About Company
Since 2013, iAdvanceNow has assisted small businesses prosper. From merchant cash advances to business loans and lines of credit, iAdvance Now aims to provide competitive financial solutions that help any eligible business flourish. Whether a business requires working capital to manage day-to-day operations or other financial services, such as for equipment financing to support growth, iAdvance Now offers assistance to ensure that business owners can access the capital they need to thrive.
With a focus on customer satisfaction, iAdvance Now takes pride in its friendly and helpful customer service. The company simplifies the application process, allowing businesses to apply for loans or credit lines in minutes. Additionally, iAdvance Now understands the importance of timely funding, striving to provide hassle-free and fast funding solutions, often disbursing funds within as little as 24 hours. Through their commitment to assisting small businesses prosper, iAdvance Now has already supported over 10,500 businesses, securing over $400 million in funding.
Key Features
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Customer-Centric Approach. iAdvance Now stands out for its friendly and helpful customer service. The company prioritizes the needs of small businesses, fostering a supportive environment where clients can receive personalized assistance throughout the financing process.
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Fast Funding Turnaround. Recognizing the urgency often associated with business funding, iAdvance Now aims for hassle-free and fast funding. Qualified businesses can receive the funds they need in as little as 24 hours, enabling them to address immediate financial challenges or capitalize on growth opportunities.
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Extensive Industry Support. iAdvance Now caters to a diverse range of industries, understanding that each business has unique financial requirements. This broad industry support ensures that businesses across various sectors can access the necessary funds to thrive.
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Proven Track Record. With over 10,500 small businesses already assisted, iAdvance Now has secured an impressive $400 million in funding. This track record attests to the company's reliability and effectiveness in providing financial solutions to businesses.
Pros and Cons
Pros
Cons
Reliability
iAdvance Now has established itself as a reliable financial partner for small businesses seeking quick access to capital. With a track record of assisting over 10,500 businesses and securing more than $400 million in funding, the company demonstrates a capacity to fulfill the financial needs of a diverse range of industries. The Better Business Bureau accreditation and a high rating of 4.9 out of 693 reviews on Trustpilot further underscore the positive experiences of numerous clients. While individual experiences may vary, iAdvance Now's commitment to providing fast and flexible financing options, coupled with a customer-centric approach, contributes to its perceived reliability within the small business financing landscape.
How to Apply for an iAdvance Now Loan?
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Gather Required Information. Before starting the application, gather necessary information such as basic business details, financial statements, and any other documentation that may be required for the business loan application process.
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Visit the Website. Navigate to the iAdvance Now website to access the online application portal. The website provides clear guidance on the application process and the types of financing options available.
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Complete the Application. Fill out the online application form with accurate information about your business, including its name, address, industry, revenue, and desired loan amount. Be prepared to provide details about your business's financial health, such as revenue projections and credit history.
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Submit Documentation. Along with the application, you may need to upload supporting documentation, such as bank statements, tax returns, or financial statements. Ensure that all documents are accurate and up-to-date to expedite the review process.
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Review and Approval. Once the application and documentation are submitted, the iAdvance Now team will review your information and assess your eligibility for financing. If additional information is needed, a representative may reach out to you for clarification.
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Receive Funding. Upon approval, you will receive the funds in your business account typically within 24 hours. iAdvance Now prides itself on fast funding turnaround, allowing you to access the capital you need quickly to support your business operations or growth initiatives.
Conditions and Requirements
Conditions
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Loan Amount. iAdvance Now typically offers loan amounts ranging from $5,000 to $5,000,000, providing businesses with access to capital suitable for their needs.
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Funding Timeline. The lender commits to a fast funding process, with funds typically disbursed within 24 hours of loan approval. This quick turnaround allows borrowers to access capital promptly to address their business needs.
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Customer Support. iAdvance Now provides ongoing customer support to borrowers throughout the loan term. Borrowers can contact customer service representatives for assistance with loan management, payment inquiries, or any other concerns that may arise.
Requirements
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Business Type. Borrowers must operate a legitimate business entity, which can include sole proprietorships, partnerships, corporations, or LLCs.
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Time in Business. Typically, iAdvance Now requires businesses to have been operational for a minimum period, which may vary depending on the type of financing sought.
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Revenue Threshold. There is usually a minimum monthly or annual revenue requirement that businesses must meet to qualify for financing. This helps ensure that borrowers have sufficient cash flow to repay the loan.
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Credit History. While iAdvance Now may consider businesses with less-than-perfect credit histories, a reasonable credit score or creditworthiness is often necessary to qualify for certain loan products.
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Collateral. Depending on the type of financing, borrowers may need to provide collateral, such as business assets or personal guarantees, to secure the loan.
Ways to Receive the Money
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Direct Deposit. The most common method is direct deposit, where the approved loan amount is electronically transferred directly into the borrower's business bank account. This method provides quick access to funds, typically within 24 hours of loan approval.
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ACH Transfer. Automated Clearing House (ACH) transfer is another electronic payment option offered by iAdvance Now. Through ACH transfer, the loan proceeds are deposited into the borrower's designated bank account securely and efficiently.
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Wire Transfer. For borrowers who require immediate access to funds or prefer the security of a wire transfer, iAdvance Now may facilitate a wire transfer of the approved loan amount directly into the borrower's bank account. This option may incur additional fees but ensures expedited transfer of funds.
Products
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Merchant Cash Advance (MCA). This financing option allows businesses to receive a lump sum payment in exchange for a percentage of future credit card sales.
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Business Loans. iAdvance Now provides traditional business loans with fixed or variable interest rates and repayment terms tailored to suit the borrower's needs.
