Table Of Contents
- Everest Business Funding: A General Overview
- Everest Business Funding: Eligibility For Borrowers
- The Application Procedure For Everest Business Funding
- 1. Application And Underwriting
- 2. Post-Funding
- 3. Loan Fees And Collateral
- 4. Customer Service
- Everest Business Funding: Pros And Cons
- Pros
- Cons
- Wrapping Up
Everest Business Funding Review: Types Of Loans, Interest Rate, And Pros & Cons
There are plenty of business funding sources available for small businesses and startups. One such financial service provider is Everest Business Funding.
This company is popular for its quick funding process and high approval rate. However, like most financial service providers, it has its pros and cons.
In this article, you will get a review of Everest Business Funding. The first part of the article consists of a general overview of the company and its offerings.
Additionally, you will learn about its eligibility, and the application process to get funding. Hence, to learn more, read on to the end of the article.
Everest Business Funding: A General Overview
The Everest Business Funding review will give you an idea of its merchant cash advance funding. Apart from that, this article also reviews its interest rates, loan terms, and more.
Everest Business Funding is a Florida-based financial service provider specializing in merchant cash advances. Primarily, they are popular for their quick-funding services. However, their services and funding are expensive and generally have high interest rates.
This is helpful for businesses with poor credit or insufficient business history. In this case, a merchant cash advance is one of the few solutions for such businesses. Hence, if your business cannot qualify for traditional business funding, Everest is a good option to choose.
Here, you must understand that merchant cash advances are easy to qualify for any business. However, they are quite expensive in general. Hence, if there are daily repayment terms, it can quickly eat into the cash flow of your business.
The following are some of the essential aspects you need to learn about Everest Business Funding:
| ??Loan Amount | $5,000 – $1 million |
| ?Loan Terms | 2 – 24 months |
| ?Factor Rate for the Loan | ?1.2 to 1.5 |
However, your current situation determines what type of loan you are eligible for at Everest.
Everest Business Funding: Eligibility For Borrowers
To become eligible for Everest’s Funding, you need to look for signs your loan will be approved:
- Your business needs to have a monthly revenue of $10,000.
- It would help if you had a personal credit score of at least 500. Basically, the higher your credit score, the better it is for you to avail yourself of credit.
- Additionally, you need to be in business for at least three months.
However, apart from these criteria, your business needs to fulfill other requirements to get funding from Everest. Although it is a merchant cash advance, businesses still have some requirements.
Basically, qualifying for merchant cash advances is easy. However, you will still pay for the ease with which you qualify for the funding. These payments come in the form of high factor rates and additional fees.
Generally, this lender has a high approval rate. Also, the company funds all types of businesses. The following are some of the common industries Everest works with:
The following are some of the common industries Everest works with:
- Service
- Trade
- Retail
- Food and Beverage
- Healthcare
- Seasonal Businesses, and more.
As a business owner, there are a few things that you need if you want to apply for Everest’s Small Business Funding. For example, you need to show your bank statements proving you can meet the provider’s monthly revenue requirements.
Basically, these factors will help you show that your application is easy and hassle-free. Hence, you will not need multiple documentation if you want to apply for business funding.
The Application Procedure For Everest Business Funding
Generally, a business has revenue requirements if it wants to be eligible for Everest. To learn “How to get a startup business loan with no money?” You must click this link.
To apply for Everest Business Funding, here are the steps you need to follow:
1. Application And Underwriting
You can start the Everest Business Funding underwriting process with the help of a simple online application. Hence, to proceed with the application process, here are the following information you need to offer:
- Requesting the loan amount
- The time within which you need the fund
- Monthly income of the business
- Name
- Phone Number
- Business Name, and other necessary details.
After your application process, an Everest Business Funding representative will contact you. Then, they will go over your application and send you a preliminary offer.
On the other hand, you will also need to send your important documents like bank statements. These will help you verify your identity. Additionally, these documents give an idea of your business’s cash flow.
Finally, you will receive an offer from Everest. You can either accept or deny the offer Depending on your requirements. However, once you accept the funding, you can receive the fund within 24 hours of the application process.
2. Post-Funding
Once you receive the capital amount from Everest, you must repay your loan, as happens with a merchant cash advance. Here, you will need to pay back your debt with daily payments. This payment is either a percentage of your daily credit card revenues or a scheduled ACH.
In fact, you must make this payment until you repay your debt in full. Here, the debt is the product of the principal loan amount and the factor rate.
However, you will need help finding information regarding renewal rates on the website. In fact, the website does not contain enough information. In addition, certain customer reviews suggest that business owners must fund multiple advances.
Generally, customers complain that there are no incentives or discounts for repeat customers.
3. Loan Fees And Collateral
One of the major disadvantages of merchant cash advances is that they can be quite expensive. In fact, among all the funding options that are available for businesses, merchant cash advances are one of the most expensive ones. Hence, if you get it wrong, it can stifle the cash flow of your business.
The same is true for Everest’s Business Funding merchant cash advance. Basically, the daily payment you promise to make can be seriously disastrous for your cash flow if you fail to generate revenue daily.
Moreover, you cannot predetermine a repayment length for merchant cash advances. Here, you must pay the exact interest amount whether you can pay off your merchant cash advance. In addition, Everest Business Funding also charges an origination fee ranging from $199 to $2,900.
Apart from that, if you qualify for some other funding options from Everest Business Funding apart from merchant cash advances, you will have either one of them.
Furthermore, if you can improve your credit, you can even qualify for less expensive funding options. Hence, depending on your current situation, you must choose how you want your funds.
4. Customer Service
Everest Business Funding has active customer service, and you can reach them through phone, email, chat, and more. Moreover, you can also submit a short form on their website.
However, one of the major disadvantages of Everest Business Funding is that they do not have the accreditation of the Better Business Bureau. Also, there are quite a few consumer complaints about the business.
Generally, the negative customer reviews are because their funding options are quite expensive. Also, repeat customers of Everest Business Funding do not get better rates or discounts.
Moreover, the company also does not work with businesses that temporarily closed due to the impact of COVID-19.
However, there are positive reviews, too, about the fast application process and the speedy delivery of funds.
Everest Business Funding: Pros And Cons
The following are the major pros and cons of Everest’s Business Funding that you need to learn:
Pros
Here are the major pros of Everest Business Funding that you will benefit from:
- Eligibility requirements are easy to fulfill.
- It comes with one of the simplest and fastest application processes.
- Your business gets fast funding once you become eligible for the funding.
Cons
Here are a few cons of Everest Business Funding that you need to be aware of:
- The funding that you apply for with the company is expensive. Generally, it has a very high interest rate, and there are additional costs to incur.
- You must make daily payments once you avail yourself of a merchant cash advance. Moreover, these payments are generally part of your company’s profits.
- There are many reviews from customers stating that Everest is not transparent enough with their policies.
Wrapping Up
Now you have a good idea of the merchant cash advances of Everest Business Funding. However, since the funding options are quite expensive, you need to think twice before you apply for your business. In addition to that, you also need to pay heavy interest and a part of your revenue if you take funding.
On the other hand, there are some positive customer reviews, too, regarding the fast application process. Also, you can get the payment within 24 hours. Do you have more information about Everest Business Funding? Consider sharing them in the comments section below.
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