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Sheer Funding

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5 User Reviews

Sheer Funding provides affordable business loans and equipment financing up to $2 million. The company also offers merchant cash advances, SBA loans, and business lines of credit. With a quick approval process of one business day and flexible loan terms ranging from 3–60 months, Sheer Funding appeals to a variety of borrowers. 

Sheer Funding has a mix of lower credit score requirements depending on the loan type, so businesses shouldn't hesitate to apply even if they have a less-than-perfect credit score. Here are credit score requirements for each funding option:

  • Term Loan — 550+
  • Equipment Financing — 580+
  • Merchant Cash Advance — 500+
  • SBA Loan — 650+
  • Business Line of Credit — 600+

Additionally, Sheer Funding requires businesses to have at least six months in business, $100,000 or more in gross annual revenue, less than $175,000 in outstanding tax liens/judgments, and no personal or business bankruptcy that was not discharged for at least one year. 

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The Good

  • Multiple Financing Options
  • Transparent Terms and Requirements

Multiple Financing Options

Sheer Funding offers a variety of business loan options, including merchant cash advances, term loans, SBA loans, equipment financing, and lines of credit. We outline the company's offerings below along with rates and requirements:

Merchant Cash Advance

Merchant cash advances are different from a loan in that business loan companies give you a cash advance and you pay for it with a percentage of your daily credit card and debit card sales, plus an additional fee specified by the lender. 

When you apply for a merchant cash advance with Sheer funding, you'll receive a decision with one to three hours. There are no prepayment penalties, and you pay back your cash advance daily or weekly. 

Terms range between three to twelve months and buy rates start at 1.12–1.45. Borrowers are eligible for $2,500 up to $250,000. To qualify, small business owners need at least six months in business, a 500 credit score, and $150,000 in annual revenue. 

Finally, the documentation required when applying for a merchant cash advance with Sheer Funding includes the following: 

  • Application form
  • Bank statements
  • Valid ID
  • Voided check

Term Loan

One of the most common types of business loans, a term loan is a lump sum lenders give you with reoccurring payments and fixed interest rates. It is typically a short-term loan that lasts one to five years. Sheer Funding's term loans start at three months and can range up to 60 months. 

Sheer Funding offers up to $2 million for term loans with rates between 5 percent and 35 percent. To qualify, businesses will need at least six months in business, a 550 or above credit score, and $150,000 or more in annual revenue. 

Required documentation is as follows:

  • Application form
  • Bank statements
  • Valid ID
  • Voided check
  • Previous year tax return

SBA Loan

SBA loans are backed by the U.S. Small Business Administration, so their requirements are a bit more strict than term loans or other funding options. To qualify for a Sheer Funding SBA loan, you must have at least six months in business, a 650 credit score, and $150,000 in annual revenue. 

Loan terms range between three to ten years and rates start at 5.95 percent and go up to 11.99 percent. If eligible, funding can reach up to $2.5 million. You can receive a decision from Sheer Funding in three to five days. 

When applying, you'll need these documents:

  • Application form
  • Bank statements
  • Valid ID
  • Voided check
  • Last two years tax return

Equipment Financing

With equipment financing, you can fund up to 100% of your company's equipment costs, whether that's computers for your office, machinery, business vehicles, etc. 

Sheer Funding allows businesses to borrow $5,000 up to $1 million. Loan terms will vary based on your finances, but typically they range between one to six years. Rates start at 5.95 percent and go up to 22.99% with no prepayment penalties. 

To be eligible for Sheer Funding equipment financing, you'll need eight months in business, at least a 580 credit score, and $150,000 or more in annual revenue. 

You can receive a decision from Sheer Funding within 12–48 hours after submitting your application. Required documents for applying are listed below: 

  • Application form
  • Bank statements
  • Valid ID
  • Voided check
  • Most recent tax return
  • Equipment invoice

Line of Credit

If you want reoccurring funding and prefer not to take out one lump sum, a line of credit would work well for your business. If approved, Sheer Funding will give you a certain limit of spending and you can borrow up to that amount or less based on your financing needs. 

Line of Credit rates start at 5.99 percent and go up to 18.99 percent. There are no prepayment penalties and terms range from 3 to 36 months. You can borrow up to $100,000 and every 60 days, borrowers will receive credit line increase reviews. Sheer Funding gives approvals within 24 to 48 hours. 

To qualify, you'll need one year in business, at least a 600 credit score, and $150,000 or more in annual revenue. When applying, you'll need the following documents:

  • Application form
  • Bank statements
  • Valid ID
  • Voided check

Transparent Terms and Requirements

Unlike many business loan lenders, Sheer Funding is transparent about its loan terms and the requirements you need to be eligible. The company also discloses its rates online so you don't have to wait for a quote to have a general idea of what your rates will be for each funding option. 

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The Bad

  • Lower Funding Amounts

Lower Funding Amounts

Although Sheer Funding offers loan amounts up to $2.5 million, that is still lower than some companies who lend up to $5 million. However, if you're a business that doesn't need more than $2.5 million in funding, Sheer Funding is still a great funding choice. We'll list Sheer Funding's loan amounts below so you can determine if it aligns with your financial needs:

  • Merchant cash advance — $2,500–$250,000
  • Term loan — up to $2 million
  • SBA loan — $5,000–2.5 million
  • Equipment financing — $5,000–$1 million
  • Line of credit — up to $100,000
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The Bottom Line

Sheer Funding is a business loan lender that offers quick approval times, multiple funding options, and competitive rates. Although the lender doesn't offer funding above $2.5 million, that is still a hefty offering when compared to many lenders in the industry.

If you meet Sheer Funding's loan criteria (listed above), we highly recommend the lender for your financing needs. If you want to read about the customer experience, you can find Sheer Funding reviews below. 

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B. D. Midlothian, VA

Got our MCA Loan through Sheer Funding. Couldn't be happier. We didn't even know that a merchant cash advance even existed. We had our money in less than a week and we don't have huge monthly payments. I have been to several lenders trying to get approved for a loan and this was the first company that even gave me this option. They really cover all their bases.

1 year ago

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Reply from Sheer Funding

Thank you greatly for your feedback.

Oct. 21st, 2019

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Lindsey A Richmond, VA

I called customers service to inquire about rates and the process and wasnt really sure what to expect. I was pleasantly surprised at the excellent level of customer service that I experienced. Everyone was professional and polite. They spent a lot of time answering questions and never pressuring or selling me. Most importantly, the were very easy to work with and got the job done. Overall great experience!

1 year ago

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Reply from Sheer Funding

Lindsey, we greatly appreciate your feedback. Thank you

Sep. 25th, 2019

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Brittany Lee Beverly Hills, CA

We are in business!! Thank you to both Adam and John who worked tirelessly to get us approved. We have been in business just under 2 years and we needed financing to grow our business. I was hesitant about using a national company because I didn’t want to be a number but our experience was nothing like that. We truly feel valued.

1 year ago

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Reply from Sheer Funding

Brittany, we appreciate your feedback and we'll make sure to recognize Adam and John for their dedication to making your experience memorable.

Oct. 21st, 2019

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tjm Laguna Niguel, CA

Very professional and fast response . Excellent work by your employers. It is a nice experience working with Sheer Funding and I will recommend to my colleagues

1 year ago

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Reply from Sheer Funding

We appreciate the feedback Tim!

Nov. 6th, 2019

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Adam W

Sheer Funding got us approved for a desperately needed equipment loa. Quick process and we had our loan in our account in 3 days!

1 year ago

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Reply from Sheer Funding

Adam, we greatly appreciate your feedback.

Oct. 21st, 2019

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