Uplyft Capital offers a merchant cash advance with same-day approval and next-day funding. Since 2010, Uplyft Capital has provided small businesses fast and reliable access to working capital needed to fuel growth and success.
Uplyft Capital’s headquarters are in Southfield, Michigan, with offices in New York and Arizona.
If you’re looking for quick access to a no collateral merchant cash advance, our Uplyft Capital review will help you determine if this type of business funding is for you.
Uplyft Capital Merchant Cash Advance Review
Uplyft Capital is a good fit for: Small businesses with at least six full months of demonstrated sales.
A merchant cash advance is a type of financing that is repaid through a percentage of your daily credit card sales. This means that you can get the money you need right away, and you don’t have to worry about making monthly payments.
Pros
- Approval in as little as 1-2 days.
- Up to $1,000,000.
- Pre-Qualify Online.
- Flexible remittances mean you only pay what you can afford every month.
- Typically easier to qualify for, even if you don’t have a strong business credit score.
- Discount is available to business owners who remit their full obligation earlier than the specified terms stated in the initial agreement.
Cons
- Business cash advances can be more expensive than alternative financing options.
- Remittances may have to be adjusted after the month has ended.
- Merchant cash advances are shorter in duration, making them less effective for financing large growth initiatives.
How Uplyft Capital works
Like most merchant cash advance providers, Uplyft Capital allows you to borrow against future earnings to access the capital needed today. Merchant cash advances are typically funded much more quickly than other small business financing options. Here is the process:
Apply online
It only takes 10 minutes to fill out a simple one-page online application. You can apply for unsecured working capital for amounts up to $1,000,000 with no collateral required.
Required Documents
You’ll be asked to provide some basic information and documentation, such as:
- Past bank and credit card statements
- A copy of your business lease
- Your business tax ID number
- Your personal social security number
- References
- A copy of your driver’s license or another type of government-issued photo ID
- A copy of your business tax returns
Funding offer
If approved, you can get the complete amount deposited directly into your account the same day, plus access to your online account and automatic remittances.
What can you use a merchant cash advance for?
Funds from merchant cash advances can be used for many different purposes like buying inventory, paying employees, making emergency repairs, marketing expenses, purchasing equipment, and other short-term expansion projects.
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How Uplyft Capital compares with merchant cash advance Blursoft.com
The merchant cash advance at Blursoft.com offers funding up to $500,000 but one of the major differences is that Uplyft Capital is a direct lender and Blursoft.com is a matching service that connects applicants with lenders and third parties. How they compare:
Uplyft Capital merchant cash advance
- Uplyft Capital is a direct lender that values a long-term relationship with small businesses
- Merchants can apply for a single business or multiple businesses
- Get same-day approval
- Up to $1,000,000 by the next business day
- At Uplyft Capital, the Customer Success Team is available to help you throughout every step of the process.
- Pre-payment discounts to merchants who use funds for a period significantly shorter than what was contracted
- No collateral required
Merchant cash advance Blursoft.com
- Blursoft.com is a matching service that does not endorse any particular lender
- Blursoft.com partners with a network of 47 lenders
- $10,000 and $250,000
- You’ll get a decision in as few as 24 hours.
Can a startup get a business merchant cash advance?
No. Startup businesses may qualify for Uplyft Capital’s business line of credit or microloan but not for the merchant cash advance. The reason startups don’t qualify for a merchant cash advance is that funding is based on borrowing against future earnings to access that capital today.
Startup businesses typically don’t have a consistent record of earnings. Daily sales and business checking account statements may be insufficient to support approval. A line of credit may be a better solution for start-up capital needs.
Benefits of merchant cash advances
Small business loans are generally paperwork intensive, meaning in most situations, SBA loans are not well suited for business owners who need cash right away. The entire SBA loan process generally takes about 60 to 90 days.
Here are the benefits of a merchant cash advance:
- Quick access to funds. Merchant cash advances are funded much more quickly than other forms of business financing
- Easy approval process. A merchant cash advance offers business financing without the hassle.
- Accessible to businesses with bad credit. Merchant cash advances are usually easy to qualify for even if you have bad credit.
- Suitable for a range of business purposes. Borrow against future earnings to access that capital today for just about any small business needs like working capital, equipment, inventory business expansion, and more.
Downsides to merchant cash advances
A merchant cash advance is a flexible way to receive the cash for your business’s financial needs but it can also be an expensive form of business financing.
- Repayment based on your sales. You pay back the merchant cash advance through a percentage of your debit card and credit card sales.
- Reduced cash flow. Daily deduction of credit card sales reduces cash flow.
- Lack of regulation. Merchant cash advances are not considered business loans so there’s very little regulation around the industry.
Before taking the offer of a merchant cash advance consider the terms as well as the APR you’re offered and make the best decision for your business financing needs.
