| Key Takeaway | Summary |
|---|---|
| 🚀 Fast Approvals & Funding | Simply Funding offers same-day approval in many cases, with funds deposited as early as 1 day after signing the agreement. |
| 💳 Merchant Cash Advance Focus | The company exclusively provides merchant cash advances, purchasing a percentage of future sales instead of issuing a traditional loan. |
| 💰 Funding Up to $500,000 | Businesses can access between $5,000 and $500,000, depending largely on monthly revenue and time in business. |
| 📊 Revenue-Based Approvals | Approvals are primarily based on past sales history and projected future sales, making funding accessible to businesses with bad credit (minimum FICO of 500 for most programs). |
| 🔁 Daily or Weekly Payments | Repayment is collected as a percentage of receivables through ACH debits or credit card splits, which can fluctuate with sales but may strain cash flow. |
| ⚠️ Higher Cost Structure | MCAs use factor rates instead of interest or APR. While an example shows a 1.08 factor rate, industry rates can range from 1.05 to 1.5, potentially making this an expensive funding option. |
| 🏢 Established Direct Funder | Founded in 2017 and headquartered in New York, Simply Funding operates as a direct funder and has provided millions of dollars to small businesses nationwide. |
| ⭐ UCS Rating: 3.5/5 | Based on available information, Simply Funding earns a 3.5 out of 5. It’s a solid MCA option for fast funding, but limited product offerings and a lack of cost transparency are concerns. |
Small business owners across the country are increasingly turning to alternative business lending solutions as traditional lenders and the local bank environment become harder to navigate. Lengthy underwriting timelines, strict documentation requirements, and conservative credit standards can make it difficult for a growing business to access the money it needs, especially when time is critical.
One of the most accessible and fastest funding options in today’s market is a merchant cash advance (MCA). Companies like Simply Funding specialize in providing advances based on future sales, often delivering approvals in as little as one day. For businesses facing urgent cash flow gaps, this can feel like the perfect solution for success.
However, while merchant cash advances offer quick access to capital, it’s crucial to evaluate any funding company carefully before proceeding. Costs, repayment structure, and overall transparency can vary significantly across the industry. A thoughtful review can help protect your business and ensure you find the best deal possible.
In this review, we’ll explore how Simply Funding works, including its available options, pros and cons, and application process, to help you decide if it’s right for your needs. Specifically, we’ll answer these questions and more:
Simply Funding is a direct funder specializing exclusively in merchant cash advances (MCAs). Founded in 2017 by Bernard Mittelman, the company is headquartered in New York and has grown from a small operation into a 28-person team serving businesses across the country.
Unlike lenders that offer lines of credit or traditional loan products, Simply Funding focuses on a single core funding product: purchasing a portion of a business’s future receivables in exchange for upfront capital. The company can advance up to $500,000 by purchasing future sales, providing fast business funding when companies need it most.
Since its founding, Simply Funding has provided millions of dollars to businesses across industries, including retail, restaurants, medical facilities, and online merchants. Its mission emphasizes security, clear operational rules, and a streamlined process that allows business owners to understand what they’re agreeing to before they move forward.
Simply Funding provides merchant cash advances, also called business cash advances, by purchasing a percentage of a business’s future sales. Instead of charging interest like a traditional bank loan, the company uses a factor rate to determine the total repayment amount.
The MCA application process is relatively simple. A business submits basic documents, including bank statements and information about monthly sales. The Simply Funding team evaluates the company based on past sales history and the probability of future sales. If approved—often within 24 hours—the business can receive funding quickly.
Repayment is collected either through:
Importantly, businesses do not need to accept credit cards to qualify. Repayment can be structured through ACH withdrawals, making the product accessible to a wide range of operations.
As a merchant cash advance company, Simply Funding offers three primary programs:
Starter Program: Designed for newer businesses, the Starter program provides funding up to $50,000. To qualify, businesses must have been in operation for at least 3 months and generate at least $10,000 in monthly sales.
Standard Program: The Standard program provides up to $125,000 in funding. Businesses must have been in operation for at least 1 year and generate at least $10,000 in monthly sales.
Premium Program: The Premium program offers up to $500,000 in funding. To qualify, businesses must have at least two years in business and a credit score of 600 or higher.
While $10,000 in monthly sales is the minimum required for approval, maximum funding amounts are typically based on revenue. In practice, businesses will likely need significantly higher monthly sales to access the full $500,000.
Qualifying for a merchant cash advance with Simply Funding requires 3 months in business and an average monthly gross sales of $10,000. Approvals are primarily based on revenue rather than credit scores, making the product accessible for businesses with less-than-perfect credit.
Below is a comparison of merchant cash advance requirements by program:
| Program | Credit Score | Time in Business | Revenue Requirement |
|---|---|---|---|
| Starter | 500+ | 3+ months | $10k monthly sales |
| Standard | 500+ | 1+ year | $10k monthly sales |
| Premium | 600+ | 2+ years | Unspecified (revenue-based) |
Because MCAs focus on receivables rather than traditional underwriting metrics, collateral is typically not required. However, many industry agreements may include a personal guarantee, which can put the owner’s personal assets at risk if the business fails to pay.
