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Small Business

Uplyft Capital Business Financing Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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Uplyft Capital is a cash advance company that offers business owners fast access to working capital.

The Miami.-based company started in 2012 as an alternative to traditional bank financing. Uplyft Capital operates online, digitally accepting and approving applications from all types of business owners. Funding is typically deposited in business owners’ accounts in one day.

But that fast cash could cost you. Uplyft Capital’s financing product is different than a business loan. A merchant cash advance is a speedy funding option that doesn’t come with a fixed repayment schedule or interest that accrues over time. Instead, a cash advance provider like Uplyft Capital hands over a lump sum of money in exchange for a portion of a business’s future receivables, such as credit card sales. The cash advance provider typically takes a percentage of those receivables each day until the advance is paid back. The speedy funding and repayment schedule often creates a debt cycle where a company is struggling to keep up with payments and therefore resorts to a second merchant cash advance to cover the first, a process known as “stacking” which can lead to a downward spiral.

A merchant cash advance could give you access to cash as soon as you need it. However, the fast repayment terms and overall cost could have a lasting effect on your business.

If you’re considering taking on a merchant cash advance to cover business expenses, we’ll walk you through the details of Uplyft Capital’s financing programs to help you determine if the company is the right option for you.

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Uplyft Capital financing details

Business owners can choose from several tiers of merchant cash advance programs to obtain the amount of financing they need. Funding options range from $3,000 to $150,000. Here are the basics of what Uplyft Capital offers:

Starter

Uplyft Capital’s Starter program provides $3,000 to $30,000 to qualifying business owners. Repayment is due in 2 to 5 months.

Uplyft Capital uses factor rates to communicate the cost of a cash advance. A factor rate is written as a decimal figure. You would multiply the amount of your cash advance by the factor rate to calculate the cost of the advance. Uplyft Capital advertises a factor rate of 1.40 for its Starter cash advances.

To give you an idea of how much a Starter cash advance would cost, say you need an infusion of $25,000 for your business. At a factor rate of 1.40, that advance will cost you $35,000. If you make daily payments of $500 over 70 days, your effective APR is well over 300%.

Standard

The Standard program offers cash advances between $5,000 and $75,000 with a factor rate of 1.34. The repayment term is 2 to 7 months.

Premier

The Premier tier provides $10,000 to $150,000 with a 1.30 factor rate. Full payment is due in 3 to 8 months.

Premier Plus

Uplyft Capital’s top-tier program provides $30,000 to $150,000 to business owners with larger capital needs. Uplyft Capital advertises a 1.24 factor rate and terms spanning 3 to 10 months.

What businesses are eligible for Uplyft Capital financing?

Uplyft Capital serves businesses that may have trouble qualifying for traditional bank financing. Small- to mid-sized companies with just six months in business would be eligible for a cash advance from Uplyft Capital. You must also deposit at least $12,000 in your business account on a monthly basis to qualify.

Businesses in a variety of industries can apply, including retail, restaurants, construction, medical fields, trucking, wholesale, manufacturing and auto repair.

The pros and cons of Uplyft Capital

Pros:

  • Fast time to funding.
  • Simple application process.
  • Cash advances available in a range of amounts, starting at $3,000.

Cons:

  • Potentially high cost.
  • Quick repayment could impact cash flow.
  • Advance amount dependent on sales.

Application process and requirements

Uplyft Capital’s application process takes place online. You would start by telling the company how much funding you’re looking for, your monthly business revenue and how you plan to spend the cash advance. You can choose from the following options as the purpose of your funding:

  • Expansion
  • Fund an existing project
  • Payroll
  • Pay outstanding debt
  • Consolidation
  • Start a new venture
  • Improve cash flow

When applying for a cash advance from Uplyft Capital, you would also need to submit the following documents:

  • Driver’s license
  • Void check
  • Proof of business ownership
  • Bank validation

The amount of your advance would ultimately depend on your monthly deposits. The more your business deposits, the more money you could receive from Uplyft Capital. The same goes for your credit score. A better personal credit profile could allow you to obtain a larger cash advance.

