Advance Funds Network Reviews

Advance Funds Network is a solid option for newer businesses. It offers a wide variety of loan products, from basic term loans to working capital loans, cash advances and debt consolidation. A business needs to have operated for at least three months, but there’s no minimum credit score for many products.

The main hurdle is revenue requirements. Some loan products require as much as $400,000 in annual revenue, which may place them out of reach for newer or smaller businesses. This varies heavily based on the type of loan.

You have to go through the application and approval process to get a quote from Advance Funds Network. However, the application process itself is quick and easy, and funds can be received as quickly as the same day.

Advance Funds Network offers a variety of loan products:

• Business term loans: A basic, lump-sum loan that’s paid back over a fixed period of time. The loan can be used for any business need.
• Business line of credit: A line of credit works similarly to a credit card — you use and repay only what you need over time, rather than taking a large lump sum.
• Working capital loans: Working capital loans are short-term loans used to cover the day-to-day operating costs of a business, such as payroll, rent or marketing.
• Merchant cash advance: A type of short-term business loan that is repaid by giving the lender a percentage of daily or weekly sales. Since repayment is income-based, a merchant cash advance is a useful alternative for businesses with slower sales.
• Business debt consolidation loan: A loan designed to consolidate several separate loans into one payment plan at a single interest rate.
• Equipment financing: A specialized type of loan designed for purchasing equipment needed for a business, such as tools, office equipment or industrial equipment.

Requirements for each product vary. Some require no credit score, while others have minimum scores required (for example, 550 for the term loan). Some require a certain monthly revenue, while others require certain projected annual revenues.

Advance Funds Network doesn’t appear to share rates on its website. By contacting the company, we learned that rates can start at 6.95%, but that they vary significantly based on a number of factors, including:

• The type of funding you’re trying to get
• The amount of funding requested
• The financial health of the business

Advance Funds Network doesn’t charge upfront fees (for example, application fees). That said, there may be fees associated with the different loan products offered. The company doesn’t advertise these on its website, but customer service told us that specific fees vary based on the type of funding chosen and the details of your business.

All fees and terms are provided at loan approval, so you won’t be taken by surprise — though you should take time to read the fine print before signing anything.

The Advanced Funds Network application process is simple and fast.

1. First, fill out an online application. The application should only take a few minutes, and the company claims you can expect a quote within hours. You’ll be asked to attach the last three months of bank statements.
2. Once submitted, a financing specialist will reach out with a range of financing options that might fit your needs.
3. Once you select the financing you want, funds are made available as quickly as the same day.

Note that there are some requirements for financing. They include:

• A minimum of three months in business
• A minimum monthly or annual revenue that varies based on the type of loan
• Your business must be located in the U.S. or Canada

However, there is no minimum credit score required for financing many products, which could be helpful for new businesses.

Yes, Advance Funds Network is a legitimate small business lender. The company has been in business since 2008 and offers a wide array of loan options for businesses. It could be especially attractive to newer businesses since it only requires three months in business and no minimum credit score.