Merchant Cash Advance Company Review

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SOS Capital Merchant Cash Advance Review 2023

Loan Amount

Up to $10,000,000

Factor Rate

1.2 to 1.4

Terms

3 to 18 months

Min Credit

550 FICO

Time to Fund

1-3 days

Written By:

MCA Editorial Team

Last Updated:

07/20/2023

Company Profile

SOS Capital is an Alternative Finance provider that was launched to fund businesses faster and more reliably than traditional financing sources. Comprised of industry veterans, SOS Capital aims to provide small business owners with the resources needed to build a solid financial foundation to grow their business. The company has helped companies in all 50 states, demonstrating its wide reach and commitment to supporting businesses across the country.

Products & Services

SOS Capital offers Short Term Funding based on a consultative approach to funding. Their process is seamless and tailored with a business owner’s need for capital in mind, allowing for same-day approvals and funding within 24 hours. The Term Loans offered by SOS Capital are completely flexible and reliable. Their expert team personally looks into your requirements and then screens through to find the perfect funding for you.

Pros and Cons

Pros:
‍
1. Fast and reliable funding.
2. Personalized approach to funding.
3. High approval rates (95%).
4. Funding within 24 hours of file submission.
5. Large funding range ($25,000- $10,000,000).
‍
Cons:
‍
1. Requires a minimum personal credit score of 600.
2. Limited information available about the specific terms and rates of their products.
3. The company does not clearly state the industries it works with.
4. The company does not clearly state the states it does business in.
5. The company does not clearly state the type of collateral or guarantees required.

Ideal Customer

The right type of customer for SOS Capital is a small business owner who needs quick and reliable funding. They should have a personal credit score of 600 or above and be able to provide basic business and ownership information, as well as the 3 most recent months of business bank statements.

Required Documentation

To apply for financing with SOS Capital, you need to fill out an application that requests basic business and ownership information. You also need to connect to your bank via Plaid, which is a read-only bank verification tool, or provide the 3 most recent months of business bank statements.

Industries and Restrictions

The company does not clearly state the industries it works with or any industry restrictions.

State of Operations

The company does not clearly state the states it does business in or any state restrictions. However, it is mentioned that they have helped companies in all 50 states.

Basic Qualifications

Qualifying for a Term Loan is determined by multiple factors: Business cash flow, length of time in business, industry, your business, and personal credit score. SOS Capital's Underwriting Team will provide maximum approvals using their proprietary scoring model.

Collateral or Guarantees

The company does not clearly state the type of collateral or guarantees required for their products.

Alternatives

The company does not provide information about alternative options to their services. However, other alternative finance providers, traditional banks, or credit unions could be considered as alternatives. It's recommended to research and compare different options to find the best fit for your business needs.