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If you’re running short on cash and funding opportunities, a merchant cash advance (MCA) might be the best option to keep your business running. MCAs aren’t technically business loans, as advances and repayments are taken from a percentage of your future sales.
MCAs also tend to have high approval rates. According to the Federal Reserve Banks’ 2022 Small Business Credit Survey, MCAs have the highest approval rates for business loans, with 90 percent of applications at least partially approved.
That said, MCAs don’t report to credit bureaus or stick to the usual lending laws that cap interest rates. Lenders often charge high fees that translate into some of the steepest interest rates of any business loan.
Ideally, merchant cash advances should be sparingly and for emergencies. Also, be sure to choose from these reputable providers offering lenient requirements and high loan amounts.
| Lender | Best for | Loan amounts | Bankrate score |
|---|---|---|---|
| Lendio | Loan marketplace for MCAs | $5,000 to $2 million | 4.6 |
| PayPal | Accessible merchant cash advances | $1,000 to $150,000 for first-time borrowers $250,000 for repeat borrowers | 4.2 |
| Uncapped | Easy application | $10,000 to $10 million | 4.1 |
| SBG Funding | High loan amounts | $10,000 to $5 million | 4.6 |
| Credibly | Nationwide availability | $5,000 to $400,000 | 4.6 |
