Swift Capital
With their Business Capital Advance, Swift Capital provides small businesses immediate working capital based on their future sales. A Business Capital Advance is paid back with automatic daily payments from business checking accounts.
Excellent 9.4/10
1,135 reviews 

Swift Capital will soft pull your credit when you authorize them to do so during the application process. They’ll also hard pull your credit before funding. Swift Capital pulls from TransUnion and Experian.

NO AFFECT TO YOUR CREDIT SCORE

What DOES swift capital OFFER?

With their Business Capital Advance, Swift Capital provides small businesses immediate working capital based on their future sales. A Business Capital Advance is paid back with automatic daily payments from business checking accounts.

minimum requirements Needed to Qualify?

  • Annual Revenue: $42,000

  • Credit Score: 550

  • Business Age: 9 months

  • Profitability: No

 

HOW DO I APPLY?

Once you apply online with Swift Capital and you meet their minimum requirements, you will be prequalified in minutes. After you are prequalified with Swift Capital, you’ll move on to the underwriting process. At this point in time, Swift will ask for more documentation for your application depending on your loan request.

Apply Here with Swift Capital

SwiftCapital Financing at a Glance

Swift Capital offers a streamlined application process, so applying online only takes 5 minutes. Plus, Swift Capital has a high approval rate, making it a good option for borrowers who don’t qualify for other products.

loan amount

$5,000 to $75,000

Loan Term

3 to 12 months 

LOAN rates

1.08 to 1.39 factor rate

speed

Swift Capital can fund applications in 0 to 5 days after all documentation is submitted. On average, Swift funds full applications in 2 days.

Swift Capital cannot work with the Business types below:

  • That are non-profits

  • With less than 2 employees

Other Important Eligibility Factors for a Swift Capital Loan

  • Swift Capital requires you have a business bank account.

  • Swift Capital treats tax liens on a case-by-case basis.

  • Swift Capital will consider borrowers with NSFs, but eligibility is determined on a case-by-case basis.

  • Swift Capital will work with borrowers with personal bankruptcies once the most recent has been discharged.

  • Swift Capital will sometimes take 2nd position to another lender, but it depends on the specific circumstances of the loan request.

  • Swift Capital requires a minimum number of monthly deposits in order for business owners to qualify.

  • Swift Capital will consider your business credit score, but it doesn’t set a minimum score to qualify.

  • Swift Capital requires that the borrower owns a minimum of 50% of the business to be funded.

  • Swift Capital will work with home-based business, but certain restrictions might apply

You’ve Reviewed Swift Capital.

Are You Ready to Apply?

Getting Started With Swift Capital

Once you apply online with Swift Capital and you meet their minimum requirements, you will be prequalified in minutes. After you are prequalified with Swift Capital, you’ll move on to the underwriting process. At this point in time, Swift will ask for more documentation for your application depending on your loan request. In general, the more you ask for, the more documentation Swift will need.

Swift Capital determines your eligibility based on the strength of your business’s financials and your creditworthiness. So during the underwriting process, they are primarily looking at your bank statements and credit score.

Most Customers who qualified had 

Annual Revenue
$42,000+
Time in Business
Over 9 Months
Credit Score
550+

What your business will need to apply? 

  • 4 months business bank statements

  • Your most recent business tax return (if unable to verify income)

  • Profit & loss statement (depending on how much you ask for in funding)

  • Balance sheet (depending on how much you ask for in funding)

  • Certificate of good standing

  • Voided business check (unless able to verify through DocuSign)

  • Copy of a driver’s license (unless able to verify through DocuSign)

  • Landlord reference (depending on how much you ask for in funding)

  • Vendor reference (depending on how much you ask for in funding)

  • Accounts receivable (depending on how much you ask for in funding)

  • Account payable (depending on how much you ask for in funding)

Find out how much funding you qualify for with Swift Capital

What you should know about Swift Capital

  • Swift Capital approves borrowers for amounts up to 15% of their monthly revenue.

  • Swift Capital can fund applications in 0 to 5 days after all documentation is submitted. On average, Swift funds full applications in 2 days.

  • Swift Capital has neither a prepayment penalty nor a prepayment discount for borrowers who pay early.

  • Swift Capital will soft pull your credit when you authorize them to do so during the application process. They’ll also hard pull your credit before funding. Swift Capital pulls from TransUnion and Experian. 

  • Swift Capital does not report to the personal credit bureaus. They do report to the business credit bureaus for certain loans.

