In a Nutshell
- Fast approval
- Receive funding in as little as one business day
- Requires minimum credit score of 600
- Fees not shown on company site
BFS Capital ID Card
|Loan types||Small business loans and advances|
|Loan amount||$4,000 - $500,000|
|Repayment Terms||4 – 18 months|
|Top Pro||Fast funding|
|Top Con||Daily repayment|
|Best for||Small businesses with cash flows|
BFS Capital at a Glance
One of the pioneers in the working capital finance industry, BFS Capital is a lender specializing in small business financing. The company provides short-term loans and advances to companies who to require quick access. Since its establishment in 2002, BFS Capital has become one of the largest lenders in the industry, and has originated over $1.5 billion in loans to small and mid-sized businesses in the United States and Canada. BFS Capital operates in all 50 US states, as well as Canada and the UK through their sister company, Boost Capital. Thanks to its overwhelming successful efforts in these spheres, the company maintains a well-deserved A+ rating from the Better Business Bureau. Borrowers appreciate BFS Capital for swift access to working capital, which helps small companies sustain growth in ever-changing economic conditions.
Best for Whom?
Small businesses with healthy monthly revenues are best suited for the loans available from BFS Capital. Short-term loans and advances are a positive solution for companies that have a steady stream of sales, but low cash on hand. Businesses seeking funding to take advantage of a growth opportunity, purchase new equipment and advertising, or buy new inventory can obtain the financing they need from BFS Capital. With an accommodative and fast-paced lender like BFS Capital, a small company can readily take advantage of every growth prospect that emerges.
Borrowers can access between $4,000 and $500,000 in financing from BFS Capital depending on their forecasted monthly sales. This wide range serves an array of needs – from those businesses seeking a cash injection for rent to those purchasing new fleets of vehicles or another costly endeavor. Origination fees are low for the industry, at the amount of 1.5% of the total loan. Customers can opt for either a short-term loan, or an advance on their future credit card sales. In both instances, approval and funding can be accomplished in as little as 2 days and repaid in a flexible manner.
Some BFS Capital highlights:
- Fast approval
- Receive funding in as little as one business day
- Funding from $4,000 to $500,000 covers many needs
- Great customer support helps prospective borrowers throughout the process
- More relaxed requirements for credit scores and minimum time in business
- Available terms up to 18 months
- Short, streamlined online application process
- Interesting, informative blog
- Complimentary consultant with a Funding Advisor to discuss options.
The Application Process
Applicants seeking a loan from BFS Capital can complete the entire process on their website, where they must fill out a short form with various details about their business for amounts $25,000 and under. The company’s system uses the details input, which include credit scores, financials, and operation history, to provide real-time answers to applications. Although applicants can enjoy the ease of the online application process, BFS Capital enables borrowers to receive complimentary consultations with Funding Advisors to assist with the application process for borrowers looking for upwards of $25,000. BFS Capital has requirements that vary depending on the type of desired loan. Applicants looking for a short-term loan should meet the following requirements:
- A minimum credit score of 600
- $15,000 in gross monthly sales
- At least two years in business
For those requesting merchant cash advances, the company’s requirements are more relaxed with a minimum of 9 months in business and 100,000 in annual sales and a minimum credit score of 550. .
These relaxed qualifications are easy to meet, and make it likely that an applicant will be approved should they exhibit these characteristics. After some fast paperwork, including proof of sales and proper identification, the Funding Advisor will present an offer. Once a borrower signs the agreements, BFS Capital can release the funds as quickly as one business day.
Above all, BFS Capital will structure loans to fit the particular needs of individual businesses. The company will extend funds to businesses that have been turned down by traditional banks, setting themselves apart from other lenders by refraining from one size fits all, cookie cutter, financing solutions.
Loan Terms – Flexible and Accountable
Borrowers have a range of choices when it comes to repaying their financing choice. The company’s short-term loans offer repayment periods between 4 and 18 months, depending on borrowers’ specific needs. This is a meaningful difference relative to the industry average, which sees many lenders cap their terms at 12 months. One of the best benefits of business advances is that there is no maximum service period or maturity date, enabling borrowers to continue or end the service as they see fit.
