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  OQUITY Merchant Cash Advance

OQUITY Merchant Cash Advance

in Merchant Cash Advance from OQUITY

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OQUITY Merchant Cash Advance

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in Merchant Cash Advance from OQUITY

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Highlights
Factor Rate Starting at 1.20
Loan Amount $5,000 - $1,000,000
Minimum Revenue $180,000
APR  (Fee or Charge Based Product) Starting at 20%

OQUITY Merchant Cash Advance Review

OQUITY Merchant Cash Advance is offered by OQUITY, a direct lender founded in 2013 and based in Garden City, NY. OQUITY Merchant Cash Advance is available in 50 states (and Washington, DC).

OQUITY Merchant Cash Advance FAQ

What APRs does OQUITY Merchant Cash Advance offer?

The cost of merchant cash advances is typically marketed as a factor rate, not an APR. OQUITY offers merchant cash advance with a factor rate starting from 1.20. 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 20% APR.

Does OQUITY Merchant Cash Advance charge prepayment fees?

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

How much cash can you advance from OQUITY Merchant Cash Advance?

Cash advance amounts start at $5,000 and go up to $1,000,000.

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

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

  • Split withholding
  • ACH withholding

How often does OQUITY Merchant Cash Advance process payments?

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

Does OQUITY Merchant Cash Advance charge an origination fee?

Yes, OQUITY Merchant Cash Advance charges a origination fee.

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

There is no minimum repayment ammount.

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

OQUITY Merchant Cash Advance can provide a credit approval decision in less than an hour and fund the merchant cash advance within 1 business day.

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

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

  • Business license
  • Business bank account

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

When it comes to credit scores, OQUITY doesn't have a set minimum or maximum. People with all types of credit scores can apply. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

OQUITY 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 OQUITY 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 OQUITY 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
  • U.S. tax identification number

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

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

  • Business debt refinance
  • Equipment purchase
  • Inventory
  • Lease improvement
  • New location
  • Product or service expansion
  • Working capital
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Contact

  • Headquarters
  •   100 Quentin Roosevelt Boulevard
    Suite 400
    Garden City, NY 11530
  •   Visit Site

Other Services by OQUITY

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

Business Financing Requirements
  • Business License
  • Business Bank Account
Credit Score Range 300 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Non-Military
  • Veterans
Minimum Age 18
Minimum Months in Business 6
Minimum Revenue $180,000
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Business Formation Documents
  • U.S. Tax Identification Number
  • 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
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Funding Time Range Starting at 1 day
Payment Frequency Daily
Payment Options Automatic Payments
Repayment Methods
  • Split Withholding
  • ACH Withholding
APR (Fee or Charge Based Product) Starting at 20%
Factor Rate Starting at 1.20
Loan Amount $5,000 - $1,000,000

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