Hello small business owners. If you are thinking about a loan from Elevate Funding, but don’t know much about them, you are in the right place. The Lender Radar team has worked with many private lenders in the US and Canada, and we have experience with Elevate Funding. We have seen very closely what they offer, how they operate, and the products they provide. In this article, we will guide small business owners step by step. You will learn about Elevate Funding’s loan options, how their rates, terms, fees, and repayment work, the application process, and approval criteria. We will also share real reviews, any lawsuit or legal notes, and possible alternatives. By the end, you will know if Elevate Funding is right for your business and how to apply safely.
Table of Contents
- What is Elevate Funding?
- Loan Options section
- Rates, Terms, Fees, and Repayment Options
- Elevate Funding Application Process
- Elevate Funding Approval Criteria
- Elevate Funding Lawsuit or Legal Notes
- Elevate Funding Customer Care
- How to Log in to Elevate Funding Customer Portal
- Alternatives to Elevate Funding
- Elevate Funding Pros and Cons
- Should You Apply to Elevate Funding?
- Our Review
- Frequently Asked Questions (FAQs)
What is Elevate Funding?
Elevate Funding is a private lender based in Gainesville, Florida. They offer revenue-based business loans with fixed payment options and set payback terms. Instead of traditional interest, repayment is based on a fixed amount agreed in the contract, making it easier for businesses to plan their cash flow.
They work with businesses across multiple industries, including retail, healthcare, service-based companies, restaurants, and seasonal businesses. Their funding helps businesses get fast working capital for payroll, expansion, equipment, or daily operations.
Loan Options section
Elevate Funding offers Revenue-Based Business Loans. You receive a lump sum upfront with fixed payment and payback options. Repayment is based on your business revenue, so it is easier to manage your cash flow. You can use the money for payroll, operating costs, or growing your business.
The loan amount is usually from five thousand dollars up to one hundred thousand dollars. If you are looking for other options just a note for you – the private lender does not offer equipment financing or business lines of credit.
Rates, Terms, Fees, and Repayment Options
- Rate: Elevate Funding does not charge traditional interest rates. They use a factor rate, which is a fixed cost agreed in the contract. Factor rates usually start around one point two five and can go up to one point five zero. Example: Borrow one hundred thousand dollars at a factor rate of one point two five. The total payback will be one hundred twenty-five thousand dollars.
- Term Length: Usually from one month to 24 months.
- Repayment Options: Daily or weekly withdrawals from your business account.
- Funding Fees: Some applications may include processing fees, but not all. Always review the offer carefully before signing.
Elevate Funding Application Process
Applying for a loan with Elevate Funding is fast and simple.
- Start Your Application: You can simply visit their website and fill out the online form or you can contact a funding specialist, who will help you to complete the process.
- Submit Documents: Provide bank statements and other required business paperwork.
- Approval Review: The lender evaluates your revenue, time in business, and eligibility.
- Receive Funding: Approved businesses can get funds from five thousand dollars up to one hundred thousand dollars quickly, often within twenty-four to forty-eight hours.
The process is designed to be hassle-free, helping businesses get the capital they need without long delays.
Elevate Funding Approval Criteria
Like most other lenders this private lender has a minimal requirement for loan approval. To qualify for a loan with Elevate Funding, your business must meet the following requirements:
- Owned and operated in the United States
- In operation for at least three months
- No open bankruptcies
- Minimum bank deposits of ten thousand dollars per month or minimum credit card processing of seven thousand dollars per month
Elevate Funding focuses on businesses with consistent revenue, making it easier for small businesses to access fast working capital. But keep a note: although they do not mention it on their website, based on our underwriting experience, your business must have a credit score of five hundred fifty or higher. If your score is higher, that is even better.
Elevate Funding Lawsuit or Legal Notes
When it comes to funding, people are always concerned about legality. They should be aware because in the market we have seen many businesses scammed, suffered for a long time, and even went out of business.
Elevate Funding is a legitimate lender, but like many revenue-based lenders, they may take legal action if a business stops making payments or fails to follow the repayment schedule. Lawsuits are usually about collection practices or enforcing fixed payment agreements.
It is very important to read the contract carefully before signing and make sure your business can handle daily or weekly withdrawals. This will help you avoid legal problems and keep a good relationship with the lender.
Elevate Funding Customer Care
If you need assistance, you can contact Elevate Funding:
- Phone: 1-888-382-3945
- Email: support@elevatefunding.com
- Hours: Monday to Friday, 8:30 AM to 5:00 PM EST
Customer care can help with loan questions, application status, or account support.
How to Log in to Elevate Funding Customer Portal
If you already took funding from Elevate Funding they will provide you a user ID and Pass you can simply log into their portal using the following link.
- Customer Portal/Log in link: view.elevatefunding.com
Alternatives to Elevate Funding
If Elevate Funding is not a fit for your business, there are several other private lenders and revenue-based funding options you can consider. Bitty Advance, Lendini, OnDeck, Can Capital, Vader Mountain Capital, Everest Business Funding, Clara Capital, Fratello Capital, LYNX Capital, Rapid Financing, and Mantis Funding also offer revenue-based loans and other small business funding options.
Elevate Funding Pros and Cons
| Pros | Cons |
|---|---|
| Fast access to working capital | Can be expensive due to factor rates |
| Simple and quick online application | Loan maximum is one hundred thousand dollars, which may not be enough for larger businesses |
| Fixed payment and payback schedule makes planning easier | Some applications may include processing fees |
| Revenue-based repayment allows flexibility with cash flow | |
| Loans available for businesses with lower credit scores (550+) | |
| Good option for businesses that may not meet traditional bank criteria |
Should You Apply to Elevate Funding?
Elevate Funding is a legitimate lender that provides revenue-based business loans with fixed payment and payback options. If your business has consistent revenue, a credit score of five hundred fifty or higher, and can handle daily or weekly withdrawals, this lender can be a good option for fast working capital.
However, the loans can be expensive, so it is very important to review the contract carefully, including the factor rate, terms, fees, and repayment schedule, before applying. If you are not comfortable with the repayment structure, consider other alternatives like Bitty Advance, OnDeck, or Mantis Funding.
Our Review
Elevate Funding is a legitimate lender offering revenue-based business loans with fixed payments. The application process is fast and simple, making it a good option for small businesses that need quick working capital. It has lower qualification requirements and allows flexible repayment based on revenue, but the loans can be expensive and daily or weekly withdrawals may strain cash flow. The maximum loan amount is one hundred thousand dollars, so larger businesses may need other options. Always review the contract carefully before applying.
Frequently Asked Questions (FAQs)
Q: What is Elevate Funding?
A: Elevate Funding is a private lender in Gainesville, Florida, offering revenue-based business loans with fixed payment and payback options.
Q: How much can I borrow?
You can borrow from five thousand dollars up to one hundred thousand dollars.
Q: How does repayment work?
Repayment is based on your business revenue. You make daily or weekly withdrawals according to the fixed schedule agreed in the contract.
Q: Are there any fees?
A: Some loans may include processing fees, but not all. Always review the contract carefully before signing.
Q: Is Elevate Funding legit?
A: Yes. It is a legitimate lender, but you must meet repayment obligations to avoid legal action.
Disclaimer
The Lender Radar team is not affiliated with Elevate Funding. This article is not paid, sponsored, or promotional content. All information is based on our underwriting experience, research, and review of Elevate Funding’s revenue-based business loans, rates, terms, and application process. This guide is for informational purposes only to help small business owners make informed lending decisions. Always review the lender’s terms and agreements carefully before applying for any loan.
