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  Snap Advances Merchant Cash Advance

Snap Advances Merchant Cash Advance

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Highlights
Factor Rate 1.21 - 1.46
Loan Amount $5,000 - $250,000
Minimum Revenue $180,000
APR  (Fee or Charge Based Product) 21% - 46%

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 is 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 1.5 will have a total repayment of $30,000, which includes $10,000 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 ammount.

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

Snap Advances Merchant Cash Advance can provide a credit approval decision in less than an hour and fund the merchant cash advance within 3 business days.

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 doesn't have a set minimum or maximum. People with all types of credit 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.

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 Snap Advances 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 Snap Advances 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 Snap Advances Merchant Cash Advance set on the purpose of the merchant cash advance?

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

  • Business debt refinance
  • Equipment purchase
  • Lease improvement
  • New location
  • Product or service expansion
  • Working capital
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
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.

Contact

  • Headquarters
  •   497 Rockaway Ave
    Suite 1
    Valley Stream, NY 11581
  •   Visit Site

Other Services by Snap Advances

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

Origination Fee (%) Up to 2%
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
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Minimum Months in Business 12
Minimum Revenue $180,000
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Business Formation Documents
  • 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
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Funding Time Range 3 - 5 days
Payment Frequency Daily
Payment Options Automatic Payments
Repayment Methods
  • Split Withholding
  • ACH Withholding
APR (Fee or Charge Based Product) 21% - 46%
Factor Rate 1.21 - 1.46
Loan Amount $5,000 - $250,000
Loan Term Up to 12 months

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