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.
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