  • Swift Capital charges an origination fee of 2.5%. Swift Capital charges other fees on top of the static origination fee, such as a stacking fee. If you take on debt while your Swift Capital loan is still outstanding, Swift Capital might charge a stacking fee on your loan amount.

  • Swift Capital's Business Capital Advance is paid back with daily repayments, but some borrowers will qualify for weekly repayments.

  • Swift Capital files a UCC-1 lien on most borrowers once they are funded.

  • Swift Capital will fund loans for the purpose of refinancing debt. Half of the loan from Swift Capital can be used to pay off an existing loan.

  • Swift Capital will require a personal guarantee, depending on funding amount.

Want to know if you Qualify for 

a Swift Capital Loan?

Swift Capital Reviews: The Underwriting Process

Once you apply online with Swift Capital and you meet their minimum requirements, you will be prequalified in minutes. After you are prequalified with Swift Capital, you’ll move on to the underwriting process. At this point in time, Swift will ask for more documentation for your application depending on your loan request. In general, the more you ask for, the more documentation Swift will need.

Swift Capital determines your eligibility based on the strength of your business’s financials and your creditworthiness. So during the underwriting process, they are primarily looking at your bank statements and credit score.

Depending on the size of your loan request, Swift Capital might need to set up a meeting with you to go through your application. If you need to speak with one of Swift Capital’s underwriters, a representative will reach out to you setting up a time to talk.

The nice thing about Swift Capital is that they don’t require much in the way of documentation. The only absolutely required documents are business bank statements. Swift might ask for other documentation to verify your business’s financial strength—but only if you are asking for a large loan amount.

After analyzing your business’s financials and your credit score during underwriting, Swift Capital will set your factor rate and term on your Capital Advance.

And if your application is complete and you’ve supplemented with any additional documentation where necessary, Swift Capital can wire the funds to your business checking account the same day you apply.

Swift Capital offers a unique feature with their Best Price Guarantee. If you have gone through the application process with Swift Capital and are approved for a Business Capital Advance, you can take advantage of the Best Price Guarantee. With this guarantee, Swift promises to beat the price of any offer that a borrower qualifies for from another lender, or give the borrower $500 if it can’t match. But in order to qualify, the other offer must be from a lender that will provide financing of equivalent terms. This means that the competing offer must be a merchant cash advance that extends over the same term as Swift Capital’s offer.

Swift Capital Reviews: Post-Funding

If you decide to take a loan with Swift Capital, you’ll be set up with an online portal to review the progress of your loan. You’ll also be connected to a Swift Business Funding Expert. Swift Capital will not give you statements on the progress of your loan, but you can contact your Funding Expert with any concerns you have with your repayment.

Most Swift Capital loans are automatically debited from the borrower’s business checking account on a daily basis. Swift Capital will take a set amount from your business account, no matter the amount of money your business is actually bringing in.
 

Once you have an account set up with Swift Capital, you can request additional funding through your Funding Expert or the Swift Capital mobile app. Swift also advertises lower rates for business owners who renew their Business Capital Advance.

Swift Capital Reviews: Why Work With Them?

 

Swift Capital gives small business owners financing solutions when working with a traditional bank is not an option. They offer a streamlined application process, so applying online only takes 5 minutes. Plus, Swift Capital has a high approval rate, making it a good option for borrowers who don’t qualify for other products.

Swift Capital does their best to underwrite your small business loan as quickly as possible, so they can get you funding very fast. If you need money quickly, they are a great lender to consider.

Lastly, if you have a great credit score, Swift Capital can approve you for a factor rate on the lower end of their spectrum. And depending on your financials, you might be able to qualify for a weekly repayment schedule.

Swift Capital Reviews: When Are They Not a Fit?

Swift Capital isn’t a fit if you can qualify for more affordable business loan products. Remember, a Business Capital Advance from Swift Capital is still a merchant cash advance.

 

Merchant cash advances should always be last-ditch options if you can’t qualify for more affordable products.

And if you aren’t the most qualified borrower, you’ll probably get a high factor rate and high daily payments. If you aren’t careful, taking on this kind of debt can really put a dent in your financials.

Also, if you have a low credit score, you might be better served by a lender who always reports to the major credit bureaus. Swift Capital reports on a case-by-case basis. So if you’re trying to build your credit score, Swift might not be of any help.

The information contained on this page was sourced from fundera.com. We are not in anyway affiliated with fundera.com.This page is for informational purposes only.

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