Note: While minimum revenue requirements start at $10k in monthly sales, MCA companies base funding amounts on sales history. This means you’ll likely need much higher sales to qualify for maximum funding amounts. Many MCA companies advance between 1 and 1.5 times monthly sales.
Simply Funding is focused solely on one funding product: the merchant cash advance. This singular focus can make the offering easy to understand, since the company does not provide a line of credit, term loan, or other business loans. However, it also means businesses seeking other forms of funding will need to connect with another lender or broker.
Merchant cash advances are not loans. Technically, they are business-to-business transactions in which the company purchases future receivables at a discount in exchange for upfront cash. Because they are not classified as loans, they are not recorded as traditional business debt and are often not reported to credit bureaus. Limited regulatory oversight exists for MCAs, as they are not technically classified as loans and may lack consumer protections found in traditional lending.
Repayment typically involves remitting a percentage of daily or weekly revenue. This may occur through ACH debits from the business account or a split of credit card sales. Most MCA companies use remittance rates between 10% and 30%. High-frequency daily payments can strain operations, particularly during slow sales periods.
MCAs are generally more expensive than traditional bank loans or lines of credit. Instead of an interest rate or APR, the cost is expressed as a factor rate. For example, Simply Funding’s website provides an MCA example, showing a $10,800 repayment on a $10,000 advance. That translates to a factor rate of 1.08. In the broader industry, factor rates often range from 1.05 to 1.5. The higher the factor rate, the more total dollars a business will pay.
Simply Funding does not publicly publish its full factor rate range, remittance rates, or typical terms, which can make cost comparisons challenging before applying. MCAs are often criticized for a lack of transparency around fees and repayment terms, and businesses should carefully review all documents before agreeing.
Businesses considering an MCA should thoroughly research the company, understand the fee structure, and ensure they have a plan to manage frequent payments. Some businesses in the industry report feeling pressured to renew or take additional advances, which can lead to a cycle of debt if not handled responsibly. Careful review of the funding agreement is crucial to avoiding misunderstandings.
Simply Funding offers a business funding affiliate program. ISOs and business loan brokers can sign up to submit MCA deals to the direct funder and earn commission on referred deals.
Simply Funding promotes a streamlined application process with fast responses and no obligation to accept an offer. The company emphasizes simplicity and speed, often providing feedback within 24 hours.
Below is a three-step overview of how the process works:
Getting started is straightforward. Business owners fill out a short, one-page online application with basic information about their company, monthly sales, and operations. After submission, Simply Funding reviews the details and typically responds within 24 hours.
Once the application is received, the team evaluates the business based primarily on past sales performance and the likelihood of future sales. Because this is a merchant cash advance, approval decisions focus more on revenue trends than traditional credit underwriting. If approved, the company presents a funding offer outlining the total advance amount, factor rate, and repayment structure.
After reviewing the offer, the business owner can sign the agreement to move forward. Once finalized, funds are deposited directly into the business bank account, often within 1 day. The process is designed to be efficient, with significantly less paperwork than a traditional bank loan.
After funding, repayment begins through daily payments or weekly payments based on a percentage of sales revenue. Repayment is typically structured as either ACH debits from the business account or a split of receivables. Terms are not publicly specified, but most merchant cash advances range from three to 24 months.
The company does not clearly publish details regarding prepayment penalties or early payoff discounts. However, its LinkedIn profile suggests early payoff discounts may be available in certain situations. Renewal options are also not publicly detailed, though many MCA companies offer renewals once 50% to 75% of the advance has been repaid.
It is important to closely review the funding agreement to fully understand repayment obligations, potential cost-saving opportunities, and renewal terms before proceeding.
One major advantage is speed. Fast funding options are essential for small businesses needing immediate capital, and Simply Funding typically provides approval within 24 hours. The company focuses on revenue-based approvals, making funding accessible to businesses with bad credit or limited credit history.
The straightforward merchant cash structure can be easy to understand, and repayment fluctuates with sales when structured as a percentage. Simply Funding also claims a 100% customer satisfaction guarantee and emphasizes its professionalism and staff support.
The biggest drawback is cost. MCAs are generally more expensive than traditional financing, and factor rates can result in significantly higher total repayment amounts. These short term business funding solutions often feature high-frequency daily payments, which may strain cash flow and operations.
Simply Funding does not publish detailed pricing information, which limits transparency before application. Additionally, the company offers only merchant cash advances, so businesses seeking a term loan or line of credit must look elsewhere.
Independent user reviews are limited, making it harder to fully assess the quality of long-term customer service. Some users have reported aggressive collection tactics and communication issues, including not receiving important documents.
Pros:
Cons:
Based on available information, Simply Funding appears to be a legitimate funding company. It operates as a direct funder, has been in business since 2017, maintains a professional website, lists a New York headquarters, and has an active LinkedIn presence.
The company has funded millions of dollars and works with businesses across multiple industries. However, like many companies in the merchant cash industry, reviews are mixed, and independent feedback is limited. Businesses should conduct their own due diligence before making a decision.
