GRP Funding Merchant Cash Advance

GRP Funding Merchant Cash Advance Review

GRP Funding Merchant Cash Advance is offered by GRP Funding, a direct lender founded in 2007 and based in Springfield, MA. GRP Funding Merchant Cash Advance is available in 50 states (and Washington, DC).

Does GRP Funding Merchant Cash Advance charge prepayment fees?

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

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

Cash advance amounts start at $5,000 and go up to $500,000.

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

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

• Split withholding
• ACH withholding

How often does GRP Funding Merchant Cash Advance process payments?

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

Does GRP Funding Merchant Cash Advance charge an origination fee?

Yes, GRP Funding Merchant Cash Advance charges a origination fee.

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

There is no minimum repayment ammount.

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

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

• Business license
• Business bank account

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

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

GRP 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. APRs for the GRP Funding 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 GRP 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 GRP Funding Merchant Cash Advance set on the purpose of the merchant cash advance?

GRP Funding 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