The fine print

Your cash flow could take a hit. To collect repayments, Uplyft Capital takes a percentage of your credit card receivables. Or, the company would debit your business account on a daily or weekly basis. Either way, you’ll be making regular payments, which would reduce the cash you have on hand. Make sure your business can support the repayment structure before taking on a cash advance.

Details of your cash advance may vary from what’s advertised. Your offer from Uplyft Capital may be different than what the company shows on its website, as Uplyft Capital tailors offers to each business’s specific circumstances. Be prepared for differences, such as a higher factor rate or lower advance amount than you anticipated.

The bottom line

Uplyft Capital provides solutions for business owners who perhaps can’t qualify for traditional financing or need money fast. The maximum amount for a cash advance is $150,000, making Uplyft a good fit for businesses who need to cover relatively small expenses.

Uplyft Capital could approve your application and deposit funds into your account in as little as one day. If you need emergency financing, Uplyft Capital could quickly help you out of a pinch.

However, be aware of the cost of the advance. Uplyft Capital uses factor rates, which vary from traditional interest rates. You would need to multiply the factor rate by the amount of your advance to see how much you would owe. Because merchant cash advances aren’t regulated in the same way that business loans are, they are notoriously expensive, so make sure you understand Uplyft Capital’s pricing structure before accepting an offer.

Merchant cash advances are also known to have unmanageable repayment terms. Because payments are based on your future receivables, it could be difficult to budget and plan around the daily deduction from your sales.

Uplyft Capital shares a fair amount of information about its cash advance offerings on its website, which would be helpful when comparing financing options from various companies and lenders. To find out how much you could qualify for and the rate you would receive, you would need to submit an online application.

After applying, Uplyft Capital could have an offer ready for you in the same day. If you are comfortable with the amount and total cost of the advance, Uplyft Capital’s merchant cash advance could provide a fast way to cover immediate expenses and keep your business running smoothly.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Melissa Wylie
Melissa Wylie |

Melissa Wylie is a writer at MagnifyMoney. You can email Melissa at [email protected]

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Small Business

Newtek Business Loan Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. Based on your creditworthiness you may be matched with up to five different lenders.

Newtek Business Solutions is a business development company (BDC) that provides financing solutions to business owners. The New York-based company offers financial products such as term loans and lines of credit.Newtek, founded in 1998, has been a publicly-traded company for nearly two decades. As a BDC, Newtek has several portfolio companies that provide payroll processing solutions, IT services, health insurance and benefits. BDCs were created by Congress to invest in small- and mid-sized companies. Though they share some things in common with venture capital funds, BDCs are typically regulated investment companies.

Newtek has approved more than $2 billion in financing to business owners. Keep reading to find out more about what funding solutions Newtek could offer your small business.

Newtek financing details

Newtek provides standard business financing options like term loans and revolving lines of credit, as well as commercial real estate loans for large transactions. Check out the details on what Newtek offers:

Term loans

Newtek’s business loans range as high as $10,000,000 with repayment terms between 84 and 300 months. Business owners can use term loans to expand their operations or acquire a new one, increase their working capital, purchase equipment and inventory, or refinance existing business debt. Refinancing a business loan entails getting a new loan to pay off an existing loan, and receiving better terms, lower interest and fewer fees in the process.

Lines of Credit

Newtek offers revolving lines of credit that you must secure either with your accounts receivable or inventory. An accounts receivable-backed line of credit is available from $10,000 to $1,500,000, while an inventory-backed credit line could range between $50,000 and $500,000. You could be approved for an 80% advance on your accounts receivable, and 50% on your inventory. You could have access to a line of credit in two weeks or less. Business owners can draw from a line of credit to cover working capital, payroll, taxes or other operational costs.

