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  Everest Business Funding Merchant Cash Advance

Everest Business Funding Merchant Cash Advance

in Merchant Cash Advance from Everest Business Funding

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Everest Business Funding Merchant Cash Advance

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Highlights
Factor Rate 1.3 - 1.5
Loan Amount $5,000 - $1,000,000
Minimum Revenue $48,000
APR  (Fee or Charge Based Product) 30% - 50%

Everest Business Funding Merchant Cash Advance Review

Everest Business Funding Merchant Cash Advance is offered by Everest Business Funding, a marketplace lending platform founded in 2015 and based in Doral, FL. Everest Business Funding Merchant Cash Advance is available in 50 states (and Washington, DC).

Everest Business Funding Merchant Cash Advance FAQ

What APRs does Everest Business Funding Merchant Cash Advance offer?

The cost of merchant cash advances is typically marketed as a factor rate, not an APR. Everest Business Funding offers merchant cash advance with a factor rate starting from 1.3 to 1.5. 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 30% APR up to 50% APR.

Does Everest Business Funding Merchant Cash Advance charge prepayment fees?

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

How much cash can you advance from Everest Business Funding Merchant Cash Advance?

Cash advance amounts start at $5,000 and go up to $1,000,000.

What types of repayment method does Everest Business Funding Merchant Cash Advance accept?

Everest Business Funding Merchant Cash Advance accepts the following repayment method from the Merchant:

  • Split withholding
  • ACH withholding

How often does Everest Business Funding Merchant Cash Advance process payments?

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

Does Everest Business Funding Merchant Cash Advance charge an origination fee?

Yes, Everest Business Funding Merchant Cash Advance charges a origination fee of $300 to $2,900

What is the minimum repayment amount required by Everest Business Funding Merchant Cash Advance?

There is no minimum repayment ammount.

What is the estimated funding time for a merchant cash advance via Everest Business Funding Merchant Cash Advance?

Everest Business Funding Merchant Cash Advance can approve (or deny) a merchant cash advance application within 1 hour and fund your merchant cash advance within 1 business day of approval.

What are the business financing requirements for Everest Business Funding Merchant Cash Advance?

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

  • Business license
  • Business bank account

What do you need to qualify for Everest Business Funding Merchant Cash Advance?

Applicants with a credit score of at least 500 and up to 850 may be eligible for Everest Business Funding Merchant Cash Advance.

Everest Business Funding 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. Active duty service members and their covered dependents are eligible to apply for a loan via Everest Business Funding Merchant Cash Advance. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Everest Business Funding 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 Everest Business Funding Merchant Cash Advance set on the purpose of the merchant cash advance?

Everest Business Funding 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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Other Services by Everest Business Funding

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

Origination Fee ($) $300 - $2,900
Business Financing Requirements
  • Business License
  • Business Bank Account
Credit Score Range 500 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Months in Business 3
Minimum Revenue $48,000
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Business Formation Documents
  • Recent Bank Statements
  • Social Security Number
  • Business Tax Return
  • Employer Identification Number
Approval Speed 1 hour
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Funding Time Range 1 - 7 days
Payment Frequency Daily
Payment Options
  • Automatic Payments
  • Bank Transfer
Repayment Methods
  • Split Withholding
  • ACH Withholding
APR (Fee or Charge Based Product) 30% - 50%
Factor Rate 1.3 - 1.5
Loan Amount $5,000 - $1,000,000
Loan Term 4 - 8 months

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