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FAQ

You asked! We Answered!

Q: What is a Merchant Cash Advance?
A: It’s a type of business funding program in which a lender (Sprout) will give you money upfront in exchange for repayment based on a percentage of your sales. A Sprout Lending Cash Advance is not a business loan. Approval is based on your business history, and there are no fixed payment schedules.

Q: How much money can I get for my business?
A: We can provide up to $500,000, the minimum that we offer is typically $5000.

Q: How do you determine how much cash I can get in advance?
A: You can receive up to 200% of your average monthly credit card sales and up to 100% of your bank deposits. Meaning if you make at least $15000 in sales per month, you can easily qualify for $30000.

Q: How fast is the process?
A: Unlike with a regular bank loan, here at Sprout Lending we can get you an approval within 24-48 hours and the funds can be in your hands in 7 business days, the latest! YES, it’s that quick!

Q: What is needed to be approved?
A: Our process is very simple. We require:
1.  A short, one page application.
2. Four to six most recent bank statements.
3. Four to six most recent credit card processing statements (if applicable)

Q: How high is the interest rate?
A: Ready for great news? There is no interest rate! Since it’s an advance and not a loan you won’t have to worry about high interest rates. Instead there is a onetime flat fee for the advance. The advance will get paid back as a percentage of your sales each time you batch out until the entire amount is satisfied.

Q: Are there any application fees?
A: None!

Q:What if my credit is not all that great?
A: Good news, since this isn’t a bank loan there is no specific credit score required. In fact if you have bad credit it won’t be a problem. In order to be eligible though, it’s important that you have no open bankruptcies.

Q: How do I pay back the advance?
A: Paying back your advance is easy and hassle free. There will be an automated deduction based on an agreed upon percentage from your credit card sales or business bank account.

Ready to go? Apply online right now!