Are you considering a loan from Everest Business Funding or have you already received a proposal from them? If yes, then you are in the right place. Many business owners want to know if Everest Business Funding is a reliable lender, what their rates and terms are, and if they charge any hidden fees. As a funding underwriter, I have reviewed and analyzed hundreds of deals. I have seen how Everest Business Funding works from the inside. In this honest and straightforward review, I will break down Everest’s loan options, rates, repayment terms, and eligibility criteria. This will help you decide if Everest is the right lender for your business or if there are better and more affordable alternatives that could save you thousands. Let’s get started.
Table of Contents
- What is Everest Business Funding?
- Everest Business Funding Loan Options
- Everest Business Funding Requirements
- Required Documents for Application
- Everest Business Funding Rates, Terms, and Payment Options
- Application Process
- Pros and Cons of Everest Business Funding
- Who Should Consider Everest? (Best Fit)
- Who Should Avoid Everest Business Funding?
- Insider Tips for Everest Applicants
- Best Alternatives to Everest Business Funding
- Everest’s Reputation & Customer Reviews
- Final Verdict – Is Everest Worth It?
What is Everest Business Funding?
Everest Business Funding is a private lender specializing in fast, revenue-based financing for small and medium-sized businesses (SMBs). Unlike traditional banks, Everest provides merchant cash advances (MCAs) and short-term business loans, focusing on business cash flow rather than strict credit requirements.
Everest Business Funding Loan Options
The private lender offers two types of loan options. One is called a Revenue Based Business Loan and the other one is called a Merchant Cash Advance. Both of these loan options focus more on your business cash flow than your personal credit score. They provide fast funding for small businesses. However, the way you repay the loan is different for each option. Everest Business Funding can offer loans up to two million dollars. The approval amount depends on many factors such as your business performance, cash flow, past loan history, the industry you are in, your business location, and more. In most cases, you may get approved for a loan amount between forty percent to one hundred forty percent of your average monthly deposits into your business bank account.
Everest Business Funding Requirements
To qualify for a loan from Everest Business Funding, your business must meet some basic eligibility criteria. You need to be in business for at least 6 months. You must have an active online business checking account and no default history in the past. Your business should also make at least fifteen thousand dollars or more in gross monthly sales. This income must be visible in your business bank statements. Everest Business Funding says they don’t care about personal FICO score, but in my underwriting experience I found they don’t qualify a business of the personal credit score is lower than 550.
Required Documents for Application
To apply, you need to provide your most recent four months of business bank statements and a one-page loan application form. If your loan is approved, you may be asked to submit extra documents such as a copy of your driver’s license and a picture of a voided check. In some cases, they may also ask for your EIN letter, a loan payoff letter from your previous lender, a one-year balance sheet, or upcoming invoices. If you apply in the middle of the month, they might also request your month-to-date business bank statement.
Everest Business Funding Rates, Terms, and Payment Options
Now let us talk about the rates, terms, and payment options Everest Business Funding offers.
Cost
The company provides two types of loans, and both use a factor rate instead of a traditional interest rate. The factor rate usually starts at 1.28 and can go up to 1.54, depending on your business profile. For example, if you borrow twenty thousand dollars at a factor rate of 1.40, you will repay a total of twenty eight thousand dollars (twenty thousand multiplied by one point four).
Since this is fast funding, the loan terms are shorter than traditional bank loans. The term can start from one month and go up to eighteen months, depending on the loan amount, business performance, and repayment ability.
Payback Options
Everest Business Funding offers daily and weekly payment options. However, most loans are approved with daily payments, which are automatically withdrawn from your business bank account through ACH. Weekly payments are rare.
Fees
There are a few extra charges to keep in mind. Everest may charge a loan processing fee of up to five percent and also an ACH fee for each withdrawal. These fees can add to your overall loan cost, so make sure to review your offer carefully before accepting.
Application Process
The loan application process is very simple and quick. You can easily apply for a loan through the Everest Business Funding website. However, in many cases, direct applications do not get approved. This is because the company tries to avoid issues related to the Telephone Consumer Protection Act and also deals with a shortage of underwriters.
The best way to apply is through a partner or an Independent Sales Organization. These partners review your file first and make sure everything is complete before submitting it to Everest Business Funding. This process increases your chances of getting approved.
Once you apply for a loan from Everest Business Funding, they usually take up to forty eight hours to review your file. If your application is approved, you will receive a confirmation by email. If your application is declined, they will also inform you through email.
One important thing to know is that if you apply and do not receive any response or approval, you may still be marked as recently declined in their system. This can affect your chances if you try to apply again soon.
Pros and Cons of Everest Business Funding
If you are thinking about applying for a loan from Everest Business Funding, it is important to understand both the advantages and the disadvantages. Based on my experience as a funding underwriter and after reviewing hundreds of files, here are the real pros and cons:
Pros
- Fast Approval and Funding: Everest can fund your business in as little as twenty four hours, which is much faster than traditional banks. This is helpful during emergencies like payroll shortages or inventory needs.
