Unfortunately, Forward Financing offers absolutely no pricing information. Merchant cash advances come with a flat fee, rather than interest. (This is why MCAs don’t count as small-business loans, though they are a type of working capital.) And according to reviews we saw, Forward Financing’s fee ranges from 35% to 97% of your advance. That’s pricey―but that’s what you get from merchant cash advances.
Now, you can get a discount on your fees if you repay your advance early. (Forward Financing doesn’t charge prepayment penalties.) As a Forward Financing rep explained to us, you can get 2% off your owed balance for every 30 days between your early (full) repayment date and your original repayment date. But there are a lot more rules and details to it than that, so make sure you read and understand your contract before you bank on that discount.
If you end up liking Forward Financing, you may be able to get another loan once you’ve paid off 60% to 80% of your advance. We recommend you don’t do this (merchant cash advances are known for causing debt spirals), but you do have that option.
That pretty much sums up Forward Financing’s advance. Again, we’re not fans of any MCAs, and Forward Financing’s cash advances don’t especially wow us either. But Forward Financing’s small-business customers see things a little differently.