Frequently asked questions
What is a cash advance?
A merchant cash advance (MCA) is a type of financing where a lender provides a business with a lump sum of cash in exchange for a percentage of the business's future credit card sales. Unlike traditional loans, MCAs are repaid through daily or weekly deductions from sales, making them a flexible funding option.
What kind of rates or fees should I expect?
Your rate will be determined by the health of your business and cash flow. We charge an origination fee anywhere from 0% to 3% on your loan. Individuals looking to renew their terms are subject to reductions in fees.
What are the terms to pay back the advance?
Payments will be deducted from your business bank account on a daily, weekly or monthly basis, depending on what type of funding you’re approved for.
How quickly can I recieve funding for my business?
Xpress Funding can deliver decisions in minutes and funding as soon as the same day.† In busier seasons, you can expect a turn-around time of as little as 3-5 days.
What are the minimum requirements to be eligible for an advance?
The minimum requirements to be considered fo runding are:
- minimum of 6 months in business
- business checking account with consistent revenue
- provide 3 months of most recent business bank statements
What info do I need to provide to apply?
Your basic information is required to fill out the application. We also may ask for your social, the business EIN number, and 3 most recent months of business bank statements for proof of revenue.
How do I know my personal info is safe?
At Xpress Funding, our team is dedicated to the utmost level of professionalism in all aspects of our business. This includes ensuring the safety and privacy of our clients' personal information. We understand the importance of safeguarding sensitive data, which is why we go above and beyond to guarantee the security of all personal information entrusted to us. We take great care to implement military-grade encryption protocols, which serves as a powerful line of defense against cyber attacks. This means that your personal information is kept safe and secure every step of the way.
Will poor personal credit affect my eligibility for funding?
Your personal credit score is of little consequence in our advance approval process. Unlike our rivals, we pay no attention to your previous financial dealings or your credit card score. Qualification for the business advance is based solely on how the merchant handles their checking account for their business.