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iAdvance Now Business Financing Review

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

  • Starting APR range: 4.99%
  • Best for: established businesses with consistent revenue wanting access to a range of funding solutions and large loan amounts

Pros and cons of iAdvance Now

ProsCons

 Low credit score requirements

 Various small business funding solutions

 Same-day funding available for some products

 Long approval and funding timeline for some products

 High minimum revenue requirements, except for equipment financing

 Lack of information on the company’s website regarding rates, terms and eligibility requirements

iAdvance Now is an alternative lender offering a range of small business loans to cover inventory, marketing, equipment and more. As an online lender, iAdvance Now utilizes a simple and quick prequalification application process that takes just minutes to complete. iAdvance Now places more emphasis on a company’s overall performance than its business history or credit score, making it an ideal option for startups or low-credit borrowers.

Who is iAdvance Now for?

  • Businesses wanting access to a range of lending products. You can explore six different funding solutions with iAdvance Now, picking one that best fits your company’s most immediate needs.
  • Business owners needing quick funding. iAdvance offers same-day funding for its business lines of credit and working capital cash advances, helping you tackle urgent or emergency expenses.
  • Companies with limited or bad credit. With iAdvance’s flexible eligibility requirements, businesses with scores as low as 500 can still apply for funding.

ProductLoan amountsRepayment termEstimated interest rangeOrigination fee
Term loans$25,000 to $5,000,00012 to 300 months4.99% to 26.99%0.00% - 3.00%
Lines of credit$1,000 to $750,0006 to 60 months4.99% to 19.99%0.00% - 3.00%
Working capital cash advances$2,500 to $5,000,0003 to 36 monthsFactor rates from 1.09 to 1.400.00% - 3.00%
Accounts receivable factoring$100,000 to $5,000,00012 to 36 months1.50% to 5.00% per month0.00% - 3.00%
Equipment financingUp to $1,000,00036 to 60 monthsStarting at 5.99%0.00% - 3.00%
SBA 7(a) loans$25,000 to $5,000,000Up to 120 monthsPrime + 2.75%0.00% - 3.00%

Term loans

A business term loan from iAdvance Now can help cover one-time purchases (e.g., equipment) or long-term projects (e.g., expansions or renovations). Funds range from $25,000 to $5,000,000, with competitive rates and terms going up to 300 months. Businesses must operate for at least two years with $240,000 or more in annual revenue to qualify for an iAdvance Now term loan. Note that the approval and funding timeline can take around three to 21 days — which is longer than the average one- to three-business days offered by alternative lenders.

Lines of credit

A business line of credit allows business owners to draw from a set amount of funds on an as-needed basis, only paying interest on the withdrawn amounts. iAdvance offers credit lines ranging from $1,000 to $750,000, with same-day funding available. Repayment terms range from 6 months to 60 months, offering you ultimate flexibility to tackle ongoing or unexpected business expenses. In addition, iAdvance’s business line of credit is available to new businesses after just one month in operation.

Working capital cash advances

iAdvance Now offers two types of cash advances with same-day funding to help cover working capital expenses. An ACH advance lets you borrow against future receivables, with payments withdrawn daily or weekly from your business checking account. A merchant cash advance (MCA), called a Credit Card Cash Advance at iAdvance, allows you to borrow against future credit card payments. iAdvance Now charges a factor rate instead of a traditional interest rate for its cash advances, making this a more costly way to borrow money for your company.

Accounts receivable factoring

Accounts receivable factoring, also called invoice factoring, can provide eligible business owners up to $5,000,000 in exchange for their unpaid invoices. When customers pay the invoice, iAdvance Now collects a fee and pays you the remaining amount. Interest is calculated on a monthly basis and ranges from 1.50% and 5.00%. Borrowers don’t need to meet minimum credit score requirements for this type of small business financing.

Equipment financing

If you need to upgrade or purchase new equipment for your company, iAdvance offers equipment financing up to $1,000,000 with terms ranging from three to five years. Since the equipment acts as collateral to secure the debt, iAdvance doesn’t set minimum credit score or annual revenue requirements for this type of financing. Interest rates start at 5.99%.

SBA 7(a) loans

iAdvance Now partners with the U.S. Small Business Administration (SBA) to issue SBA 7(a) loans for general business financing. SBA loans are available between $25,000 and $5,000,000, with maximum interest rates and terms set by the SBA. Note that iAdvance Now’s SBA loans are designed for more established businesses, with a minimum of two years in operation required. Funding timelines can take longer than other types of business financing, typically two to four weeks.

