First American Merchant Funding is a finance services company founded in 2010 in 2010 in Thousand Oaks, California. The company offers credit card processing services for merchants and loans to small business owners.

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Typical Borrowers

First American Merchant Funding is best suited for small business owners who are unable to secure financing from traditional banking institutions, but need fast access to working capital for a variety of reasons. The finance services company works with all credit types and only requires proof of business income for at least three to six months in order to qualify for a small business loan.

Best Uses

Small business loans from First American Merchant are used for inventory and business equipment purchases, marketing, location expansion, and technology upgrades.

Minimum Qualifications

  • 3–6 Months of Business Bank Statements
  • 500 Credit Score
  • $10,000 in Gross Monthly Deposits

The Good

First American Merchant works to provide companies with funds as quickly as possible so that they can start their operations without financial worry. The FAM team can actually provide some businesses who qualify funds within 72 hours of completing all required applications. Payments are then automatically held from your credit card transactions which means business owners do not need to worry about fixed monthly payments.

Pros of First American Merchant Small Business Loans

  • Fast Approval
  • Funding within Five Days
  • Flexible Financing Options
  • All Credit Histories Welcome
  • No Collateral Required

High-Risk Small Business Loans

First American Merchant assists small business owners who are unable to secure financing from traditional lenders for various reasons. The company has no credit history restrictions and only requires up to six months of bank statements proving business income to qualify. The amount a borrower is able to receive highly depends on generated revenue.

Large Network of Lenders

First American Merchant has a network of 315 lenders to help customers get the financing they need. The company can also assist its customers to obtain small business loans from traditional lenders as well. The company has an 80 percent approval rate for business owners unable to qualify for small business loans elsewhere. The company also features educational articles on its website blog to help consumers learn more about small business loans and how to qualify.

The Bad

While the First American Merchant platform works to provide business owners with the funds they need as quickly as possible, there are some limitations to their services as well. Business owners seeking a business loan should consider the following items:

Undisclosed Fees and Interest Rates

Interest rates vary by lender and the company does not disclose certain fees that might also apply on its corporate website. It is not clear if the company’s network of lenders charge any prepayment penalties, origination fees, or closing costs. This makes it difficult for borrowers to determine whether or not they are getting the best possible deal compared to offers from competing lending marketplaces.

Lack of Customer Feedback

First American Merchant has been in the industry for six years, but there is no feedback regarding its customer service anywhere online. There are no testimonials on its website and the company does not disclose the total amount of funding it has secured for its customers.

Low Amounts of Capital

Small business owners are only able to apply for up to $250,000 in funding, which may not be enough for some business types. Many competing lenders in the marketplace offer up to $1 million or more in small business loans.

Compare to Other Business Loans

The Bottom Line

First American Merchant provides high-risk loan options for small business owners through its network of affiliated lenders. The company has fewer application requirements than other online loan marketplaces; however, rates and fees vary by lender and are not publicly disclosed on its website, and there is no available customer feedback.

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Frequently Asked Questions

How long will it take to receive funds from First American Merchant?

The company is able to have funds available for use within approximately five days.

Does First American Merchant require collateral with its loans?

The company does not require collateral in order to receive a loan.

Does First American Merchant have prepayment penalties?

The company does not disclose prepayment penalties on its website.

Does First American Merchant charge origination fees?

The company does not disclose origination fees on its website.

Does First American Merchant charge closing fees?

The company does not disclose closing fees on its website.

How can I contact First American Merchant?

Small business owners may contact the company by phone at 1-888-785-6811.

More Information

Types of Loans Offered

High-Risk Small Business Loans

Rates Offered

Varies By Lender

Term Lengths

Varies By Lender and Loan Type

The Borrowing Process

In order to apply for a loan, small business owners must complete a short online form and submit proof of generated revenue for a period of six months. The company will review this information and select the best available options from over 315 lenders. Borrowers choose the option they like best and funds are transferred to a business bank account within five days. The total amount of funds that can be acquired highly depends on how much a small business owner is generating in sales on a monthly basis. Interest rates and other fees vary by lender.

How to Apply

Small business owners can either call the company directly or fill out a short form on the company website with some basic business information in order to begin the process. A company representative then reviews this submitted information and select options from its network of 315 lenders that best fit the borrower’s financial situation. The representative will then contact the borrower to discuss these options and answer any potential questions that might arise. Borrowers choose the option they like best.

To complete the loan approval process, borrowers must submit three to six months of business bank statements, a copy of their driver’s license, and a voided check. There are no credit history requirements for qualification. The small business loan amount a borrower can qualify depends on monthly sales deposits received by the applicant. Once approved, the finance services company then transfers funds to the borrower’s business account within five business days.

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