Merchant Advisors is an online lending company founded in 2003 in Essex, Connecticut. The company offers a wide variety of loans to small business owners with no closing costs and flexible repayment options. Borrowers are generally able to get approved within one hour and receive funds within three to five days. Exact loan details regarding requirements and fees are not disclosed to the general public on its corporate website.
Typical borrowers through Merchant Advisors are small business owners with poor credit or unable to secure funding through banking institutions. These small business owners also require fast access to working capital and can be in business for any length of time. No personal or business collateral is necessary in order to secure a small business loan through Merchant Advisors.
Small business loans from Merchant Advisors are typically used for a wide variety of business purposes, including inventory and equipment purchases, payroll, and marketing.
- No Limitations for Time in Business
- No Minimum Credit Score
- No Personal or Business Collateral Required
Merchant Advisors offers a wide range of financial services to small businesses, especially companies looking to expand through additional funding. They provide a straight forward application process with fast turn-around. Other benefits include:
Pros of Merchant Advisors Small Business Loans
- 24-Hour Approval
- No Closing Costs
- Flexible Loan Repayment Options
- No Required Paperwork
- All Credit Histories Welcome
Numerous Lending Options
Merchant Advisors offers a wide range of loan choices and other financial services for small business owners. Small business loans can be refinanced for lower rates once 50 percent of the loan is paid and many offered lending programs are tax deductible. Loan fees are minimal and borrowers only pay the interest on the unpaid principal for each day the money is being borrowed. Merchant Advisors offers flexible repayment options and does not require collateral in order to be approved.
While there are a number of helpful resources and services available to small businesses through Merchant Advisors, there are some limitations to their product as well. These drawbacks include the following items:
Limited Loan Information
Merchant Advisors does not disclose any limitations on the funding amount a small business owner may borrow. There is no FAQ section on the company website that provides specific details on how the lending process works. While the company states on its website that it offers flexible loan repayment options, it does not provide specific details on what these are.
Merchant Advisors does not disclose certain potential loan fees to the general public on its corporate website. The company does not list origination fees, or interest rates. Interest fees vary by lender and loan choice, which makes it difficult to determine if the borrower is getting the best possible deal.
No Company Information
There are no specific details provided on the corporate website regarding the company’s history in the finance services industry or its executive leadership. Merchant Advisors does not list on its website the total amount of funding it has provided to small business owners since it started.
Frequently Asked Questions
How long will it take to receive funds from Merchant Advisors?
The company is able to transfer funds within approximately 3–5 days.
Does Merchant Advisors require collateral with its loans?
The company requires a personal guarantee in order to receive a loan.
Does Merchant Advisors have prepayment penalties?
The company does not disclose prepayment penalties on its website.
Does Merchant Advisors charge origination fees?
The company does not disclose origination fees on its website.
Does Merchant Advisors charge closing fees?
The company does not charge a closing fee.
How can I contact Merchant Advisors?
Interested consumers may contact the company by phone at 1-800-427-1450.
Types of Loans Offered
- Small Business Loans
- Working Capital Financing
- Merchant Cash Advance
- Bad Credit Business Loans
- Restaurant Equipment Leasing
- SBA Loans
- Check Processing
- Restaurant Loans
Varies by Lender
Varies by Loan Type
The Borrowing Process
Small business owners are asked to fill out a short pre-qualification form located on the company’s website that will ask for some basic business information and takes a few minutes to complete. Borrowers can also call the company directly to complete the pre-qualification process. The finance services company will notify the applicant by email for loan approval and will schedule a phone call to discuss available lending options. Borrowers then choose which loan option is right for their needs. Once approved, funds are transferred to a business bank account within three to five days.
How to Apply
Merchant Advisors features a three-step online application process for small business owners to secure funding for various business purposes. Applicants are asked to provide some basic information about their personal and business history through a short form located on the financial services company’s website. The pre-qualification process for a small business loan takes approximately one hour and approval typically takes 30 minutes.
Once approved, borrowers will receive an email letting them know they have been approved and a customer service representative will contact them by phone to discuss lending choices. Borrowers are able to select from several available loan options to choose the one that is right for them. Borrowers are then able to receive funding directly in their business bank accounts within three to five business days. Borrowers will not need to submit personal collateral and no other paperwork is required in order to be approved for a small business loan through Merchant Advisors.