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AdvancePoint Capital

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AdvancePoint Capital offers a variety of business funding products from small- to mid-size businesses. The company's loan options include business loans, business lines of credit, invoice factoring, equipment leasing, medical practice financing, and business cash advances. AdvancePoint Capital has flexible payment options, and the loan approval process is completed in hours. The company transfers funds in as little as one business day.

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The Good

  • Multiple Loan Products
  • One-Day Funds Transfer
  • Transparent and Flexible Requirements

Multiple Loan Products

AdvancePoint Capital has multiple loan offers to choose from. This includes business line of credit, business loan, invoice factoring, business cash advance, medical practice financing, and equipment leasing. Find details about requirements and the loan proess for each product below:

Business Line of Credit

A business line of credit requires a simple one-page application with limited paperwork. When you apply, you'll need business bank statements and other basic douments, such as a copy of your driver's license and your personal credit score. AdvancePoint Capital focuses on gross sales rather than profit and loss. All credit types are eligible, even if you have a poor credit score. 

Loan amounts are flexible, and you can borrow up to $100,000. Repayment periods are over 12 months. 

Business Loan

With a simple application, business loans are available for companies with at least six months in business. AdvancePoint capital makes it clear on its website that the company does not provide funding for start-up businesses. However, all types of credit types are considered. You need to provide business bank statements for review, and AdvancePoint Capital focuses on gross sales more than profit and loss. 

Loan sizes range from $10,000 to $500,000, and term lengths last up to 36 months. Business loans have fixed payments with the option of auto repayment from your business bank account. 

Invoice Factoring

AdvancePoint offers invoice factoring of up to $2.5 million. The company requires A/R and A/P reports to be eligible, but no credit checks are requred for business owners. Receivables are due in up to 90 days.

Business Cash Advance

For business cash advances, you must provide your most recent Merchant Processing Statements and/or business bank statements that show consistent cash flow. AdvancePoint Capital notes on its website that tax returns are not required. Eligibility is not reliant on a certain credit score, but companies do need a minimum of six months in business — AdvancePoint Capital excludes start-up businesses. 

Business cash advances do not have term limits, they include flexible repayment options, and loan amounts range from $10,000 to $500,000. 

Medical Practice Financing

Medical practice financing has stricter requirements than AdvancePoint Capital's other financing options. You will need a financial statement when applying, and good credit is required. However, the company is not specific about exact credit score guidelines. 

Rates start at 5.99 percent, and loan sizes can reach up to $1 million. Term lengths can be up to seven years. You will repay the loan in monthly payments.  

Equipment Leasing

Before applying for equipment leasing through AdvancePoint Capital, you will need all equipment information. All credit types are considered for eligibility, and you can borrow $500 up to $150,000. If you are applying for less than $10,000, you will receive a decision within seconds. You can also have up to 60-month leases. 

One-Day Funds Transfer

AdvancePoint Capital loans can process and transfer in as little as one business day. Many business lenders have lengthier wait times, so it is convenient that AdvancePoint Capital puts emphasis on quick funds transfer.

Transparent and Flexible Requirements

Many business lenders are vague about their requirements, especially online. Quite often you need to contact the lender or request a quote before receiving specific loan rates, requirements, and other details. However, AdvancePoint Capital is a lender who is clear about its requirements online, including what documents you'll need for the application process, how long the loan process and funds transfer takes, and what credit type you'll need to be eligible. The company also notes repayment terms, loan amounts, and payment types for all of its financing options. 

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The Bad

  • Smaller Loan Amounts

Smaller Loan Amounts

Although AdvancePoint Capital offers larger loan amounts for medical practice financing and invoice factoring, for its other financing options, the company only has loan amounts up to $500,000. Other lenders in the industry offer larger loan amounts, so if the offerings listed above aren't alligned with your funding needs, you may need to consider another lender. 

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The Bottom Line

AdvancePoint Capital is a transparent lender with multiple funding options for business owners. Because the lender does not have strict credit score or business requirements, the company appeals to a larger customer base than many of its competitors. 

The company also has a quick loan application and funding process that can take place in as little as one business day. If you're looking for a flexible lender with minimal paperwork and don't mind smaller loan amounts, AdvancePoint Capital may be a viable option for you. 

It's important to note that AdvancePoint Capital does not offer financing to start-up companies. 

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km162 Minneapolis, MN

Great team and services, would highly recommend!

1 year ago

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Reply from AdvancePoint Capital

Thank you for your positive review. We will be happy to pass on your comments to Jacques. Thank you for choosing AdvancePoint Capital and we look forward to a long term business relationship with you! Customer Care

Jan. 31st, 2020

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