Detailed information
About lender
Merchant Growth is a Canadian financial company that provides fast, accessible, and friendly loan alternatives for small businesses in Canada. It is located in Vancouver. Merchant Growth is a part of the Canadian Lenders Association. Founded in 2009, it has invested over 350 million dollars in over 5,000 businesses.
Features
Merchant Growth is a company that provides merchant solutions for businesses of all sizes, including an easy-to-use website builder. The company promises quick financing due to the latest technology and customer care. Merchant Growth offers small businesses a convenient 24-hour financing option without hidden fees.
The company pledges to tailor its financial solution to your needs.
Pros and cons
Before applying for a loan in Merchant Growth, it’s worth considering the main advantages and disadvantages of the borrowing process.
Pros
Easy online 24/7 application.
A wide variety of financing products include fixed loan solutions, e-commerce financing, fixed financing, and line of credit.
Fast funds in 24 hours.
Amounts ranging from $5,000 to $500,000.
Flexible repayment options with automated payment plans.
No collateral is required from business owners.
An account manager for each business.
Cons
Available only to Canadian-based businesses.
Only for startups or businesses making more than $10,000 per month.
A minimum of six months in operation is required.
Loan conditions
Depending on the client’s needs, Merchant Growth offers three types of financing options:
E-commerce Financing
Fixed Financing
Line of Credit
These options can be used to pay for day-to-day operations, advertising, expansion, or other goals.
E-commerce Financing: This financing provides financing amounts from $5,000 to $500,000 in as fast as 24 hours.
Fixed Financing: the company forwards cash to the business up-front, and a daily or weekly payment is made automatically to repay the balance. This financial product gives access to up to $500,000.
Line of Credit: This financial product provides small business owners with fast cash ranging from $7,500 to $125,000.
There are some Merchant Growth minimum requirements:
The client operates a Canadian business
the client has reached the age of majority
The client’s business has at least six months of operation
At least $10,000 monthly revenue
In addition to these requirements for a business, the company requests the following documents and information:
Valid Government ID
Completed financing application
Bank statements
These requirements apply to most companies’ financing products.
The application process is simple: the client lands on the company’s website, gets their identity and banking information verified, and waits until the company gives a link with a Loan Agreement contract to the client’s email. The company provides businesses with flexible payment options to complete business needs. There are no hidden fees; no collateral is needed.
The loan term: from 6 to 18 months.
Merchant Growth describes its interest rates as favorable but does not specify the numbers. According to alternative sources, the interest rates can be up to 13.92%.
Methods of loan funding
The funds can be received in just 24 hours after loan approval. Funds are delivered to the clients’ bank accounts via electronic fund transfer.