- Low Credit Score Acceptance: They focus more on business cash flow than personal credit score. Businesses with a FICO score under six hundred may still qualify.
- Simple Application Process: The application process is quick and easy. Only a few documents are required to get started.
- Flexible Loan Options: You can choose between a Revenue Based Business Loan or a Merchant Cash Advance, depending on your needs.
- High Approval Amount: You may get approved for up to two million dollars, or between thirty percent to one hundred forty percent of your average monthly deposits.
Cons
- High Cost of Capital: Their factor rates range from 1.28 to 1.54. This often equals an APR of over fifty percent. It can make the loan very expensive.
- Daily Repayment Structure: Most loans are approved with daily ACH repayments, which can drain your cash flow. You must maintain steady daily revenue to keep up.
- Additional Hidden Fees: They charge up to five percent loan processing fees, and there may be extra ACH transaction fees.
- Hard to Get Approved Directly: If you apply directly through the website, there is a lower chance of approval. It is better to apply through a partner or ISO.
- Can Be Marked as Declined Even Without a Response: If your application is not approved and you receive no reply, Everest may still count it as a recent decline, which can hurt your future chances.
Who Should Consider Everest? (Best Fit)
Everest Business Funding is a good choice for business owners who need money fast. It works well for those who may not get loans from banks because of low credit scores.
a) Business Owners Who Need Money Quickly
If you need money within one or two days, Everest can help. This is great during emergencies like making payroll or buying urgent stock.
For example, if you find a used truck at a very good price but do not have enough cash, Everest can provide the funds. Later, you can use that truck to earn money every month. Even after paying interest, you may still make a good profit.
b) People with Low Credit Scores
Banks often reject borrowers with poor credit. This lender looks at your business income instead. If your business brings in steady money (minimum 15 thousand dollars per month), you may still get approved even with a low FICO score.
c) Businesses with Steady or Seasonal Sales
This funding fits businesses that earn money regularly or during certain seasons. Good examples include small shops, transport services, salons, repair centers, and food vendors. These businesses may face cash flow gaps that quick funding can solve.
d) Owners Who Find a Growth Opportunity
Some deals do not wait. A cheap office, a bulk inventory discount, or used equipment may bring in more profit than the loan cost. In such cases, getting funds quickly helps you take action at the right time.
Who Should Avoid Everest Business Funding?
Everest Business Funding is not the right choice for every business. Some business owners have better, cheaper options.
a) Businesses That Qualify for Bank or Mortgage Loans
If you have good credit and strong financials, a bank loan is often a better choice. Banks offer lower interest rates and longer repayment terms. If you qualify for traditional loans, you can save a lot of money over time.
b) Companies With Weak or Unstable Cash Flow
Daily repayments require steady income. If your business does not make money every day, it can be hard to keep up. Missing payments may cause more financial stress and even hurt your credit.
c) Owners Who Want the Lowest Cost
Everest loans are more expensive than many other funding options. Factor rates can be high. If your goal is to pay less interest and fees, you should explore other lenders first.
d) Businesses That Do Not Need Fast Money
If you are not in a rush, it is better to wait and apply for a more affordable loan. Taking time to compare lenders can help you get better terms and lower payments.
Insider Tips for Everest Applicants
Before you apply, make sure the loan will help your business grow. Only take the funding if you can use the money to make more money, even after paying the cost. If the cost is too high and does not bring a good return, it is not worth it.
Having a credit score of six hundred fifty or higher can help you get better rates. Aim for at least fifteen to twenty thousand dollars in monthly deposits. Your daily ending balance should be at least two thousand to three thousand dollars to handle daily repayments.
Make sure you do not have any past defaults or unpaid loans. Also, try not to apply if you already have another loan open. Having a clean financial profile increases your chances of approval and can lower your funding costs.
Best Alternatives to Everest Business Funding
Some of the best alternative lenders to Everest Business Funding are Laser Capital Funding, OnDeck, Lendini, Bitty Advance, Vader Mountain Capital, Headway Capital, Kapitus, and Can Capital. These companies offer solid options for businesses looking for fast funding with flexible terms and competitive rates.
Everest’s Reputation & Customer Reviews
| Review Sites | Number of Ratings |
|---|---|
| Trust Pilot | 4.6 (Out of 933) |
| Yelp | 3.0 (Out of 2) |
| Indeed | 3.2 (Out of 28) |
Final Verdict – Is Everest Worth It?
Let’s come to the point. Everest Business Funding is a good choice for business owners who need fast cash and have steady daily revenue. It works well for those with low credit scores or urgent opportunities that require quick funding. However, if your business has unstable cash flow, can qualify for a traditional bank loan, or wants to avoid high fees and daily repayments, it is better to look elsewhere. Overall, Everest can be helpful in the right situation but may not suit every business.
Disclaimer
This review is not sponsored, paid, or affiliated with Everest Business Funding. It is based entirely on my professional experience as an underwriter and my personal assessment of their services. I have shared both the pros and cons to help small business owners make informed decisions.
If you have feedback or complaints regarding Everest Business Funding, feel free to share your thoughts by visiting our Contact Us page. Your input is always appreciated.
