Online business loans are increasing in popularity among small business owners, especially with bad credit borrowers or those needing fast funding. Uplyft Capital is an online lender that specializes in both.
You only need a minimum credit score of 450 to qualify, and business owners can receive same-day approval with funding in 1-2 business days. However, the convenience and brevity of approval and funding carry higher costs than some competitors.
We can help guide you if you’re considering applying for Uplyft Capital. This review covers the available business loans, costs, pros and cons, and how to apply.
Specifically, we’ll answer these questions and more:
Uplyft Capital is an online lender specializing in merchant cash advances to serve the small business community. The company can also help connect customers to other small business loans through its third-party lenders.
Uplyft offers same-day approvals with funding available in 1-2 business days. The company’s merchant cash advance product is a viable option for small businesses with less than stellar credit that need fast funding.
Founded in 2012, Uplyft has provided over $300 million in funding to more than 4,500 small- and mid-sized businesses (SMBs). Uplyft is available in all 50 states.
The company also does business under its alternate names:
Merchant Cash Cloud
EaglePhillips, LLC.
Uplyft Capital only directly funds merchant cash advances (MCAs). With an MCA, you receive a large sum of money upfront in your business bank account. You then repay that amount, plus interest, in daily or weekly payments from your credit card sales or ACH transfers from your debit card sales.
The Uplyft merchant cash advance programs offer:
Uplyft Capital offers a tiered MCA program. Providing this information upfront allows you to estimate your costs and available borrowing amounts.
Uplyft only directly funds the MCA programs but works with third-party lenders. It might be possible to get one of the following funding solutions from an Uplyft lending partner:
One of the main advantages of Uplyft Capital is that you can qualify even if you have bad credit and have only been in business for six months. However, you will need $12k in monthly revenue.
Here are the minimum qualifications for Uplyft Capital:
It can be an expensive way to borrow money. Merchant cash advances are generally considered one of the costliest small business lending options.
Uplyft’s factor rates are also slightly higher than similar MCA providers. However, the company doesn’t charge the fees most of its competitors do, so it’s a bit of a tradeoff.
With a factor rate, you multiply the principal by the rate to determine how much interest you will pay. Let’s say you borrowed $100,000 at a factor rate of 1.34:
($100,000 X 1.34 = $134,000).
In this case, you’d pay $34,000 in interest to borrow $100,000. You can use the funds for a wide range of business purposes, including:
Uplyft Capital doesn’t restrict any industries except nonprofits. It is a good option if you’re in a riskier industry that has difficulty qualifying for business financing.
The application is online only and takes just a few minutes to complete. Uplyft uses AI to help expedite the process.
You will need the following documents to apply:
You should also know some information ahead of time to help you complete the application. Be prepared to provide:
Repayment begins after you receive your cash advance. Depending on the program, you’ll make daily or weekly repayments via ACH transfers.
The loan is short-term, meaning you must repay it within a few months. Ensure your cash flow can handle the frequent repayments.
Once you’ve made consistent, on-time payments, you could become eligible for renewal. It might be possible to renew it at a lower rate.
One of Uplyft’s primary benefits is a fast funding time. The company offers a quick and easy application, and you can get a same-day approval decision. Funds are transferred within 1-2 business days after approval.
With a minimum credit score of 450, Uplyft is among the best options for bad credit borrowers. You also only need six months in business to qualify, as long as you have proven revenue in that time. The company has a 90% approval rate.
Uplyft is transparent about its costs. The company does not charge origination or monthly fees, which are standard fees that other MCA lenders will charge.
The most significant drawback of Uplyft Capital is the cost. Merchant cash advances are already an expensive way to borrow money, and Uplyft has higher factor rates than the competition.
The company only lends MCAs, at least as a direct lender. It lists other small business loan options as part of its business funding marketplace, but you must apply to those lenders, each with its own underwriting requirements. This can make the information on Uplyft Capital’s platform confusing.
While the company accepts low credit scores and a shorter time in business, you do need high revenue to qualify. The requirement of $144k in minimum annual revenue will preclude many small businesses.
Borrowers must repay the advance with a daily or weekly percentage of credit and debit card transactions. The frequent repayments, short terms, and high factor rates can strain your cash flow.
Here is a quick summary of the benefits and drawbacks of Uplyft Capital.
Pros:
Cons:
Yes, Uplyft Capital is a legitimate online lender. The company has a 4.7 out of 5 rating on Trustpilot with over 150 reviews.
The Better Business Bureau (BBB) has accredited Uplyft since 2022, where it has an A+ rating. Uplyft has a 4.43 out of 5 customer rating on the watchdog site, which is outstanding for BBB.
The company’s merchant cash advance isn’t necessarily right for every small business. Uplyft might be the right fit for your business if:
Most reviews of Uplyft are very positive, but there are some negative ones you should know about. Positive reviews praise the speed of funding.
Other positive reviews discussed the ease of the application and fast approvals for merchant cash advances. Many reviews praise the company’s great customer service, with several business owners mentioning their service rep by name.
The most common complaint in negatives by far is the cost. Multiple commenters mentioned not accepting the merchant cash advance offer because of the cost. Others stated they accepted the offer, but repayments strained their cash flow to the point of risking the business.
Uplyft Capital has a 90% approval rate, but there are still some reasons an application might be denied. The biggest reason for denials is the revenue cutoff, but other factors like your industry or credit history could be an issue.
The denial letter should explain why the company didn’t approve the request. If not, you can contact them for more information.
Thankfully, there are plenty of online lenders if you were denied (or were approved but felt the costs were too high). There are many options for merchant cash advances or other small business loans that might not be as expensive as MCAs.
Uplyft Capital’s merchant cash advance programs are a solid option for bad credit borrowers who need fast funding. The factor rates might be higher than some, but the lack of fees almost makes that increased cost a wash.
You’ll also have the benefit of upfront, transparent pricing from Uplyft. You won’t have to worry about hidden fees or unexpected charges.
The easy application process, minimal documentation, and high approval rate also make Uplyft an attractive option. However, more established businesses with good to excellent credit can likely find less costly small business loans.
Based on the ease of use and customer reviews, we rate Uplyft Capital as a 4 out of 5. The company only loses points for its limited product offerings and high factor rates.
Disclaimer: The Uplyft Capital trademark is owned by Uplyft Capital and its use herein is for reference purposes only and it does not indicate sponsorship or endorsement from Uplyft Capital.
