Uplyft Capital Review

Uplyft Capital Review 2022 [Pros & Cons]

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Uplyft Capital Review

Finding a financial company that will provide your business with the funding it needs can be difficult with the various restrictions and requirements you need to meet in order to qualify. With Uplyft Capital, your small business has a better chance of qualifying and receiving funding within 24 hours because they have flexible criteria that makes it easier for smaller businesses to qualify.

But is the company legit? And what do you need to know before you decide to work with them? This review goes into detail and covers all advantages and disadvantages of Uplyft Capital, so continue reading to learn more and decide for yourself if this company is a good fit for you and your business.

What is Uplyft Capital?

Uplyft Capital is a cash advance company that offers quick funding. The company was launched in 2012, and their headquarters is stationed in Isles Beach, Florida.

This company provides fast funding for businesses who are smaller in scale, featuring four programs for businesses to apply for. Their MCA programs vary in terms, interest rates, and amounts, but all programs have the same set of criteria and options for renewal.

Uplyft Capital also offers a Marketplace for other types of funding, although these options are not directly through Uplyft Capital but through the company’s partners.

How Does Uplyft Capital Work?

In order to apply for and receive funding, you will first need to visit the Uplyft Capital website and fill out their form. This form will ask the amount you are looking for, what your business’ monthly revenue is, and what the purpose of the funding is.

Next, the form will ask for basic information about your business and a few details about yourself. The form only takes a few minutes to fill out. You will also need to provide documents, including a valid driver’s license, bank validation, proof of business ownership, a void check, and a valid deposit within one or two days.

Uplyft Capital also provides four primary programs: Starter, Standard, Premier, and Premier Plus. Rates between each of these programs range from 1.40 to 1.24, and the terms range between two and 12 months. The Starter program offers the lowest amount, ranging between $8,000 and $30,000. The Premier Plus program offers the highest amount, ranging between $30,000 to $500,000.

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Features of Uplyft Capital

  • Direct Funding: Uplyft Capital’s main feature is their direct funding using MCAs, which provide fast, same-day funding.
  • Lines of Credit: Through their marketplace, businesses can be matched with partner’s who offer lines of credit. In order to qualify, your business needs to make a minimum revenue of $8,000 per month, be in business for 12 months, and have a credit score of 600 or more.
  • 401K Business Financing: This funding option is based on the amount that is currently in your 401K account. There is no interest rate with this option and the maximum amount is typically 50% of what is currently in your 401K.
  • PPP Loan Extension: You can find an Uplyft Capital PPP loan extension provider through the company’s marketplace.
  • Disaster Relief Loan: This SBA loan is specific for businesses that have suffered economic injury and need help to recover. However, this option is difficult to be eligible for, with a loan term of up to 30 years. This option does offer up to $2 million in funds, with low interest rates.
  • SBA: This funding option takes longer than the MCA programs, as you’d be financed between 2 and 6 weeks, but the loan amounts offered are quite ranged. SBA loans through the marketplace can offer between $8,000 and $350,000, with low interest rates of 2.25% up to 2.75%.

Uplyft Capital Pros and Cons

While Uplyft Capital offers great options, either directly through the company or through its partnerships, there are pros and cons to weigh before making the decision to apply for funding.

Pros:

  • Receive Funding Fast, Sometimes Same-Day: The sign-up and application process is quick, as well as the time to receive your funding.
  • Multiple Funding Options: The marketplace offers secondary funding options in case the MCA programs don’t meet your needs.
  • Easy To Apply and Qualify For: The overall list of documents and criteria businesses need is quite short and manageable.
  • Good Option for Short-Term Funding:
  • Transparent Company and Pricing: Unlike many competitors, Uplyft Capital is transparent about their rates and pricing.

