PROS / Swift Capital can approve advances up to $10,000 in less than an hour.
CONS / You must be in business for at least a year to qualify for an advance, which is a longer timeframe than most lenders require.
VERDICT / Swift Capital is a great choice if you need a small advance quickly and you have good credit. It's the only lender in our review that offers a weekly repayment option.
Swift Capital offers merchant cash advances up to $500,000 for qualifying businesses, and it doesn't require you to sign a personal guarantee. However, the lender works a bit differently than most business cash advance companies – you must pay back your business cash advance in weekly payments that are set when you agree to the terms.
The minimum requirements for you to qualify for merchant loans from Swift Capital are at least one year in business and you must agree to credit checks. If you have a decent credit score and Swift Capital doesn't consider a loan to be a huge risk, you could qualify for rates as low as 9.9 percent. You also must process a minimum of $5,000 in credit and debit card sales each month. These requirements are posted on the Swift website. Along with your application, the lender asks for your last four months of statements from your business bank account so that it can assess your business's cash flow and overall health.
Unlike most alternative business funding lenders, Swift Capital does not set up daily payments as a percentage of your credit and debit card sales. The lender withdraws a set amount weekly from your business banking account, and the repayment terms are between three and 12 months. There are no repayment minimums, though, to keep your account marked as current.
Although Swift Capital does not charge a fee to apply for an advance, it does charge an origination fee at 2.5 percent. If you were to borrow $500,000, that fee could be as high as $12,500 – that's on top of your repayment rates, which could climb as high as 28 percent. Also, you must pay back the full amount of financing within 12 months or you could owe a penalty fee.
Swift Capital offers working capital loans for small businesses with no personal guarantee required, but the qualifications are steep and you may be burdened with several fees. Those fees could include an origination fee, repayment rates from 9.9 to 28 percent, and a possible penalty if you don't repay in full within the repayment term.