7 Best Merchant Cash Advance Companies for 2024

The best merchant cash advance (MCA) companies are transparent about their products and how they work. However, it's wise to explore other funding options before opting for a merchant cash advance, as there may be more affordable or sustainable solutions for your business.

What is a Merchant Cash Advance?

A merchant cash advance (MCA) is an alternative type of business financing that is based on a business's credit and debit card sales. An MCA provider offers a lump sum of money to a business in exchange for a portion of its future sales revenue. The advance amounts can range from a few thousand dollars to $5 million or more.

Merchant cash advances are also known as business cash advances or business payday loans. They provide a fast funding solution for businesses that need quick access to capital, especially if traditional financing options are not available.

Here are our picks for the seven best merchant cash advance companies:

inFundz: Best overall for same-day funding, high-risk industries and multiple financing options
Sunwise Capital: Best for same-day and custom funding options
Credibly: Best for easy documentation requirements
GoKapital: Best for high-risk industries
Reliant Funding: Best for low-revenue businesses
Fora Financial: Best for newer businesses
Libertas Funding: Best for high-revenue businesses seeking flexible repayment options

Why we like inFundz

We selected inFundz as the best overall lender for MCAs due to its combination of competitive rates, terms, and qualification requirements. inFundz also has some of the lowest credit score, time in business, and annual revenue requirements in this guide, just behind Reliant Funding.

In the alternative lending landscape, inFundz distinguishes itself by offering accessible financing solutions to a wide array of businesses, including those in industries often deemed "restricted" or "unfundable" by traditional lenders. Leveraging advanced machine learning and AI-driven underwriting processes, inFundz provides instant approvals and, in many cases, same-hour funding.

Key Features of inFundz:

Inclusive Underwriting: inFundz adopts flexible underwriting criteria, enabling them to serve businesses that might face challenges securing funding elsewhere.
AI-Powered Approvals: Utilizing artificial intelligence, inFundz streamlines the approval process, delivering rapid decisions and expediting access to capital.
Diverse Industry Support: By accommodating a broad spectrum of industries, inFundz ensures that more businesses have the opportunity to obtain necessary funding.

For businesses seeking swift and inclusive financing options, inFundz presents a compelling alternative to traditional lending avenues.

Why We Like Sunwise Capital

If you need funding quickly, Sunwise Capital is an excellent option. Their team can issue decisions within minutes, and funding can be completed in just a few hours. While providers like Credibly also offer rapid access to funds, Sunwise Capital stands out by offering higher funding amounts.

Sunwise Capital provides flexible, tailored funding solutions designed to meet your specific business needs, making it one of the top choices for same-day and custom funding options. For customers with an established relationship, Sunwise Capital also offers better rates and terms on additional products and services.

Proceeds from a merchant cash advance (MCA) with Sunwise Capital can be used for a wide range of purposes, including covering costs for new hires, equipment, inventory, renovation, or building upgrades. The company also has flexible approval criteria, allowing for up to a third lien position and accepting businesses with liens up to $200,000—as long as a payment plan is in place.

Applying for funding is easy; simply visit the Sunwise Capital website, where applications can be completed in under five minutes.

Why We Like Credibly

Credibly is a great choice if you're looking for funding without having to provide extensive paperwork. It made our list as the best option for easy documentation requirements since most applicants will only need to submit:

Signed receivable purchase agreement
Business mortgage statement or lease agreement
Government-issued identification for all business owners
Most recent three months of business bank statements
Most recent business tax return (for advances over $100,000)

One advantage of working with Credibly is that it offers the third lowest starting rate among the lenders in our guide, behind Lendio and Reliant Lending. However, it's important to note that Credibly also charges a one-time underwriting fee of 2.5% and a $50 monthly administrative fee.

To get started, visit the Credibly website, where you can pre-qualify and receive approval within just a few hours. You'll also have the opportunity to speak with a team member to discuss your financing options. Once approved, you could receive same-day funding, making Credibly a convenient choice for fast, easy funding.

