Uplyft Capital: 2023 Review
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Pros and cons of Uplyft Capital
| Pros | Cons |
|---|---|
Can be approved with bad credit Fast funding with possible same day delivery Only needs to be in business for at least 6 months | Website can be unclear about its products Businesses must generate high revenue High rates |
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Uplyft Capital small business loans review
Uplyft Capital is an online lender with offices located in Sunny Isles Beach, Florida. Referred to as a” Cash Advance Company” on its website, Uplyft Capital provides a merchant cash advance rather than a small business loan. Small businesses with bad credit can be approved, and funding can be as fast as the same day upon approval or within 1-2 business days.
Who is Uplyft Capital for?
- Businesses with bad credit. Uplyft Capital works with businesses of all types, making it a possible option if you’re looking for a business loan with bad credit.
- Need cash fast. Funds can be received in as little as 1-2 days and sometimes can even be an option for a same-day business loan.
- Newer businesses with high revenue. You only have to be in business for a minimum of 6 months to be approved for a merchant cash advance with Uplyft Capital, but will need to 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-$1,000,000 | 2-12 months | Starting at 1.24 | Not disclosed |
Merchant cash advance
Uplyft Capital offers a merchant cash advance, a type of business funding that enables you to borrow against future sales in either revenue or credit cards in order to receive cash upfront. Borrowers will receive a lump-sum payment that can be used as needed. A merchant cash advance can be used for emergency business funding, or a large upfront cost, such as buying inventory or needing to pay an unexpected expense.
Rather than charging a standard business loan interest rate, as with a traditional business loan, Uplyft Capital charges a fixed factor rate. To calculate your total borrowing costs, multiply the factor rate by the amount of funding. This number will be the amount you’ll need to repay.
Rates and terms
Uplyft Capital has several cash advance programs that come with different repayment terms ranging from 2–12 months with daily or weekly payments:
| Funding program name | Amount | Term length | Starting factor rate |
|---|---|---|---|
| Starter Program | $8,000 - $30,000 | 2 - 5 months | 1.40 |
| Standard Program | $5,000 - $125,000 | 2 - 7 months | 1.34 |
| Premier Program | $10,000 - $250,000 | 3 - 8 months | 1.30 |
| Premier Plus Program | $30,000 - $500,000 | 3 - 12 months | 1.24 |
Factor rates and terms are not available for amounts above $500,000.
Borrowers may also have the option to renew down the line as long as you make regular, on-time payments.
Uplyft Capital borrower requirements
| Minimum annual revenue | $144,000 |
| Minimum time in business | 6 months |
| Minimum credit score | N/A |
Uplyft Capital determines your eligibility for a merchant cash advance by looking at your time in business and revenue. While you may not need to be in business long, you will need to bring in $12,000 average revenue each month, which is at least $144,000 annually. The website does not state there is a minimum credit score to apply, but it does advertise that there are no credit checks.
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
| Uplift Capital | Accord Business Funding | Elevation Capital | |
|---|---|---|---|
| Minimum credit score | N/A | N/A | 500 |
| Loan products offered | Merchant cash advance | Merchant cash advance |
|
| Time to funding | 1-2 days; sometimes same day | N/A | 24 hours |
| Starting factor rate | 1.24 | N/A | 1.12 to 1.24 |
| Maximum loan size | $10,000-$1,000,000 | $150,000 | $3,000,000 |
| Minimum annual revenue | $144,000 | N/A | $150,000 |
Uplyft Capital vs. Accord Business Funding
Accord Business Funding also offers a merchant cash advance, but the maximum loan size to borrow is much less than Uplyft Capital, making it better suited for those seeking smaller loans. Accord Business Funding’s website also does not provide much information on its product or its eligibility requirements and it’s even less straightforward than Uplyft Capital.
Uplyft Capital vs. Elevation Capital
Elevation Capital offers quick funding with the potential of being faster than Uplyft Capital with a 24-hour delivery for merchant cash advances. The loan size is also much higher at $3,000,000 which can be ideal for small businesses looking for a hefty amount of cash delivered super fast.