The top merchant cash advance providers for fast financing for your small business.

A merchant cash advance allows you to obtain a large sum of money for your business and repay it through a portion of your future sales. Lenders may refer to this type of loan by different names, but the fundamental structure remains the same. Following receiving the funds, the lender deducts a fixed percentage of your debit and credit card sales or an amount based on an estimate of your monthly revenue.

It's crucial to research various options before considering a merchant cash advance, as this type of financing can be costly. Therefore, it's essential to choose a reputable provider that offers fair terms.

CNBC Select has compiled a list of top merchant cash advance companies that are suitable for different scenarios to assist you in selecting the ideal option for your needs. (For more details on our selection process, please refer to our methodology.)

Best for flexible funding

This is for whom? Credibly stands out due to its flexibility. The eligibility criteria are quite lenient, and you only need a signed receivables purchase agreement, business mortgage statement or lease agreement, government-issued photo ID of all owners, and business bank statements from the previous three months to apply. After receiving the advance, you can utilize it for any business purpose.

With our fast and reliable review process, you can expect your application to be approved within one business day. Once approved, you'll receive the funds in your bank account in as little as 24 hours. Additionally, you can take advantage of our early repayment discount to save money on your loan.

Best for established businesses

If you own an established business and require a large sum of cash, Libertas Funding may be a suitable option. You can obtain up to $5 million through revenue-based funding, and the funds will be available to you the same day. However, to qualify for this financing, you must meet certain criteria, including having at least $150,000 in monthly revenue and a FICO score of at least 650. These requirements are relatively high for this type of financing.

Flexible estimated remittance frequency options are available with Libertas Funding. Additionally, you may be eligible for renewal without prepayment penalties. In fact, you can receive a discount of 10% to 25% if you repay early.

Best for comparing options

When looking for a financial product, it's smart to compare different options. Lendio simplifies the process by linking you with numerous lenders. To obtain a business cash advance through Lendio, simply fill out a brief online application and receive loan offers from a network of over 75 lenders. Lendio's funding specialists can assist you in evaluating the advantages and disadvantages of each option.

Eligibility requirements for funding are relatively lenient: all you need is a credit score of at least 500, $10,000 in monthly revenue, and three months in business. Once approved, funding can be obtained in as little as 24 hours.

Best for bad credit

What is Fora Financial's revenue advance loan program for business owners? According to their website, bad personal credit won't necessarily disqualify you, as they consider the overall health of your business. The minimum credit score to qualify is only 500.

When applying for a loan from Fora Financial, you won't need a hard credit check, as they will conduct one at the time of funding. Once you've paid off at least 60% of the original amount, you can request to borrow more money. Moreover, you may receive a discount for repaying your loan early.

More on our top merchant cash advances

Credibly

Credibly is a digital platform that specializes in providing funding solutions for small and medium-sized businesses. In addition to merchant cash advances, Credibly offers a variety of financing options, including term loans, working capital loans, invoice factoring, and business lines of credit.

Available amounts

Up to $400,000

Minimum requirements

An individual with a 500 credit score, six months in business, and an average of $15,000 in monthly bank deposits.

Loan terms

3 to 15 months

Remittance frequency options

Daily

Libertas Funding

An online fintech company, Libertas Funding, offers financing solutions to small and medium-sized businesses through its products such as term loans and merchant cash advances.

Available amounts

$50,000 to $5 million

Minimum requirements

$150,000 monthly revenue, 650 personal FICO score

Loan terms

3 to 12 months

Remittance frequency options

Daily, weekly, bi-weekly or monthly

Lendio

Lendio is a lending platform that connects small business owners with over 75 lenders, offering a diverse range of financing options, including term loans, equipment financing, SBA loans, and startup business loans. Unlike many competitors, Lendio allows for loan repayment terms of up to 36 months.

Available amounts

$5,000 to $2 million

Minimum requirements

$10,000 monthly revenue, 500 credit score, three months in business

Loan terms

3 to 36 months

Remittance frequency options

May vary by lender

Fora Financial

An online lender, Fora Financial, has an A+ Better Business Bureau (BBB) rating and provides term loans and merchant cash advances to small-business owners, even those with bad credit, by evaluating the overall health of their businesses.

Available amounts

$5,000 to $1.5 million

Minimum requirements

Six months in business, $15,000 in monthly gross sales

Loan terms

Not advertised

Remittance frequency options

Daily or weekly

Bottom line

If traditional small business loan options are not suitable for you, a merchant cash advance can be an alternative. However, like personal cash advances, this type of financing may come with high costs, so it's crucial to review the terms carefully. It's also essential to compare offers from multiple merchant cash advance lenders to ensure you receive a fair deal.

Why trust CNBC Select?

Our mission at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions when it comes to their finances. Each small business loan review we publish is the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of the small business loan market. At CNBC Select, we are committed to maintaining our journalistic standards and ethics, even when it comes to earning a commission from our affiliate partners on many offers and links. Our methodology outlines the process we use to select the best merchant cash advance companies, and we take pride in our rigorous approach to providing our readers with the best possible information.

Our methodology

We analyzed various U.S. merchant cash advances from both online and brick-and-mortar lenders to determine our top picks.

We compared each cash advance on a range of features, including:

• Minimum and maximum loan amounts
• Length of term
• Remittance frequency options
• Credit score needed
• Application requirements
• Streamlined application process
• Fund disbursement
• Customer support
• Better Business Bureau rating
• Customer reviews, when available

Small business financing rates and fee structures may fluctuate based on changes in the prime rate.

A merchant cash advance may require lenders to perform a hard credit inquiry and request a comprehensive application, which could necessitate providing personal and business proof of income, identity verification, and proof of address, among other things.

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