About Company
PIRS Capital, LLC offers intelligent funding solutions tailored to the needs of small business owners across the United States. Specializing in merchant cash advances, PIRS Capital, located in Meridian Ave Ste 700, Miami Beach, FL, provides financial support to businesses in various industries, including retail, manufacturing, healthcare, automotive, and more. With a commitment to quality customer service and a focus on building long-term relationships, PIRS Capital aims to ensure mutual success for both the business owner and the organization. Through personalized financial solutions and a hands-on approach to funding, PIRS Capital assists small business owners in realizing their business dreams while providing the support and guidance needed to navigate the challenges of entrepreneurship.
Utilizing a combination of financial expertise and technology-enabled decision-making processes, PIRS Capital streamlines the funding process for small business owners. Unlike traditional lenders, PIRS Capital employs a manual underwriting process, eschewing pre-approvals to ensure that each application receives thorough and personalized attention.
Key Features
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Intelligent Funding Solutions. PIRS Capital offers intelligent funding solutions designed with small business owners in mind. The organization employs a manual underwriting process, avoiding pre-approvals to ensure a personalized and thoughtful approach to each funding request.
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Trustworthy and Long-Term Relationships. PIRS Capital values trust and longevity in its funding relationships. With industry-standard security practices, individualized customer service, and a focus on excellence, the organization builds enduring partnerships with clients, fostering a commitment to mutual success.
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Secure PIRS Portal. The PIRS Portal, where the funding process unfolds, prioritizes data security. Employing Secure Sockets Layer (SSL) technology and hosted on Microsoft's Azure Cloud Platform, the portal encrypts sensitive client data, backed up regularly to ensure the integrity and accessibility of valuable information.
Pros and Cons
Pros
Cons
Reliability
PIRS Capital, LLC has established a reputation for reliability within the small business lending industry. With credentials such as an A+ rating from the Better Business Bureau and a 4.5-star rating on Trustpilot, the organization demonstrates a commitment to providing trustworthy financial solutions to small business owners. Founded in 2012, PIRS Capital's longevity in the industry further solidifies its reliability, offering stability and confidence to clients seeking funding for their business ventures.
How to Apply for a PIRS Capital Loan?
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Initial Inquiry. Begin by expressing your interest in obtaining a loan from PIRS Capital. This can be done by contacting their representatives via phone.
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Consultation and Information Gathering. A PIRS Capital representative will guide you through the initial consultation process. Expect to provide basic information about your business, such as its industry, annual revenue, and the purpose for seeking funding.
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Application Submission. Once the initial consultation is complete, you'll be guided to submit a formal application. PIRS Capital emphasizes a manual underwriting process, reviewing each application individually for a personalized approach.
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Review and Underwriting. PIRS Capital's team will thoroughly review your application, prioritizing accuracy and urgency. The organization combines financial expertise with technology-enabled decision-making to ensure a comprehensive evaluation.
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Funding Options Presentation. Following the review process, PIRS Capital will present you with intelligent funding options tailored to your business needs. This may include details on the amount of funding, repayment terms, and associated costs.
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Acceptance and Documentation. If you find the presented options suitable, you'll proceed to acceptance. At this stage, you may be required to provide additional documentation to finalize the funding arrangement.
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Same-Day Funding. PIRS Capital is known for its commitment to quick and efficient funding. Upon acceptance and completion of necessary documentation, you may benefit from same-day funding, allowing you to address your business needs promptly.
Conditions and Requirements
Conditions
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Flexible Funding Options. PIRS Capital offers flexible funding options tailored to the unique needs of each borrower. This includes customized loan amounts, repayment terms, and funding structures designed to support the borrower's business objectives.
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Competitive Rates and Fees. The lender provides transparent information regarding interest rates, fees, and associated costs upfront. Borrowers can expect competitive rates and fair terms, enabling them to make informed decisions about their financing arrangements.
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Quick Approval and Funding Process. PIRS Capital prioritizes efficiency in its approval and funding process. With a combination of technology-enabled decision-making and manual underwriting, borrowers can access quick approvals and, in some cases, same-day funding.
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Industry Expertise and Guidance. PIRS Capital brings significant industry expertise to the table, providing borrowers with valuable guidance and insights to navigate their business challenges. This includes assistance with financial planning, growth strategies, and other business-related matters.
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Long-Term Relationship Focus. PIRS Capital values long-term relationships with its borrowers. Beyond providing funding, the lender aims to foster ongoing partnerships with borrowers, offering support and resources to help them achieve their long-term business goals.
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Transparent Terms and Conditions. The lender maintains transparency in its loan terms and conditions, ensuring that borrowers fully understand the obligations and responsibilities associated with their funding arrangements. This transparency fosters trust and confidence in the lending process.
Requirements
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Business Operational History. Borrowers must have a minimum operational history of one year. This ensures that businesses seeking funding have established a track record and stability in their respective industries.
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Minimum Annual Revenue. PIRS Capital requires businesses to have a minimum annual revenue of $144,000. This criterion helps ascertain the financial viability and capacity of the business to manage and repay the loan effectively.
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Business Owner's Credit Score. The business owner's credit score should be at least 500. While PIRS Capital prioritizes the business's performance, the creditworthiness of the owner plays a role in the underwriting process.
