Last Updated: 04/18/2025
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Highlights
Factor Rate
1.21 - 1.46
Amount Range
$5,000 - $250,000
Minimum Revenue
$180,000
APR (Fee-Based Product)
21% - 46%(Verified 06/21/2024)
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Snap Advances Merchant Cash Advance Review
Snap Advances Merchant Cash Advance is offered by Snap Advances, a direct lender founded in 2009 and based in Valley Stream, NY. Snap Advances Merchant Cash Advance are available in 50 states and Washington, DC.
Snap Advances Merchant Cash Advance FAQ
What APRs does Snap Advances Merchant Cash Advance offer?
The cost of merchant cash advances is typically marketed as a factor rate, not an APR. Snap Advances offers merchant cash advance with a factor rate starting from 1.21 to 1.46 . The higher the factor rate, the higher the fees. For example, an advance of $20,000 with a factor rate of 1.25 will have a total repayment of $25,000, which includes $5,000 in fees.
However, we ran the numbers and we estimate it has an equivalent APR that ranges from 21% APR up to 46% APR. Does Snap Advances Merchant Cash Advance charge prepayment fees?
Yes, Snap Advances Merchant Cash Advance charges additional fees to borrowers who pay off their Snap Advances 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 Snap Advances Merchant Cash Advance early.How much cash can you advance from Snap Advances Merchant Cash Advance?
Cash advance amounts start at $5,000 and go up to $250,000.
What types of repayment method does Snap Advances Merchant Cash Advance accept?
Snap Advances Merchant Cash Advance accepts the following repayment method from the Merchant:
- Split withholding
- ACH withholding
How often does Snap Advances Merchant Cash Advance process payments?
Snap Advances 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 Snap Advances Merchant Cash Advance as payment for your cash advance until the full amount is paid.
Does Snap Advances Merchant Cash Advance charge an origination fee?
Yes, Snap Advances Merchant Cash Advance charges a origination fee of up to 2% of the total amount advanced .
What is the minimum repayment amount required by Snap Advances Merchant Cash Advance?
There is no minimum repayment amount.
What is the estimated funding time for a merchant cash advance via Snap Advances Merchant Cash Advance?
Snap Advances Merchant Cash Advance can fund your merchant cash advance within 3 business days of approval.
What are the business financing requirements for Snap Advances Merchant Cash Advance?
To apply for Snap Advances Merchant Cash Advance, you need to provide the following business documentation:
- Business license
- Business bank account
What do you need to qualify for Snap Advances Merchant Cash Advance?
When it comes to credit scores, Snap Advances Merchant Cash Advance 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.
Snap Advances Merchant Cash Advance does not have or does not disclose a minimum annual income eligibility requirement.
U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Snap Advances Merchant Cash Advance.
To qualify, applicants may need to provide the following documentation:
- Proof of income
- Bank account information
- Business formation documents
- Proof of identity
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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.
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