| Takeaway | Details |
|---|---|
| 💼 What Legend Funding Is | Legend Funding (Legend Advance Funding II LLC) is an NY–based alternative lender that provides working capital exclusively through merchant cash advances for small businesses nationwide. |
| ⚡ Speed of Funding | Funding can be approved quickly, often within one or two hours after submitting the required information, with deposits sometimes made the same or next business day. |
| 📊 Funding Amounts | Legend Funding can approve merchant cash advances of up to $750,000, with offers primarily based on revenue and cash flow rather than credit scores alone. |
| 🔍 Qualifications | The lender works with FICO scores as low as 500, has a few restricted industries, and uses soft credit pulls that do not impact credit scores. |
| 💳 Cost & Transparency | While Legend Funding claims to offer competitive rates, it does not publish factor rates or fees, making it difficult to compare actual costs with those of other financing options. |
| 🏦 Repayment & Renewals | Repayment is made via daily or weekly ACH withdrawals, with advertised prepayment discounts and the option to request additional funding as repayment progresses. |
| ⭐ Customer Reviews | Reviews are mixed—many praise speed, communication, and staff professionalism, while others cite high costs, aggressive sales tactics, and concerns about bait-and-switch. |
| 🏆 UCS Rating | United Capital Source rates Legend Funding 3.4 out of 5, noting it as a potential MCA option but limited by cost transparency and lack of alternative funding products. |
Traditional bank loans are often out of reach for business owners who need fast funding. Strict credit requirements, lengthy underwriting timelines, and extensive documentation can make conventional financing impractical—especially for businesses that need money quickly to manage cash flow, cover payroll, or seize a short-term opportunity. As a result, many companies turn to alternative business lending solutions.
Merchant cash advances are one such option. Rather than functioning like a traditional loan, an MCA provides a lump-sum payment in exchange for a share of future revenue. Companies like Legend Funding operate in this space, offering working capital solutions designed for speed and accessibility. These products can be helpful in certain situations, but they also carry higher costs and risks than business loans.
Because of this, it’s critical for any business owner to carefully evaluate a lender, understand how the process works, and compare offers before signing an agreement. Taking the time to understand factor rates, repayment structures, and long-term impact can make a meaningful difference in a business’s financial future.
In this review, we’ll explore how Legend Funding works, including the available options, the pros and cons, and the application process to help you decide if it’s right for your business. Specifically, we’ll answer these questions and more:
Legend Funding, also known as Legend Advance Funding, is a business funding company that provides working capital solutions primarily through merchant cash advances. The company serves small business owners nationwide who may not qualify for traditional bank loans or need funds faster than banks can provide. Its stated mission centers on helping businesses access capital efficiently while keeping speed and service a top priority.
Legend Funding provides working capital to businesses through a range of flexible, responsive funding services. The company focuses on revenue-based financing rather than long-term loans, positioning itself as an alternative lender for businesses seeking short-term funding solutions.
The company is headquartered in New York, New York, and operates as Legend Advance Funding II LLC. Its managing partners emphasize financial expertise and relationship-driven service, aiming to assist businesses at different stages of growth. Legend Funding markets itself as attentive, professional, and solution-oriented, often highlighting its in-house underwriting and streamlined process.
Legend Funding only has a few restricted industries and can work with FICO scores as low as 500. This broad eligibility makes the company accessible to many businesses that banks or other lenders may have turned away. Retailers, restaurants, service-based companies, and other revenue-generating businesses are among its typical clients.
Legend Funding specializes in merchant cash advances (MCAs), a financing option in which a business receives a lump-sum payment in exchange for a portion of its future receivables. Instead of paying interest over a fixed term, the company agrees to repay a set amount using daily or weekly ACH withdrawals from its bank account.
Legend Funding can approve funding amounts up to $750,000. Approval decisions are based primarily on revenue, cash flow consistency, and time in business, rather than credit alone. This makes the process accessible, though it also means repayment amounts are tied directly to business performance.
Legend Funding can provide funding promptly, often within one or two hours of receiving the necessary information, enabling same-day business funding. Speed is a significant selling point, particularly for businesses facing urgent expenses. Legend Funding employs in-house underwriters to assist with the funding process, helping reduce delays and streamline communication.
Once approved, funds are typically deposited directly into the business’s bank account. Repayment begins shortly afterward through automated ACH debits. While this process can be smooth and efficient, it requires careful cash flow management to avoid strain on daily operations.
Legend Funding’s qualification requirements are more flexible than those of traditional lenders. Applicants generally need to demonstrate consistent monthly revenue, an active business bank account, and a minimum time in business—often just a few months.
Credit score requirements are minimal, and the company evaluates applications holistically. Credit checks at Legend Funding use soft credit pulls, so applying will not negatively affect a borrower’s credit score. This can appeal to business owners who are cautious about making hard inquiries.
While specific revenue thresholds are not publicly disclosed, more substantial cash flow typically leads to better offers, including higher funding amounts and potentially more favorable rates.
Legend Funding is a merchant cash advance company and operates as a direct funder rather than a marketplace or broker. It does not offer traditional business loans, SBA loans, or lines of credit, which limits the range of financing solutions available through the company. It advertises that it has no state restrictions, meaning its MCA options are available nationwide.
Merchant cash advances, also called business cash advances, carry both benefits and risks. While Legend Funding is known for its competitive interest rates, MCAs remain one of the more expensive ways to fund a business. Costs are expressed as factor rates rather than APR, which can result in higher amounts. Used responsibly, however, an MCA can help manage short-term cash flow gaps, stay afloat during a slow period, or capitalize on time-sensitive business growth opportunities.