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Legal and Regulatory Compliance. Borrowers must comply with all relevant legal and regulatory requirements applicable to their business operations. This ensures that the business operates within the bounds of the law, minimizing associated risks for both parties.
Ways to Receive the Money
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Direct Bank Transfer (ACH). Borrowers can opt to receive their funds directly into their business bank account via Automated Clearing House (ACH) transfer. This electronic transfer method offers a secure and efficient way to access approved funding.
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Wire Transfer. In certain cases where expedited funding is required, PIRS Capital may offer the option for borrowers to receive their funds via wire transfer. This method ensures swift access to the approved funding, ideal for urgent business needs.
Products
PIRS Capital specializes in providing merchant cash advances, which offer businesses upfront funding in exchange for a percentage of future credit card sales. This flexible financing solution allows businesses to access capital quickly without the need for collateral or a fixed repayment schedule. Loan amounts for merchant cash advances typically range from $5,000 to $500,000, depending on the business's credit card sales volume and other factors.
Other Loans
Reasons for Getting Rejected for a PIRS Capital Loan
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Insufficient Operational History. PIRS Capital typically requires businesses to have been in operation for at least one year. Businesses with less than this minimum operational history may be deemed too risky for funding.
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Low Annual Revenue. Businesses must meet a minimum annual revenue requirement, typically set at $144,000 or higher. Failing to meet this threshold may indicate insufficient cash flow to support loan repayment.
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Poor Credit History. The creditworthiness of the business owner plays a significant role in the underwriting process. A low personal credit score, below the required minimum of 500, may lead to rejection of the loan application.
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Inadequate Cash Flow. PIRS Capital evaluates a business's ability to generate consistent cash flow to support loan repayment. If the business's cash flow projections are deemed insufficient to meet repayment obligations, the application may be rejected.
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Outstanding Liabilities. Businesses with existing debts or outstanding liabilities may face challenges in securing additional funding. PIRS Capital assesses the business's overall debt-to-income ratio and financial obligations as part of the underwriting process.
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High-Risk Industry. Some industries are considered higher risk than others, leading to increased scrutiny during the underwriting process. Businesses operating in industries with high volatility or regulatory challenges may face rejection due to perceived risk.
How to Repay a PIRS Capital Loan?
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Understand Loan Terms. Familiarize yourself with the terms and conditions of your loan agreement, including the repayment schedule, interest rates, fees, and any other relevant terms. Ensure that you have a clear understanding of your obligations as a borrower.
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Establish a Repayment Plan. Develop a repayment plan that aligns with your business's cash flow and financial capabilities. Consider factors such as your monthly revenue, expenses, and other financial obligations when determining your repayment strategy.
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Set Up Automatic Payments. Take advantage of PIRS Capital's automatic payment options, which allow you to schedule recurring payments directly from your business bank account. Setting up automatic payments can help you stay on track with your repayment schedule and avoid late fees.
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Monitor Your Cash Flow. Regularly monitor your business's cash flow to ensure that you have sufficient funds available to make timely loan payments. Anticipate any fluctuations in revenue or expenses and adjust your repayment plan accordingly.
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Communicate with PIRS Capital. Maintain open communication with PIRS Capital's customer service team if you encounter any challenges or anticipate difficulty meeting your repayment obligations. They may be able to provide assistance or offer alternative solutions to help you manage your loan repayments.
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Consider Early Repayment. If your business experiences a windfall or receives additional revenue unexpectedly, consider making early repayments on your loan to reduce the overall interest costs and shorten the repayment term.
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Maintain Accurate Records. Keep detailed records of all loan-related transactions, including payments made and outstanding balances. This will help you track your progress towards full repayment and ensure that you stay organized throughout the repayment process.
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Review Your Loan Agreement Regularly. Periodically review your loan agreement to stay informed about any changes to the terms or conditions of your loan. Stay proactive in managing your loan repayments and address any concerns or questions with PIRS Capital promptly.
Alternatives
Expansion Capital Group specializes in providing fast and accessible financing options tailored to newer businesses and borrowers with suboptimal credit scores. With a maximum loan amount of $300,000 and a minimum credit score requirement of 500, Expansion Capital Group offers a streamlined application process, making it an attractive option for those in need of quick funding solutions.
Fora Financial stands out for its flexible qualification criteria and ability to offer substantial advance amounts to businesses. With a maximum loan amount of $1,500,000 and a minimum credit score requirement of 500, Fora Financial provides businesses with the opportunity to access significant capital to support growth and expansion initiatives.
Giggle Finance caters specifically to freelancers, contractors, and self-employed individuals, offering capital solutions designed to meet their unique needs. With a maximum loan amount of $5,000 and a minimum credit score requirement of 300, Giggle Finance provides accessible funding options to support the diverse financial requirements of independent workers.
Credibly distinguishes itself by offering fast and flexible funding solutions with competitive starting factor rates. With a maximum loan amount of $400,000 and a minimum credit score requirement of 500, Credibly provides businesses with the financial support they need to capitalize on growth opportunities while maintaining affordability and flexibility in repayment.
Loans like PIRS Capital
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
- PIRS Capital Account Review
- How to Apply for PIRS Capital Loan
- How to PayOff PIRS Capital Loan
- PIRS Capital Mobile Apps
- PIRS Capital Reviews