Commercial real estate loans

Newtek provides loans from $125,000 to $10,000,000 to buy or refinance commercial real estate. Newtek requires as little as 10% equity from borrowers. If approved, you could use the loan to purchase or expand an existing building, refinance existing real estate loans, acquire land or fund ground-up construction.

Many of Newtek’s term and real estate loans are backed by the U.S. Small Business Administration. SBA loans typically offer low interest rates and long repayment terms but have rigorous requirements. A Newtek specialist would be able to walk you through the lengthy SBA application process.

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What businesses are eligible for Newtek financing?

For-profit businesses based in the U.S. are eligible for Newtek financing. To qualify for a term loan or commercial real estate loan, you must provide two to three years of tax returns. You should also be able to demonstrate your ability to repay debt through your previous and projected cash flow statements.

Additionally, a line of credit requires a business owner to provide non-perishable inventory or invoices that are due in 30, 60 or 90 days.

Newtek finances businesses in a range of industries, including manufacturing, wholesaling, retailing, general and heavy construction, as well as special trade construction. Businesses involved in gambling or casino operations would not be eligible for Newtek financing. Otherwise, the lender can generally work with any business. Keep reading for more about Newtek’s eligibility requirements.

The pros and cons of Newtek

Pros

  • Customer support. An account manager is assigned to each client to serve as a point of contact for questions and issues.
  • Additional services provided. In addition to providing financing, Newtek could offer your business payroll, HR and benefits solutions, as well as security and compliance services.
  • Large loan and credit amounts available. Newtek’s business financing products offer large amounts of funding, which could cover major projects and purchases.

Cons

  • Slow time to funding. It could take four to six weeks to receive a term loan and up to two weeks to access a line of credit.
  • Long repayment terms. To repay a term loan, you would be making payments for 84 to 300 months.
  • No online application. To apply for financing, you would need to contact Newtek. A lending specialist would complete all documents on your behalf.

Application process and requirements

Most alternative business lenders have an online application process for prospective borrowers. However, Newtek requires applicants to contact the company to apply.

You can call or email Newtek to connect with a lending specialist who will fill out your application documents. The lending specialist works with you throughout the entire process and you could be pre-qualified for financing in 48 hours. Newtek also offers a live chat feature and allows you to request that a loan specialist call you. You could fill out a pre-qualification form online to have a specialist contact you as soon as possible.

Newtek does not require applicants to meet certain revenue or credit score thresholds, although Newtek defines small and midsize businesses as those with revenue between $1 million and $100 million. You would need at least two years in business to be eligible for financing.

Newtek tends to work with seasoned companies, and you may be more likely to qualify if your business:

– Has three to 10 years of operational history.

– Has significant managerial expertise.

– Provides a personal guarantee.

– Shows creditworthiness and a strong balance sheet and cash flow.

The fine print

Interest rates not available online. Newtek’s website is sparse when it comes to details about the cost of financing. You would need to start the application process with a loan specialist to find out how much interest you might owe on a term loan or line of credit. The lack of transparency could make it difficult to compare Newtek with other lenders when shopping for a business loan or line of credit. But as an approved SBA lender, rates offered by Newtek may be relatively low, assuming your business qualifies. The average interest rate for a loan through Newtek Small Business Finance, the largest non-bank SBA 7(a) lender in the U.S., was 7.9% at the end of 2018.

Must be able to demonstrate profitability. Because Newtek does not ask for a minimum revenue figure or personal credit score, the lender bases its decisions on a business’ ability to repay debt. You would need to prove your company is profitable enough to cover regular payments.

The bottom line

Newtek offers a range of financing products to business owners in need of funding, but it may be a best fit for those with a significant track record. Term loans and lines of credit are available in large amounts compared with other alternative business lenders, making Newtek an attractive option if you have big expenses. Newtek also provides commercial real estate financing if you need help paying for your physical business space. If you’re seeking an SBA loan, compare Newtek’s terms with those of other SBA lenders.

