PopCash

About Company

PopCash loans are a secure solution for small business owners seeking fast funding in the ever-changing economy. With a simple online application process and a network of more than 90 lenders, business owners can easily apply for working capital to help their businesses grow. PopCash funding is known for its fast-moving approval, allowing business owners to access money quickly without the hassle of traditional business funding solutions. Although they are not a direct lender, they connect customers with partner lenders from their network.

Features

1. Fast Funding. PopCash provides fast funding to business owners, ensuring they can access the necessary capital quickly to address their financial needs.

2. Easy Application Process. The online application process at PopCash is user-friendly, allowing business owners to apply for a loan without the complexity associated with traditional business funding solutions.

3. Customer Service. PopCash is known for its professionals who are dedicated to offering great customer service. Business owners can rely on assistance and support throughout the loan process.

4. Secure Solution. PopCash ensures the security of the loan process, giving business owners peace of mind when applying for funding online.

Pros and Cons

Pros

Cons

How to Get a PopCash Loan?

1. Go to The Website. Visit the PopCash website to begin the loan application process.

2. Click "Apply Now". Locate the "Apply Now" button on the website and click on it to start your application.

3. Enter Your Information. Fill out the required fields, including your name, email address, company name, the amount you require, phone number, and your gross monthly income. Ensure that all information provided is accurate and up-to-date.

4. Expect a Phone Call. After submitting your application, expect a phone call from PopCash's professionals. During this call, you will undergo a pre-approval process, where they will verify your information and discuss your funding options.

Requirements and Conditions

Requirements

1. Business Duration. Your business should have been in operation for at least 6 months.

2. Minimum Monthly Revenue. Your business needs to gross at least $10,000 monthly. This ensures that the business has a consistent income, demonstrating its financial stability.

3. FICO Credit Score. A minimum FICO credit score of above 500 is required. This credit score threshold is more lenient compared to traditional lenders, making it possible for business owners with varying credit histories to qualify.

4. Age and Residency. While specific details are not provided, it's common for lenders to require clients to be of legal age and residents of the country where the loan is being offered.

Conditions

1. Working Capital Amount. PopCash offers working capital loans with amounts ranging up to $1,000,000. This allows business owners to access a substantial amount of funding to meet their specific financial needs.

2. Loan Terms. The terms for PopCash loans extend up to 10 years. This extended repayment period provides businesses with a more extended timeframe to manage and repay the borrowed funds.

3. No Collateral Requirement. Most products offered by PopCash do not require collateral. This means that business owners can secure funding without having to pledge specific assets as security for the loan.

4. Interest Rates. PopCash collaborates with a network of lenders, and the interest rates are not directly disclosed by PopCash. Instead, the interest rates are determined and charged by the lenders within their network. This approach aims to provide businesses with competitive and customized rates based on their specific financial situation.

Products

1. Small Business Loan. PopCash offers traditional small business loans, providing business owners with a lump sum amount that can be used for various purposes such as expanding operations, purchasing equipment, or managing cash flow. These loans typically have fixed terms and regular repayments.

2. Merchant Cash Advance. A Merchant Cash Advance (MCA) is another product offered by PopCash. This financing option allows business owners to receive a lump sum upfront in exchange for a percentage of daily credit card sales, plus a fee. It provides flexibility in repayment, aligning with the business's daily revenue.

3. Lines of Credit. PopCash offers lines of credit, providing businesses with access to a predetermined credit limit. Business owners can draw funds as needed, up to the approved limit. Lines of credit offer flexibility, and interest is typically only charged on the amount borrowed.

Other Loans

• Best Business Loans

Ways to Receive the Money

To receive the borrowed amount from PopCash, once your loan is approved, the funds are typically transferred directly to your business bank account. The specific funding methods may vary, but common approaches include electronic funds transfer (EFT) or automated clearing house (ACH) transactions. This ensures a quick and secure transfer of the approved loan amount to your designated business bank account, allowing you to access the funds promptly for your business needs.

Things to Pay Attention To

1. Expertise and Dedication. When considering PopCash loans, pay attention to the expertise and dedication of professionals involved in the loan process. Their commitment to assisting you through the application, review, and funding stages is crucial for a smooth experience.

2. Credit Check. Be aware that while PopCash aims to offer accessible funding, credit checks are still part of the process. Ensure that your credit is in good standing, as it plays a role in the approval and terms of the loan.

3. Business Grow. Understand how PopCash loans can contribute to your business growth. Evaluate the terms, working capital offered, and how the funds can be strategically utilized to expand your operations.

4. Getting Funded. Once approved, note the efficiency of the funding process. PopCash emphasizes fast funding, ensuring that the approved loan amount is promptly deposited into your business bank account.

5. Payments. Review the payment terms and schedule carefully. Understand the structure of repayments, including the frequency and amounts, to manage your finances effectively and ensure timely payments.

How to Repay a PopCash Loan?

