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Funding Circle Merchant Cash Advance

in Merchant Cash Advance from Funding Circle

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Funding Circle Merchant Cash Advance

Claimed

in Merchant Cash Advance from Funding Circle

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Highlights
Factor Rate Starting at 1.15
Loan Amount $5,000 - $400,000
Minimum Revenue N/A
APR  (Fee or Charge Based Product) Starting at 15%

Funding Circle Merchant Cash Advance Review

Funding Circle Merchant Cash Advance is offered by Funding Circle, a marketplace lending platform founded in 2010 and based in San Francisco, CA. Funding Circle Merchant Cash Advance is available in 48 states (and Washington, DC).

Funding Circle Merchant Cash Advance FAQ

What APRs does Funding Circle Merchant Cash Advance offer?

The cost of merchant cash advances is typically marketed as a factor rate, not an APR. Funding Circle offers merchant cash advance with a factor rate starting from 1.15. 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.

that ranges from 15% APR.

Does Funding Circle Merchant Cash Advance charge prepayment fees?

No, Funding Circle Merchant Cash Advance does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the Funding Circle Merchant Cash Advance off early.

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

Cash advance amounts start at $5,000 and go up to $400,000.

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

Funding Circle Merchant Cash Advance accepts the following repayment method from the Merchant:

  • Split withholding
  • ACH withholding

How often does Funding Circle Merchant Cash Advance process payments?

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

Does Funding Circle Merchant Cash Advance charge an origination fee?

Yes, Funding Circle Merchant Cash Advance charges a origination fee of 5.99% of the total amount advanced. Funding Circle 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 Funding Circle Merchant Cash Advance?

There is no minimum repayment ammount.

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

Funding Circle Merchant Cash Advance can approve (or deny) a merchant cash advance application within 24 hours and fund your merchant cash advance within 1 business day of approval.

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

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

  • Business license
  • Business bank account

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

Applicants with a credit score of at least 500 and up to 850 may be eligible for Funding Circle Merchant Cash Advance. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Funding Circle 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 Funding Circle 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 Funding Circle 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
  • Driver's license
  • Government issued photo ID
  • Proof of identity
  • U.S. tax identification number

What limitations does Funding Circle Merchant Cash Advance set on the purpose of the merchant cash advance?

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

  • Business debt refinance
  • Emergency repairs
  • Equipment purchase
  • Hiring
  • Inventory
  • Lease improvement
  • Marketing
  • New location
  • Payroll
  • Product or service expansion
  • Technology investment
  • 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 48 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
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Annual Fee $0
NSF Fee $0
No Prepayment Fee
Origination Fee (%) 5.99%
Applicant's Minimum Percentage of Business Ownership 20%
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 Age 18
Minimum Months in Business 6
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Business Formation Documents
  • Government Issued Photo ID
  • U.S. Tax Identification Number
  • Recent Bank Statements
  • Social Security Number
  • Driver License (or other photo ID)
  • Business Tax Return
  • Employer Identification Number
Approval Speed 24 hours
Credit Bureau Reporting Experian
Funding Time Range 1 - 2 days
Payment Frequency Daily
Payment Options Automatic Payments
Repayment Methods
  • Split Withholding
  • ACH Withholding
APR (Fee or Charge Based Product) Starting at 15%
Factor Rate Starting at 1.15
Loan Amount $5,000 - $400,000
Loan Term 3 - 18 months

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