Uplyft Capital Review
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Pros and cons of Uplyft Capital
Pros
- Works with bad-credit borrowers
- Fast funding with same-day options
- Startups are eligible after only six months of operation
- Offers a range of additional financing solutions via its partner network
- No prepayment penalties
Cons
- Only directly funds merchant cash advances (MCAs)
- High minimum annual revenue requirement
- Factor rate makes it hard to compare with other financing options
Uplyft Capital small business loans review
Established in 2012, Uplyft Capital is an online lender that primarily supplies quick cash advances to businesses of all shapes and sizes. Technically not a loan, a merchant cash advance (MCA) gives you an upfront cash advance in exchange for a portion of your future business sales.
Uplyft Capital works with low-credit borrowers and startups that have been operating for at least six months, delivering funds as soon as the same business day. While an MCA from Uplyft Capital can help in a pinch, this type of funding typically costs more than other small business financing options. Because of this, MCAs are best reserved for emergency situations.
If you want a traditional bank loan or business line of credit instead, you can explore Uplyft’s lending marketplace to connect with a list of reputable partners. A lending marketplace can often help save time by showing you multiple options and estimated rates all at once. However, there’s a chance you could end up paying more than if you applied directly with the lender itself.
- Businesses with bad credit. Uplyft Capital accepts credit scores as low as 500, making it an ideal option for those needing a bad credit business loan.
- Companies that need fast cash. Funds can be received in as little as one to two business days, with an option for same-day business financing.
- Newer businesses with high revenue. You only have to be in business for a minimum of six months to qualify for a merchant cash advance with Uplyft Capital, but must generate at least $12,000 per month.
Uplyft Capital small business financing at a glance
| Product | Loan amounts | Repayment term | Estimated factor rate | Fees |
|---|---|---|---|---|
| Merchant cash advance | $10,000 to $1,000,000 | 2 to 12 months | Starting at 1.24 | Origination fee: 1.00% – 3.00% |
Merchant cash advance
Uplyft Capital only directly funds merchant cash advances (MCAs), a type of business funding that allows you to borrow against your company’s future debit and credit card sales. Once approved, you can receive a lump-sum cash advance up to $1,000,000 to use for emergency business funding or general business expenses.
Rather than using a standard business loan interest rate, as with a traditional business loan, Uplyft Capital charges a fixed factor rate. To calculate how much a MCA will cost, multiply the factor rate by the amount of funding. For example, if you get a $20,000 cash advance with a 1.5 factor rate, you will owe $30,000 in total — including principal and interest.
Rates and terms
Uplyft Capital has several cash advance programs with different repayment terms ranging from two to 12 months with daily or weekly payments:
| Funding program name | Amount | Term length | Starting factor rate |
|---|---|---|---|
| Starter Program | $8,000 to $30,000 | 2 to 5 months | 1.40 |
| Standard Program | $5,000 to $125,000 | 2 to 7 months | 1.34 |
| Premier Program | $10,000 to $250,000 | 3 to 8 months | 1.30 |
| Premier Plus Program | $30,000 to $500,000 | 3 to 12 months | 1.24 |
Factor rates and terms for amounts above $500,000 aren’t disclosed. For any amount, your rate can vary based on your credit score, time in business and other factors — you need to apply to find out the exact rate you qualify for.
Borrowers may also have the option to renew or request more funds once they’ve established a positive history with Funding Circle. However, the timeline for this isn’t specified.
Uplyft Capital borrower requirements
| Minimum annual revenue | $144,000 |
| Minimum time in business | Six months |
| Minimum credit score | 500 |
Uplyft Capital determines your eligibility for a merchant cash advance by looking at your business history, revenue and credit score. You only need a credit score of 500 and a six-month business history to qualify, making this a great option for those looking for startup business financing.
However, your business must generate around $12,000 in average revenue each month, which could be a challenge for small-sized or recently established businesses.
Required documents
When applying for a merchant cash advance with Uplyft Capital, you’ll need to provide the following required documents:
- Three months of past bank statements or receivables
- A completed cash advance application that asks for general information on your business, including credit score, debt, start date and how much you’re looking to borrow.
Alternatives to Uplyft Capital
| Uplyft Capital | Accord Business Funding | Elevation Capital | |
|---|---|---|---|
| Minimum credit score | 500 | Not disclosed |
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| Loan products offered | Merchant cash advances | Merchant cash advance |
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| Time to funding | 1 to 2 business days; sometimes same day | Makes a funding decision within a few hours (time to deliver funds not specified) |
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| Starting factor rate | 1.24 | Not disclosed |
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| Maximum loan size | $10,000 to $1,000,000 | $150,000 | $3,000,000 |
| Minimum annual revenue | $144,000 | Not disclosed |
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Uplyft Capital vs. Accord Business Funding
Accord Business Funding also offers merchant cash advances, although it only provides up to $150,000 in advance funds, compared to Uplyft’s upper limit of $1,000,000. Additionally, you can’t apply to Accord Business Funding directly — you must go through an Independent Sales Organization (ISO).
An ISO is a business loan broker that acts as a middle person between small business owners and banks, credit unions, alternative lenders and investors. Once you find an ISO, you can have them approach Accord Business Funding on your behalf.
Accord Business Funding doesn’t disclose any of its requirements, such as minimum credit score or time in business. However, it does state that it makes a funding decision within a few hours and doesn’t run a hard credit check. Your business loan broker can help you determine if this lender is a good fit for your business.
Uplyft Capital vs. Elevation Capital
Elevation Capital offers quick business financing with an estimated 24-hour timeline for delivering merchant cash advances. You can also get a larger advance with Elevation Capital: $3,000,000 versus Uplyft’s maximum of $1,000,000.
While you need a relatively high annual revenue to qualify for either lender, Elevation Capital’s requirement is $24,000 less than Uplyft Capital. It also offers a slightly lower starting factor rate, although you won’t know your final rate until you officially submit an application.
One benefit to picking Elevation Capital is that you have more types of business loans at your fingertips. While the eligibility requirements for MCAs tend to be more lenient, the factor rates tend to run high, costing you more in the long run. With Elevation Capital, you can consider switching to a more affordable loan once your business meets the eligibility criteria.
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