Cons:

  • MCA’s Can Be Expensive: Since the interest rates are calculated differently, you could end up spending more in interest than with traditional loans.
  • Daily to Weekly Repayments: Frequent payments can be overwhelming and making more money difficult.
  • Exclusive Qualifications: Not all small businesses who have been in operation between 6 and 12 months would meet the revenue criteria that Uplyft Capital has, which can exclude many businesses and startups.

Uplyft Capital Competitors & Alternatives

If you find that what Uplyft Capital offers doesn’t exactly meet your needs, here are five alternative financial companies to consider.

Reliant Funding: With Reliant Funding, you can receive nontraditional funding for small businesses, yet they only currently offer MCAs. You can receive between $5,000 and $400,000 through Reliant Funding, as long as your business has been in operation for at least 6 months and has a minimum credit score of 525. You will receive funding quickly, with lenient requirements, yet be aware that Reliant Funding has faced legal action for practices that were ruled unfair. They are available in every state, except for North and South Dakota and Vermont, with rates ranging between 1.10 and 1.40.

Elevation Capital: Elevation Capital offers funding that is based on assets, which they determine from your invoices and purchase orders. They offer an early payoff incentive, provide funding under 24 hours, and with credit scores as low as 500. Elevation Capital offers MCAs, invoice factoring, and inventory & purchase order financing, with amounts ranging between $5,000 to $10,000,000 and rates ranging between 1.12 to 1.36%.

Credibly: Credibly is another short-term financing company that has low credit score minimums, with a fast application process. They also offer a PPP program, SBA loans, and have lower revenue requirements. However, Credibly has higher rates, such as 9.99% for their Business Expansion loans.

CAN Capital: CAN Capital is one the longest-operating finance-lending companies in the industry. They also offer a fast application process with lenient requirements, and will even work with some businesses that currently have debt. However, CAN Capital requires daily payments and does charge additional fees, including for origination and for administration. CAN Capital offers amounts between $2,500 and $250,000, with terms ranging between six and 18 months and interest rates between 1.15 and 1.48%.

Rapid Finance: Rapid Finance offers funding solutions for small businesses, and also has nearly 60 financial partners to offer more options. They offer loan amounts ranging between $5,000 and $1 million for businesses that have been in operation for at least six months and that have a credit score of at least 550. However, Rapid Finance isn’t transparent about all details related to taking loans out with them, such as APR and fees.

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Frequently Asked Questions (Faq)

Is Uplyft Capital legit?

Yes, Uplyft Capital is a legit company with many user experiences and Uplyft Capital reviews available online. However, they are not BBB accredited; the Uplyft Capital BBB rating currently stands at three out of five stars with an A+ rating. The company also has a 4.5 rating with Trustpilot, with 86% “excellent” ratings.

What is a merchant cash advance?

An MCA, or a business cash advance, is a form of financing that is presented as a lump-sum payment. This lump sum is given to the inquiring business, in exchange for the percentage of their revenue in the future.

How do I know if I’m eligible for funding?

If you are a small to mid-sized business that has been operating for 6 months or longer, with a monthly revenue of $12,000 ($144,000 annual revenue), then you are eligible to apply and receive funding. You will also need to have a minimum credit score of 450.

Can I apply for funding more than once?

Yes! Once you’ve started to build a positive payment history with Uplyft Capital, they will inform you of when your business is eligible for funding renewal.

Summary

Uplyft Capital is a cash advance company that provides fast and easy funding for smaller-sized companies that make an annual revenue of $144,000, or $12,000 per month. This criterion alone is less flexible than other cash advance companies, financial companies, and banks, but Uplyft Capital’s minimum credit score and other criteria are less restrictive than competitors.

Based on this, Uplyft Capital is better suited for mid-sized companies rather than startups, as their direct MCA programs can cost more since they are based on revenue, rather than traditional interest rate percentages. Two advantages to working with Uplyft Capital, however, are that all of the direct funding MCA programs are eligible for renewal once your company has built a positive payment history with them and that the company is fully transparent about fees, rates, and other information, unlike some of the alternative companies listed above.

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