Business Finance Advance

Also known as BFAdvance LLC, Nationwide Business Advance Companies, Merchant Cash Advance Companies, and Business Advance Companies. Business Finance Advance offers funding opportunities to small, mid-sized and large companies. BFA deals in alternatives to traditional bank loans as part of its mission to make funding more accessible to businesses.

• Products: Accessed through the Future Credit Card, borrowers can fund accounts receivables, purchase orders, equipment, and merchant, as well as other business advance needs. BFA also offers alternative business funding programs.

• Interest rates: BFA advertises rates as low as 12.99 percent as of April 2016 as well as variable interest rates. There are no application fees.

• Service: Quick turnaround with unique computerized loan matching technology.

• Borrower qualifications: No collateral, tax return or personal guarantee required. Borrowers must have credit card sales of at least $4,000 per month.

• Fast approval process: Users can expect to receive loan funds deposited into their accounts within seven days of approval. Initial acceptance takes approximately 24 hours.

• Large loan limits: Loan amounts are based on monthly credit card sales and range from $2,000 to $1,000,000.

• Repayment options: There are no fixed payments. After receiving the loan, borrowers repay from the company’s future credit card proceeds. Instead of a fixed payment, the borrower repays BFA a fixed percent of their sales plus a pre-determined ‘factor fee.’ There is no loan term, and funds are repaid solely based on company credit card revenue.

• Best for: Small and mid-sized business owners that accept credit card payments.