Lendr’s cash advance product works just like any other merchant cash advance. Put briefly, Lendr will give you money upfront (up to $500,000, depending on your qualifications). After that, it will take a percentage of your daily credit card sales until you’ve repaid that advance.
According to Lendr, you can get approved for a cash advance in just two hours, and you can get your money within just 24 hours (the same day, in some cases). Not bad.
Lendr doesn’t have the largest merchant cash advances we’ve seen, but that’s probably for the best. We always advise borrowing just enough, and with the high costs of merchant cash advances, that’s doubly true.
Rates on Lendr MCAs start at 12%. Take note: that’s not an interest rate. Merchant cash advances don’t have interest, just fees. So it’s actually another way of expressing the factor rate. (If you don’t know about factor rates, please check out our guide to merchant cash advances before you get one.)
Just be careful when you take out a merchant cash advance―from Lendr or from anyone else. Make sure you know and understand exactly how much you’ll be paying in fees and what percentage of credit card sales Lendr will be taking. And remember, you’ll be making automated daily payments. That means you won’t have a chance to shuffle your budget to pay for other bills. So make sure you can afford your MCA.