Name: Swift Capital Corporation
Number of businesses served / Loan volume: $400 million to 10,000+ small businesses
General information: Swift Capital provides short-term business funding (merchant cash advances) for companies that have been in business at least 1 year and that have a minimum of $5,000 in monthly revenue. Business owner’s personal credit score must be at least 550.
Range of loan amounts: $5,000 to $200,000
Average loan size: $24,000 to $27,000
Quoted in factor rate or interest rate: Factor
Interest rate ranges: Merchant cash advance: 9.9% to 24.9% one-time fee
Average interest rate / factor rate: 17%
Interest rate structure: Pre-computed. There is no penalty for pre-paying the loan, but it also doesn’t cut down unpaid interest.
Loan repayment terms: Automatic daily withdrawals; weekly payment option is available for qualified businesses. Most loans are set up for 6 to 12-month repayment terms
Guarantee requirements: Requires personal guarantee for small business loans, no personal guarantee for merchant cash advance.
Additional fees: Upfront fees range from 1-5%
If you are interested in Swift Capital, click here to get a free consultation with a Fit Small Business financing expert.
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Noteworthy Swift Capital Reviews
Better Business Bureau – A+BBB Online Complaints and Reviews
Trust Pilot – Swift Capital earned 6.8 out of 10 stars with Trust Pilot users. The majority of reviews were from people who reported having good experiences with Swift Capital. They were particularly fond of the easy application process and the same-week funding. The few users who gave lower ratings cited problems with customer service. “The first time I used them they were great. Fast, easy and nice. The last two times it has taken longer and I get the feeling that they are doing me a favor more than me paying for a service/funds. I hope that if I choose to try again I get the same experience as the first time.” [Read more ]
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