Services and Funding Options
Merchant Cash Advances
One of I Advance Now’s primary offerings is merchant cash advances (MCAs), a popular alternative funding solution for businesses with consistent credit card sales. With this product, businesses receive a lump sum payment in exchange for a percentage of future credit card transactions.
The merchant cash advance model works by purchasing a portion of your future sales at a discount. Instead of fixed monthly payments, repayment is tied to your daily credit card processing, making it more flexible during slower business periods.
Term Loans
For businesses seeking more traditional financing structures, I Advance Now offers term loans with fixed payment schedules. These loans provide predictable monthly payments and can be easier to budget for compared to revenue-based repayment models.
According to available information, their term loans can range from $25,000 to $5 million, with terms extending up to 300 months for qualified businesses. However, term loan requirements are typically more stringent, requiring businesses to operate for at least two years with a minimum annual revenue of $240,000.
Lines of Credit
I Advance Now also provides business lines of credit, offering flexible access to capital when needed. This revolving credit option allows businesses to draw funds as needed and only pay interest on the amount used, making it ideal for managing seasonal fluctuations or unexpected expenses.
Equipment Financing
For businesses looking to purchase or upgrade equipment, I Advance Now offers equipment financing solutions. This secured lending option typically provides better rates since the equipment serves as collateral for the loan.
Requirements and Eligibility
Understanding the qualification requirements is crucial when considering any business funding option. I Advance Now’s requirements vary depending on the funding product, but here are the general criteria:
Basic Eligibility Requirements
- Business must be operational for a minimum period (varies by product)
- Minimum monthly revenue requirements
- Personal credit score considerations
- Business bank account in good standing
- No recent bankruptcies or major legal issues
Merchant Cash Advance Requirements
For merchant cash advances, businesses typically need:
- Consistent credit card processing volume
- Minimum monthly revenue of $10,000-$15,000
- At least 6-12 months in business
- Credit scores as low as 500 may be considered
Term Loan Requirements
Term loans have more stringent requirements:
- Minimum 2 years in business
- Annual revenue of $240,000 or more
- Stronger credit profile
- Detailed financial documentation
Documentation Needed
The application process typically requires:
- Business bank statements (3-6 months)
- Credit card processing statements
- Tax returns or financial statements
- Basic business information and ownership details
Application Process and Funding Timeline
I Advance Now emphasizes speed and simplicity in its application process, which is designed to compete with traditional bank lending timelines.
Step 1: Online Application
The process begins with a simple online application that can be completed in minutes. The application captures basic business information, funding needs, and financial details necessary for initial underwriting.
Step 2: Documentation Submission
Once the initial application is submitted, businesses may need to provide supporting documentation such as bank statements, processing statements, and business tax returns. The cash advance software systems can often analyze this information quickly.