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  Biz2Credit Merchant Cash Advance

Biz2Credit Merchant Cash Advance

in Merchant Cash Advance from Biz2Credit Inc

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Biz2Credit Merchant Cash Advance

Unaffiliated

in Merchant Cash Advance from Biz2Credit Inc

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Highlights
Factor Rate 1.14 - 1.45
Loan Amount $2,500 - $250,000
Minimum Revenue $150,000
APR  (Fee or Charge Based Product) 14% - 45%

Biz2Credit Merchant Cash Advance Review

Biz2Credit Merchant Cash Advance is offered by Biz2Credit Inc, a financial services company founded in 2007 and based in New York, NY. Biz2Credit Merchant Cash Advance is available in 50 states (and Washington, DC).

Biz2Credit Merchant Cash Advance FAQ

What APRs does Biz2Credit Merchant Cash Advance offer?

The cost of merchant cash advances is typically marketed as a factor rate, not an APR. Biz2Credit Inc offers merchant cash advance with a factor rate starting from 1.14 to 1.45. The higher the factor rate, the higher the fees. For example, an advance of $20,000 with a factor rate of 1.5 will have a total repayment of $30,000, which includes $10,000 in fees.

However, we ran the numbers and we estimate it has an equivalent APR that ranges from 14% APR up to 45% APR.

Does Biz2Credit Merchant Cash Advance charge a late fee?

Yes, Biz2Credit Merchant Cash Advance charges borrowers with a late payment fee of up to $10 or 2% of the past due amount, whichever is greater.

Does Biz2Credit Merchant Cash Advance charge prepayment fees?

Yes, Biz2Credit Merchant Cash Advance charges additional fees to borrowers who pay off their Biz2Credit Merchant Cash Advance 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 Biz2Credit Merchant Cash Advance early.

How much cash can you advance from Biz2Credit Merchant Cash Advance?

Cash advance amounts start at $2,500 and go up to $250,000.

What types of repayment method does Biz2Credit Merchant Cash Advance accept?

Biz2Credit Merchant Cash Advance accepts the following repayment method from the Merchant:

  • ACH withholding

How often does Biz2Credit Merchant Cash Advance process payments?

Biz2Credit 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 Biz2Credit Merchant Cash Advance as payment for your cash advance until the full amount is paid.

Does Biz2Credit Merchant Cash Advance charge an origination fee?

Yes, Biz2Credit Merchant Cash Advance charges a origination fee of 1% to 6% of the total amount advanced starting at $350 Biz2Credit Merchant Cash Advance deducts the fee directly from your merchant cash advance amount before disbursing merchant cash advance proceeds, so make sure you take this fee into account when deciding how much you need to borrow.

What is the minimum repayment amount required by Biz2Credit Merchant Cash Advance?

There is no minimum repayment ammount.

What are the business financing requirements for Biz2Credit Merchant Cash Advance?

To apply for Biz2Credit Merchant Cash Advance, you need to provide the following business documentation:

  • Business license
  • Business bank account

What do you need to qualify for Biz2Credit Merchant Cash Advance?

Applicants with a credit score of at least 525 and up to 850 may be eligible for Biz2Credit Merchant Cash Advance. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Biz2Credit 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 Biz2Credit 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 Biz2Credit 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 Biz2Credit Merchant Cash Advance set on the purpose of the merchant cash advance?

Biz2Credit Merchant Cash Advance considers merchant cash advance applications for business purposes, such as:

  • Business debt refinance
  • Equipment purchase
  • Lease improvement
  • New location
  • Product or service expansion
  • Working capital
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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Late Fee Amount $10 - $35
NSF Fee $15
Origination Fee ($) Starting at $350
Origination Fee (%) 1% - 6%
Business Financing Requirements
  • Business License
  • Business Bank Account
Credit Score Range 525 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Non-Military
  • Veterans
Minimum Age 18
Minimum Months in Business 18
Minimum Revenue $150,000
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Business Formation Documents
  • Recent Bank Statements
  • Social Security Number
  • Business Tax Return
  • Employer Identification Number
Collateral Requirement
  • Secured
Intended Use of Funds
  • Equipment Purchase
  • Lease Improvements
  • New Location
  • Product or Service Expansion
  • Working Capital
  • Business Debt Refinance
Approval Speed 24 hours
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Payment Frequency Daily
Payment Options Automatic Payments
Repayment Methods ACH Withholding
APR (Fee or Charge Based Product) 14% - 45%
Factor Rate 1.14 - 1.45
Loan Amount $2,500 - $250,000

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