Merchant Cash Advance Company Review

Company Profile

Select Funding is a financial services company that specializes in providing short-term working capital to small businesses. The company has been in operation since 2010 and prides itself on its mission to help small businesses turn their dreams into reality. They offer a simple and straightforward application process, with the aim of providing the working capital businesses need to achieve their goals. Select Funding is committed to being accountable, resourceful, respectful, and trustworthy in their dealings with clients.

The company is managed by a team of professionals who are dedicated to providing a superb service. They guide clients throughout the process and are known for going the extra mile to get businesses funded in a short time. Select Funding has received positive feedback from clients who appreciate their quick and efficient service.

Products & Services

Select Funding offers small business financing up to $250,000. This financing is intended to serve as short-term working capital to help businesses achieve their goals. The company has made it easy to qualify for the small business financing, requiring business ownership, a minimum of $100,000 in annual sales, and a FICO score above 525. No collateral is required.

The funds can be used for various purposes such as purchasing inventory, paying bills, hiring additional staff, and managing cash flow. The application process is simple and can be completed online. Applicants are required to submit six months' worth of business bank statements for the company to verify their monthly deposits. Once the application is reviewed, funding can be received in as little as 24 hours.

Pros and Cons

Pros:
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1. Quick and efficient funding process.
2. No collateral required for financing.
3. Wide range of uses for the financing provided.
4. Positive customer testimonials.
5. Supportive and professional team.
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Cons:
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1. Information on interest rates and terms is not readily available on the website.
2. The minimum annual sales requirement of $100,000 may exclude smaller businesses.
3. The requirement of a FICO score above 525 may exclude businesses with lower credit scores.
4. The short-term nature of the financing may not suit businesses looking for long-term solutions.
5. The company's services may not be available in all states.

Ideal Customer

The ideal customer for Select Funding's services is a small business owner who needs short-term working capital to achieve their business goals. This could be for purchasing inventory, paying bills, hiring staff, or managing cash flow. The business should have been in operation for at least a year, have a minimum of $100,000 in annual sales, and the owner should have a FICO score above 525.

Required Documentation

To apply for funding from Select Funding, businesses are required to complete an online application and submit six months' worth of business bank statements. This allows the company to verify the business's monthly deposits. No collateral is required for the financing.

Industries and Restrictions

Select Funding works with a variety of industries. However, specific information about any industry restrictions is not readily available on the website. It is recommended to contact the company directly for detailed information about industry-specific financing options and restrictions.

State of Operations

Information about the states that Select Funding does business in and any state restrictions is not readily available on the website. It is recommended to contact the company directly for detailed information about state-specific financing options and restrictions.

Basic Qualifications

To qualify for funding from Select Funding, businesses must meet the following criteria: own your own business, have a minimum of $100,000 in annual sales, and have a FICO score above 525. No collateral is required.

Collateral or Guarantees

Select Funding does not require any collateral for their financing. This makes it easier for small businesses to access the funding they need without having to put up their assets as security.

Alternatives

While Select Funding offers a valuable service, there are alternative options available for businesses seeking financing. These include traditional bank loans, credit unions, other online lenders, and crowdfunding platforms. It's important for businesses to explore all available options and choose the one that best fits their needs and circumstances.