Simply Funding Merchant Cash Advance Review 2023
Loan Amount
Factor Rate
Terms
Min Credit
Time to Fund
Company Profile
Simply Funding is a financial services company that provides merchant cash advances up to $500,000. The company advances businesses by purchasing their future sales, providing upfront payment and then collecting a small percentage of future sales until a pre-determined amount is collected. This is often referred to as a business advance or merchant cash advance. The company has provided millions of dollars to businesses all over the United States and is a go-to source when businesses need cash for expansion, growth, repairs, or inventory.
Products & Services
The primary service offered by Simply Funding is the merchant cash advance. The company purchases between $10,000 and $500,000 of future business receivables. This means that businesses receive an upfront payment in exchange for a portion of their future sales. The approval process is quick, with same-day approval being possible and a response guaranteed within 24 hours. The company works with almost every business type and requires businesses to have been in operation for at least three months, averaging $10,000 each month in gross sales.
Pros and Cons
Pros:
1. Quick approval process, with responses within 24 hours.
2. Works with almost every business type.
3. Requires only a short period of business operation (3 months).
4. Provides a significant amount of funding (up to $500,000).
5. Based on future sales, not credit history.
Cons:
1. Requires a portion of future sales, which could affect cash flow.
2. Not suitable for businesses with inconsistent sales.
3. Not clear about the specific industries it works with.
4. Lack of information about the states it operates in.
5. The website does not provide detailed information about rates and terms.
Ideal Customer
The ideal customer for Simply Funding is a business that has been in operation for at least three months and averages $10,000 each month in gross sales. This business would also have consistent future sales that Simply Funding could purchase. Businesses in need of quick funding for expansion, growth, repairs, or inventory would benefit from Simply Funding's services.
Required Documentation
The website does not provide specific details about the required documentation for funding. However, given the nature of the service, it is likely that businesses would need to provide proof of sales and possibly business operation documents.
Industries and Restrictions
Simply Funding works with almost every business type. However, the website does not provide a specific list of accepted business types or any industry restrictions.
State of Operations
The website does not provide specific information about the states that Simply Funding operates in or any state restrictions.
Basic Qualifications
To qualify for funding, a business needs to have been in operation for at least three months and average $10,000 each month in gross sales.
Collateral or Guarantees
The website does not provide specific information about the type of collateral or guarantees required for Simply Funding's products.
Alternatives
Businesses could consider traditional bank loans, business credit cards, or other alternative lenders as options instead of using Simply Funding. Crowdfunding or seeking investment from venture capitalists could also be alternatives, depending on the business's needs and circumstances.