iAdvance Now Business Financing Review

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Starting APR range:

Repayment term: to months depending on the product

Minimum time in business: to depending on the product

Origination fee:

Our verdict: is best for established businesses with consistent revenue wanting access to a range of funding solutions and large loan amounts.

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Pros and cons of

Pros

Low credit score requirements
Various small business funding solutions
Same-day funding available for some products

Cons

Long approval and funding timeline for some products
High minimum revenue requirements, except for equipment financing
Lack of information on the company’s website regarding rates, terms and eligibility requirements

small business loans review

Business owners needing quick funding. iAdvance offers same-day funding for its business lines of credit and working capital cash advances, helping you tackle urgent or emergency expenses.

Companies with limited or bad credit. With iAdvance’s flexible eligibility requirements, businesses with scores as low as can still apply for funding.

small business financing at a glance

Product	Loan amounts	Repayment term	Estimated interest range
Term loans		months
Lines of credit		months
Working capital cash advances		months	Factor rates from
Accounts receivable factoring		months	per month
Equipment financing	Up to	months	Starting at
SBA 7(a) loans		Up to months	Prime +

Term loans

A business term loan from term loan. Note that the approval and funding timeline can take around three to 21 days — which is longer than the average one- to three-business days offered by alternative lenders.

Lines of credit

A business line of credit allows business owners to draw from a set amount of funds on an as-needed basis, only paying interest on the withdrawn amounts. iAdvance offers credit lines ranging from months, offering you ultimate flexibility to tackle ongoing or unexpected business expenses. In addition, iAdvance’s business line of credit is available to new businesses after just one month in operation.

Working capital cash advances

offers two types of cash advances with same-day funding to help cover working capital expenses. An ACH advance lets you borrow against future receivables, with payments withdrawn daily or weekly from your business checking account. A merchant cash advance (MCA), called a Credit Card Cash Advance at iAdvance, allows you to borrow against future credit card payments. charges a factor rate instead of a traditional interest rate for its cash advances, making this a more costly way to borrow money for your company.

Accounts receivable factoring

Accounts receivable factoring, also called invoice factoring, can provide eligible business owners up to in exchange for their unpaid invoices. When customers pay the invoice, collects a fee and pays you the remaining amount. Interest is calculated on a monthly basis and ranges from . Borrowers don’t need to meet minimum credit score requirements for this type of small business financing.

Equipment financing

If you need to upgrade or purchase new equipment for your company, iAdvance offers equipment financing up to with terms ranging from months. Since the equipment acts as collateral to secure the debt, iAdvance doesn’t set minimum credit score or annual revenue requirements for this type of financing. Interest rates start at .

SBA 7(a) loans

partners with the U.S. Small Business Administration (SBA) to issue SBA 7(a) loans for general business financing. SBA loans are available between , with maximum interest rates and terms set by the SBA. Note that ’s SBA loans are designed for more established businesses, with a minimum of two years in operation required. Funding timelines can take longer than other types of business financing, typically two to four weeks.

borrower requirements

Minimum annual revenue	Term loans and cash advances: Lines of credit: Accounts receivable factoring: Equipment financing: SBA loans:
Minimum time in business	Term and SBA loans: Lines of credit: Cash advances: Accounts receivable factoring: Equipment financing:
Minimum credit score	Term and SBA loans: Lines of credit: Cash advances: Accounts receivable factoring and equipment financing:

All products require at least some time in business, meaning brand new businesses might need to look elsewhere if wanting to secure startup business funds. While you only need to operate for one month to qualify for iAdvance’s line of credit, you must generate at least in annual revenue, which can be challenging for a new company.

’s credit requirements are relatively lenient, with cash advances accepting scores as low as . In addition, there are no minimum credit score requirements for accounts receivable factoring and equipment financing.

For startups with no money, you could consider ’s equipment financing since it doesn’t list any minimum annual requirements.

Required documents

iAdvance offers a simple, streamlined application process requiring only a one-page application along with three months of business bank statements to get started.

However, lenders can frequently change their business loan requirements or require verification of specific information during the underwriting process. Because of this, it’s a good idea to have the following common business documents on hand when applying for a small business loan:

Employer Identification Number (EIN)
Personal and business tax returns
Profit and loss statement
Business plan
Copies of your articles of incorporation, bylaws, or operating agreement

Alternatives to

		iBusiness Funding
Minimum credit score	Term and SBA loans: Lines of credit: Cash advances: Accounts receivable factoring and equipment financing: no minimum	Term loans and lines of credit: 640 SBA loans: 640	Merchant cash advances: no credit check Lines of credit: Not disclosed for other products
Funding products offered	Term loans Lines of credit Working capital cash advances Accounts receivable factoring Equipment financing SBA loans	Term loans Lines of credit SBA loans	Merchant cash advance Lines of credit Traditional bank loans SBA loans Equipment financing Invoice factoring
Time to funding	Term loans: 3 to 21 business days Lines of credit and cash advances: same-day funding Accounts receivable factoring: 1 to 2 weeks Equipment financing: varies SBA loans: 2 to 4 weeks	Term loans and lines of credit: as soon as 2 business days SBA loans: 1 to 2 months	Merchant cash advances: 24 hours Lines of credit: as short as 4 hours Traditional bank loans: 2 to 6 weeks SBA loans: 2 to 6 weeks Equipment financing: 24 hours to 1 week Invoice factoring: within 24 hours
Starting rates	Term loans and lines of credit: interest Cash advances: factor rate Accounts receivable factoring: per month Equipment financing: SBA loans: Prime +	Term loans: 22.45% Lines of credit: SBA loans: Prime + 2.75%	Merchant cash advances: interest Lines of credit: interest Traditional bank loan: 2.00% interest SBA loan: interest Equipment financing: interest Invoice factoring: interest per each week, plus 3% processing fee
Maximum funding amounts	Term loans, cash advances, account receivables, SBA loans: Lines of credit: Equipment financing:	60
Minimum annual revenue	Term loans and cash advances: Lines of credit: Accounts receivable factoring: Equipment financing: no minimum SBA loans:	Term loans and lines of credit: SBA loans:	Merchant cash advances: Lines of credit: Not disclosed for other products

vs. Funding Circle

iBusiness Funding is another popular online lender offering competitive term loans, lines of credit and SBA loans to those with fair credit histories. The advantage of working with iBusiness Funding is that it offers quick business loans, delivering your term-loan funds within two business days as opposed to ’s three to 21 days.

iBusiness Funding also has a low minimum annual revenue of for its term loans and lines of credit. In contrast, requires annual revenue for its term loans and annual revenue for its lines of credit.

vs.

is similar to iAdvance in many ways, such as offering a range of small business financing solutions with funds going up to . Both lenders provide same-day funding for their business lines of credit.

However, Uplyft offers slightly lower starting interest rates than for some products, such as its lines of credit and traditional bank loans. And low-revenue businesses might have better luck meeting Uplyft’s eligibility criteria with its slightly lower minimum annual revenue requirements. In addition, Uplyft requires companies to be in operation for only to be eligible for its loan products, whereas requires a to business history for certain products.

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Pros and cons of
small business loans review
small business financing at a glance
borrower requirements
Alternatives to