Lendr Merchant Cash Advance

Lendr Merchant Cash Advance Review

Lendr Merchant Cash Advance is offered by Lendr, a direct lender founded in 2011 and based in Chicago, IL. Lendr Merchant Cash Advance are available in 50 states (and Washington, DC).

Lendr Merchant Cash Advance FAQ

What APRs does Lendr Merchant Cash Advance offer?

The cost of merchant cash advances is typically marketed as a factor rate, not an APR. Lendr offers merchant cash advance with a factor rate starting from 1.12. 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 12% APR.

Does Lendr Merchant Cash Advance charge prepayment fees?

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

What types of repayment method does Lendr Merchant Cash Advance accept?

Lendr Merchant Cash Advance accepts the following repayment method from the Merchant:

• Split withholding
• ACH withholding

How often does Lendr Merchant Cash Advance process payments?

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

Does Lendr Merchant Cash Advance charge an origination fee?

Yes, Lendr Merchant Cash Advance charges a origination fee.

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

There is no minimum repayment ammount.

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

Lendr Merchant Cash Advance can approve (or deny) a merchant cash advance application within 2 hours and fund your merchant cash advance within 2 business days of approval.

What are the business financing requirements for Lendr Merchant Cash Advance?

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

• Business license
• Business bank account

What do you need to qualify for Lendr Merchant Cash Advance?

Applicants with a credit score of at least 55 and up to 850 may be eligible for Lendr Merchant Cash Advance. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Lendr 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 Lendr Merchant Cash Advance. Their rates fall within the limits of The Military Lending Act.

U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Lendr Merchant Cash Advance.

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

• Proof of income
• Recent bank statements
• Business formation documents
• Government issued photo ID
• Proof of identity

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

Lendr 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