Uplyft Capital

Uplyft Capital Reviews

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About Uplyft Capital

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Uplyft Capital is a working capital funding platform based in Sunny Isles Beach, Florida. In business since 2012, it offers merchant cash advances between $5,000 to $500,000, tailored to each business’s needs. It has quick approval and funding times and works with business owners with all credit scores, even low ones.

    Pros & Cons

    • Loans up to $500,000
    • 1-2 day funding
    • Fast application process
    • Low credit requirements
    • Access to financial marketplace
    • Requires high revenue
    • Not for start-ups
    • Website isn’t clear about loan options

    Our editor’s take

    With more than a decade of experience in the financial industry, Uplyft Capital has a track record of good customer service. Its approach to funding merchant cash advances is simple, straightforward and fast, allowing customers to apply, get approved and get funds in as little as one day. Additionally, its factor rates are fairly in line with industry averages.

    However, Uplyft has a high monthly income requirement of $12,000 (or about $144,000 annual income) and requires a company to be in business for at least six months to get approved. Because of this, Uplyft is not a good option for start-ups or companies starting to ramp up business.

    Uplyft Capital loan products

    Uplyft Capital directly funds merchant cash advances (MCAs) between $30,000 to $150,000. A MCA is a lump-sum payment paid to a business in exchange for a percentage of its future revenue or credit card sales. Instead of interest rates, Uplyft charges fixed factor rates.

    Uplyft offers a tiered approach to MCAs based on a customer’s qualifications:

    There are multiple repayment options for MCAs, depending on what program you’re approved for, including a split percentage of credit card receivables or a daily/weekly ACH debit.

    Uplyft Marketplace

    For customers who don’t qualify for an Uplyft cash advance or are looking for a different type of financial product, the Uplfyt Capital Marketplace is a good option.

    This platform connects businesses to various types of funding from its third-party partners, including:

    • Merchant cash advance
    • Lines of credit
    • Traditional bank loans
    • 401(k) business financing
    • Disaster relief loan
    • Hard money business loans
    • SBA loans
    • Invoice financing

    Each company has its own rates, requirements and details, and you’ll need to apply online to see what you may be eligible for.

    Uplyft Capital loan requirements

    To get an MCA, customers must have:

    • Been in business for 6+ months
    • Deposited an average of $12,000+ per month
    • 500+ credit score

    It’s unclear what types of qualifications it requires for each tier, but these are likely the minimum requirements for its Starter tier. According to Uplyft, 90% of all applications are approved.

    Uplyft Capital rates and fees

    Uplyft Capital’s merchant cash advances include a fixed factor rate depending on the loan amount and the borrower’s qualifications. Rates range from 1.24 to 1.4, which is mostly in line with industry averages — although the starting rate is a little high.

    It’s unclear if Uplyft charges any additional fees for its products, like origination or monthly service fees. You can reach out to one of its funding specialists to learn more.

    How to apply for a Uplyft Capital loan

    Uplyft’s AI-powered application process is easy and straightforward. You can apply in minutes and receive funds in as little as one day if approved.

    To apply, you’ll need the following information handy:

    • Loan details
    • Business address and phone number
    • Contact information
    • Credit score
    • Business debt
    • Annual revenue
    • Bank type
    • Business start date

    You’ll also need to provide three months of past bank statements or receivables and potentially other official documents like a driver’s license and proof of ownership.

    How does Uplyft Capital compare?

    Uplyft Captial specializes in merchant cash advances, which is pretty unique in the industry. Its competitor, Lendio, operates like Uplyft’s Marketplace, where you can comparison shop policies from multiple lenders to find the right fit. However, Lendio doesn’t offer any direct funding options and its merchant cash advances are only available with interest rates (as low as 18%).

    Uplyft charges a factor rate, which is a flat fee for borrowing. Interest rates compound, so the amount owed changes over the course of the loan. For customers who want to know exactly how much an MCA will cost them, Uplyft is a better option than Lendio.

    Uplyft Capital FAQ

    What is Uplyft Capital?

    Uplyft Capital is a cash advance company offering merchant cash advances up to $500,000. It utilizes an online process to streamline application, approval and payouts, with approvals and funds available within 24 hours of applying. Businesses must earn at least $12,000 per month and have been in business for six months to be eligible.

    Can I get a Uplyft Capital loan if I have bad credit?

    Uplyft Capital offers cash advances for those with credit scores as low as 500. But, it’s safe to assume that the lower credit score you have, the higher your factor rate will be, as you’ll be considered a more high-risk borrower.

    Does Uplyft Capital offer loans to start-up companies?

    Companies must be in business for at least six months before they’re considered eligible for a merchant cash advance from Uplyft Captial. Because MCAs are based off of average business revenue, this is pretty standard in the industry.

    Where is Uplyft Capital available?

    While headquartered in Sunny Isles Beach, Florida, Uplyft Capital funds merchant cash advances for eligible businesses across the nation. It’s unclear if there are any restrictions on states or industries.

    Is Uplyft Capital legit?

    Uplyft Capital is a legitimate business loan lender, offering several types of loans to businesses throughout the United States. If you meet its borrower requirements, you could receive up to $500,000 in funding to be used for most purposes.

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    Uplyft Capital Company Information

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    Uplyft Capital