To learn more about Everest Business Funding and decide if it’s right for your needs, please continue reading:
Small businesses with low credit scores or less than a year in business often struggle to find financing. Companies like Everest Business Funding seek to solve this problem with a merchant cash advance.
These financing structures are gaining popularity because they have low qualifications and fast funding times. However, merchant cash advances are one of the most expensive business financing products.
This review covers what you must know about the company’s product to help you decide if it’s right for your business. Specifically, we’ll answer these questions and more:
Everest Business Funding offers a merchant cash advance that gives small businesses fast access to working capital. Although merchant cash advances are an expensive way to borrow money, the company offers low qualifications, simple applications, and quick funding.
The FL-based company launched in 2014, and its small business loans are available in all 50 states. The company has a 95% approval rate since merchant cash advances are one of the most accessible funding options. Everest Business Funding approves 95% of all applications for merchant cash advances, making it a reliable choice for businesses seeking quick funding.
Everest works with businesses across various industries, but its most common customers are in the following sectors:
Everest Business Funding provides business funding options tailored to meet the diverse needs of small businesses. Small business owners can use the funding for various needs, such as marketing campaigns, upgrading equipment, purchasing inventory, etc.
These options include:
These funding options are designed to assist businesses in achieving their growth goals, whether it’s expanding operations, increasing inventory, or covering unexpected expenses. Everest Business Funding provides the flexibility and support businesses need to thrive.
Either option includes these features:
The amount you receive is usually based on your average sales over the previous three months. Repayment is typically daily via an ACH transfer from your business bank account, credit card, and debit card sales processor.
Understanding the fees and interest rates associated with Everest Business Funding’s products is crucial for making informed decisions. Here are some general details:
By understanding the fees and interest rates associated with Everest Business Funding’s products, businesses can make informed decisions about their funding options and avoid unexpected costs.
Everest Business Funding’s funding process is designed to be quick and efficient, ensuring that businesses can access the capital they need without unnecessary delays. Here’s a breakdown of the steps involved:
By streamlining the funding process, Everest Business Funding ensures businesses can continue their operations and growth without significant interruptions.
Everest Business Funding prides itself on providing exceptional customer service and support. Their team of knowledgeable and courteous representatives is available to assist businesses throughout the funding process and beyond. Here’s what businesses can expect:
By providing exceptional customer service and support, Everest Business Funding aims to assist businesses in achieving their growth goals and maintaining a positive funding experience.
One of the primary reasons small business owners use these flexible funding solutions is that they’re easier to qualify for. Borrowers with poor credit could potentially obtain funding. Applicants have a 95% approval rate. The only posted eligibility requirements are:
You’d essentially be paying a premium for the convenience of quick and easy business funding. The qualifications are much lower, and it’s possible to get funding within 24 hours of approval, but the rates and additional fees are much higher than other small business loans.
The company’s website does not provide much detail on additional costs. However, user reviews revealed that their MCA product carries an origination fee between $199 and $2,900.
Some users have shared their emotional struggles after falling victim to predatory scams, highlighting the importance of support and understanding from their funding partner during tough times.
The lack of information makes comparing prices with other small business lenders difficult. You might not fully understand your costs until you apply and receive a final funding offer.
The company provides an ISO partner program. ISOs and loan brokers can offer the company’s MCA to their small business clients. Some small business owners prefer working with a loan broker since they can help them find the best lending product for their needs. This saves businesses time and allows them to leverage the broker’s more detailed knowledge of the market.
The application process is simple. Follow these steps to apply.
Apply through the company’s website. Provide your name, email, business name, and address. Identify your requested amount, how soon you need the money, and your monthly revenue.
A funding rep will contact you to review your request and send a preliminary offer. You’ll provide the business bank statements from the previous three months to verify your identity and cash flow.
The company will send you a final offer with the borrowing amount, rates, fees, and terms. If you accept, you can get your funds in as little as 24 hours.
The process is the same as any merchant cash advance. You’ll have daily payments.
The funds will be withdrawn from your business bank account or card processor. It will be a percentage of your daily sales, so the amount you pay fluctuates with your revenue.
The website doesn’t provide information on early payment discounts or renewals. Online comments from the Everest customers state that you can renew, but there is no renewal incentive for lower rates or increased borrowing amounts.
The company provides quick and easy access to working capital. Borrowers with low credit scores and a shorter time in business can get approved.
Applying is simple, and you can get your funds within 24 hours of approval. You can use the funds to cover expenses, refinance debt, and more.
The primary drawback is the cost. All merchant cash advances are expensive, and Everest is no exception.
The company charges an origination fee of up to $2,900. It doesn’t publish information on fees, making it challenging to get a complete picture of the costs.
Factor rates with short terms and daily payments can stifle a company’s cash flow. Before agreeing to an MCA, ensure you can handle the repayment structure.
Pros:
Cons:
Everest Business Funding is a legitimate merchant cash advance company.
The company has mixed reviews. It is not Better Business Bureau (BBB) accredited. On the watchdog site, it has a C- rating and a 1.11 out of 5 customer rating.
However, it has a 4.7 customer rating on Trustpilot. Positive reviews praise the company’s customer service, approval rate, and how fast they received funds. Many customer reviews highlight fast funding and good customer service experiences, reinforcing the company’s reputation for efficiency and support. Many users convey a positive experience.
Negative reviews mainly focus on the cost and strain it puts on cash flow. Some customers said that the service fell off once the MCA was funded, and they needed help. Negative customer reviews often mention expensive product terms and aggressive customer service, which can be a concern for potential borrowers.
Most businesses that apply will be approved, but there’s no guarantee. If you received a denial letter, it should explain why. If needed, you can contact the company for more information.
If Everest denied you, or if you don’t feel like it’s a good fit, there are plenty of small business lenders to consider. You shouldn’t have trouble finding a merchant cash advance provider.
For business owners looking for more advantageous finance options than an MCA, consider other small business loans, such as:
Everest Business Funding is best suited for small business owners with low credit scores who need fast funding. You could access up to $1 million in working capital in just a few days, but it will cost you.
Established businesses with good credit and solid revenue can find lower-cost financing options. While the speed might be tempting, some lenders offer a fast funding process for less costly loans.
Based on its product, user reviews, and costs, we rate Everest Business Funding 3.5 out of 5. It’s worth considering in certain situations, but only offering one product, the costs involved, and the lack of transparency hold the company back.
Disclaimer: The Everest Business Funding trademark is owned by Everest Business Funding and its use herein is for reference purposes only and it does not indicate sponsorship or endorsement from Everest Business Funding.
Fraud Disclosure:
Please be aware that individuals have been fraudulently misrepresenting to business owners (and others) that United Capital Source, Inc. (“UCS”) can assist small businesses in receiving government grants and other forgivable business loans, when in fact those grants or loans do not exist or are not available. These individuals have ulterior motives and are engaging in the unauthorized use of the names, trademarks, domain names, and logos of UCS in an attempt to commit fraud upon unsuspecting small business owners.
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