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Minimum annual revenue
  • Term loans and cash advances: $240,000
  • Lines of credit: $150,000
  • Accounts receivable factoring: $1 million
  • Equipment financing: no minimum
  • SBA loans: $120,000
Minimum time in business
  • Term and SBA loans: 24 months
  • Lines of credit: 1 month
  • Cash advances: 3 months
  • Accounts receivable factoring: 12 months
  • Equipment financing: 3 months
Minimum credit score
  • Term and SBA loans: 650
  • Lines of credit: 600
  • Cash advances: 500
  • Accounts receivable factoring and equipment financing: no minimum

All iAdvance Now products require at least some time in business, meaning brand new businesses might need to look elsewhere if wanting to secure startup business funds. While you only need to operate for one month to qualify for iAdvance’s line of credit, you must generate at least $150,000 in annual revenue, which can be challenging for a new company.

iAdvance Now’s credit requirements are relatively lenient, with cash advances accepting scores as low as 500. In addition, there are no minimum credit score requirements for accounts receivable factoring and equipment financing.

For startups with no money, you could consider iAdvance Now’s equipment financing since it doesn’t list any minimum annual requirements.

Required documents

iAdvance offers a simple, streamlined application process requiring only a one-page application along with three months of business bank statements to get started.

However, lenders can frequently change their business loan requirements or require verification of specific information during the underwriting process. Because of this, it’s a good idea to have the following common business documents on hand when applying for a small business loan:

iAdvance NowFunding CircleUplyft Capital
Minimum credit score
  • Term and SBA loans: 650
  • Lines of credit: 600
  • Cash advances: 500
  • Accounts receivable factoring and equipment financing: no minimum
  • Term loans and lines of credit: 660
  • SBA loans: 650
  • Merchant cash advances: no credit check
  • Lines of credit: 600
  • Not disclosed for other products
Funding products offered
  • Term loans
  • Lines of credit
  • Working capital cash advances
  • Accounts receivable factoring
  • Equipment financing
  • SBA loans
  • Term loans
  • Lines of credit
  • SBA loans
  • Merchant cash advance
  • Lines of credit
  • Traditional bank loans
  • SBA loans
  • Equipment financing
  • Invoice factoring
Time to funding
  • Term loans: 3 to 21 business days
  • Lines of credit and cash advances: same-day funding
  • Accounts receivable factoring: 1 to 2 weeks
  • Equipment financing: varies
  • SBA loans: 2 to 4 weeks
  • Term loans and lines of credit: as soon as 2 business days
  • SBA loans: 1 to 2 months
  • Merchant cash advances: 24 hours
  • Lines of credit: as short as 4 hours
  • Traditional bank loans: 2 to 6 weeks
  • SBA loans: 2 to 6 weeks
  • Equipment financing: 24 hours to 1 week
  • Invoice factoring: within 24 hours
Starting rates
  • Term loans and lines of credit: 4.99% interest
  • Cash advances: 1.09 factor rate
  • Accounts receivable factoring: 1.50% per month
  • Equipment financing: 5.99%
  • SBA loans: Prime + 2.75%
  • Term loans: 15.22%
  • Lines of credit: 10.99%
  • SBA loans: Prime + 2.75%
  • Merchant cash advances: 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
  • Term loans, cash advances, account receivables, SBA loans: $5,000,000
  • Lines of credit: $750,000
  • Equipment financing: $1,000,000
$500,000$5,000,000
Minimum annual revenue
  • Term loans and cash advances: $240,000
  • Lines of credit: $150,000
  • Accounts receivable factoring: $1 million
  • Equipment financing: no minimum
  • SBA loans: $120,000
  • Term loans and lines of credit: $50,000
  • SBA loans: $150,000
  • Merchant cash advances: $144,000
  • Lines of credit: $96,000
  • Not disclosed for other products

iAdvance Now vs. Funding Circle

Funding Circle is another popular online lender offering competitive term loans, lines of credit and SBA loans to those with fair credit histories. The advantage of working with Funding Circle is that it offers quick business loans, delivering your term-loan funds within two business days as opposed to iAdvance Now’s three to 21 days.

Funding Circle also has a low minimum annual revenue of $50,000 for its term loans and lines of credit. In contrast, iAdvance Now requires $240,000 annual revenue for its term loans and $150,000 annual revenue for its lines of credit.

iAdvance Now vs. Uplyft Capital

Uplyft Capital is similar to iAdvance in many ways, such as offering a range of small business financing solutions with funds going up to $5,000,000. Both lenders provide same-day funding for their business lines of credit.

However, Uplyft offers slightly lower starting interest rates than iAdvance Now for some products, such as its lines of credit and traditional bank loans. And low-revenue businesses might have better luck meeting Uplyft’s eligibility criteria with its slightly lower minimum annual revenue requirements. In addition, Uplyft requires companies to be in operation for only six months to be eligible for its loan products, whereas iAdvance Now requires a 12- to 24-month business history for certain products.