Lender Overview
Since 2012, Uplyft Capital has financed small businesses with merchant cash advance funding. Leveraging technology, Uplyft Capital’s application and approval process is straightforward and user friendly. The cost of financing is transparent, and the lender’s tiered system gets applicants the loan amounts and terms that best suit their need.
- Types of loans
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- Merchant cash advance (MCA)
- Loan amounts
- $10,000 to $500,000
- Terms of payment
- 3 to 12 months
- Pros
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- Transparent factor rates
- Excellent customer support
- Good for applicants with less than stellar credit
- Fast and easy application and approval process
- Cons
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- Rates can be high
- Additional fees apply
- Businesses with less than $120,000 in yearly revenue do not qualify
Company Profile
As an MCA provider, Uplyft Capital differs from traditional bank lenders. Rather than making regular monthly payments plus interest, businesses that get financing from Uplyft Capital repay the amount with a percentage of sales revenue over the contract term.
Because of this structure, the application and approval process is easier that with other types of lenders or with backs. For applicants with poor credit profiles, this is a big advantage. Along with easy application come quick delivery. Uplyft Capital processes, approves, and deposits funds swiftly ensuring that businesses have access to funds when they need them and without hassle.
Small businesses encounter numerous expenses that require temporary working capital. An MCA from Uplyft Capital can fund growth or bridge gaps to cover regular operational costs such as payroll.
Credit Policy
For businesses that need cash fast or do not qualify for bank loans, MCAs are a powerful alternative. SInce funds are repaid from future revenue, Uplyft Capital is less concerned with borrower’s credit health than with business earnings. This means that applicants with low credit scores are still eligible, in fact Uplyft Capital claims to approve 90% of applicants. While the criteria for approval are very lenient, businesses will need to have the following in order to be considered:
For businesses that meet these requirements, Uplyft Capital is a good option for small businesses looking for capital to scale but that have been turned down by banks or other lenders.
Exceptions
Uplyft Capital calculates financing amounts and terms based on business details such as cash flow, transaction volume, and other factors. Uplyft Capital also lets applicants access funds even if they already have active financing. This is called stacking. Even merchants with poor credit ratings can apply for financing and may even have a judgment or lien amounting to up to 10% of gross sales and will still be funded.
Cautionary Industries
Businesses across most industries will be able to secure funding from Uplyft Capital, including those considered high risk by traditional lenders and banks. By providing an alternative financing solution for businesses that may not have the liquidity or credit health necessary for an unsecured loan. Even alternative lenders frequently have limitations on the industries that they serve, but at Uplyft Capital businesses will be considered for financing regardless of sector.
Target Market
Many small businesses struggle to secure working capital to cover the cost of expansion or to fund temporary gaps in cash flow or large one-time expenses. Because of poor credit history and other stringencies, these businesses won’t qualify for traditional loans. In addition, loans from traditional lending institutions can take time to process and approve. For a small business that needs the money sooner rather than later, a merchant cash advance from Uplyft Capital is a viable alternative.
Uplyft Capital focuses on industries with irregular cash flow that need working capital to purchase or repair equipment, hire staff, move or upgrade locations, or cover other business expenses. The industries Uplyft Capital serves are:
- Restaurant
- Dentistry
- Heating & air conditioning
- Plumbing
- Electrical
- Pharmacy
- Fast food restaurants and franchises
- Retail
- Hair and beauty
- Hotel
- Liquor stores
Term Length
The term length to repay a merchant cash advance from Uplyft Capital will be between 3-12 months.
What’s Required to Apply
Uplyft Capital delivers an easy, seamless, and fast online application and approval process. To be considered for financing merchants need only submit a signed application form and at least three months of most recent bank statements. Included in the application are a number of fields requesting business and individual applicant information, including:
Uplyft Capital claims to have a 90% approval ratio, so most businesses that apply can be confident that they will secure financing. Applicants can expect a funding decision the same day as application and funds can be deposited in the borrower’s account within as little as 24 hours.
Factor Rates
Merchant cash advance programs do not carry typical interest rates. Instead, financing is repaid with a fixed cost called a factor rate that is set for the duration of the contract. The factor rate on MCAs from Uplyft Capital range from 1.17 to 1.31.
Stacking
UpLyft Capital will approve businesses that have additional loans or funding, including businesses with a lien or judgement up to 10% of their revenue. Stacking financing can mean higher repayment amounts and fees.
Documentation Fees
Uplyft Capital does not charge any fee for receiving application documents.
Origination Fees
Uplyft Capital charges an origination fee that covers the cost of handling and approving financing. Businesses that qualify for and accept an offer from Uplyft Capital will pay 3% of the amount for origination fees.
Renewal Policy
Businesses that have repaid at least 50% of the original amount are eligible to apply for financing renewal.
Interest Forgiveness
The structure of MCAs are turn-based and the cost is charged at a standard flat rate. No fees or penalties are involved in early repayment.
Loan Use
As long as borrowers are using the funds for business related expenses only, Uplyft does not restrict what funds are used for. Once businesses receive funds, these can be put towards:
- Temporary cash flow gaps
- Cover unpaid invoices
- Purchase or repair machinery or equipment
- Build credit towards qualifying for more attractive financing in the future
- Scaling production
- Increase inventory
- Managing seasonality
- Opening a new location
- Hiring additional staff
- Handle tax liability
- Launch a marketing campaign
Online Reputation
Uplyft Capital has a strong online presence and positive reputation. There are numerous positive reviews with many mentioning excellent custom support, ease of application process, and leniency of funding requirements.
Trustpilot 4.6/5
G+ 4.6/5
Licenses & Accreditations
This lender is accredited by the Better Business Bureau and has an A+ rating.
Company Contacts Details
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Phone: 800-515-7513
Fax: 888-345-6928