Newtek does not disclose interest rates online, which may make it challenging to get a clear picture of what the lender offers. You would need to complete an application to find out what interest rate you qualify for.

Potential borrowers must work with a loan specialist to apply for financing. Other alternative business lenders typically allow business owners to submit an online application. Newtek’s process might not seem as easy, but you may find it helpful to have a specialist walk you through the application. A loan specialist would make sure you apply for the right product to fit your business’ needs, and they may collaborate with you on a plan for spending your funds efficiently.

Newtek’s time to funding may be slower than other alternative lenders, and repayment terms may be longer than you’ve seen elsewhere. But if you’re not in need of immediate financing, Newtek may be worth the wait. You might be able to borrow a substantial amount of money, and longer repayment terms could be easier to handle than a fast repayment schedule that would impact your daily cash flow.

When searching for business financing, be sure to compare lenders and gather as much information as possible before settling on an offer. If Newtek offers rates and terms you’re comfortable with, you would be able to access financing to meet various needs within your business.

If you are just starting your business financing journey, consider comparison shopping with LendingTree, MagnifyMoney’s parent company. You simply fill out a short online form and can be matched with up to five business loan offers from lenders, based on your creditworthiness.

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Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Melissa Wylie
Melissa Wylie |

Melissa Wylie is a writer at MagnifyMoney. You can email Melissa at [email protected]

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Small Business

BB&T Business Loans Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. Based on your creditworthiness you may be matched with up to five different lenders.

BB&T is one of the largest financial services holding companies in the U.S., offering a variety of services like commercial banking, wealth management and specialized lending. The company is based in Winston-Salem, N.C., and operates 1,800 financial centers across 15 states and Washington, D.C.

The company recently announced it will merge with Atlanta-based SunTrust Banks, and the combined entity will be headquartered in Charlotte, N.C. The newly formed company will be the sixth-largest bank in the U.S. based on assets and deposits.

BB&T’s small business loans could help owners who need an influx of capital. BB&T is also a Small Business Administration (SBA) preferred lender, issuing SBA-backed loans.

If you’re considering a BB&T business loan or other financing, we’ll break down what you can expect from the financial institution.

BB&T business loan details

BB&T offers a few financing options for business owners. However, limited information about loan amounts, rates and terms is available online. We contacted a bank representative for further details so this review can help you make comparisons when shopping for financing.

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Loans

Business owners can get a secured or unsecured loan for up to $5,000,000, according to a representative. Repayment terms are generally between 36 and 120 months, depending on collateral, per the representative. BB&T didn’t disclose the average APR range but said your credit quality, repayment term, loan amount and whether the loan is backed by collateral affect your rate, which can be fixed or variable.

Lines of credit

BB&T’s revolving line of credit — available for up to $2,000,000 with repayment terms typically between 12 and 60 months, according to a representative — allows business owners to access funding whenever they need it. You could draw from your maximum credit amount to cover day-to-day operating expenses, supplement your cash flow or pay for unexpected business costs. As you pay down your balance, you would have access to the full credit line again. BB&T said its line of credit interest rates are based on the same factors as with loans, including credit quality and loan amount, but it didn’t specify an average range.

SBA loans

SBA loans can be used to start a new business or buy an existing one, pay for working capital expenses, purchase land or equipment, make renovations or refinance debt. The maximum SBA loan amount available from BB&T is $5,000,000, according to a representative, though they didn’t detail average interest rates. For loans covering real estate costs, repayment terms are up to 300 months. For loans for equipment, machinery or working capital, terms can extend to 10 years. Because BB&T is an SBA-preferred lender, the bank could process your application quickly to help you get your funds faster.

Equipment financing

Business owners can finance equipment purchases or leases through BB&T for up to $2,000,000 with terms typically from 36 to 84 months, according to a representative. BB&T financing covers industrial equipment like manufacturing and construction tools, as well as office equipment and transportation assets. Fixed interest rates are dependent on credit quality, repayment terms and financing amount, though the bank didn’t reveal its average interest rates.

