Get connected with merchant cash advances for just about every industry.
|Product Name||First American Merchant Business Loans|
|Min. Credit Score||500|
|Requirements||Minimum personal credit score of 500. At least 6 months in business.|
- Make at least $5,000 a month.
- Have at least three months of bank statements.
- Have a credit score of at least 500.
- Be at least six months in business.
- Have at least $10,000 in monthly deposits.
- Have less than three non sufficient funds charges each month.
What do I need to qualify?
First American Merchant doesn’t disclose specific requirements for its cash advance program. But to qualify for an ACH advance, you must meet the following requirements:
- Personal credit score of 500 or higher
- At least six months in business
- At least $10,000 in gross monthly deposits
- Less than three nonsufficient funds per month listed on your bank statement
You may be able to qualify for a cash advance even if you don’t meet these requirements, depending on your credit card sales.
What information do I need to apply?
You’ll need to have the following information when you apply for an advance through First American Merchant:
- Copy of your driver’s license
- Voided check or bank letter
- Copy of your business’s lease
- Three months of bank statements
- Three months of credit card processing statements
What industries does First American Merchant work with?
First American Merchant works with a wider range of industries than your average provider. It can find funding for businesses in high-risk industries like construction and alcohol sales. And it even has a special program for cannabis businesses.
What other types of financing does First American Merchant offer?
First American Merchant also has a point-of-sale financing solution for your customers and a special cash advance program specifically for the cannabis industry.
Medical marijuana merchant cash advances
Some of First American Merchant’s partners offer merchant cash advances to medical marijuana companies. You can apply as you would through the cash advance or ACH advance program, but loans are limited to between $2,500 and $100,000.
Consumer financing through First American Merchant
First American Merchant also offers financing that your customers can use to make purchases. Through this program, your customers can borrow up to $5,000 with a loan term of 3, 6 or 12 months, and your business will get paid in full within three days of the purchase.
Pros and cons
Weigh the benefits and drawbacks of working with this service before you sign up.
- Works with all credit types
- Available to high-risk industries
- Turnaround as soon as the same day
- Not transparent about rates and terms
- Not a direct lender
- Traditionally high-cost product