BFS Capital does not operate on an interest model, but rather adds a flat fee onto the total principal loan or advance. This means that borrowers always know how much is due, with the total fee included in their payment breakdowns. The straightforward lending strategy rewards businesses experiencing healthy, consistent sales with a willingness to pay a bit of a premium for financing that can be made available quickly.
Though the term may be a matter of months, repayment occurs daily or weekly for loans. The fixed daily deduction depends entirely on the amount of principal, the factor rate, and the chosen term which is based upon the borrower’s credit score and other metrics established during the qualification process. For businesses with steady daily sales performance and cash flow, meeting these automatic payments is an uncomplicated matter.
Business advances work a little differently, with repayment scaling according to daily sales figures through credit and debit card sales. This way, the merchant does not have to fear an unmanageable daily withdrawal on days experiencing lower sales volumes. Borrowers using business advance services can respond well to unpredictable swings in customer sales volume.
How Safe Is It?
BFS Capital has been in business since 2002 and developed a trusted reputation in the small business lending community. The company exhibits a solid A+ rating with the BBB, scores 5 stars on TrustPilot, and has received positive feedback from its customers who appreciate the company’s straightforward attitude about the pros and cons of its financing solution. As an industry leader, they adopt strong security standards as well and take numerous measures to protect sensitive client financial information. Thanks to a fully encrypted system as the backbone of the company’s online processes, business borrowers can trust BFS Capital with the integrity of their data.
Help & Support
Overall, our interactions with the representatives at BFS Capital were very positive. Staff was responsive and well-trained, answering our questions capably. Wait times during calls to the company’s toll-free line were no longer than a few minutes, and when corresponding via email, BFS Capital support staff always responded within a business day. Apart from these channels, the company offers a live chat function which enables customers with a question to quickly communicate and receive answers in real-time. All methods of communication are open from 9:00 AM to 6:00 PM ET Monday through Friday. Responses to our inquiries were practical and always explained in an accessible and honest manner. For tougher questions, we were apologetically put on hold and transferred to a manager who could readily assist.
Deep Dive into Pros and Cons:
During our evaluation of BFS Capital, we encountered many of positive attributes associated with their services. However, some areas of the loan process highlight shortcomings which if improved could create a even more enticing offer:
- Fees are not shown on the company web site. Principle plus fees are presented to every borrower prior to contracts and each borrower may pay in full at any time without penalty.
- Origination fees are discussed prior to closing the loan and are taken out of the proceeds. There are no out of pocket expenses. Advances do not have origination fees.
- All financing is secured by a UCC filing and personal guarantee.
- Strict daily withdrawals could be challenging for certain businesses depending on their revenues
Despite these minor drawbacks, the BFS Capital experience is one that customers trust and enjoy thanks to the numerous beneficial features of their services:
- Flexible term lengths can suit many businesses with immediate financing needs
- A wide range of funding amounts is ideal for several types of capital activities
- Fast approval in under 24 hours requires little paperwork compared to a bank
- Remarkable customer service is a pleasure to interact with
- Automated transfers simplify repayment
- Borrowers can apply for additional funding as soon as 50% of their original balance is paid.
Small businesses facing new growth opportunities or cash flow shortages need access to quick financing to overcome short-term hurdles. Those borrowers who need loans or advances on a rapid schedule can obtain both from BFS Capital. Apart from working tirelessly to help small businesses grow, the company is supported by an exceptionally knowledgeable team which delivers excellent support. Credit, documentation and other requirements are straightforward in exchange for one of the faster approval processes available in the industry. While some prospective businesses might find short-term loans to be a bit more expensive than bank financing, BFS Capital customers benefit from a rapid application, quick funding, and a relationship with a trusted lender.
3301 N University Dr. #300
Coral Springs, FL 33065
United States of America