Why We Like GoKapital

If you've been struggling to secure funding due to the nature of your industry, GoKapital may be a suitable solution. GoKapital offers financing for all industries, including cannabis, funeral homes, and firearm sales—making it our top choice for businesses in high-risk industries.

One potential downside of GoKapital is that its funding speeds are slightly slower compared to other lenders, such as Credibly, where you can get approval and funding in just a few hours. However, GoKapital remains competitive in terms of rates, terms, and qualification requirements. It offers one of the largest funding amounts among the MCA providers we've reviewed, has no restrictions on how funds can be used, and features flexible eligibility criteria, even allowing funding for businesses with active tax liens.

Another advantage of working with GoKapital is the flexibility to make weekly or daily payments, depending on your preference. This allows you to better manage cash flow according to when you receive income from sales or other revenue sources.

To apply or learn more about funding options, visit the GoKapital website.

Why We Like Reliant Funding

Among the providers on our list, Reliant Funding has the lowest annual revenue requirement, with qualifications similar to Lendio. It only requires three months in business, making it an ideal option for borrowers who may not yet have substantial cash flow—making it our top pick for low-revenue businesses.

With Reliant Funding, you can work with a dedicated account manager whose role is to understand your specific needs, ensure an MCA is the right choice, and provide personalized recommendations to guide you through the process, helping you get funded as quickly as possible.

Repayment of a Reliant Funding MCA can be done on a daily or weekly basis—offering more flexibility compared to most other MCA providers, which typically only allow daily repayments. There are no restrictions on how you can use the funds for your business. Additionally, Reliant Funding offers the ability to access more funding once 50% of the original balance is paid off.

To learn more, you can visit the Reliant Funding website or contact them via their toll-free number. They also accept online applications with no upfront costs, no credit checks, and no obligation to accept any loan offer.

Why We Like Fora Financial

Fora Financial provides financing options for businesses with limited operating history and can work with borrowers who have bad credit. With no stated minimum credit score requirements and only six months in business required, Fora Financial is our top pick for newer businesses in need of funding.

Funds from Fora Financial's cash advance product can be used for virtually any business expense, including buying equipment, purchasing inventory, or renovating office space. Popular industries served by Fora Financial include services, construction, restaurants, retail, and medical sectors.

Borrowers have the option to access additional funds once 60% of the original loan is paid off, making Fora Financial a good choice for businesses with recurring funding needs. Fora Financial also offers prepayment discounts to incentivize quicker repayment.

If you’re uncertain about your eligibility, you can apply with no negative impact on your credit score. Fora Financial only conducts a soft credit inquiry during the initial application, with a full credit check performed only upon approval. To apply, visit the Fora Financial website.

Why We Like Libertas Funding

Libertas Funding offers some of the most flexible repayment terms in the merchant cash advance space. Unlike many MCA lenders that require daily payments, Libertas Funding provides options for weekly, bi-weekly, and even monthly payments—helping businesses better manage their cash flow. However, this lender also has the highest credit score and annual revenue requirements on our list, making it best suited for high-revenue businesses.

As with most MCAs, the rates and pricing depend on your business qualifications, such as industry, time in business, personal credit score, business credit, and financial health.

Eligible businesses can also benefit from perks that aren’t available with most other lenders. Along with flexible repayment schedules, prepayment discounts of up to 25% are available for paying off your balance early. Renewal options are also offered, allowing continued access to funds when needed.

To learn more or apply, visit the Libertas Funding website.

How We Chose the Best Merchant Cash Advance Lenders

The best merchant cash advance companies were selected using the following criteria:

Factor rates, fees, and estimated APRs
Application, approval, and funding speed
Ease of application
Flexibility of repayment terms and repayment schedules
Qualification requirements, such as credit score, revenue, and time in business
Availability of discounts, such as prepayment discounts
Funding amounts offered
Customer reviews and ratings