eProdigy Financial Merchant Cash Advance

eProdigy Financial Merchant Cash Advance Review

eProdigy Financial Merchant Cash Advance is offered by eProdigy Financial, a financial services company founded in 2014 and based in New York, NY. eProdigy Financial Merchant Cash Advance are available in 50 states (and Washington, DC).

eProdigy Financial Merchant Cash Advance FAQ

Does eProdigy Financial Merchant Cash Advance charge prepayment fees?

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

What types of repayment method does eProdigy Financial Merchant Cash Advance accept?

eProdigy Financial Merchant Cash Advance accepts the following repayment method from the Merchant:

• Split withholding
• ACH withholding

How often does eProdigy Financial Merchant Cash Advance process payments?

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

Does eProdigy Financial Merchant Cash Advance charge an origination fee?

Yes, eProdigy Financial Merchant Cash Advance charges a origination fee.

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

There is no minimum repayment ammount.

What are the business financing requirements for eProdigy Financial Merchant Cash Advance?

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

• Business license
• Business bank account

What do you need to qualify for eProdigy Financial Merchant Cash Advance?

eProdigy Financial Merchant Cash Advance does not require or does not disclose a credit score minimum. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

eProdigy Financial 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 eProdigy Financial 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 and permanent resident / green card holders are eligible to apply for the services offered by eProdigy Financial Merchant Cash Advance.

To qualify, applicants may need to provide the following documentation:

• Proof of income
• Recent bank statements
• Business formation documents
• Proof of identity
• U.S. tax identification number

What limitations does eProdigy Financial Merchant Cash Advance set on the purpose of the merchant cash advance?

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

• Business debt refinance
• Equipment purchase
• Hiring
• Inventory
• Lease improvement
• New location
• Payroll
• Product or service expansion
• Technology investment
• Working capital