Yes, one of the main benefits of merchant cash advances is accessibility for businesses with bad credit. Since approvals are based primarily on revenue and future sales rather than credit history, MCAs can be an option for businesses recovering from financial setbacks, including bankruptcy.
Simply Funding offers programs starting at a 500 credit score. Some MCA providers in the industry go even lower. For example, the minimum starting credit score for MCAs through UCS’s network is 450. Some funders don’t set a minimum credit score. Because revenue plays a larger role than credit, MCAs remain accessible where traditional bank loans may not. MCAs are among the most common bad-credit working capital solutions.
Overall, Simply Funding reviews are mixed. There are not many independent user reviews available, making it challenging to fully assess long-term performance. The company has a 4 out of 5 rating on 10 Google reviews.
Positive reviews often highlight speed, professionalism, and efficient service. Some customers commented that funding was quick and that the team made the process easy to understand.
Negative reviews tend to focus on communication challenges, aggressive collection practices, and dissatisfaction with repayment structures. Some customers claim they did not receive important documents or felt misled about terms. As with any funding company in this industry, it’s important to review all agreements carefully.
While Simply Funding aims to be accessible, it may decline applications from businesses that do not meet its time-in-business, revenue, or credit-score requirements. If declined, the company should provide a written notice detailing the reasons for the decline. If not, or if you require more information, contact Simply Funding directly.
Fortunately, small business owners have access to many lenders and funding options. Many funding platforms offer similar merchant cash advance options, with some offering much higher funding amounts. For example, an MCA through UCS’s network can go up to $5 million.
Working with a small business loan marketplace (like United Capital Source) lets you submit a single application to a network of lenders and potentially receive multiple offers. You can then get guided support in choosing the best deal for your business needs.
Small businesses can access funding through a network of lenders in a business loan marketplace. Alternative funding options for small businesses include business term loans, working capital loans, and accounts receivable factoring.
You may be interested in one of these small business loans:
Bad Credit Business Loans: Bad credit business loans are designed for businesses with low credit scores or prior financial challenges. Bad credit business loans focus more on revenue and cash flow than credit history, making them a strong alternative for owners who may not qualify for traditional financing.
Business Line of Credit: Business line of credit products provide flexible funding options for small businesses. A business line of credit allows you to draw funds as needed, pay interest only on the amount used, and reuse the credit line as you repay it.
Business Loans For Women: Business loans for women are specialized funding programs aimed at supporting women-owned businesses. Business loans for women may include competitive terms, mentorship resources, or access to government-backed initiatives.
Business Term Loans: Business term loans provide a lump sum of capital that is repaid over a fixed period with structured payments. Business term loans are often used for expansion, hiring, or major investments, and typically offer more predictable repayment schedules than merchant cash advances.
Equipment Financing: Equipment financing helps businesses purchase machinery, vehicles, or technology by using the equipment itself as collateral. Equipment financing can preserve working capital while allowing businesses to upgrade or replace essential tools.
Accounts Receivable Factoring: Accounts receivable factoring allows businesses to sell their receivables for immediate cash. With Accounts receivable factoring, a company can improve cash flow by converting unpaid invoices into working capital without taking on traditional debt.
Revenue Based Financing: Revenue based financing provides capital in exchange for a percentage of future sales. Revenue based financing is similar to a merchant cash advance but may offer different repayment structures tied directly to monthly revenue performance.
SBA Loans: SBA loans are a popular alternative funding option for small businesses. SBA loans, backed by the U.S. Small Business Administration, typically offer lower interest rates and longer repayment terms than most alternative financing products.
Working Capital Loans: Working capital loans are designed to cover short-term operating expenses such as payroll, rent, and inventory. Working capital loans can help businesses manage seasonal fluctuations or temporary cash flow gaps.
HELOC for Business: A HELOC for business uses equity in a home as collateral to secure a revolving line of credit for business purposes. A HELOC for business may offer lower interest rates than unsecured financing, but it puts personal property at risk if repayment issues arise.
Simply Funding offers a straightforward merchant cash advance product for small businesses that need quick access to capital. With funding up to $500,000 and approvals often within 24 hours, it can serve as a practical solution for businesses with strong sales but limited credit options.
However, merchant cash advances come at a cost. Factor rates can result in significantly higher repayment amounts than traditional loans, and daily or weekly payments may affect cash flow. Businesses that qualify for a lower-cost bank loan or line of credit may want to explore those options first.
Simply Funding may be a good fit for businesses with steady revenue that need fast funding and understand the structure of MCAs. Businesses seeking long-term financing, lower APR equivalents, or multiple product options may want to consider alternatives.
Based on the available information, we rate Simply Funding 3.5 out of 5. It’s a good option for MCA products, but the low funding maximums and lack of other financing options are concerns.
Disclaimer: The Simply Funding trademark is owned by Simply Funding, LLC, and its use herein is for reference purposes only, and it does not indicate sponsorship or endorsement by Simply Funding, LLC.
