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Uplyft Capital: 2022 Review
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Pros and cons of Uplyft Capital
| Pros | Cons |
|---|---|
Quick funding Low minimum credit score requirements No origination or monthly fees | Slightly higher factor rates when held up to the competition Information on website can be confusing or contradictory Only directly lends merchant cash advances, which tend to be an expensive form of borrowing |
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Uplyft Capital small business loans review
Uplyft Capital is an online lender serving small business owners since 2012. The only product Uplyft directly issues is its merchant cash advance, but Uplyft partners with third-party lenders, through whom you can find merchant cash advances, lines of credit, term loans, 401(k) business financing, equipment financing, invoice financing and SBA loans.
While these products are listed on Uplyft Capital’s platform, they are funded through different lenders, each with its own underwriting requirements. For that reason, today we’ll only look at its direct product: the Uplyft merchant cash advance.
Who is Uplyft Capital for?
- Business owners with low credit scores. With a minimum required credit score of 450, borrowers with bad credit may be eligible for a merchant cash advance from Uplyft Capital.
- Businesses with high revenue despite short time in business. Merchant cash advances are accessible with as little as three months in business, but you’ll need to be pulling in at least $12,000 per month.
- Business owners willing to pay a higher factor rate for fewer fees. Uplyft Capital’s factor rates are slightly higher than the competition, but it makes up for it by not charging any origination or monthly fees.
Uplyft Capital small business financing at a glance
| Product | Loan amounts | Repayment term | Estimated factor rate range | Fees |
|---|---|---|---|---|
| Merchant cash advance | $3,000-$1,000,000 | 2-12 months | 1.24-1.40 | No origination fees or monthly fees |
Merchant cash advance
If you need to access capital in a hurry to cover costs like payroll, inventory purchases or other business needs, a merchant cash advance might be right for you, even though it can be an expensive way to borrow. With Uplyft Capital, you’ll get a lump sum of funding, then repay it with a portion of your future credit card or ACH debit sales. Depending on your specific advance, you’ll be offered either daily or weekly repayments.
Merchant cash advances tend to come with factor rates rather than interest rates. When you multiply the amount you borrow by the factor rate, you’ll get the total repayment amount. For example, Uplyft’s lowest factor rate is 1.24. If you borrowed $1,000 and multiplied it by 1.24, you’d get $1,240, which would be the total repayment amount. The factor rate would cost you $240.
Amounts and rates
Uplyft’s factor rates and terms vary depending on your business details and how much you borrow:
- Starter: $3,000–$30,000, terms of 2–5 months, 1.40 factor rate
- Standard: $5,000–$125,000, terms of 2–7 months, 1.34 factor rate
- Premier: $10,000–$250,000, terms of 3–8 months, 1.30 factor rate
- Premier Plus: $30,000–$500,000, terms of 3–12 months, 1.24 factor rate
Factor rates and terms for merchant cash advances over $500,000 are not available.
Uplyft provides fast funding. You can expect to see your advance within a day or two.
Uplyft Capital borrower requirements
| Minimum annual revenue | $144,000 |
| Minimum time in business | 3 months |
| Minimum credit score | 450 |
You don’t necessarily need a lot of time in business to borrow from Uplyft Capital, but you do need strong monthly revenue. It’s OK if you’ve been in business as little as three months, but you’ll need to prove you’re depositing an average of at least $12,000 monthly.
One of the big advantages of Uplyft Capital is its low minimum credit requirements: You’ll only need a score of 450 to qualify. Of course, the better your credit and business history, the more likely you are to qualify for favorable rates and terms. But if your credit score is preventing you from securing financing through other lenders, Uplyft Capital may approve you where others would not.
Required documents
Before you apply for an Uplyft merchant cash advance, make sure to prepare the following required documents:
- Proof of business ownership
- Bank validation
- Driver’s license
- Voided check
Alternatives to Uplyft Capital
| Uplyft Capital | Fora Financial | Credibly | |
|---|---|---|---|
| Minimum credit score | 450 | 500 | 500 |
| Loan products offered |
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| Time to funding | 1-2 days | As soon as 3 days | As soon as same day |
| Starting rates |
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| Maximum loan size |
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| Minimum annual revenue |
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| Fees | None |
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Uplyft Capital vs. Fora Financial
Between Uplyft Capital and Fora Financial, neither lender is inherently superior to the other. Which is best for you is going to vary greatly depending on your individual circumstances and needs. Fora Financial offers lower rates than Uplyft on merchant cash advances, but Fora Financial charges an origination fee, whereas Uplyft does not. You can only take out $750,000 with Fora Financial versus $1,000,000 with Uplyft.
Revenue requirements are dramatically lower with Fora Financial, but you’ll need a slightly higher credit score of 500 in order to qualify. You’ll also wait a little longer to get your money — Fora Financial takes a minimum of three days to deposit your advance, while Uplyft only takes one to two days.
Uplyft Capital vs. Credibly
At first glance, Credibly might look cheaper than Uplyft with lower factor rates, but it also comes with origination fees and expensive monthly administration fees, which Uplyft does not. You can’t borrow as much money with Credibly, and you’ll need a slightly higher credit score of 500 to qualify.
While income requirements may look higher at Credibly, it really depends on your business model. Credibly only looks at your past three months of revenue rather than the entire year, so while you need $15,000 per month in revenue over the past three months, it may not matter if you don’t hit $180,000 per year. Still, monthly revenue requirements are higher at Credibly than Uplyft even if you’re only looking at the past three months.
Finally, it may look like Credibly funds merchant cash advances faster, as same-day funding is available, but it can take up to 24 hours for Credibly to process applications. That means time to funding ends up being a wash between the two lenders.