Uplyft Capital Review
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Pros and cons of Uplyft Capital
Pros
- Works borrowers with bad credit
- Fast funding with same-day decisions
- Startups are eligible after only six months of operation
- Offers a range of additional financing solutions via its partner network
Cons
- Only directly funds merchant cash advances (MCAs)
- You’ll need at least $12,000 in monthly deposits to qualify
- Factor rate makes it hard to compare with other financing options
Uplyft Capital small business loans review
Uplyft Capital offers multiple direct funding programs that provide funding through merchant cash advances (MCAs). These programs may be good options for small business owners whose credit scores are too low or whose businesses are too new to qualify for other financing programs. Uplyft claims that it offers funding to over 90% of businesses who apply, making it a fair option for businesses who have been denied by other lenders.
But because Uplyft uses factor rates instead of interest rates, comparing your offer with Uplyft to what you can qualify for with other companies can get tricky. If you’re comparing multiple offers, calculate the total cost of borrowing to find the best deal.
While Uplyft Capital only directly funds MCAs, it offers other funding options through a marketplace. This means that you can apply on its site to potentially get matched with a partner lender for more funding options, like equipment financing and lines of credit. These partners may offer lower rates than Uplyft.
- Businesses with bad credit. Uplyft Capital accepts credit scores as low as 500, making it an ideal option for those needing a bad credit business loan.
- Companies that need fast cash. Funds can be received in as little as one to two business days, with an option for same-day business financing.
- Newer businesses with high revenue. You only have to be in business for a minimum of six months to qualify for a merchant cash advance with Uplyft Capital, but you’ll need to generate at least $12,000 per month.
Uplyft Capital small business financing at a glance
| Product | Loan amounts | Repayment term | Estimated factor rate |
|---|---|---|---|
| Merchant cash advance | $10,000 to $1,000,000 | 2 to 12 months | Starting at 1.24 |
Merchant cash advance
Uplyft Capital only directly funds merchant cash advances (MCAs), a type of business funding that allows you to borrow against your company’s future debit and credit card sales. Once approved, you can receive a lump-sum cash advance up to $1,000,000 to use for emergency business funding or general business expenses.
Rather than using a standard business loan interest rate, as with a traditional business loan, Uplyft Capital charges a fixed factor rate. To calculate how much a MCA will cost, multiply the factor rate by the amount of funding. For example, if you get a $20,000 cash advance with a 1.5 factor rate, you will owe $30,000 in total — including principal and interest.
Uplyft also offers MCAs with higher limits through its marketplace program. Its website states that rates start as low as 10% depending on the provider you’re matched with — though you won’t know what providers you match with, or your rate, until you apply.
Rates and terms
Uplyft Capital has several cash advance programs with different repayment terms ranging from two to 12 months with daily or weekly payments. To find out what tier you’ll be able to get a loan in, you’ll need to contact Uplyft.
| Funding program name | Amount | Term length | Starting factor rate |
|---|---|---|---|
| Starter Program | $8,000 to $30,000 | 2 to 5 months | 1.40 |
| Standard Program | $5,000 to $125,000 | 2 to 7 months | 1.34 |
| Premier Program | $10,000 to $250,000 | 3 to 8 months | 1.30 |
| Premier Plus Program | $30,000 to $500,000 | 3 to 12 months | 1.24 |
Factor rates and terms for amounts above $500,000 aren’t disclosed. For any amount, your rate can vary based on your credit score, time in business and other factors — you’ll need to apply to find out the exact rate you qualify for.
Borrowers may also have the option to renew or request more funds once they’ve established a positive history. However, the timeline for this isn’t specified.
Uplyft Capital borrower requirements for merchant cash advances
| Minimum annual revenue | $144,000 |
| Minimum time in business | Six months |
| Minimum credit score | 500 |
Uplyft Capital determines your eligibility for a merchant cash advance by looking at your business history, revenue and credit score. You only need a credit score of 500 and a six-month business history to qualify, making this a great option for those looking for startup business financing.
However, your business must generate around $12,000 in average revenue each month, which could be a challenge for smaller or recently established businesses.
Required documents
When applying for a merchant cash advance with Uplyft Capital, you’ll need to provide the following required documents:
- Three months of past bank statements or receivables
- A completed cash advance application that asks for general information on your business, including credit score, debt, start date and how much you’re looking to borrow
Alternatives to Uplyft Capital
| Uplyft Capital | Accord Business Funding | Elevation Capital | |
|---|---|---|---|
| Minimum credit score | 500 | Not disclosed online | Not disclosed online |
| Loan products offered | Merchant cash advances Other products offered through Marketplace partnership program | Merchant cash advance |
|
| Time to funding | 1 to 2 business days; sometimes same day decisions | Not specified, but you can receive a decision as soon as within a few hours | As soon as 24 hours |
| Starting factor rate | 1.24 | Not disclosed online | Not disclosed online |
| Maximum loan size | $1,000,000 | $150,000 | $3,000,000 |
| Minimum annual revenue | $144,000 | Not disclosed online | MCA: $120,000 |
Accord Business Funding also offers merchant cash advances, although it only provides up to $150,000 in advance funds, compared to Uplyft’s upper limit of $1,000,000. Additionally, you can’t apply to Accord Business Funding directly — you must go through an Independent Sales Organization (ISO).
An ISO is a business loan broker that acts as a middle person between small business owners and banks, credit unions, alternative lenders and investors. Once you find an ISO, you can have them approach Accord Business Funding on your behalf.
Accord Business Funding doesn’t disclose any of its requirements, such as minimum credit score or time in business. However, it does state that it makes a funding decision within a few hours and doesn’t run a hard credit check. Your business loan broker can help you determine if this lender is a good fit for your business.
Uplyft Capital vs. Elevation Capital
Elevation Capital offers quick business financing with an estimated 24-hour timeline for delivering merchant cash advances. You can also get a larger advance with Elevation Capital: $3,000,000 versus Uplyft’s maximum of $1,000,000.
While you need a relatively high annual revenue to qualify for either lender, Elevation Capital’s requirement is $24,000 less than Uplyft Capital.
One benefit to picking Elevation Capital is that you have more types of business loans at your fingertips. While the eligibility requirements for MCAs tend to be more lenient, the factor rates can run high, costing you more in the long run. With Elevation Capital, you can consider switching to a more affordable loan once your business meets the eligibility criteria.
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