Automatic Payments|
|Loan Amount||$300 - $50,000|
|Loan Term||1 - 6 months|
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