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Lines of Credit. With a business line of credit, borrowers can access funds as needed, up to a predetermined credit limit. This flexible financing option allows businesses to manage cash flow fluctuations and address short-term financing needs.
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Equipment Financing. iAdvance Now offers financing solutions specifically tailored to help businesses acquire essential equipment or machinery.
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Invoice Factoring. Businesses can leverage their accounts receivable to access immediate cash flow through invoice factoring. iAdvance Now purchases outstanding invoices at a discount, providing businesses with upfront funds to cover operating expenses or invest in growth opportunities. Factoring amounts vary based on the value of the invoices.
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Asset-Based Lending. iAdvance Now offers asset-based lending solutions, where businesses can use their assets, such as inventory, equipment, or accounts receivable, as collateral to secure a revolving line of credit. Loan amounts are determined based on the appraised value of the assets offered as collateral.
Loan amounts range from $5,000 to $500,000.
Other Loans
Reasons for Getting Rejected for an iAdvance Now Loan
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Insufficient Revenue. iAdvance Now typically requires businesses to demonstrate a minimum level of monthly or annual revenue to qualify for financing. If a business's revenue does not meet the lender's requirements, the application may be denied.
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Poor Credit History. While iAdvance Now considers applicants with various credit profiles, businesses with a history of late payments, defaults, or bankruptcies may face challenges in securing financing. A low credit score or unfavorable credit history can result in the rejection of the loan application.
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Limited Time in Business. iAdvance Now may require businesses to have been operational for a certain period before qualifying for financing. Start-up businesses or those with a short operating history may find it challenging to meet this requirement and may be denied financing as a result.
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High Debt-to-Income Ratio. Lenders assess a business's debt-to-income ratio to evaluate its ability to manage additional debt obligations. If a business already has significant existing debt relative to its income, it may be deemed too risky for additional financing and could be denied a loan.
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Failure to Meet Eligibility Criteria. iAdvance Now sets specific eligibility criteria for its loan products, including industry restrictions and geographic limitations. If a business fails to meet these criteria, its loan application may not be considered.
How to Repay an iAdvance Now Loan?
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Understand the Loan Terms. Before taking out a loan, carefully review the terms and conditions outlined in the loan agreement provided by iAdvance Now. Pay close attention to details such as the loan amount, interest rate, repayment schedule, and any fees associated with the loan.
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Make Timely Payments. It's essential to make loan payments on time according to the schedule outlined in the loan agreement. Late or missed payments can result in additional fees, penalties, and damage to the borrower's credit score. Keep track of payment due dates and ensure that sufficient funds are available in the designated bank account to cover the payments.
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Monitor Your Account. Regularly monitor your bank account and loan statements to verify that payments are being processed correctly. If you notice any discrepancies or issues with your loan payments, contact iAdvance Now's customer service team promptly to address the issue.
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Consider Early Repayment. If your business's financial situation improves or you come into additional funds, consider paying off your iAdvance Now loan early. Early repayment can help you save on interest costs and reduce the overall duration of the loan.
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Communicate with iAdvance Now. If you encounter any financial difficulties or anticipate challenges in making loan payments, don't hesitate to reach out to iAdvance Now's customer service team. They may be able to offer assistance or alternative repayment options to help you manage your loan obligations effectively.
Alternatives
National Funding specializes in providing working capital for small business loans ranging from $10,000 to $500,000, with flexible repayment terms spanning four months to two years. Borrowers have the freedom to utilize funds for various business needs such as inventory, payroll, marketing, and taxes. Additionally, National Funding offers equipment financing up to $150,000, although a minimum personal credit score of 575 is required for eligibility. Notably, the company stands out from its counterparts by offering early payoff discounts, incentivizing borrowers with a 7% discount off the total remaining balance for small business loans and a 6% discount for equipment financing customers who repay their total remaining balance early within the first 100 days or at any point during the term, respectively.
As a direct lender specializing in small business loans since 2010, Funding Circle has provided financial assistance to over 135,000 businesses across 700 industries, globally lending $20.2 billion. Renowned for its fast and affordable loans, Funding Circle offers a simple application process and funding in as little as 48 hours. Borrowers can choose from three options: business term loan, line of credit, or SBA loan. Term loans range from $25,000 to $500,000 with repayment terms of six months to five years, while business lines of credit offer credit lines between $6,000 and $100,000. Additionally, Funding Circle provides SBA loans ranging from $25,000 to $500,000 with terms extending up to 10 years.
Biz2Credit is a digital funding platform offering three funding options—term loans, revenue-based financing, and commercial real estate (CRE) loans—ranging from $25,000 to $500,000. The application process is streamlined, taking only a few minutes to complete. Term loans and revenue-based financing are available within the same range of $25,000 to $500,000, with varying repayment methods. Revenue-based financing is repaid through business receipts with flexible daily, weekly, or bimonthly payments, while term loans offer weekly, bimonthly, or monthly payments over 12 to 36 months. Moreover, Biz2Credit extends interest-only CRE loans ranging from $25,000 to $2 million, with terms between 12 and 36 months and monthly payment obligations.
Established in 2006, OnDeck is a prominent player in the business lending arena, having provided $14 billion in funding to small businesses. Recognized for its diverse product offerings and same-day funding capabilities, OnDeck offers term loans ranging from $5,000 to $250,000, with repayment terms of up to 24 months. Additionally, borrowers can access credit lines ranging from $6,000 to $100,000, with a 12-month repayment term that resets after each withdrawal.
Loans like iAdvance
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
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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.
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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.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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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.
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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
- iAdvance Account Review
- How to Apply for iAdvance Loan
- How to PayOff iAdvance Loan
- iAdvance Mobile Apps
- iAdvance Reviews
