Fenix Capital Funding Merchant Cash Advance Review 2023
Loan Amount
Factor Rate
Terms
Min Credit
Time to Fund
Company Profile
Fenix Capital Funding operates with a primary focus on the best interests of its clients. Their mission is to foster long-lasting relationships by offering clear, transparent, and affordable financial solutions. Recognizing the challenges that small businesses face in securing funds from large financial institutions, Fenix Capital Funding aims to simplify the process. They believe that the well-being of their clients and partners is the cornerstone of their success.
As direct funders, Fenix Capital Funding provides competitive programs tailored specifically for their merchants. They work closely with clients to determine the right type and size of financing based on individual needs. With years of experience in the industry, they have positioned themselves as one of the leading financial institutions nationwide.
Products & Services
Fenix Capital Funding offers a variety of funding programs to support enthusiastic business owners. One of their primary services is the Merchant Cash Advance or MCA Loan, which is an immediate advance of funds based on a business's future incoming revenue. This service is designed to provide businesses with the extra financial support they might require. Highlights of their MCA program include advances ranging from $7,500 to $150,000, longer payback times from 4-12 months, daily and weekly payments, and a one-day turnaround for funding.
Another significant service is the MCA Consolidation Program. This program is designed to assist clients in paying off multiple advances they might have with other funders. It aims to ensure clients make their scheduled payments and avoid falling into bad standing with other lenders. Key features of this program include a reduction of total daily payments by 20-50%, consolidation for any number of positions, and one-day funding possibilities.
Pros and Cons
Pros:
1. Direct funding capabilities.
2. Wide range of clear and transparent financial solutions.
3. Quick application and approval process.
4. Services tailored to individual client needs.
5. Experience and reputation in the industry.
Cons:
1. Specific requirements for funding eligibility.
2. Limited information on the website.
3. Potential for daily debits depending on the program.
4. Restrictions based on the number of existing positions.
5. Limited details on interest rates and fees.
Ideal Customer
The ideal customer for Fenix Capital Funding is a small business owner seeking alternative funding solutions. Those who might find it challenging to secure funds from larger financial institutions would benefit from Fenix's straightforward and transparent approach. The company caters to over 750 industries, making it suitable for a wide range of businesses.
Required Documentation
To apply for funding, clients need to provide the last three bank statements and a completed application form.
Industries and Restrictions
Fenix Capital Funding serves over 750 industries. However, specific industry restrictions are not mentioned on the provided pages.
State of Operations
The company operates nationwide, but specific state restrictions are not mentioned on the provided pages.
Basic Qualifications
To qualify for funding, applicants should meet the following basic requirements:
- Fico score of 500 or above.
- At least 9 months in business.
- No open bankruptcies and tax liens greater than $150,000.
- No more than 4 existing positions.
- No more than 3 negative days per month.
Collateral or Guarantees
Information regarding collateral or guarantees required for the company's products is not explicitly mentioned on the provided pages.
Alternatives
While specific alternative options are not mentioned on the provided pages, businesses seeking funding might consider traditional bank loans, crowdfunding, venture capital, or other alternative lending platforms.