Snap Advances LLC is an actual direct lender, and not just a loan broker. One of their core values is serving the small business community, a sector that has been virtually abandoned by 96% of the traditional banking industry.
Businesses are funded through merchant cash advances (MCAs). With MCAs, the merchant agrees to sell a portion of their future sales to the lender at a discounted price. The merchant gets funding up front, and the lender automatically collects the money over the next several months, based on a set percentage of credit and debit card sales. The payments are made by automatic draft, taken on a daily basis, to repay the advance.
Snap Advance has an advantage not available to most business lenders. In the event they don't approve a loan, they have an affiliate lender that may be able to make the loan. It avoids the need for a merchant to find a new lender.
The company was founded in 2013, and is based in Valley Stream, New York, but also has an office in West Valley, Utah.
Snap Advances has the following ratings from third-party business rating services:
Snap Advances merchant cash advances are offered under the following terms:
Loan purpose. Loans must be business related. Merchant must net at least 60% of the loan proceeds, with the balance available for pay off of competitor loan balances.
Industries funded. Most industries are eligible for financing. Preferred industries include retail, restaurants, medical and manufacturing.
Other industries funded include:
Cautionary Industries. None. Snap Advances will consider any industry that meets their credit policy guidelines.
Buy rates. 1.21 to 1.46 - If you borrow $50,000, and the buy rate is 1.3, you'll be required to repay $65,000 ($50,000 X 1.3). That does not include the origination fee.
Origination and document fees. 2% origination - may be waived for merchants who have strong credit profiles.
Loan term. 4 to 18 months.
Collateral required. None, and no personal guarantee is required either.
Repayment frequency. Daily payments. Repayments are fully automated, and are handled in one of two ways:
Stacking. Snap Advances must be the first position lender. If merchant stacks loans from other lenders, they will not be eligible for renewal.
Loan Renewal Policy. Snap Advances will consider a renewal as soon as at least 50% of the original loan balance has been paid. On renewals, additional funding can be received in hours, rather than the several days it takes for initial financing.
Interest forgiveness. Not available.
Exceptions. Snap Advances will consider the following exceptions:
To qualify for a merchant cash advance through Snap Advances you must meet the following requirements:
The Snap Advances merchant cash advance application process can be completed online, or by phone. Same-day approvals are possible, as long as all required documentation is provided immediately. No collateral is required, and you can get funds for any purpose.
In order to make application, you need to provide the following documentation:
No personal guarantee is required for the advance.
No application fee is required, nor does the company charge a document fee. The 2% origination fee will be deducted upon funding.
We've identified seven types of merchants for whom Snap Advances can be a preferred loan source:
Snap Advance's underwriting and credit guidelines are among the most accommodating in the business lending space. But just in case Snap Advance can't accommodate your loan request, there is a Plan B. If Snap Advance can't make a loan offer, the application can be moved to Snap's Zoomli division for a review.
One advantage of the in-house shift, as opposed to going to a brand-new lender, is that Zoomli will only perform a soft credit pull. There's no need to incur a hard inquiry, which may lower your credit score.
There are different scenarios under which Zoomli might be able to make a loan offer when Snap Advance is unable to:
Zoomli's cash advance requirements are separate from Snap Advance, and look like this:
Maximum loan amount: $50,000
Maximum loan term: 8 months
Zoomli underwriting guidelines are as follows:
The merchant does not need to make application directly with Zoomli. If the cash advance won't work through Snap Advance, it can be forwarded to Zoomli if the merchant is agreeable. This includes applications where the merchant is open to taking on another loan position without having to pay off the current balance, or where the merchant doesn't meet the Snap Advance minimum credit score requirement. Zoomli may make an offer, if the application meets their guidelines.
