What Is Uplyft Financing and Why Is It Good for Your Business?
If you are looking for a small business loan, Uplyft Capital financial lender is a viable option. It has been serving small business owners through its online lending platform since 2012. While Uplyft only issues merchant cash advances directly, it partners with third-party lenders to provide additional products, including lines of credit, term loans, 401(k) business financing, equipment financing, invoice financing, and SBA loans. The company considers personal credit and business financials to provide a specific merchant cash advance tier. It offers complete transparency and no hidden costs. Uplyft was founded in 2012 and is headquartered in Santa Monica, CA. Although Uplyft Capital’s platform advertises various products, they’re all funded through different lenders, each with separate underwriting requirements. For that reason, we’ll only focus on its primary product: the Uplyft merchant cash advance.
Uplyft Business Advance – is best for small and medium business owners who are in need of business capital and are looking for low rate fast financing options with low minimum credit score requirements.
- What Is Uplyft Financing and Why Is It Good for Your Business?
- Uplyft Capital Business Funding Details
- What is Merchant Cash Advance Program?
- Why is Uplyft Capital Micro Loan Good for Your Business?
- Uplyft Merchant Cash Advance Programs
- Applying for Uplyft Capital Start Up Loan
- Uplyft Capital Requirements for Business Cash Advance
- What Information Do You Need to Provide When Applying?
- Customer Service and Support
- How the Uplyft Capital Compares to Other Business Loans
- Bottom Line
- Other Useful Offers for Your Business
- Frequently Asked Questions
Uplyft Capital Business Funding Details
| Uplyft Capital | |
|---|---|
| Company | Uplyft Capital LLC |
| Alternate Business Names | Merchant Cash Cloud EaglePhillips, LLC |
| Type of Entity | Limited Liability Company (LLC) |
| Incorporated | August 1, 2012 |
| Years in Business | 11 years |
| Category | Financial Services |
| Type | Business Financing |
| Merchant Cash Advance Amount | $5,000 – $500,000 |
| Terms | 2 to 12 months |
| Fees | None |
| Starting Rate | 1.24 (factor rate) |
| Funding Programs | 4 |
| Available Funding Purposes | Expansion, Consolidation, Payroll, Adding Inventory, Improving Cash Flow, Starting New Venture, Funding Existing Project, Payout Outstanding Debt |
| Uplyft Loans | – Business Line of Credit – Merchant Cash Advance – Equipment Financing – Term Loan |
| Additional Products | – 401(k) business financing – Invoice financing – SBA loans |
| Accepted Businesses | All |
| Fast Funding | Yes |
| Easy to Qualify | Yes |
| Bad Credit Accepted | Yes |
| Min. Credit Score | 450 |
| Mobile App | No |
| Address | 17070 Collins Ave Ste 250 Sunny Isles Beach, FL 33160-3635 |
| BBB Ratings | A+ |
| BBB Accreditation | Not BBB accredited |
| 4.7 from 5.0 (260 reviews) | |
| Trustpilot | 4.6 from 5.0 (79 reviews) |
| App Store | – |
| Google Play | – |
| Social Networks | Uplyft Capital Linkedin, Twitter, Facebook, Instagram, Reddit |
| Phone Number | +1 (800) 515-7531 |
| Support Email | support@uplyftcapital.com |
| Fax | +1 (888) 345-6925 |
| Site Security | Bank Level |
| Application | Claim this offer |
What is Merchant Cash Advance Program?
The two most common business financing forms companies use are loans and cash advances. Traditional loans come with interest rates that accrue over time. However, merchant cash advances1 do not.
Rather than interest rates, merchant cash advances come with factor rates that remain the same until you complete your obligations. To calculate the total repayment amount, multiply the amount borrowed by the factor rate. For example, Uplyft’s Standard program factor rate is 1.30. So, if you borrowed $1,000 and multiplied it by 1.30, the total repayment would be $1,300. The factor rate would cost you $300.
In other words, a merchant cash advance is a business cash advance. This financing type provides you with access to a big payment, and you have to pay a percentage of your business’s future revenue.
A merchant cash advance program refers to a specific version of this type of financing. Every program, such as those in Uplyft Capital’s offer, comes with a unique value of cash advance, fixed factor rate, and minimum credit requirements.
Why is Uplyft Capital Micro Loan Good for Your Business?
10 years experience. Uplyft Capital is not a brand new company in the small business funder industry. It already has ten years of experience, and so far, it has helped hundreds of companies achieve their goals.
No hidden fees. Uplyft Capital also has a complete transparency policy. Business owners can rest assured that there are no hidden costs and that company remains true to the promised fixed factor rates and short terms.
Accepts all credit. The company is also famous for having quite lenient application approval criteria. Unlike banks that offer traditional business loans, Uplyft Capital will approve your application even if you have a minimum credit score and your business is struggling in the financial performance department.
Flexible repayment options. The company enables to pay business expansion loans in several ways. The most convenient one is to pay a percentage on credit card receivables. Business owners can also pay back via daily or weekly ACH debits2.
Discounts and extra advance. The cash advance provider also mentioned that clients could access early prepayment discounts. However, the official site doesn’t disclose any details on discounts and prerequisites. If you find yourself in a tough spot and need additional advance, you are eligible to renew your program once you pay 50% of the initial funding.
4 cash advance programs. Finally, every business is unique. Some business owners might need a small financial injection and a short-term dependency. Others can keep their doors open if they get instant access to considerate funds but can’t afford a small business loan. That’s why Uplyft Capital offers four distinctive merchant cash advance programs. Let’s see what these programs have to offer.
