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  Lendr Merchant Cash Advance

Lendr Merchant Cash Advance

in Merchant Cash Advance from Lendr

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Lendr Merchant Cash Advance

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in Merchant Cash Advance from Lendr

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Highlights
Factor Rate Starting at 1.12
Loan Amount Up to $500,000
Minimum Revenue $120,000
APR  (Fee or Charge Based Product) Starting at 12%

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 is 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 are, of course, eligible for the services offered by Lendr 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
  • 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
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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 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

Applicant's Minimum Percentage of Business Ownership 51%
Business Financing Requirements
  • Business License
  • Business Bank Account
Credit Score Range 55 - 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 12
Minimum Revenue $120,000
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Business Formation Documents
  • Government Issued Photo ID
  • Recent Bank Statements
  • Social Security Number
  • 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
  • Inventory
  • Payroll
  • Hiring
  • Technology Investment
Approval Speed 2 hours
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Funding Time Range Starting at 2 days
Payment Frequency Daily
Payment Options
  • Automatic Payments
  • Bank Transfer
Repayment Methods
  • Split Withholding
  • ACH Withholding
APR (Fee or Charge Based Product) Starting at 12%
Factor Rate Starting at 1.12
Loan Amount Up to $500,000
Loan Term 4 - 14 months

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