Sep 28, 2018 12:06 AM
Used Snap to finance a brush chipper for ~ $39K from Vermeer in Albuquerque. We've financed before with Marlin Leasing and DLL. Originally was looking to pledge some equipment that was free and clear. This was a cash loan that we hadn't done before. It was short term which was fine for us.Reply
Kasandra Stanton MD
Nov 27, 2019 7:30 AM
I will never work with these robbers again! If I could give them a zero on their customer dealings, I undoubtedly would! Just had one little query which would not have taken more than 2 minutes but no, the account manager just refused to deliver, saying it is in the queue among other queries and she will deal with the other queries first. Not long ago these thieves were oh so sugary and sweet with me when I was their potential customer and they could see a lot of money that I would owe them. Now that I am stuck in a deal with these liars, they are treating me like I am some child who they can just pacify with their lies or just ignore! Highly disappointed with these people who only treat you good when they need you but when you need a tiny favor, they are all “professional” and uptight!!Reply
Dec 1, 2019 10:22 PM
i dont know what your beef is about with these guys. i literally had and i am still having a great experience with these guys. the accounts manager that i talked to is a fairly nice lady. she obviously has a lot in her plate and too many queries to answer and calls to attend. and i dont think theres anything wrong with first answering the queries that came before you. it actually is fair and just.Reply
Ernest E Yarborough
Jun 3, 2020 6:15 PM
The Portfolio Manager for Snap Advances, LLC is Rich Latimer. In my opinion an based upon my dealings him, he is the most characterless, spineless person I have encountered for a long time. His word has no value. He showed no respect to me or the other individual dealing with him. Go on Pacer and see how many companies have resulted to bankruptcy after dealing with SNAP Advances, LLC. All statements above are my opinions based upon my dealing with Snap representatives.Reply
Jun 25, 2020 5:11 AM
Needed a quick cash flow for my construction company and needed it immediately. Snap Advances offered me just what I needed to run the projects my company acquired recently. The working capital was indeed instant and had pretty fair terms. Would definitely work with these people again!Reply
Sep 2, 2020 11:00 PM
I have never had a loan with this company but continue to call my phone for previous people who had my number I have asked this company several times to remove my number and now have contacted a lawyer. Chad is who I spoke with and refused numerous times calling me a liar saying that I know who the other person is when truly I have no idea who that person is. I asked to get the VP name or email address and was refused that as well.Reply
Sep 10, 2020 3:04 PM
I recently started my own florist’s business and everything was fine until the pandemic hit us and there were no sales at all. I needed support to carry out my daily business operations, pay the two people who worked for me and keep my business from going bankrupt. Snap advances was more than happy to help but obviously on their own terms. I would have appreciated a little flexible terms and lower factor rates but what they offered was pretty tough. Manageable though. I had to surrender and take what they offered because banks were definitely not lending me anything without a more than stellar credit history, reliable guarantees and of course something solid as collateral. I had none as I had just started my business. But anyway, I am managing to repay snap advances with whatever sales I have got. Business is not the best but it’s gotten better and I am hoping for the best.Reply
Aracely Pouros MD
Jan 7, 2021 5:11 PM
I am surprised that you have still given them a 3 star rating after reading your review it feels like a rip-off, taking advantage of your situation. How much did they ask in terms of interest rate, may I ask? They offered me a short term loan at 1.4, which is the highest they have for their rates. Its completely nonsensical. I backed out instantly. I am not gonna let anyone rip me off my hard earned money through their sugar-coated talk! I wonder why the likes of these are still allowed to do business and dont get arrested for theft or something.Reply
Jan 13, 2021 4:16 PM
It was 1.38 but I needed instant financing and no lender was willing to trust a new business in times like these. But snap trusted me and delivered me the promised working capital. I am thankful!Reply
Aracely Pouros MD
Feb 2, 2021 4:29 PM
1.38 is ridiculous! How can someone do business while they owe so much. Anyway, I would have given them 1 star and would have backed out. I hope your business gets better and you can get rid of these thieves soon!Reply
Sep 10, 2020 8:11 PM
I needed a new oven for my bake shop in Springfield, Massachusetts. Got a few products shortlisted on Restaurantsupply.com. It was expenditure worth $18K approximately. I couldn’t do it on my own so I looked for some reliable lender that could offer me a loan on reasonable terms. I did not want to go to any bank because I know how much they charge you through high interest rates and then they ask for collateral as well. Came across Snap Advance’s profile and I liked what their business ethics by merely looking at their website. The same was affirmed when I called them. The representative was very nice and friendly and talked me through the whole process. Got a short term loan within a couple of days at 1.2 rate which was much better and reasonable compared to what banks and other lenders charge you.Reply
Feb 16, 2021 9:22 AM
Totally recommended ! Highly courteous , informative , and supportive team !!Reply
Feb 16, 2021 8:20 PM
Loved working with snap advances. Best small business lender with upfront repayment figure which gives you an idea of how much you owe them so you can do business accordingly.Reply
Apr 13, 2021 11:29 PM
SNAP ADVANCES is the best working-capital lender! Got a quick working capital loan from these people or 9 months and so far I am satisfied with all their transactions. Everything is transparent and smooth and there seems to be no shady activity there! Keep it up, guys!Reply
Cleveland Waters MD
May 12, 2021 9:14 PM
I recently completed a working capital loan with snap advances and it has been an excellent ride!!! I have recommended the company to my friends, one of whom is finalizing a deal with these people. They are supportive and instantly provide you with the capital you need and the repayment process is transparent and smooth too. The representative explains everything in a concise and decent manner. Totally going to working with snap again!!Reply
Jun 8, 2021 7:04 PM
i needed to buy new straighteners , curlers , hair driers and whatnot for my beauty salon in Albuquerque ...i also needed to refil my inventory , & hire a couple of hair stylists. looked up to snap advances for help on a colleagues recommendation and i have never been more happy with a deal !Reply