Wayflyer Review

About Wayflyer

Wayflyer is dedicated to assisting eCommerce businesses in overcoming the challenges associated with building and growing their ventures. Recognizing the hard work, determination, and ambition required to succeed in the eCommerce industry, Wayflyer provides crucial support to entrepreneurs. By addressing the toughest problems faced by eCommerce businesses, Wayflyer empowers them to pursue their ambitions and achieve their goals. Through a commitment to solving these challenges, Wayflyer stands as a valuable ally for businesses navigating the complexities of the eCommerce landscape.

Key features

1. Fast Funding. Experience swift access to capital with Wayflyer's rapid funding capabilities. In as little as 24 hours, businesses can secure the financial support they need. Thanks to advanced data models, Wayflyer can assess business performance within minutes, a notable contrast to the prolonged processes often associated with traditional banks, which can take days.

2. Tailored Terms. Wayflyer understands that each business is unique. Hence, it offers tailored terms to cater to the specific needs and circumstances of individual eCommerce enterprises. This personalized approach ensures that businesses receive funding solutions that align with their goals and growth strategies.

3. No Collateral. One of the distinctive features of Wayflyer is its commitment to providing funding without requiring collateral. This means businesses can access the capital they need without the burden of pledging assets.

4. No Equity Taken. In the spirit of founder-friendly capital, Wayflyer stands out by not taking equity from businesses seeking funding. This empowers entrepreneurs to maintain ownership and control of their enterprises while still benefiting from the financial support and expertise offered by Wayflyer.

Pros and cons

Pros

Cons

Reliability

Wayflyer's Trustpilot rating of 4.5 indicates a high level of satisfaction among its users on that platform. Trustpilot is a popular review site where customers can share their experiences with companies, and a positive rating suggests that many users have had favorable interactions with Wayflyer.

However, when assessing reliability, it's essential to consider multiple factors. While the Trustpilot rating is a positive indicator, you may also want to explore additional sources of feedback, reviews, or testimonials to get a comprehensive understanding of Wayflyer's reputation.

How to apply for a Wayflyer loan?

1. Create Your Account. Begin by creating an account on the Wayflyer platform. This initial step involves providing basic information about yourself and your business. Creating an account is the first crucial step to initiate the loan application process.

2. Business Overview. After creating your account, provide detailed information about your business. Wayflyer uses this information to assess your eligibility and determine the potential loan amount. This step typically takes about 10 minutes, making it a quick and efficient process.

3. Estimate Offer. Once you've shared details about your business, Wayflyer will provide you with an estimate of how much they could offer you. This gives you an initial understanding of the funding potential based on your business performance.

4. Securely Connect Your Platforms. To proceed with the application, securely connect your store data to the Wayflyer platform. This step allows Wayflyer to analyze your business performance accurately. It's important to note that Wayflyer ensures bank-level security and only requires read-only access to your data.

5. Analysis Process (24 Hours). Wayflyer's advanced data models will analyze your business performance within 24 hours. This swift analysis sets Wayflyer apart from traditional banks, which often take longer to assess applications.

6. Select Funding Offer. Once the analysis is complete, you'll be presented with funding offers. Review the options and choose the offer that aligns best with your business needs and growth plans.

7. Approval and Fund Transfer. Upon selecting the offer, go through the approval process. Once approved, Wayflyer can send the funds directly to your bank account in as little as 24 hours. This quick turnaround time provides businesses with the immediate capital they need to support their growth.

Сonditions and requirements

Conditions

Funder

• Funding Range. Wayflyer offers funding from $10,000 to $10 million.

• Collateral Requirement. No collateral is needed, providing businesses with a more secure financing option.

• Fees. Wayflyer operates on a fixed fee structure, typically ranging from 2% to 8%, ensuring transparency with no hidden costs.

• Remittance. Daily remittance is approximately 10% to 12%, providing a consistent and manageable repayment schedule.

• Loan Durations. Specific loan durations are outlined in the loan agreement, offering clarity and commitment to both parties.

Amazon

• Funding Range. Amazon provides funding in the range of $10,000 to $20 million.

• Equity and Collateral. Amazon's financing does not involve taking equity, and there is no requirement to put up collateral, offering businesses a flexible and founder-friendly option.

• Fees. Fees are applied as part of the financing arrangement.

• Loan Durations. The duration of the loan is specified in the loan agreement, providing clear terms for repayment.

Wholesale

• Funding Range. Wholesale offers funding from $200,000 to $170 million, catering to a wide spectrum of business needs.

• Fees. Fees are applied as part of the financing arrangement, and the specific terms are outlined in the agreement.

• Loan Durations. Like the other providers, Wholesale specifies loan durations in the loan agreement, providing businesses with a clear understanding of the repayment timeline.

Requirements

• Business Type. The applicant must be an eCommerce business, specializing in online retail.

• Minimum Monthly Sales. The business should have a minimum of $10,000 in average monthly sales, demonstrating a certain level of financial activity.

