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Elevation Capital Review

Updated on:
Content was accurate at the time of publication.

Elevation Capital lender logo

  Estimated factor rate range: 1.12 to 1.28

  Best for: Established businesses looking for quick business loans and cash advances

ProsCons

  Low minimum credit scores

  Options for 24-hour funding

  Factor rates may start lower than other lenders

  High annual revenue requirement

  May include origination fees

  Factor rate makes it hard to compare against other offers

Elevation Capital is an online lender that offers several types of small business financing, such as merchant cash advances, term loans, lines of credit and equipment leasing. Established in 2010, the company has provided more than $150 million to over 2,500 businesses nationwide. Elevation provides personal assistance to help convert cash flow into working capital so all types of businesses can flourish and grow.

Who is Elevation Capital for?

  • Low-credit borrowers. Elevation Capital offers funding options for business owners with credit scores as low as 500.
  • Recently established businesses. You only need a six-month business history to qualify for business financing with Elevation Capital.
  • Borrowers needing quick cash advances. Several of Elevation’s products offer speedy business financing, with its merchant cash advances funding up to $3,000,000 in as little as 24 hours.

ProductAmountRepayment termEstimated interest ratesFees
Merchant cash advance$10,000 to $3,000,00012-month avg. repayment1.20 factor rateOrigination fee: 0.00% to 3.00%
Business loans$10,000 to $2,000,00012 to 36 months1.12 to 1.28 factor rateOrigination fee: 0.00% to 4.00%
Business lines of credit$10,000 to $275,0006 to 36 months1.12 to 1.28 factor rate0.00% to 3.00%
Equipment leasing$10,000 to $3,000,00012 to 72 months8.00% to 16.00% APRNone

Merchant cash advance

A merchant cash advance (MCA) allows business owners to borrow against their future credit card sales. You typically don’t need a good credit score or collateral to qualify for MCAs. Borrowing costs with MCAs are commonly expressed as a factor rate rather than a standard interest rate. To calculate your total borrowing cost, multiply the amount advanced by the factor rate. Elevation Capital allows you to borrow anywhere from $10,000 to $3,000,000 and, if approved for an MCA, you could receive funds within 24 hours.

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Business term loans

Business term loans can help cover a wide range of business expenses, including hiring and training staff, marketing and advertising, inventory, expansions and more. With Elevation Capital, you can borrow between $10,000 and $2,000,000 with terms ranging from 12 to 36 months. These loans are also charged a factor rate, typically between 1.12 and 1.28.

Business lines of credit

If you need flexible access to capital, a business line of credit with Elevation Capital can provide between $10,000 and $275,000 in revolving funds. Repayment terms range from 6 to 36 months, with factor rates starting as low as 1.12. Like credit cards, business lines of credit only charge interest on the amounts withdrawn.

Equipment leasing

Elevation Capital can help you secure new and used essential equipment for your business, with affordable equipment leasing starting as low as 8.00% APR. Funding amounts range from $10,000 to $3,000,000 with terms between 12 to 72 months. While Elevation advertises quick funding times for its other business products, equipment leasing can take longer to process and approve — typically one to two weeks or more.

Minimum annual revenue

  • MCA: $120,000

  • Lines of credit and equipment financing: $150,000

  • Term loans: $250,000

Minimum time in business6 months
Minimum credit score

  • MCA: 500

  • Term loans: 600

  • Lines of credit: 550

  • Equipment leasing: 600

Elevation Capital requires a business to be up and running for only six months to qualify and accepts those with low credit scores, making it an ideal option for a bad credit business loan. However, newer companies with minimal revenue may want to consider a startup business loan with no money.

Required documents

While specific business loan requirements vary based on the lender and loan type, here are some standard documents you might need to submit when applying for a business loan with Elevation Capital:

  • Three months of consecutive business bank statements
  • Business tax returns
  • Cash flow statements showing you generate an average monthly revenue of $12,500 or higher
  • Business plan and funding request
  • Copies of your Articles of Incorporation, Bylaws, or Operating Agreement

Elevation Capital offers several products to help with funding without requiring excellent credit scores or lengthy business history, but it’s not the only lender with flexible eligibility criteria. Here are two other online lenders providing financial solutions to help take your small business to the next level.

Elevation CapitalCrediblyUplyft Capital
Minimum credit score

  • MCA: 500

  • Term loans: 600

  • Lines of credit: 550

  • Equipment leasing: 600

500

  • MCA: no credit check

  • Lines of credit: 600

  • Not disclosed for other products

Funding products offered

  • Merchant cash advance (MCA)

  • Term loans

  • Lines of credit

  • Equipment leasing


  • Working capital loan

  • Merchant cash advance

  • Line of credit

  • Equipment financing

  • SBA loans

  • Invoice factoring


  • Merchant cash advance

  • Lines of credit

  • Traditional bank loans

  • SBA loans

  • Equipment financing

  • Invoice financing

Time to funding

  • MCA, term loans and lines of credit: in as little as 24 hours

  • Equipment financing: one to two weeks or longer

Same-day funding available

  • MCA: 24 hours

  • Lines of credit: as short as four hours

  • Traditional bank loans: two to six weeks

  • SBA loans: two to six weeks

  • Equipment financing: 24 hours to one week

  • Invoice factoring: within 24 hours

Starting rates

  • MCA: 1.20 factor rate

  • Term loans and lines of credit: 1.12 factor rate

  • Equipment financing: 8.00% APR


  • Working capital loan: 1.11 factor rate

  • Merchant Cash: 1.11 factor rate


  • MCA: 10.00% interest

  • Lines of credit: 4.66% interest

  • Traditional bank loan: 2.00% interest

  • SBA loan: 2.25% interest

  • Equipment financing: 9.00% interest

  • Invoice factoring: 1.00% interest per each week, plus 3% processing fee

Maximum funding amounts$3,000,000$600,000$5,000,000
Minimum annual revenue

  • MCA: $120,000

  • Lines of credit and equipment financing: $150,000

  • Term loans: $250,000

$180,000

  • MCA: $144,000

  • Lines of credit: $96,000

  • Not disclosed for other products

Elevation Capital vs. Credibly

Like Elevation Capital, Credibly offers merchant cash advances, working capital loans and business lines of credit. In addition, you can apply for SBA loans, invoice factoring and equipment financing through Credibly’s extensive network of reputable lenders. While the starting factor rates for Credibly are slightly lower, its maximum funding amounts only go up to $600,000 compared to Elevation’s $3,000,000. Both lenders require a minimum six-month business history, with some products accepting personal credit scores as low as 500. However, Elevation Capital has a lower minimum annual revenue requirement for some lending products — making it an excellent choice for a startup business loan.

Elevation Capital vs. Uplyft Capital

Uplyft Capital offers similar small business solutions as Elevation Capital but also includes traditional bank loans, SBA loans and invoice factoring. Comparing business loan interest rates between the two lenders can get complicated since Elevation Capital lists factor rates and Uplyft lists interest rates. However, after converting the factor rates, it appears like Uplyft could provide the better deal. For example, if you want to borrow $100,000 with a 12-month term and weekly repayments, you would pay around 20% interest for Elevation Capital compared to only 10.00% interest with Uplyft (estimations based on our own factor rate conversions).