iAdvance Now Business Financing Review
Janet Schaaf is a freelance writer, editor and proofreader who considers reader advocacy to be her calling. After taking a few roads less traveled, Janet completed a bachelor’s degree in English Literature from the University of Missouri-Kansas City, with English Department Honors. She has been correcting grammar and checking facts since she could string a sentence together. For the past three years, Janet has focused on making personal finance topics understandable and relatable. Loan terms and credit card agreements can look overwhelming, but understanding what you’re agreeing to is paramount in grasping the impact debt can have on your life.
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Pros and cons of iAdvance Now
| Pros | Cons |
|---|---|
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 small business loans review
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.
iAdvance Now small business financing at a glance
| Product | Loan amounts | Repayment term | Estimated interest range | Origination fee |
|---|---|---|---|---|
| Term loans | $25,000 to $5,000,000 | 12 to 300 months | 4.99% to 26.99% | 0.00% - 3.00% |
| Lines of credit | $1,000 to $750,000 | 6 to 60 months | 4.99% to 19.99% | 0.00% - 3.00% |
| Working capital cash advances | $2,500 to $5,000,000 | 3 to 36 months | Factor rates from 1.09 to 1.40 | 0.00% - 3.00% |
| Accounts receivable factoring | $100,000 to $5,000,000 | 12 to 36 months | 1.50% to 5.00% per month | 0.00% - 3.00% |
| Equipment financing | Up to $1,000,000 | 36 to 60 months | Starting at 5.99% | 0.00% - 3.00% |
| SBA 7(a) loans | $25,000 to $5,000,000 | Up to 120 months | Prime + 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.
iAdvance Now borrower requirements
| Minimum annual revenue |
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| Minimum time in business |
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| Minimum credit score |
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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:
- Personal and business tax returns
- Profit and loss statement
- Business plan
- Copies of your articles of incorporation, bylaws, or operating agreement
- Employer Identification Number (EIN)
Alternatives to iAdvance Now
| iAdvance Now | Funding Circle | Uplyft Capital | |
|---|---|---|---|
| Minimum credit score |
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| Funding products offered |
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| Time to funding |
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| Starting rates |
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| Maximum funding amounts |
| $500,000 | $5,000,000 |
| Minimum annual revenue |
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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.