Uplyft Capital: Fast Cash Advances for Startups and Bad-Credit Borrowers
Uplyft Capital offers fast access to funds, but these MCAs certainly won’t be your most affordable financing option.
The bottom line:
Uplyft Capital offers fast, short-term merchant cash advances. The lender is an option for borrowers with bad credit as it has one of the lowest minimum credit score requirements among competitors. Like other MCAs, however, Uplyft’s MCA is an expensive financing option.
Loan details
Min. Loan Amount
$5,000
Min. Term Length
6 months
Max Loan Amount
$500,000
Max Term Length
18 months
Qualifications
Min. credit score
475
Min. Time in Business
3 months
Min. Annual Revenue
$120,000
Pros & Cons
Pros
Funding in as little as 24 to 48 hours.
Low minimum credit score requirement.
Startups may qualify.
No personal guarantee required.
Cons
MCAs charge factor rates which makes it difficult to understand the true cost of financing.
Directly funds only MCAs; other products offered through marketplace partners.
Cost information not available on website.
Founded in 2012, Uplyft Capital provides several types of business financing through its online marketplace and partners. This review focuses on Uplyft Capital’s merchant cash advances (MCAs), which the company issues directly.
Unlike traditional small-business loans, an MCA involves selling your future revenue in exchange for an advance of capital. Uplyft then deducts a percentage of your credit card sales daily until the advance is repaid in full.
Uplyft’s MCAs can be used for a variety of short-term business purposes, such as buying inventory, managing cash flow gaps and covering emergency expenses.
❗MCAs are one of the most expensive types of business financing. You should consider all other small-business funding options before an MCA.
Is Uplyft Capital right for you?
| Consider Uplyft Capital if you: | Skip Uplyft Capital if you: |
|---|---|
| Need fast access to funds. | Can qualify for a short-term online loan, line of credit or microloan. |
| Don’t meet the credit score requirements of other lenders. | Are just starting up your business and can get a grant or financing elsewhere. |
| Have exhausted all other funding options. | Don’t bring in at least $10,000 per month in revenue. |
| Have strong credit card sales and can handle frequent repayments. |
How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Uplyft Capital details
Uplyft Capital issues merchant cash advances in amounts up to $500,000. The lender offers three different funding programs tailored to specific business needs:
| Funding program | Maximum funding amount | Repayment term | Best for |
|---|---|---|---|
| Starter | $50,000. | Six months. | New businesses looking to establish growth. |
| Standard | $250,000. | 12 months. | Established businesses that want to scale operations. |
| Premium | $500,000. | 18 months. | Significant business expansion. |
Uplyft quotes interest as a factor rate, with rates starting at 1.2 — according to a company representative.
» Compare the best merchant cash advance companies.
Uplyft Capital’s MCA application process
This Writer’s Take
I'm Karrin Sehmbi, editor and content strategist for small business at NerdWallet. I tested Uplyft Capital’s pre-application flow, and here's what I learned.
Fast facts
- Time to complete: 10 minutes.
- Total clicks: 6.
- Number of follow-up emails: 2.
What impressed me
Uplyft Capital’s online application was streamlined, as the company promised. The interface was clean and easy to navigate. Each screen I clicked through was clearly labeled with the type of information being asked (e.g., business, personal), and a navigation bar on the top tracked where I was in the application process. Additionally, a pop-up message next to the field requiring an SSN explained why the information is required and assured me that Uplyft does not perform a hard credit inquiry at this stage, which means my credit score wouldn’t be impacted.
And unlike some other app flows I’ve tested, Uplyft sent me only a couple of follow-up emails nudging me to complete the application.
What annoyed me
The extremely fine print footnote at the very bottom of the application page informs applicants that they “expressly consent to receiving marketing and other calls and messages … at telephone numbers you have provided.” A few clicks later, when I was asked to provide my personal cell phone number, another footnote delivered this very contradictory message: “We take your privacy seriously. By providing your mobile phone number and email, you are providing express ‘written’ consent for Uplyft Capital and its representatives to contact you via telephone, mobile device and/or email even if your telephone number is currently listed on any … Do-Not-Call (DNC) list.” 😑
Unfortunately, as I test more of these app flows, I’m finding this workaround to a true opt-in is not unique. Both Rapid Finance and Balboa Capital also use this sneaky fineprint and forced opt-in to lawfully spam applicants.
💡You can reply STOP to automatically and immediately opt out of any SMS communications you receive from this or any other lender.
Where Uplyft Capital stands out
Quick funding
If you need money quickly, Uplyft Capital can be a good option for fast business funding.
Uplyft offers a simple application process that took NerdWallet only minutes to complete. You input basic information about yourself and your business and then upload three months of business bank statements.
Uplyft uses artificial intelligence to help underwrite your application and can provide approvals as fast as the same day (sometimes within hours). Once you review and agree to your offer, you’ll receive funds within one to two days.
Flexible qualification requirements
Uplyft Capital offers flexible qualification requirements — making it a good option for startups and borrowers with bad credit. You only need a minimum credit score of 475 and at least 3 months in business to get an MCA.
