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Find A LenderAdvance Funds Network: Overview
Advance Funds Network is a business financing company that provides quick and flexible funding solutions for businesses across Canada. Since 2007, the company has specialized in providing customized solutions to small and medium-sized businesses, including term loans, business lines of credit, working capital loans, and merchant cash advances.
Funds can be made available as soon as the same day, helping businesses bridge funding gaps and keep them running as they focus on growing their operations.
Our Verdict
| Who is Advance Funds Network best for? | Best suited for businesses that: – Have been in operation for at least 3 months – Earn a monthly revenue of at least $200,000 – Need financial help with cash or growing their businesses |
| What we like about Advance Funds Network | – Easy online application – Same-day funding – Multiple financing options available – Minimum credit score of 500 |
| What we don’t like about Advance Funds Network | – Not available for new businesses – Minimum revenue requirements |
What Does Advance Funds Network Offer?
Advance Funds Network offers several financing options:
Business Term Loans
Term loans provide a lump sum of funds that are paid back over a set period via regular installments with interest.
- Loan Amount: $10,000 – $1 million+
- Loan Term: 3 – 24 months
- Funding Time: Within 4 hours
- Eligibility:
- Minimum projected annual revenue of $400,000
- Minimum credit score of 500
- Business in operation for at least 1-2 years
Working Capital Loans
Working capital loans are short-term financing solutions designed to bridge the gap when cash flow is a little tight. These loans can help cover a company’s everyday operational expenses, such as rent, utilities, and payroll.
- Loan Amount: $10,000 – $1 million+
- Loan Term: 3 – 24 months
- Funding Time: Same day
- Eligibility:
- Business in operation for at least 6 months
- Minimum monthly revenue of $15,000+
- Minimum credit score of 500
Business Line Of Credit
A business line of credit allows businesses to access funds up to a specific credit limit on a revolving basis. Businesses can withdraw as much or as little as needed and pay interest only on the amount borrowed.
- Loan Amount: $10,000 – $1 million+
- Loan Term: 3 – 24 months
- Funding Time: Same day
- Eligibility:
- Business in operation for at least 1 year
- Minimum revenue of $400,000 annually.
- Minimum credit score of 500
Merchant Cash Advance
A merchant cash advance provides businesses with a lump sum of money in exchange for a percentage of future sales revenue. Repayment amounts fluctuate based on the business’s revenues from month to month.
- Loan Amount: $10,000 – $1 million+
- Loan Term: 3 – 24 months
- Funding Time: Same day
- Eligibility:
- Minimum monthly revenue of $15,000+
- No credit checks
| Business Term Loan | Working Capital Loan | Business Line Of Credit | Merchant Cash Advance | |
| Loan Amount | $10,000 – $1 million+ | $10,000 – $1 million+ | $10,000 – $1 million+ | $10,000 – $1 million+ |
| Loan Term | 3 – 24 months | 3 – 24 months | 3 – 24 months | 3 – 24 months |
| Funding Time | Same day | Same day | Same day | Same day |
| Eligibility | – Minimum projected annual revenue of $400,000 – Minimum credit score of 550 – Business in operation for at least 1-2 years | – Business in operation for at least 6 months – Minimum monthly revenue of $15,000+ – No credit score requirements | – Business in operation for at least 6 months to 1 year – Minimum annual revenue of $400,000 annually. – Minimum credit score of 500 | – Minimum monthly revenue of $15,000+ – No credit checks |
Qualifying With Advance Funds Network
To be eligible for a financing solution with Advance Funds Network, your business will need to demonstrate regular revenues and already be in operation for at least a few months. Depending on the specific financing option you choose, you may need to show the following:
- Business Revenue: At least $400,000 in the past 12 months (depending on financing option)
- Time In Operation: At least 3 months
- Credit Score: Minimum credit score of 500
Documents Required
When applying for financing with Advance Funds Network, you’ll need to provide the lender with some information about your business to ensure you meet the minimum qualifications. Documents required may include the following:
- Bank statements
- Tax returns
- Business financial statements
How To Apply With Advance Funds Network
To apply for financing with Advance Funds Network, follow these steps:
Step 1: Check Your Eligibility
Find out the eligibility criteria of the financing option you choose, and ensure you meet these requirements, such as a minimum amount of time in operation, revenue, and credit score.
