FAQ

Who is Mr. Advance?

Mr. Advance is a direct lender that utilizes the latest in FinTech to provide a streamlined financial platform for alternative business lending

What industries do you serve?

We serve a wide range of industries, including retail, restaurants, construction, healthcare, and more. Our flexible financing solutions are designed to support businesses across various sectors, regardless of size or industry.

Are there any industries or business types you do not work with?

While we work with a broad range of industries, there are some that we may not be able to support due to regulatory requirements or risk factors. Please contact us directly to discuss your specific business needs.

Are you available nationwide?

Yes with the exception of the following locations: Canada, PR, Alaska, and
Hawaii

How secure is my information with Mr. Advance?

Your privacy and security are our top priorities. We use state-of-the-art encryption and security protocols to protect your personal and business information throughout the application and funding process.

What is invoice factoring, and how does it work?

Invoice factoring allows businesses to sell their unpaid invoices to Mr. Advance in exchange for immediate cash. This helps improve cash flow without taking on additional debt. We advance a portion of the invoice value upfront, and you receive the remaining balance (minus our fee) when your customer pays the invoice.

What products/services do you specialize in?

Our products include:

MCAs (Inhouse)
SBAs (Partnership relationships)
LOCs (Partnership relationships)
Invoice Factoring (Inhouse)

What is an MCA?

An MCA, or Merchant Cash Advance, is a type of financing option for businesses, particularly those with fluctuating revenue streams. In an MCA, a business receives a lump sum of cash upfront in exchange for a percentage of its future sales or receivables.

How does it work?

Advance: The business receives a lump sum of money from the MCA provider. This advance can be used for various purposes, such as managing cash flow, expanding operations, or covering unexpected expenses.

Repayment: Instead of having a fixed repayment schedule like traditional loans, an MCA is repaid by taking a percentage of the business's daily or weekly credit card sales or overall sales revenue. This means the repayment amount can fluctuate depending on the business's sales volume.

Factor Rate: The cost of the MCA is typically expressed as a factor rate, which is a multiplier (usually ranging from 1.1 to 1.5) that determines the total repayment amount. For example, if a business receives a $10,000 advance with a factor rate of 1.3, it would repay a total of $13,000.

Speed and Flexibility: One of the key benefits of an MCA is the speed of funding, as businesses can often receive funds within days of approval. Additionally, the repayment structure is flexible since it is tied to the business's sales, making it more manageable during slow periods.

MCAs are often used by businesses that may not qualify for traditional loans due to limited credit history or other factors. However, they can be more expensive than traditional financing options, so it's important for businesses to carefully consider the costs and terms before proceeding.

Can I pay off my MCA early?

Yes, you can pay off your MCA early. Please contact our customer service team to discuss early repayment options and any associated terms.

Can I renew my MCA with Mr. Advance?

Yes, businesses that maintain a positive repayment history and meet our renewal criteria may be eligible for additional funding. Our team will reach out to discuss renewal options as you approach the end of your repayment term.

What are the costs associated with an MCA?

The cost of an MCA varies based on the amount of funding, the factor rate, and the terms of the agreement. We provide clear, upfront information about all fees and costs, so there are no surprises.

How long does the approval process take?

Our approval process is fast and efficient. Most businesses receive a decision within 24 to 48 hours of submitting a complete application.

What documents do I need to apply for an MCA?

To apply for an MCA, you'll need to provide basic business information, recent bank statements, and proof of ownership. Additional documentation may be required depending on the specifics of your application.

How do I qualify for an MCA with Mr. Advance?

Qualification for an MCA with Mr. Advance depends on factors such as your business's sales volume, the stability of your revenue, and overall financial health. We do not require perfect credit, making it easier for many businesses to qualify.

Where can I find the application for an MCA?

Our application is easily available online or you may call during business hours
and a Mr. Advance business representative will help streamline the process for
you.

How can I contact your team?

You may reach out to us through our X and Instagram page or any of our contact links below

What are your business hours?

Our business hours are Monday through Friday, 9 AM to 6 PM ET. Outside of these hours, please feel free to leave a message or contact us through our website, and a representative will get back to you as soon as possible.

FAQ