You will, however, need at least $120,000 in annual revenue to qualify. Although this is higher than certain competitors, like Giggle Finance or Reliant Funding, it’s similar to or lower than the requirement of many other online and bank lenders.
» Explore our lists of best business loans for: bad credit | startups | low revenue
Responsive customer support
Uplyft Capital offers customer support by phone, chat and email.
Borrower reviews on sites like Trustpilot and the Better Business Bureau often praise the customer service they receive at Uplyft Capital. Reviewers call out sales representatives by name and mention that they are responsive, knowledgeable and professional. Uplyft also tends to respond to any negative reviews on these sites and provide a direct contact, with a phone number and extension, for these borrowers to reach out to.
NerdWallet called Uplyft’s customer service line and found that the menu options were clear and helpful. After choosing to speak to a funding specialist, we were told that we were next in the call line and a representative picked up the phone after a few minutes. The representative was able to answer our questions and followed up with a phone number and email if we needed additional assistance.
NerdWallet has also had good success using Uplyft’s AI chatbot but found less success in reaching out via email. We reached out to sales@uplyftcapital.com and support@uplyftcapital.com, and have not received a response after five business days.
Where Uplyft Capital falls short
Likely to be expensive
Merchant cash advances, like those offered by Uplyft Capital, are one of the most expensive forms of business funding. APRs can reach triple digits.
Say, for example, you have a $10,000 advance with a factor rate of 1.4. You’re going to repay the advance daily with 15% of your incoming revenue. This percentage, also called the holdback, usually ranges from 5% to 20%, but varies based on your lender, advance amount and sales volume.
If you make $10,000 in monthly sales, you’ll be repaying $50 per day. It will take you 280 days to repay the advance, with an APR of 93.08%. Although $50 per day may not seem like much, you’re actually paying significantly in fees for a relatively small amount of financing.
Need to convert your factor rate into an APR?
Use our MCA calculator to quickly convert a factor rate to an APR so that you can easily compare costs across multiple financing options and lenders.
» MORE: Merchant cash advance calculator
Limited website transparency
Uplyft Capital’s website doesn’t provide detailed information about its factor rates or fees. Although the website advertises “no hidden fees,” it doesn’t explain what fees it does charge and how much they may cost.
Uplyft’s website lists conflicting information in some places, which can make it difficult for borrowers to know which details are accurate. For example, certain pages list the minimum revenue requirement as $8,000 per month, others list $8,500 and the MCA page lists $10,000.
The website also mentions “funding up to $5 million,” but when you go to apply, you’re instructed to enter an amount between $5,000 and $500,000. It appears the $5 million maximum is referring to loans you can get through lending partners on Uplyft’s business lending marketplace, but this isn’t clear based on the website language.
Alternatives to Uplyft Capital
Fundbox
Fundbox
Fundbox - Line of credit
NerdWallet Rating
4.7
Min Credit
600
Apply now with NerdWallet Small Business
Consider Fundbox over Uplyft Capital if you:
- Can manage shorter repayment terms.
- Have less time in business and lower annual revenue than Uplyft requires.
For fast and flexible funding in the form of a line of credit, you might consider Fundbox as an alternative to Uplyft Capital. Fundbox offers business lines of credit up to $250,000 with repayment terms of 3 to 24 months.
With Fundbox, you can draw from your credit line as needed and only pay interest on the funds you draw (with no additional fees). Interest rates start at 4.66% for a 12-week repayment plan — meaning this may be a more affordable option than Uplyft.
Fundbox can be a particularly good option for startups with low revenue, as you only need 3 months in business and $30,000 in annual revenue to qualify. Although Fundbox’s minimum credit score requirement isn’t as low as Uplyft’s (600 vs. 475), it can still be a good option for those with lower credit scores.
SBA microloans
U.S. Small Business Administration
SBA microloan
Min Credit
620
with NerdWallet Small Business
Consider SBA microloans over Uplyft Capital if you:
- Can afford to wait up to a month to receive funding.
- Have a slightly higher credit score than Uplyft requires but not a high enough score to qualify for a bank loan or an SBA 7(a) loan.
If you can wait longer to get funding, SBA microloans will be a more affordable alternative to Uplyft Capital. SBA microloans are available in amounts up to $50,000 with repayment terms up to 84 months. Interest rates typically range from 8% to 13%.
SBA microloans are issued by nonprofit and community lenders. These organizations often focus their lending efforts on traditionally underserved business owners, such as women, minority groups and those located in low-income communities. As a result, SBA microloans are usually easier to qualify for compared with other types of SBA loans. These loans can be slow to fund, however, with timelines ranging from a week to 30 days or more.
Frequently asked questions
Uplyft Capital requires a minimum credit score of 475. Although this may make it a good option for borrowers with bad credit, it’s important to keep in mind that a higher credit score can help you access more competitive rates and terms.
Uplyft Capital is a legitimate merchant cash advance company. According to its website, Uplyft has funded over 57,000 small businesses and has a high 89% application approval rate. Uplyft is accredited by the Better Business Bureau, with an A+ rating and only four complaints in the last three years. Uplyft also has generally favorable customer reviews and strong ratings of 4.5+ stars on both the BBB and Trustpilot.
Yes, Uplyft Capital is a direct provider of merchant cash advances.