Uplyft Capital: Get a Merchant Cash Advance with Same Day Funding
Uplyft Capital is a merchant cash advance provider that offers four levels of advance. These levels will determine the loan amount and factor rate, and the level you fall into will depend on your business finances and personal credit. Although their merchant cash advances are expensive by industry standards, customer satisfaction and transparency at Uplyft Capital are above average.
If your business is not eligible for a traditional business loan, Merchant Cash Advance (MCA) may be an easy solution to your cash flow problems. But keep in mind, this type of financing is usually very expensive.
Uplyft Capital offers a Merchant Cash Advance with same day approval and next day funding. Since 2012, Uplyft Capital has provided fast and reliable access to the working capital needed by small businesses to drive growth and success.
If you’re looking for instant access to unsecured Merchant Cash Advance, our Uplyft Capital overview will help you determine if this type of business funding is right for you.
Uplyft Capital Merchant Cash Advance Review
Uplyft Capital is suitable for: small businesses with at least six months of show sales.
- Get approved on the same day.
- $ 5,000 and $ 500,000 by next business day
- Prepaid waiver
- No guarantee required.
- No hidden fees.
- Copies of recent bank statements of your business are required.
- Repeated (daily or weekly) payments are required.
Uplyft Capital Borrower Eligibility
Many business owners turn to merchant cash advances when they are no longer eligible for more traditional business financing options, such as term loans, line of credit, or invoice financing instruments. This is because qualifying for Merchant Cash Advance is relatively easy: they don’t need good credit or a long business history. However, MCA providers want to see healthy credit and debit card sales to ensure you can repay the advance.
Uplyft Capital seeks an average of at least five unique deposits each month. For uplift capital funding you will also need to represent at least 50% ownership in your application.
What you need to apply.
The Uplyft Capital application is a bit more comprehensive than other alternative fund providers. You will need to provide the following information to them:
- Business name
- Doing business as (DBA)
- Business address
- Business phone number
- Percentage of ownership
- Federal Tax Identification Number
- mobile number
- Business start date
- The required loan amount
- Annual income
- Do you currently have Open Cash Advance?
How to get a loan with Uplift Capital?
The application process is quick and easy with Uplyft Capital. Here’s a closer look at what to expect during the underwriting and postfunding process.
Application and underwriting process
To get hair rolling with Uplyft Capital, you will need to fill out their online application.
Although you usually need more information to provide a Merchant Cash Advance Company in advance, this suggests a more stringent underwriting process by Uplyft Capital.
That said, according to Uplyft Capital, this fund provider has a 90% approval ratio. In addition, they can decide on a credit within the same day they receive your funding request. And if you accept the offer they bring, they can fund your application within 24 hours.
More than half of Uplyft Capital’s funded customers are retail businesses. And there are more than a quarter of the restaurants.
Once you fund with Uplyft Capital, they will provide you with a free account setup. You will be able to choose your payment structure according to which will be most convenient for your business. You can set daily or weekly ACH debit.
As you make your advance payment, you’ll be able to take advantage of their user-friendly interface. Their client portal will provide you with an online profile to check your payment progress and interact with a representative of Uplyft Capital.
According to the Uplyft Capital site, the Merchant Cash Advance Provider will also offer a prepayment discount, although they do not provide details on what they consider to be an early payment or what the discount will be.
Finally, you will have the option to renew your Uplyft Capital Advance when you pay 50% of your initial funding.
It is worth mentioning that Merchant Cash Advances are the most expensive funding products in the market. Although Uplyft Capital is at least at the forefront with its fee structure, a factor rate of up to 1.4 is still not ideal for any business owner.
If you are eligible for funding that is cheaper than Merchant Cash Advance – even from Uplyft Capital – then you should go with this option. Uplyft Capital’s Extremely Cheap Advance Level requires two years of business and a 620+ FICO score – if you qualify for it, you may qualify for a more affordable short-term loan or business line of credit. Which would be a more affordable solution.
And even if you are not eligible for anything other than Merchant Cash Advance, you should seriously consider taking the time to improve your credentials before taking funding. Think about taking some time to improve your personal credit – even staying in business for just a few months will greatly increase your chances of qualifying for cheaper funding.
Can a Startup Business Merchant Get Cash Advance?
No, startups may be eligible for Uplyft Capital’s Business Line of Credit or Micro Loan but not for Merchant Cash Advance. The reason why startups are not eligible for Merchant Cash Advance is that funding today is based on borrowing against future earnings to access this capital.
Startup businesses usually do not have a permanent record of earnings. Daily sales and business checking account statements may not be sufficient to support approval. A line of credit may be a better solution for initial capital needs.
Benefits of Merchant Cash Advance
Small business loans are usually hard on paperwork, meaning that in most cases, SBA loans are not suitable for business owners who need cash immediately. The entire SBA loan process usually takes 60 to 90 days.
Here are the benefits of a Merchant Cash Advance:
- Instant access to funds. Merchant cash advances are funded much faster than other types of business financing.
- Easy approval process. A Merchant Cash Advance offers hassle-free business financing.
- Accessible to businesses with bad credit. Merchant Cash Advances are usually easier to qualify for even if you have bad credit.
- Suitable for a range of business purposes. Borrow from future earnings to access this capital today for any small business needs such as working capital, equipment, inventory business expansion, etc.
Decrease in Merchant Cash Advance
Merchant Cash Advance is a flexible way to raise cash for your business’s financial needs, but it can also be an expensive form of business financing.
- Payment based on your sales. You repay Merchant Cash Advance by percentage of your debit and credit card sales.
- Reduction in cash flow. Daily deductions from credit card sales reduce cash flow.
- Lack of regulation. Merchant cash advances are not considered a business loan, so there are very few regulations around the industry.
Before accepting a Merchant Cash Advance offer, consider the terms as well as the APR offered to you and make the best decision for your business financial needs.