One challenge for borrowers is the lack of cost transparency. Legend Funding does not publicly list factor rates or detailed fee structures, despite claims of competitive rates. This can make it difficult to compare offers or fully understand the long-term cost of funding before entering the process.
The company places a strong emphasis on ISO partnerships, though it also accepts direct applications. This sales-driven model can result in frequent outreach. Some customers have reported receiving consistent updates throughout the funding process, while others note aggressive follow-up.
Legend Funding aims to provide tailored solutions to meet businesses’ specific needs. Users have noted that Legend Funding is responsive to inquiries and requests for assistance, with some describing the service as attentive and professional.
However, Legend Advance Funding has faced serious complaints and legal issues according to customer experiences. Bait-and-switch allegations involve initial offers of short-term advances that lead to larger, long-term loans. Some customers have reported feeling harassed by Legend Funding through persistent emails and calls after requesting removal from their contact list.
Legend Funding offers a business funding affiliate program. ISOs and business loan brokers can sign up to refer deals.
Legend Funding offers a quick, easy small business loan application. The process is designed to minimize paperwork and expedite approvals, making it appealing to businesses that need funds quickly.
Business owners start by entering basic information about their business, including revenue, time in business, and contact details.
Applicants may be asked to upload recent bank statements or grant secure access to their business bank account for underwriting review.
In-house underwriters evaluate the application, focusing on cash flow and overall business health rather than credit score alone.
If approved, the business receives an offer outlining the funding amount, factor rate, and repayment structure. The agreement is signed electronically.
Funds are typically deposited within one or two business days, sometimes sooner.
After funding, repayment begins through daily or weekly ACH withdrawals. Legend Funding advertises aggressive prepayment discounts that may reduce the total cost if the advance is repaid early.
The company also allows businesses to request additional funding after demonstrating successful repayment, suggesting that renewals are available. Carefully review any funding agreement to ensure you fully understand repayment obligations, cost-saving opportunities, and potential renewal options.
Legend Funding’s primary advantage is speed. Businesses can move from application to funding in a matter of days, sometimes hours.
Flexible credit requirements, soft credit pulls, and in-house underwriting make the process accessible. Some clients describe the experience as smooth and even an absolute pleasure, noting professional service and consistent communication.
The biggest drawback is cost. Merchant cash advances are expensive, and the lack of transparent rates makes it harder to fully understand their financial impact.
Aggressive sales tactics, frequent phone outreach, and mixed customer reviews may also concern some business owners. Additionally, the company does not offer other financing options beyond MCAs.
Pros
Cons
Legend Funding appears to be a legitimate business funding company operating as Legend Advance Funding II LLC in New York. It maintains an online presence, serves clients nationwide, and has verifiable business registrations. The company has Better Business Bureau (BBB) accreditation with an A+ rating.
However, it’s important to note that a separate entity, Legend Venture Partners LLC, was charged by the SEC in 2023 with defrauding investors. While this is not the same company, the similarity in naming can cause confusion and warrants careful due diligence.
Customer reviews of Legend Funding are mixed, with many positive testimonials contrasted by significant complaints. The company has a 4.5/5 rating on over 100 Trustpilot reviews and a 3.5/5 on over 20 Google reviews.
Positive reviews often highlight speed and service. Users widely praise Legend Funding for exceptional speed, transparent communication, and helpful staff. Customers have reported that the funding process is smooth and timely. Many users appreciate Legend Funding’s competitive interest rates and describe the team as attentive and professional. Several reviews highlight that Legend Funding is attentive to client needs, and customers have expressed satisfaction with their overall experience working with the company.
Negative reviews focus on costs and sales practices. Some negative BBB reviews of Legend Funding mention potential bait-and-switch issues. One user reported a significant delay in receiving the final wire transfer for their funding, which is affecting payroll. Legend Funding has received complaints regarding rude and disrespectful customer service from some clients. Some customers have described Legend Funding as a predatory lender because of its high interest rates and aggressive collection practices.
Legend Funding may decline a request for various reasons, such as bad credit or insufficient revenue. It’s also possible that your business model isn’t conducive to the company’s repayment structure.
If declined, Legend Funding should provide notice explaining why. If not, or if you require more information, contact Legend Funding directly.
Fortunately, small business owners have many lender options to consider if Legend Funding isn’t the right fit. There are many merchant cash advance options, and several lenders also offer other business financing options.
Working with a small business loan marketplace (like UCS) lets you apply to a network of lenders with a single application and receive multiple offers. You can then get guided support in choosing the best deal for your small business.
You may be interested in one of the following small business loans:
Legend Funding may appeal to small business owners who need fast working capital, have limited credit options, and understand the costs associated with merchant cash advances. Businesses that can manage daily repayments and plan for short-term funding needs may benefit most.
However, companies seeking lower-cost financing, longer repayment terms, or multiple funding products may want to explore other lenders. Understanding the whole deal, asking questions, and comparing offers remain essential.
Based on the available information, we rate Legend Funding 3.4 out of 5. It could be a decent option for merchant cash advances, but it has low funding amounts and doesn’t offer other options.
Disclaimer: The Legend Funding trademark is owned by Legend Advance Funding II LLC, and its use herein is for reference purposes only, and it does not indicate sponsorship or endorsement from Legend Advance Funding II LLC.
