Premier Capital Funding Review

Premier Capital Funding provides merchant cash advances (MCAs) to small businesses with monthly revenue of at least $10,000, at least six months in business, and a credit score of at least 500. Although they market their products as long- or short-term capital, MCAs, and invoice or equipment financing, all of Premier Capital Funding’s loan products are structured as merchant cash advances, where they provide a cash advance that is then paid back with a percentage of your daily credit and debit card sales.

As far as business loans go, Premier Capital Funding has pretty lax eligibility criteria. This is one of the benefits of a merchant cash advance, but the tradeoff is that this is one of the (if not the) most expensive types of financing on the market. You can expect high factor rates and daily repayment terms, which can really cut into your business’s cash flow.

As you can see from the above eligibility criteria, it’s not difficult to qualify for a merchant cash advance from Premier Capital Funding. They also work with over 750 industries.

In addition to the $10,000 monthly revenue you’ll need to show in your business checking account, you can also not have more than six negative days per month. You can also not have an open business bankruptcy.

According to Premier Capital Funding’s website, how much capital you qualify for will depend on business size, industry, processing history, volume, ticket size, and various other factors. They currently have less than a 15% decline ratio.

• 3 months business bank statements
• 4 months credit card processing statements
• Copy of your driver’s license
• Voided business check

With this information in mind, let’s take a closer look at Premier Capital Funding’s application and post-funding processes.

To start the process of accessing a merchant cash advance through Premier Capital Funding, you’ll need to either call in to speak with one of their reps or fill out their online application. From the get-go, you’ll need to provide the following information:

• First name
• Business name
• Desired loan amount
• Confirm more than six months in business
• Intended use of loan
• Industry
• Email address
• Phone number

After you self-report that preliminary information, Premier Capital Funding will provide you with an initial amount that you prequalify for. Then, they’ll ask you to fill out their full application.

Once you complete and submit the Premier Capital Funding application, they will request your business bank statements and credit card processing statements in order to fully underwrite a loan offer for you. Premier Capital Funding will underwrite and fund in-house, and says they’ll be able to provide an offer in 24 hours.

Your loan agreement will delineate your repayment amount with a factor rate. You’ll simply multiply the loan amount by the factor rate to determine your total debt. Your Premier Capital Funding agreement should also delineate the daily percentage that they will take from your business’s credit card revenues.

As with most merchant cash advance providers, Premier Capital Funding will take your payments in the form of a daily percentage of your business’s credit card revenues. So if business is slow one day, then your daily payment will be smaller. If business is booming another day, then your daily payment will be larger. This will be a daily repayment routine until you pay off your Premier Capital Funding debt in full.

And one you’ve paid down at least 50% of your debt, then you’ll be eligible to renew your Premier Capital Funding advance. To quality, you’ll also need to update your account with your last three months of business bank statements. According to one recent customer review, you may receive more attractive terms on your renewal advance.

Premier Capital Funding markets their MCAs as unsecured capital. Since they are essentially purchasing your business’s future credit and debit card sales, this typically serves as the loan’s collateral. However, be sure to ask about whether a personal guarantee or UCC lien is part of the funding process, since most merchant cash advance providers require these. 

Another common clause in merchant cash advance agreements is a confession of judgment, which you want to be especially wary of since signing one enables the lender to skip the usual legal process in order to file a judgment against your business and seize your business or personal assets in the event of a default.

While the only mention of fees on their website is that there is no application fee, a handful of Premier Capital Funding reviews from customers mention some miscellaneous fees, such as documentation fees, that this lender could add into the loan contract. As always, be sure to carefully read your loan agreement, or consider running it past a business attorney, before signing.

Premier Capital Funding is based in Brooklyn, New York, and can be reached via phone or email, as well as through their mobile app (available for iOS and Android) or by submitting a short form directly on their website.

Premier Capital Funding is not accredited by the Better Business Bureau but has an A- rating based on just two customer reviews and one complaint that was not publicly addressed by the company. 

Concerningly, many negative Premier Capital Funding reviews state that customers incurred many unexpected, undiscussed charges with their funding. For instance, one customer complained that Premier Capital Funding performed a withdrawal with their bank account to “validate” their bank account, only to not recredit those withdrawals later.

Additionally, one Premier Capital Funding customer review said that they charged a hefty “documentation fee” that they hadn’t discussed with the borrower beforehand.

Finally, another negative review warns that you don’t receive account statements to see where you are in your payoff journey, and instead, must contact customer service to get your balance.

Premier Capital Funding reviews aren’t all bad, though. Most positive reviews center around the same common themes: fast funding, helpful customer service experiences, and easy application. Multiple reviews also mention receiving multiple advances through this lender, so some business owners clearly had a good enough experience that they were willing to continue to do business with them.

Premier Capital Funding is not in Fundera’s Lender Network. The Fundera team carefully vets all of the lenders in our network, and have determined that Premier Capital 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.