The Business Backer Purchase of Receivables

The Business Backer Purchase of Receivables Review

The Business Backer Purchase of Receivables is offered by The Business Backer, founded in 2007 and based in Cincinnati, OH. The Business Backer Purchase of Receivables is available in 34 states across the USA.

What APRs does The Business Backer Purchase of Receivables offer?

The cost of merchant cash advances is typically marketed as a factor rate, not an APR. The Business Backer offers merchant cash advance with a factor rate starting from 1.2. 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 The Business Backer Purchase of Receivables charge prepayment fees?

No, The Business Backer Purchase of Receivables does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the The Business Backer Purchase of Receivables off early.

How much cash can you advance from The Business Backer Purchase of Receivables?

Cash advance amounts start at $5,000 and go up to $200,000.

What types of repayment method does The Business Backer Purchase of Receivables accept?

The Business Backer Purchase of Receivables accepts the following repayment method from the Merchant:

How often does The Business Backer Purchase of Receivables process payments?

The Business Backer Purchase of Receivables processes payments based on your business's credit card transactions. This means that a percentage of your transactions will automatically be sent to The Business Backer Purchase of Receivables as payment for your cash advance until the full amount is paid.

Does The Business Backer Purchase of Receivables charge an origination fee?

No, The Business Backer Purchase of Receivables does not charge an origination fee. A origination fee is what some lenders charge for processing, underwriting, and funding a business financing product. Typically fees range from 0.5% to 5% of the total amount advanced. Whenever possible, go with lenders that don’t charge origination fees.

What is the minimum repayment amount required by The Business Backer Purchase of Receivables?

There is no minimum repayment ammount.

What are the business financing requirements for The Business Backer Purchase of Receivables?

To apply for The Business Backer Purchase of Receivables, you need to provide the following business documentation:

What do you need to qualify for The Business Backer Purchase of Receivables?

Applicants with a credit score of at least 550 and up to 850 may be eligible for The Business Backer Purchase of Receivables. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

The Business Backer Purchase of Receivables 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 The Business Backer Purchase of Receivables 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.

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

What limitations does The Business Backer Purchase of Receivables set on the purpose of the merchant cash advance?

The Business Backer Purchase of Receivables considers merchant cash advance applications for business purposes, such as: