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  Forward Financing Merchant Cash Advance

Forward Financing Merchant Cash Advance

in Merchant Cash Advance from Forward Financing LLC

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Forward Financing Merchant Cash Advance

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in Merchant Cash Advance from Forward Financing LLC

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Highlights
Factor Rate 1.3 - 1.5
Loan Amount $5,000 - $300,000
Minimum Revenue $60,000
APR  (Fee or Charge Based Product) 30% - 50%

Forward Financing Merchant Cash Advance Review

Forward Financing Merchant Cash Advance is offered by Forward Financing LLC, a direct lender founded in 2012 and based in Boston, MA. Forward Financing Merchant Cash Advance is available in 50 states (and Washington, DC).

Forward Financing Merchant Cash Advance FAQ

What APRs does Forward Financing Merchant Cash Advance offer?

The cost of merchant cash advances is typically marketed as a factor rate, not an APR. Forward Financing LLC 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 Forward Financing Merchant Cash Advance charge prepayment fees?

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

How much cash can you advance from Forward Financing Merchant Cash Advance?

Cash advance amounts start at $5,000 and go up to $300,000.

What types of repayment method does Forward Financing Merchant Cash Advance accept?

Forward Financing Merchant Cash Advance accepts the following repayment method from the Merchant:

  • Split withholding
  • ACH withholding

How often does Forward Financing Merchant Cash Advance process payments?

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

Does Forward Financing Merchant Cash Advance charge an origination fee?

Yes, Forward Financing Merchant Cash Advance charges a origination fee of $300 to $3,000

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

There is no minimum repayment ammount.

What is the estimated funding time for a merchant cash advance via Forward Financing Merchant Cash Advance?

Forward Financing 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 Forward Financing Merchant Cash Advance?

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

  • Business license
  • Business bank account

What do you need to qualify for Forward Financing Merchant Cash Advance?

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

Forward Financing 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 Forward Financing 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 Forward Financing 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
  • Proof of citizenship or residence permit

What limitations does Forward Financing Merchant Cash Advance set on the purpose of the merchant cash advance?

Forward Financing 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
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
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.

Contact

  • Headquarters
  •   36 Bromfield Street, 2nd Floor
    2nd Floor
    Boston, MA 02108
  •   Visit Site

Other Services by Forward Financing LLC

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 - $3,000
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 $60,000
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Business Formation Documents
  • Recent Bank Statements
  • Social Security Number
  • Proof of citizenship/residence (Green Card)
  • Business Tax Return
  • Employer Identification Number
Collateral Requirement Unsecured
Intended Use of Funds
  • Equipment Purchase
  • Lease Improvements
  • New Location
  • Product or Service Expansion
  • Working Capital
  • Business Debt Refinance
Approval Speed 1 hour
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Funding Time Range 1 day
Payment Frequency Daily
Payment Options Automatic Payments
Repayment Methods
  • Split Withholding
  • ACH Withholding
APR (Fee or Charge Based Product) 30% - 50%
Factor Rate 1.3 - 1.5
Loan Amount $5,000 - $300,000
Loan Term 4 - 12 months

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