Step 2: Gather Documents
Collect all necessary paperwork to prove your eligibility, such as bank statements and tax returns.
Step 3: Complete The Online Application
Apply online to see if you qualify for financing. You’ll need to provide the following details as part of the application process:
Business Information:
- Loan amount requested
- Purpose of funding
- Length of loan term
- Business location
- Amount of time in business
- Business annual revenue
Personal Information:
- Name
- Email address
- Business name
- Phone number
- Credit score
You should receive notification of approval shortly after application submission, sometimes within minutes.
Step 4: Receive Funding
If approved, funds can be disbursed on the same day you apply, depending on the financing type.
What We Like About Advance Funds Network
Advance Funds Network offers plenty of perks:
- Easy Application. Applying with Advance Funds online only takes a minute and can be done from anywhere, anytime.
- Several Financial Options Available. Choose from business term loans, credit lines, working capital loans, and merchant cash advances.
- Same-Day Funding. Get approved and funded the same day you apply.
- Wide Range Of Loan Amounts. Loans range from as little as $10,000 to as much as $1 million or more.
- Available Everywhere In Canada. Advance Funds Network works with businesses in all provinces.
- Bad Credit Accepted. Depending on the financing type requested, you may be able to get approved with bad credit, sometimes with no credit check required.
What We Think You Should Watch Out For
As helpful as Advance Funds Network may be, there are a few downsides to consider:
- Not Available For New Businesses. Your business will have to be in operation for at least 3 months to be eligible for financing with Advance Funds Network.
- Revenue Minimums. Your business must earn a minimum of $200,000+ in the past 12 months, depending on the financing option you choose.
Is Advance Funds Network Safe?
Advance Funds Network has been in the lending industry since 2007, providing financing solutions to small businesses across Canada and the US. The company is committed to adhering to all applicable laws while ensuring transparent communication with clients and providing tailored financing solutions. Advance Funds Network also boasts nearly 1,500 positive reviews on Trustpilot and an A+ rating with the Better Business Bureau (BBB).
What Do Consumers Think Of Advance Funds Network?
Advance Funds Network has a long track record of positive reviews online, as well as a strong social media presence:
| BBB Accredited + Rating | Accredited A+ rating |
| Google Rating | 4.8/5 stars 383 Google reviews |
| Trustpilot Rating | 4.9/5 stars 1462 reviews |
| Social Media Presence | Instagram: 757 followers X: 620 followers LinkedIn: 1K followers |
| Physical Location | 2967 Dundas St. W. #220D Toronto, ON M6P 1Z2 |
How Does Advance Funds Network Compare To Merchant Growth?
Other financing companies are available in Canada to provide funding to businesses looking to grow their operations, including Merchant Growth. Let’s take a look at how the two financing firms compare:
| Advance Funds Network | Merchant Growth | |
| Financing Options | -Term loans -Lines of credit -Merchant cash advances -Working capital loans | -Term financing -Lines of credit -E-Commerce financing |
| Loan Amounts | $10,000 – $1 million+ | $5,000 – $800,000 |
| Loan Terms | 3 – 24 months | 6 – 24 months |
| Repayment Options | -Daily-Weekly-Monthly | -Daily-Weekly |
| Funding Time | As little as 4 hours | 24 hours |
| Availability | All across Canada | All across Canada |
| Eligibility | – At least $200,000+ in the past 12 months – At least 3 months in operation – No minimum credit score | – Own a business for a minimum of 6 months – Minimum revenue of $10,000/month |
Final Thoughts
Whether your business needs working capital, flexible access to credit, or larger loan amounts to grow your operations, Advance Funds Network provides accessible and flexible options, even to those with less-than-perfect credit. Their same-day funding can ensure your operations continue without hiccups while providing the funding needed to expand your business. Their commitment to the growth of Canadian businesses makes Advance Funds Network a reliable partner for entrepreneurs in need of financial assistance.