• Business Duration. The business must have been in operation for at least 6 months, showcasing a level of stability and experience.

• Incorporation Location. The business needs to be incorporated in one of the countries supported by the entity. These countries include the United States, Canada, United Kingdom, Australia, Ireland, Spain, The Netherlands, Belgium, Denmark, Germany, or Sweden.

• Other Underwriting Criteria. In addition to the specified requirements, there may be additional underwriting criteria that the applicant needs to meet. These criteria could cover various aspects related to the business's financial health, creditworthiness, and other relevant factors.

Ways to receive the money

After approval, Wayflyer ensures a swift and efficient disbursement process. Once your funding request is approved, the borrowed amount can be seamlessly transferred to your bank account within as little as 24 hours. This quick turnaround time allows you to access the capital you need promptly, enabling you to implement your growth plans and enhance your business operations.

Products

1. Funder provides flexible funding solutions for businesses. They offer a range of funding options with amounts ranging from $10,000 to $10 million. Funder stands out by not requiring collateral and employing a fixed fee structure, typically between 2% and 8%. With daily remittance of about 10%-12%, businesses can access fair and fast capital to support their cash flow needs.

2. Amazon provides financing solutions for businesses with funding ranging from $10,000 to $20 million. One of the notable features is that Amazon does not take equity, and no collateral is required. Fees are applied as part of the financing arrangement, and specific loan durations are outlined in the loan agreement. Amazon's financing options are designed to support businesses without compromising equity.

3. Wholesale offers substantial funding solutions, with amounts ranging from $200,000 to $170 million. Similar to the other providers, fees are applied, and loan durations are specified in the loan agreement. Wholesale caters to a broad spectrum of business needs, providing significant capital to accelerate growth, enhance cash flow, and meet various financial requirements.

How to repay a Wayflyer loan?

1. Select Funding Offer. After your loan is approved, carefully review the funding offers presented to you. Choose the offer that aligns best with your business needs, taking into consideration factors such as fees, repayment terms, and other relevant details.

2. Approval Process. Go through the approval process for the selected funding offer. This may involve confirming and verifying your acceptance of the terms outlined in the loan agreement.

3. Repayment Terms and Schedule. Familiarize yourself with the repayment terms and schedule outlined in the loan agreement. Wayflyer provides clear and transparent details about how and when repayments are expected, ensuring you are well-informed about your financial commitments.

4. Daily Remittance. Wayflyer typically employs a daily remittance model, where a predetermined percentage of your daily sales is automatically remitted to repay the loan. This helps in managing repayments in a consistent and manageable manner, aligning with your business's cash flow.

5. Ensure Sufficient Funds. To facilitate smooth and timely repayments, ensure that your business bank account has sufficient funds. Wayflyer's daily remittance structure is designed to work in harmony with your business's revenue data, simplifying the repayment process.

Other Loans

• Best Business Loans

Reasons for getting rejected for a Wayflyer loan

1. Inadequate Monthly Revenue. If a business's average monthly revenue falls below the required threshold, it may not meet Wayflyer's eligibility criteria for funding.

2. Short Business History. Wayflyer typically looks for businesses with a minimum operational history of six months. A shorter business history might result in rejection.

3. Creditworthiness Issues. Issues such as a low credit score or a history of missed payments could impact a business's creditworthiness and lead to a loan rejection.

4. Industry Type. Wayflyer specializes in supporting eCommerce businesses. If a business operates outside this sector, it may not qualify for Wayflyer financing.

5. Cash Flow Concerns. Businesses with insufficient cash flow to cover loan repayments may face rejection. Wayflyer evaluates a business's ability to manage repayments based on its cash flow.

6. High-Risk Business Activities. Engaging in high-risk business activities or industries may increase the likelihood of rejection. Wayflyer assesses risk factors associated with different business types.

Alternatives

1. Myos is a fintech company that provides financing solutions for businesses. It offers a variety of financial products, including working capital loans, invoice financing, and merchant cash advances. Myos aims to support businesses in various industries by providing quick and accessible funding.

2. Fundbox is a financial technology company that focuses on providing small businesses with access to working capital. It offers a unique invoice financing solution, allowing businesses to advance funds based on their outstanding invoices. Fundbox aims to help businesses bridge cash flow gaps and manage their finances more effectively.

3. BlueVine is a financial technology company that offers a range of financing solutions for small and medium-sized businesses. Its services include invoice factoring, business lines of credit, and term loans. BlueVine aims to provide flexible and fast financing options to help businesses grow.

4. Lendio is an online marketplace that connects small businesses with a network of lenders. It simplifies the loan application process by allowing businesses to submit a single application to access multiple financing options. Lendio collaborates with various lenders, including traditional banks and alternative lenders, to offer diverse funding opportunities.

Loans like Wayflyer

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

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

Sources

• Wayflyer
• Wayflyer Reviews
• 5 Wayflyer Alternatives for Ecommerce Financing