What businesses are eligible for BB&T financing?

BB&T doesn’t disclose eligibility requirements on its website, which makes it hard when you’re trying to compare options. Like most traditional banks, BB&T likely prefers small businesses owners who have good credit histories. BB&T does ask for a minimum of two years in business, according to a representative.

Borrowers have to apply on the phone or in person, so you may not be eligible for BB&T financing if you’re not near a branch. The 15 states where BB&T operates are Alabama, Florida, Georgia, Indiana, Kentucky, Maryland, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and West Virginia. It also operates in Washington, D.C.

Your eligibility for an SBA loan would depend on how your business earns income, where the business operates and your personal character. Borrowers must own a for-profit business based in the U.S. You must have invested your own money and time in the business, and you must be unable to find funding from any other lender.

The pros and cons of BB&T

Pros

  • Expedited SBA loan processing
  • Several financing options from which to choose
  • Large loan amounts and long repayment terms available

Cons

  • Few loan details listed online
  • Must apply in person or by phone
  • BB&T operates in just 15 states and D.C.

Application process and requirements

Business owners can apply at one of BB&T’s branch locations or by phone. You could also submit an online request for a BB&T representative to give you a call or send you an email with more information.

When applying for financing, BB&T would likely ask for the following documents:

  • Business tax returns
  • Personal financial statements
  • Personal tax returns

If you want to obtain an SBA loan, you may be required to submit additional items:

  • A completed SBA loan application
  • 3 years of business and personal tax returns
  • Current financial statements
  • Description of how the business will profit from the loan
  • Business plan
  • Copy of land sales or construction contracts for commercial real estate loans

The fine print

Few details available online. BB&T’s website does not show average loan amounts, interest rates or repayment terms. You would have to call or visit a BB&T location to find out how much you could be qualified to borrow. We reached out to a company representative for further details, but it could be difficult to compare BB&T with other lenders when shopping for business financing.

Applicants must be near a branch. If you’re not in one of the 15 states (or Washington, D.C.) where BB&T does business, you’re out of luck. Potential borrowers need to be near a BB&T branch to obtain financing, though you don’t have to apply in person. You can apply by phone in states where BB&T operates. BB&T is primarily located along the East Coast.

Bottom line

BB&T is one of the largest financial institutions in the U.S., and it will only gain prominence through the merger with SunTrust. BB&T’s financial history makes it a reputable business lender and a solid option for financing. However, BB&T doesn’t disclose details about its financing options online. We got more information from a representative, but you will need to apply or contact the bank for more specifics.

Also, BB&T does business in just 15 states. If you live far away, you may not be eligible for a loan or line of credit.

Like many traditional banks, BB&T could have strict eligibility requirements for business financing. You may be required to have a strong personal credit history, as well as substantial experience as a business owner, to receive favorable rates and terms.

Online business lenders typically have more lenient requirements, but you could pay a price for easier approval. Financing from online lenders can be expensive, while bank financing could have more favorable rates and terms. Consider starting your online business loan search with LendingTree, MagnifyMoney’s parent company. This way you can compare several loan options at once. You simply fill out a short form online and can get matched with up to five business loan offers from lenders, based on your creditworthiness.

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SBA loans, which BB&T offers, are often the most desirable lending products, as they come with competitive rates and terms. BB&T is an SBA-preferred lender and could be able to expedite your SBA loan application.

When searching for business financing, be sure to shop around to find the best offer. If you live near a BB&T branch, you may want to consider applying to see what kind of financing you could receive from the bank. You may be able to qualify for a BB&T business loan or line of credit that can give your business a boost.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Melissa Wylie
Melissa Wylie |

Melissa Wylie is a writer at MagnifyMoney. You can email Melissa at [email protected]

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