Everest Business Funding Review 2020


Everest Business Funding is a merchant cash advance provider based in Florida that provides quick-to-fund but expensive small business capital. For businesses that are unable to qualify for more traditional business loans—whether due to poor credit or insufficient business history— a merchant cash advance may be one of their only solutions. 

While merchant cash advances are easier to qualify for, they are also one of the most expensive financing options and daily repayment terms can quickly eat into a business’s cash flow. Additionally, Everest Business Funding requires borrowers to sign a confession of judgment, which is not in the borrower’s best interest.

Everest Business Funding Merchant Cash Advance Details

  • Easier eligibility requirements
  • Fast funding
  • Expensive 
  • Daily payments
  • Confession of judgment
  • Lack of transparency
  • Loan Amount

    $5,000 - $1 million

  • Loan Terms

    2 - 12 months

  • Factor Rate

    1.2 - 1.5


  • Monthly Revenue


  • Personal Credit Score


  • Time in Business

    3 months

Everest Business Funding Borrower Eligibility

Besides the above criteria, there aren’t many other requirements your business needs to be eligible for a merchant cash advance from Everest Business Funding. That’s the design of MCAs—they’re easy to qualify for but you’ll pay for this ease with high factor rates, additional fees, and a confession of judgment (more on these below). 

According to their website, Everest Business Funding approves 95% of all applications and can fund any type of business. However, some of the most common industries they work with are:

  • Health care
  • Food and beverage
  • Service
  • Trade
  • Retail
  • Seasonal businesses

What You Need to Apply

To apply for a merchant cash advance with Everest Business Funding, you’ll need bank statements that prove you meet the monthly revenue requirements. They describe their application as easy and hassle-free, so you won’t need a ton of documentation to apply.

How to Get a Loan With Everest Business Funding

Ready to dive into the details of applying for an advance with Everest Business Funding? Let’s get started.

Application and Underwriting Process

The first step in the scant Everest Business Funding underwriting process is a simple online application, which will require you to provide the following information:

  • Requested loan amount
  • How quickly you need to fund
  • Average monthly revenue
  • Name
  • Email
  • Phone number
  • Business name

A rep from Everest Business Funding will get in touch with you to go over your application and provide you with a preliminary offer. You’ll need to send in documents like your business bank statements to verify your identity and your business’s cash flow. You’ll then receive a finalized offer from Everest Business Funding that you will either accept or deny. Should you accept, you will have to sign a confession of judgment in order to fund. You can receive funds in as little as 24 hours.

Post-Funding Process

After receiving your capital from Everest Business Funding, your repayment will work just like any other merchant cash advance. You will pay back your debt with daily payments in the form of either a scheduled ACH or a percentage of your daily credit card revenues. This will occur until your debt (the principal loan amount multiplied by the factor rate) is repaid in full.

While there are no renewal details on their website (overall, they provide very little information here), customer reviews suggest that many business owners have funded multiple advances with them; however, there doesn’t seem to be any incentive or discount for being a repeat customer.

Fees and Collateral

A typical characteristic of the merchant cash advance is just how expensive it can end up being for your business. Merchant cash advances are often the most expensive funding option out there, and they can seriously stifle a small business’s cash flow. And the merchant cash advance that Everest Business Funding offers is no exception.

The daily payments that Everest Business Funding requires can seriously drain your business’s cash flow. And because merchant cash advances don’t come with a predetermined repayment length, you’ll always be paying the exact amount of interest, no matter how quickly you’re able to pay off your merchant cash advance.

Adding to this expense, Everest Business Funding also charges an origination fee ranging from $199 all the way up to $2,900.

But perhaps most important is the confession of judgment you’ll be required to sign, which makes this MCA a lot riskier than typical business funding. Should you fall behind on payments for your Everest Business Funding cash advance, then they could seize your property or any other assets without following the usual legal process. For this reason, you should be very wary of signing this clause in any loan agreement. 

Overall, if you qualify for other financing options other than an MCA from Everest Business Funding, you’ll likely want to go with one of them. If time is on your side and you don’t need funding immediately, we’d also suggest improving your credit and revenue so that you can qualify for less expensive financing down the road. Plus, simply being in business will also increase your business history, which is another business loan requirement that lenders consider.

Everest Business Funding Customer Service

Everest Business Funding is located in Doral, Florida, and can be reached by phone, email, fax, or by submitting a short form directly on their website. If you need to contact their collections department, they provide a separate email and phone number.

Everest Business Funding Customer Reviews

Everest Business Funding is not accredited by the Better Business Bureau and they do have a handful of recent customer complaints—although, they have responded to these. Negative customer reviews center around how expensive the product is and how even repeat customers don’t receive better rates or terms. More recent complaints also mention how Everest Business Funding was unwilling to work with business owners who had to temporarily close their businesses due to the COVID-19 pandemic. Others still cite poor customer service after initially having a positive experience during the application and funding process.

On the other hand, Everest Business Funding does receive some positive reviews too. Many customers were impressed by the easy application process, speed with which they received funding, and the customer service. As long as you understand what an MCA will truly cost your business and have the cash flow to handle daily payments, then this could be the right solution for your business.

Top Alternatives to Everest Business Funding

Everest Business Funding

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Products Offered

Term loans; merchant cash advances; equipment financing

Products Offered

Merchant cash advances

Products Offered

Merchant cash advances; short term loans

Interest rates


Interest rates

Factor rates starting at 1.12

Interest rates

Factor rates starting at 1.11

Minimum credit score required


Minimum credit score required


Minimum credit score required

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Is Everest Business Funding in Fundera's Network?

Everest Business Funding is not in Fundera’s Lender Network. The Fundera team carefully vets all of the lenders in our network, and have determined that Everest Business Funding either doesn’t have the technology to work with Fundera or does not offer a financing product that competes with the other lenders in its product class. We suggest considering another lender in this product class.

See if you qualify for similar products in Fundera’s Lender Network.

Editor at Fundera

Christine Aebischer

Christine Aebischer is an editor at Fundera.

Prior to Fundera, Christine was an editor at the financial planning startup LearnVest and its parent company, Northwestern Mutual. There she wrote and edited on topics such as debt, budgeting, insurance, taxes, investing, and retirement. She has written for print and online on topics ranging from personal finance to luxury real estate.

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