Fast Business Funding FAQs
Straight answers to the questions we hear most often about fast funding and merchant cash advances.
Do I need good credit to qualify?
No. Fast business funding is revenue-based. We review your business bank statements and monthly deposits to assess how much you qualify for. Credit scores as low as 500 are considered. A higher credit score may help you get a better factor rate, but it is not required to get approved.
How fast can I get funded?
Most applications are reviewed the same day. After you receive and accept your offer, funds are typically wired to your business bank account within 24 to 48 hours. Some same-day funding is available depending on the time your documents are received and processed.
How much can I get?
Funding amounts range from $10,000 to $700,000. The amount you qualify for is based primarily on your average monthly revenue. Businesses typically qualify for one to two times their average monthly deposits. A business generating $50,000 per month might qualify for $50,000 to $100,000.
How do repayments work on a merchant cash advance?
With a merchant cash advance, a fixed percentage of your daily credit and debit card sales is automatically collected by the card processor and remitted to the funder. If your sales are slow, less is collected. If sales are strong, more is collected. The total payback amount does not change — just the pace.
How do repayments work on a working capital loan?
Working capital loans use a fixed daily or weekly ACH debit from your business checking account. The amount is the same each period regardless of sales volume. Total repayment terms are usually 3 to 18 months.
What is a factor rate and how is it different from an interest rate?
A factor rate is a simple decimal multiplier used to calculate your total repayment on a merchant cash advance. For example, a $50,000 advance at a factor rate of 1.30 means you repay $65,000 total ($50,000 x 1.30). Unlike an annual percentage rate (APR), a factor rate is not time-based — it represents total cost regardless of how long repayment takes.
What documents do I need to apply?
Most approvals require three months of business bank statements, a completed one-page application, and a voided business check. For MCAs, three months of credit card processing statements may also be requested. We do not require tax returns, a business plan, or financial projections.
Can I get funded if I have had a bankruptcy?
A prior discharged bankruptcy is generally not an automatic disqualification, especially if it happened more than a year ago and your business is generating consistent revenue. An active or open bankruptcy typically does disqualify you for this product.
Can I use the funds for anything?
Yes. Once funds are in your business bank account, they are yours to use for any legitimate business purpose — payroll, inventory, marketing, equipment, renovations, taxes, or anything else. There are no restrictions on how you spend the money.
Can I get additional funding while I am still repaying a current advance?
Possibly. Once you have repaid 50% or more of your current balance, you are often eligible for a renewal or an additional advance. This is called stacking. We evaluate each situation individually based on your current repayment history and cash flow at that time.
What industries are not eligible?
Most industries qualify. The exceptions are typically adult entertainment, cannabis businesses in states without clear legalization, firearms dealers, gambling operations, and a few other niche categories based on lender restrictions. If you are unsure whether your industry qualifies, reach out and we will tell you directly.
Is a personal guarantee required?
In most cases, yes. The majority of merchant cash advance agreements include a personal guarantee from the primary business owner. This is standard in this type of financing and does not mean your personal assets are at risk unless you default and the guarantee is enforced.
Still have questions?
Contact us or apply and a specialist will walk you through everything personally.