Step 3: Underwriting and Approval
I Advance Now’s underwriting team reviews applications using both automated systems and human oversight. They claim to provide initial decisions within hours, though complex applications may take longer.
Step 4: Final Approval and Funding
Upon final approval, funding can typically occur within 1-3 business days. The speed depends on the funding product and the completeness of the documentation provided.
Rates, Fees, and Terms
Understanding the cost structure is essential when evaluating any business funding option. Business cash advance online rates and fees can vary significantly based on multiple factors.
Factor Rates vs. Interest Rates
Merchant cash advances typically use factor rates rather than traditional interest rates. Factor rates range from 1.1 to 1.5, meaning for every dollar advanced, you’ll repay $1.10 to $1.50. While this may seem reasonable, the actual APR can be much higher due to the typically short repayment periods.
Term Loan Rates
Term loans generally offer more traditional interest rate structures, with rates varying based on creditworthiness, business performance, and loan terms. Rates can range from competitive levels for strong businesses to higher rates for riskier profiles.
Additional Fees
Potential fees may include:
- Origination fees
- Processing fees
- Early payment penalties (in some cases)
- Late payment fees
Regional Considerations
Rates and terms may vary slightly across different states due to varying state regulations governing alternative lending. Businesses in states with stricter lending laws may find different terms or product availability.
Customer Reviews and Reputation
Analyzing customer feedback provides valuable insights into I Advance Now’s performance and customer satisfaction levels.
Positive Customer Feedback
Many customers highlight positive experiences, including:
- Quick application and approval processes
- Responsive customer service
- Flexible repayment options
- Helpful account specialists who guide businesses through the process
Customer testimonials often mention the ease of working with dedicated account specialists who help explain options and guide businesses through the funding process.
Areas of Concern
Some common concerns mentioned in reviews include:
- Higher costs compared to traditional bank loans
- Aggressive sales tactics from some representatives
- Confusion about terms and total repayment amounts
- Difficulty reaching customer service after funding
Third-Party Review Platforms
I Advance Now maintains profiles on various review platforms, including Trustpilot, Better Business Bureau, and Google Reviews. While ratings vary, the company has handled over 10,000 business relationships, suggesting substantial experience in the market.