Uplyft Merchant Cash Advance Programs
Uplyft Capital offers different business funding solutions ranging from $5,000 to $300,000 and more. You can find four merchant cash advance programs in its offer.
| Starter | Standard | Premier | Premier Plus | |
|---|---|---|---|---|
| Amount | $8,000 – $30,000 | $5,000 – $125,000 | $10,000 – $250,000 | $30,000 – $500,000 |
| Terms | 2 – 5 months | 2 – 7 months | 3 – 8 months | 3 – 12 months |
| Rate | 1.40 | 1.34 | 1.30 | 1.24 |
| Renewal | Yes | Yes | Yes | Yes |
| Void Check Needed | Yes | Yes | Yes | Yes |
| Driving License | Yes | Yes | Yes | Yes |
| Bank Validation | Yes | Yes | Yes | Yes |
| Proof of Ownership | Yes | Yes | Yes | Yes |
| Deposit Within 1-2 Days | Yes | Yes | Yes | Yes |
| Online Application | Get Funds | Get Funds | Get Funds | Get Funds |
Applying for Uplyft Capital Start Up Loan
Uplyft Capital did an excellent job of making the application process fast and convenient. It even has dedicated agents waiting to help business owners who experience difficulties or have additional questions regarding the application process. The entire application is online, and it’s pretty fast. Additionally, the company leverages artificial intelligence to automate the approval process and score businesses. The AI takes into account:
- Company background;
- Company location;
- Payment history;
- Seasonality of business;
- Online presence;
- Owner’s credit score;
- Entity type and industry;
- Time in business;
- Ending bank balances.
Uplyft Capital Requirements for Business Cash Advance
While Uplyft Capital doesn’t have any limitations regarding the industry and business types, there are specific requirements you have to meet. Here is what you need to qualify for a merchant cash advance:
- Own at least 50% of the business;
- Be in business for at least six months;
- Have a credit score of 450 or above;
- Generate $12,000 on average on a monthly basis ($144,000 annual revenue).
What Information Do You Need to Provide When Applying?
Uplyft Capital’s online application will guide you through the entire process. However, you will have to provide the following information to complete the application process:
- Business and industry name;
- DBA;
- Business address and phone number;
- Your cell phone number;
- Business email address;
- Business ownership percentage;
- The ID number for federal tax;
- The date you established your business;
- The cash advance amount;
- Annual revenue;
- Information on other loan processes and cash advances you took, if any.
Customer Service and Support
While Uplyft Capital headquarters are in Sunny Isle Beach, Florida, the company keeps several communications open for its clients. You can reach the company directly via a contact form on the official website, email, fax, or phone. The company also offers access to funding specialists to help you find the best cash advance program for your business.
How the Uplyft Capital Compares to Other Business Loans
Uplyft Capital vs Divvy Business Credit
Uplyft Capital and Divvy Business Credit are both great financing options for businesses. Uplyft Capital is a business funding platform that provides business loans for bad credit. You can borrow up to $500K with Uplyft Capital, and you may need a credit score of 450 or higher to qualify. On the other hand, Divvy Business Credit is an unsecured line of credit, making it suitable for well-funded or more established startups and small to medium-sized businesses. To qualify for Divvy Business Credit, you need to have a minimum bank balance of $100,000 and your tiers will determine the loan amounts and factor rates. Additionally, Divvy has a business credit card that you can use to build business credit fast with your EIN.
Uplyft Capital vs FastCapital360
Uplyft Capital provides slightly higher factor rates, but makes up for it by not charging any origination or monthly fees. On the other hand, FastCapital 360 offers a free, quick and safe way to access a nationwide network of reputable lenders. Additionally, you can use their small business financing platform to find the best loan options from various institutions and businesses. In terms of reviews, FastCapital 360 has several positive reviews from industry experts and real consumers. Ultimately, it’s important to do your research to decide which service best fits your needs.
Other Alternatives
Upstart Business Loans – is a new online lending platform that partners with banks to provide business loans from $5,000 to $200,000 to small businesses. The platform combines traditional lending metrics with education, work experience, and more to help borrowers find financing that is tailored to their unique needs.
Capital City Funds – the next generation of business funding is here. Capital City Funds is a 2019 business with a focus on helping small business owners fund their businesses. It specializes in equipment financing and working capital loans. The company has access to 75+ trusted funding partners and can fund with FICO scores of 550+.
Bottom Line
Uplyft Capital is one of the leading merchant cash providers. It offers quick application, fast approval rates, and lenient approval requirements. It’s a perfect financing option for businesses with limited financial performance and owners with below fair credit scores that need cash to achieve their business goals. Short terms, four unique cash advance programs, low fixed factor rates, and several repayment options make Uplyft Capital a flexible and attractive business cash advance provider for small and medium-sized companies.
Other Useful Offers for Your Business
| Offer | Type | Key Features | Application |
|---|---|---|---|
| Ramp Visa Card | Corporate Cards | – 18 different signup bonuses – Unlimited 1.5% cashback – Full card and credit control | Claim this offer |
| Novo Business | Business Checking Account | – No monthly fees – Free transfers and mailed checks – Refunds all ATM fees | Claim this offer |
| Divvy Business Credit | Corporate Cards Small Business Loan | – No annual fees – Integration with expense software – Flexible rewards | Claim this offer |
| NorthOne Mastercard | Business Debit Card | – 1 month Free. No commitments – No credit check is needed – Real humans support | Claim this offer |
| Chase Ink Business Cash | Business Credit Card | – $750 bonus cash back – 0% intro APR for 12 months – No annual fee | Claim this offer |
| CoverWallet | Commercial Insurance | – Fully dedicated insurance advisor – Free quotes for numerous needs – Numerous carrier partnerships | Claim this offer |
Frequently Asked Questions
Reference Index
- Is A Merchant Cash Advance Right For Your Business? Forbes
- ACH Transfers: What Are They and How Do They Work? Investopedia
