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Everest Business Funding Review: Pros, Cons & How To Apply

Small businesses with low credit scores or less than a year in business often struggle to find financing. Companies like Everest Business Funding seek to solve this problem with a merchant cash advance.

These financing structures are gaining popularity since they have low qualifications and fast funding time. But merchant cash advances are one of the most expensive business financing products.

This review covers what you must know about the company’s product to help you decide if it’s right for your business. Specifically, we’ll answer these questions and more:

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    What is Everest Business Funding?

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    Everest Business Funding offers a merchant cash advance that gives small businesses fast access to working capital. Merchant cash advances are an expensive way to borrow money, but the company offers low qualifications, simple applications, and quick funding.

    The FL-based company launched in 2014, and its small business loans are available in all 50 states. The company has a 95% approval rate since merchant cash advances are one of the most accessible funding options.

    Everest works with businesses across various industries, but its most common customers are in the following sectors:

    How does Everest Business Funding work?

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    The company only offers a merchant cash advance (MCA). With an MCA, you receive a large sum upfront and repay it with a percentage of your future sales.

    The company’s MCAs have the following features:

    • Amount: $5,000 – $1 million.
    • Loan Terms: 2-12 months.
    • Factor rates between 1.2 and 1.5.

    The amount you receive is usually based on your average sales over the previous three months. Repayment is typically daily via an ACH transfer from your business bank account or your credit card and debit card sales processor.

    You pay the same amount of interest whether you pay it off early or not. Multiply the amount you borrow by the factor rate to determine how much interest you owe.

    For example, if you received an MCA for $250,000 at a 1.25 factor rate, the formula would be:

    $250,000 x 1.25 = $312,500.

    You’d pay $62,500 in interest to borrow $250,000.

    What are the qualifications for Everest Business Funding?

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    One of the primary reasons small business owners use MCAs is because it’s easier to qualify. Applicants have a 95% approval rate. The only posted eligibility requirements are:

    • Personal credit score: 500+.
    • Time in business 3 months.
    • Revenue: $10k per month.

    For Everest Business Funding, You Need to Know That:

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    You’d essentially be paying a premium for the convenience of quick and easy business funding. The qualifications are much lower, and it’s possible to get funding within 24 hours of approval, but the rates and additional fees are much higher than other small business loans.

    The company’s website does not provide much detail on additional costs. We learned from user reviews that their MCA product carries an origination fee between $199 – $2,900.

    The lack of information makes comparing prices with other small business lenders difficult. You might not fully understand your costs until you apply and receive a final funding offer.

    The company provides an ISO partner program. ISOs and loan brokers can offer the company’s MCA to their small business clients. Some small business owners prefer working with a loan broker since they can help them find the best lending product for their needs. It saves businesses time, and they can leverage the broker’s more detailed knowledge of the market.

    How to apply for Everest Business Funding:

    loan, application, application form

    The application process is simple. Follow these steps to apply.

    Step 1: Complete the Online Application

    Apply through the company’s website. Provide your name, email, business name, and address. Identify your requested amount, how soon you need the money, and your monthly revenue.

    Step 2: Speak to a Representative

    A funding rep will contact you to review your request and send a preliminary offer. You’ll provide the previous three months’ business bank statements to verify your identity and cash flow.

    Step 3: Accept and Get Funded

    The company will send you a final offer with the borrowing amount, rates, fees, and terms. If you accept, you can get your funds in as little as 24 hours.

    Everest Business Funding, Post Funding:

    credit card, terminal, cashless

    The process is the same as any merchant cash advance. You’ll have daily payments.

    The funds will be withdrawn from your business bank account or card processor. It will be a percentage of your daily sales, so the amount you pay fluctuates with your revenue.

    The website doesn’t provide information on early payment discounts or renewals. Online comments from the Everest customers state that you can renew, but there is no renewal incentive for lower rates or increased borrowing amounts.

