Uplyft Capital
Uplyft Capital is a powerful and fun Cash Advance Company to work with. We focus on the ease of our user experience, functionality and flexibility of programs. We are a direct funder that can provide you all options under one roof.
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From the start my encounter with Uplyft Capital has been most pleasant and very professional. They took the time to listen to my companies needs. The where able to provide my company and myself the amount of funding that has helped my business. Since getting funded we have doubled in business. I will highly recommend this company.
By: Sindy
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Uplyft Capital was founded in 2012 by CEO Michael Massa with the goal of offering small- and mid-size businesses quick access to working capital, sometimes as fast as 24 hours.
Miami, Fla.-based Uplyft Capital doesn’t offer traditional small business loans with compounding interest. Instead its merchant cash advances are structured with flat pricing and payback plans geared to the income of the borrowing businesses.
The advances are based on the sale and purchase of future receipts from American Express, Discover, Mastercard and Visa, and repayment is a fixed percentage of those receipts. The Merchant Cash Advances have high repayment terms – currently equivalent to interest rates from 12-40% — and are viewed as comparable to pay-day loans for businesses.
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Uplyft Capital is an online marketplace, largely for new businesses looking for short-term help with cash flow. The focus is companies with less-than-stellar credit ratings and with a minimum six-month track record of business operations.
Retailers make up the majority (52%) of Uplyft Capital’s clients. Restaurants make up another 26%. These are businesses that need a steady cash flow, and qualifying applicants receive a portion of their annual gross sales upfront from Uplyft Capital.
Uplyft Capital promotes its same-day pre-approval process and post-approval funding in as little as 24 hours.
But there are some drawbacks, including a complicated financing structure and higher repayment costs.
Uplyft Capital and other cash advance companies cater to new businesses that might not be able to secure money from traditional banks. Make sure you understand how the factor rate will affect the true costs of borrowing. For instance, a 1.40 factor rate translates to a 40% interest rate. Also, keep in mind other variables with a merchant cash advance. It’s worth noting that, if the advance is paid back daily, you could be hit harder on strong sales days.
Uplyft Capital advertises that it offers four financing options, with higher costs charged to newer businesses. Businesses must show evidence of a minimum number of unique deposits to demonstrate that their revenues are coming from multiple sources.
| Uplyft Capital: At a glance | ||||
| Product | Dollar amount | Term | factor rate | Time to funding |
| Premier Plus | $30,000 to $150,000 | 3-10 months | 1.24 | Potentially 24 hours |
| Premier | $10,000 to $150,000 | 3-8 months | 1.30 | Potentially 24 hours |
| Standard | $5,000 to $75,000 | 2-7 months | 1.34 | Possibly 24 hours |
| Starter | $3,000 to $30,000 | 2-5 months | 1.40 | Possibly 24 hours |
Rates current as of 4/12/2019
Uplyft Capital provides cash advances to starter companies from all industries. But its other products are limited to select industries not specified on its website. The company’s website says there’s no set payback period with the Merchant Cash Advances because payments are aligned with the income of the qualifying business.
| Product | Revenue | Min. business credit score or personal credit score | Time in business |
| Premier Plus | $50,000 in monthly deposits & average of 10-plus unique deposits | 620-plus | Two years plus |
| Premier | $30,000 in monthly deposits & average of eight-plus unique deposits | 560-plus | 1.5 years plus |
| Standard | $15,000 in monthly deposits & average of five-plus unique deposits | 500-plus | 1 year plus |
| Starter | $10,000 in monthly deposits & average of five-plus unique deposits | 480-plus | Six months |
Uplyft Capital requires 60% ownership for the Premier Plus cash advance and 50% ownership for the Premier, Standard and Starter programs.
An online application kicks off the process. It asks basics, such as name, DBA, address, ownership details, industry type and business start date. It gets into the specifics of the amount of money needed, the company’s annual gross revenues and federal tax identification number. Information on the application says businesses can be approved for up to $500,000, although elsewhere on the company website, $150,000 is identified as the maximum. You should know whether you are approved in 24 hours.
| Pros | Cons |
| Cash can be obtained quickly | High repayment costs |
| Short-term solution to cash flow problems | Borrowing against future revenue |
| Offer an option that traditional banks are unlikely to consider | Potentially hard-to-understand process |
New businesses that are growing steadily and need short-term help to resolve cash-flow problems.
Newer businesses with clear growth potential and little credit could benefit from these cash advances if there’s a short-term, cash flow crunch.
The details of what’s required to qualify for a merchant cash advance through Uplyft Capital are complicated. For instance, the requirement of a certain number of unique deposits is just designed to make sure the merchant’s income is from multiple sources. The factor rate and other critical details need further and clear explanation.
Uplyft Capital offers Merchant Cash Advances. These advances are not loans, which means these companies are not bound by state usury laws that limit lenders from charging high interest rates. The benefit to the merchant is more flexibility in managing cash flow, particularly in a slow selling season. Another advantage: MCA providers typically give more weight to the borrowing company’s underlying performance than credit score, which gives the business an alternative to applying for and being turned down for a conventional loan. But the repayment costs can be very high.