1. Sign and Accept Terms. Once you've secured a PopCash loan, carefully review and sign the loan agreement, acknowledging the terms and conditions.

2. Set Up Payment Services. Work with PopCash to set up the appropriate payment services. This may involve linking your business bank account for automated payments or determining a manual payment process.

3. Review Payment Schedule. Familiarize yourself with the payment schedule outlined in the loan agreement. Understand the frequency, amounts, and due dates for repayments.

4. Be Aware of Immediate Payments. Be aware that some PopCash loans may require immediate payments. Ensure you are prepared to meet these obligations promptly to maintain a positive financial relationship.

5. Regularly Review and Review Companies. Regularly review your business's financial health and ensure you allocate funds for loan repayments. Stay proactive and consider periodic reviews of PopCash services and other lending companies for comparison and potential refinancing opportunities.

Reasons for Getting Rejected for a PopCash Loan

1. Low Monthly Revenue. PopCash typically requires a minimum monthly gross revenue, and falling below this threshold may lead to rejection.

2. Insufficient Business History. If your business has not been operating for the required duration, such as at least 6 months, your application may be declined.

3. Low Credit Score. While PopCash may be more lenient than traditional lenders, a very low credit score, especially below 500, can still result in rejection.

4. Inadequate Documentation. Failing to provide necessary documentation or inaccuracies in the information submitted can lead to a rejection.

5. Failure to Meet Specific Requirements. Not meeting specific requirements outlined by PopCash, such as minimum monthly revenue or age and residency criteria, may lead to rejection.

Alternatives

1. Bank of America. A well-known traditional bank, Bank of America offers various business loan options, lines of credit, and financing solutions for small businesses.

2. Wells Fargo. Another major traditional bank, Wells Fargo provides a range of business loans, lines of credit, and financial services to support businesses of different sizes.

3. PNC Bank offers a variety of business lending products, including term loans, lines of credit, and SBA loans, catering to the diverse needs of small and medium-sized enterprises.

4. BlueVine. As an online lender, BlueVine specializes in providing fast and flexible financing options, including lines of credit and invoice factoring, to help small businesses with their working capital needs.

Loans like PopCash

OnDeck

OnDeck stands out as an excellent choice for short-term business loans, offering the flexibility of borrowing substantial amounts, even for businesses with a minimum credit score. What makes OnDeck particularly attractive is its ability to provide funds swiftly, with same-day approval and disbursement for qualifying applicants. Moreover, OnDeck emphasizes the opportunity to build and strengthen business credit by consistently making on-time payments. The loan terms range from 18 to 24 months, with loan amounts spanning from $5,000 to $250,000. While the starting interest rate is 35.40% for a portion of customers, the accessibility and speed of funding make OnDeck a notable player in the short-term business loan landscape.

Funding Circle

Funding Circle distinguishes itself in the realm of long-term business loans by offering competitive rates, extended repayment terms, and a lack of prepayment penalties. This lending option caters to businesses seeking larger loan amounts, ranging from $25,000 to $500,000, with a reasonable starting interest rate of 11.29%. Beyond financial support, Funding Circle prioritizes efficiency, enabling businesses to access funds in as little as two business days. Notably, Funding Circle also showcases its commitment to diversity by providing funding options specifically tailored for women-owned businesses and minority entrepreneurs. The loan terms extend from 6 to 84 months, making Funding Circle a favorable choice for businesses with a more extended financial horizon.

Credibly

Credibly positions itself as a reliable source for working capital loans, particularly for businesses requiring quick funding to address immediate operational needs like payroll or inventory expenses. Notably, Credibly's working capital loans boast a rapid approval process, often providing funds in less than 24 hours. The lender exhibits flexibility by considering applicants with a minimum credit score of 500 and a willingness to look beyond a less-than-perfect credit history, provided there is a healthy annual revenue. Beyond working capital loans, Credibly collaborates with a network of lenders to offer a diverse range of financing options, including merchant cash advances, business lines of credit, equipment financing, SBA loans, and invoice factoring.

Fundbox

For startups in need of swift financing, Fundbox presents an appealing option with its business line of credit, offering up to $150,000. What sets Fundbox apart is its relatively lenient eligibility criteria, allowing new companies to qualify after just six months of operation and a minimum annual revenue of $100,000. The business line of credit provides the flexibility to withdraw funds as needed, and businesses only pay interest on the amount utilized. Additionally, Fundbox offers perks such as up to 20% off fees through its Fundbox Plus upgrade. With competitive starting interest rates ranging from 4.66% for 3-month terms to 8.99% for 6-month terms, Fundbox addresses the financial needs of emerging businesses seeking quick and accessible startup loans.

Editorial Opinion

Important

How to Choose a Lender

1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

3. Carefully review all the terms and conditions of your payday loan contract.

4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 50 business lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional Resources

• PopCash Account Review
• How to Apply for PopCash Loan
• How to PayOff PopCash Loan
• PopCash Mobile Apps
• PopCash Reviews

Sources

• PopCash