Uplyft Capital Business Financing: 2022 Review

About Uplyft Capital

Uplyft Capital

Uplyft Capital is a small business funder established in 2012. We believe in empowering successful small business owners by providing working capital quickly and efficiently.

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If your business needs fast funding, you may have come across Uplyft Capital. This company is able to approve you and get you funding as soon as the same day, which might sound great if you’re in a tough spot. Before you apply, though, it’s important to know how its product — known as a merchant cash advance (MCA) — works. Still, Uplyft Capital might be right for you if you need quick access to funds and you’re able to repay your debt quickly.

Pros Cons
 Fast funding  Only offers Merchant Cash Advances (MCAs)
 Wide range of funding options  MCAs can be expensive
 Easy to qualify  Confusing rates and terms

Uplyft Capital overview: Amounts, rates and fees

Uplyft Capital only offers one product — a merchant cash advance, or MCA — but it offers several versions of them depending on your business needs. Here’s a broad overview of all of Uplyft Capital’s programs:

Uplyft Capital Business Financing: At a Glance
Amount Terms Starting rate Fees Min. credit score
Merchant cash advance $3,000 to $500,000 2 to 12 months 1.24 (factor rate) none 450

Merchant cash advance

Merchant cash advances like the one from Uplyft Capital can be a good business tool if you need short-term funding for situations like buying materials for your operation or dealing with a temporary lull in business. They work differently than small business loans.

You’ll get a lump sum, but rather than paying it back over a long period of time with steady, even payments, you’ll pay it back as a percentage of daily or weekly credit card sales. Instead of interest, you’ll be charged a factor rate that gets paid off with daily or weekly payments. Uplyft Capital’s factor rates range from 1.24 to 1.40, meaning that for each $1,000 you borrow, your financing cost will be $240 to $400. The amount of time it’ll take you to pay it off depends on how strong your sales are: If they’re strong, you could pay it off relatively quickly, but if you’re going through a dry spell (for instance, if you have a business with strong seasonal swings), it can take quite a while.

Uplyft Capital is unique because it offers four separate MCA programs depending on your needs. Here are the four programs:

  • Starter: $3,000 to $30,000, 2 to 5 month terms, and a factor rate of 1.40
  • Standard: $5,000 to $125,000, 2 to 7 month terms, and a factor rate of 1.34
  • Premier: $10,000 to $250,000, 3 to 8 month terms, and a factor rate of 1.30
  • Premier Plus: $30,000 to $500,000, 3 to 12 month terms, and a factor rate of 1.24

Uplyft Capital requirements: Are you eligible?

Uplyft Capital, like most MCA lenders, doesn’t have as many requirements to borrow money as a traditional small business lender. Its application only takes a few minutes to fill out, and you could be approved and even funded as soon as the same day.

Uplyft Capital will do a personal and business credit check, but you won’t need excellent credit to qualify. According to the company, about 90% of businesses that apply are able to receive an MCA through Uplyft Capital.

Here are the specific requirements you’ll need to meet in order to get an MCA from Uplyft Capital:

  • Minimum credit score: 450
  • Time in business: 6 months
  • Annual revenue: $144,000 ($12,000 monthly)

Required documents

Uplyft Capital lists the following as required documents you’ll need when you apply for a Uplyft Capital MCA:

  • Driver’s license
  • Voided check
  • Bank validation
  • Proof of ownership

Depending on your situation, you may have to provide other documents too, such as bank account statements or credit card processor statements.

Uplyft Capital review: Should you apply?

Uplyft Capital is more transparent than most MCA lenders, which is a good sign. It also offers a fast application, easy qualification, quick funding and a wide range of programs to fit almost any need.

However, it is an expensive option if you need to borrow money, and it also doesn’t offer any other products that might suit your financial needs better. If you don’t need money right this very second, it may be better to choose a small business loan, or at least take some time to shop around for other MCA lenders.

Alternatives to Uplyft Capital business financing

Although MCA lenders like to talk about how unique they are, the reality is that there are many others out there. Here are some other places to consider shopping with if you need funding:

Uplyft Capital vs. Reliant Funding

If you don’t need to borrow more than $400,000, Reliant Funding may be cheaper for your business. Instead of Uplyft Capital’s starting factor rate of 1.24, Reliant Funding offers factor rates as low as 1.10. In addition, it may be easier for smaller businesses to qualify: Instead of requiring a monthly income of at least $12,000, Reliant Funding only requires a monthly income of $5,000.

Uplyft Capital vs. Elevation Capital

Elevation Capital requires a slightly higher income to qualify ($12,500 monthly, versus $12,000 monthly with Uplyft Capital). If that sounds like your business, Elevation Capital may also be a cheaper option, as Elevation Capital’s maximum factor rate is the same as Uplyft Capital’s minimum factor rate: 1.24. If you qualify, you could receive a rate as low as 1.12 with Elevation Capital, and the company also offers an early payoff incentive too.

Uplyft Capital vs. Credibly

If you want a bit more time to pay off your MCA, consider Credibly. It offers terms up to 18 months, more than the 12-month maximum of Uplyft Capital — however, you’re limited to a smaller amount: $400,000 max, instead of the maximum of $500,000 with Uplyft Capital. Still, as with some other alternatives listed here, factor rates are cheaper with Credibly — as low as 1.15.