    What are the advantages of Everest Business Funding?

    The company provides quick and easy access to working capital. Borrowers with low credit scores and a shorter time in business can get approved.

    Applying is simple, and you could get your funds within 24 hours of approval. You can use the funds to cover expenses, refinance debt, and more.

    What are the disadvantages of Everest Business Funding?

    The primary drawback is the cost. All merchant cash advances are expensive, and Everest is no exception.

    The company charges an origination fee of as much as $2,900. It doesn’t publish information on fees, which makes it challenging to get a complete picture of the costs.

    Factor rates with short terms and daily payments can stifle a company’s cash flow. Ensure you can handle the repayment structure before agreeing to an MCA.

    Everest Pros & Cons

    pros, and, cons



    • MCAs are an expensive way to borrow money.
    • Potentially high origination fees.
    • Short repayment terms with daily payments required.
    • Lack of transparency or detail on the company’s website.

    Apply for business funding through United Capital Source today.

    Everest Business Funding Frequently Asked Questions

    Is Everest Business Funding legit?

    Everest Business Funding is a legitimate merchant cash advance company.

    What do Everest Business Funding Reviews typically focus on?

    feedback, group, communication

    The company has mixed reviews. It is not Better Business Bureau (BBB) accredited. It has a C- rating and a 1.11 out of 5 customer rating on the watchdog site.

    However, it has a 4.7 customer rating on Trustpilot. Positive reviews praise the company’s customer service, approval rate, and how fast they received funds.

    Negative reviews mainly focus on the cost and strain it puts on cash flow. Some customers said that the service fell off once the MCA was funded, and they needed help.

    What if Everest Business Funding denies my application?

    Most businesses that apply will be approved, but there’s no guarantee. If you received a denial letter, it should explain why. You can contact the company for more information if needed.

    If Everest denied you, or if you don’t feel like it’s a good fit, there are plenty of small business lenders to consider. You shouldn’t have trouble finding a merchant cash advance provider.

    For business owners looking for more advantageous finance options than an MCA, consider other small business loans, such as:

    Making Your Decision

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    Everest Business Funding is best suited for small business owners with low credit scores that need fast funding. You could access up to $1 million in working capital in just a few days, but it will cost you.

    Established businesses with good credit and solid revenue can find lower-cost financing options. The speed might be tempting, but some lenders offer a fast funding process for less costly loans.

    Based on its product, user reviews, and costs, we rate Everest Business Funding 3.5 out of 5. It’s worth considering in certain situations, but only offering one product, the costs involved, and the lack of transparency hold the company back.

    Disclaimer: The Everest Business Funding trademark is owned by Everest Business Funding and its use herein is for reference purposes only and it does not indicate sponsorship or endorsement from Everest Business Funding.

    Apply for business funding through United Capital Source today.

    Why Choose United Capital Source?

    Why businesses choose UCS:

    Quick funding options that won’t affect credit
    Access to 75+ lenders with multiple products to choose from
    Financing up to $5 million in as few as 3 days
    1500+ 5 star reviews from happy clients!

    Ready to grow your business? See how much you qualify for:

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        Current monthly sales deposit average to your business bank account?

        How much Working Capital would you like for your business?

        At UCS, we understand the value of your time and want to ensure that your application has a great chance of approval. Please take note of the following details before applying:
        • To be eligible, it’s necessary to have a business bank account with a well-established U.S. bank such as Chase, Wells Fargo, Bank of America, Citibank, or other major banks. Unfortunately, online-based bank accounts like PayPal, Chime, CashApp, etc., are not permitted.
        • When describing your current average monthly sales deposits to your business bank account, please provide accurate information. Our approval process is based on your current business performance, and it’s essential to provide accurate details about your current sales in the first question on the application form. We cannot approve applications based on projected revenues after receiving funding.
        We appreciate your understanding and cooperation in ensuring a smooth and successful application process.
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