CFG Merchant Solutions Reviews: CFG Merchant Solution is an online lending company that provides working capital to small businesses. It is also known as CFGMS and is based in New York. The online lender that offers a small business advance, merchant cash advance, invoice factoring, purchase order funding, and equipment finance. However, their main product is MCA or merchant cash advance.
Today we are going to review CFG Merchant Solutions. We will give you an idea about the interest rates, payback terms, pros and cons, fees, is CFG Merchant Solution legit or a scam, and more.
Table of Contents
- CFG Merchant Solutions Pros
- CFG Merchant Solutions Cons
- Interest Rate
- Is It Legit Or A Scam?
- Borrower Qualifications
- CFG Merchant Solutions Address
- Customer Support
- Our Reviews
- Customer Reviews
- How To Apply For A Loan
CFG Merchant Solutions Pros
The online lending company provides different kinds of small business loans. Let’s take a look at the upsides-
1. Quick Money
Quick money is always helpful in emergency situations. If you own a small business and need some working capital or need to buy new equipment it is not possible to wait for a bank loan. Because a bank takes 3 months or more to fund. Besides they there have a lot of restricted industries. But like most of the online lenders, they did a good job here. You can get funded within 24 to 72 hours. That’s really cool for those who are looking for quick money.
2. Low Credit Score Required
I have a bad experience when I just completed a year in my first business. I was looking for some extra working capital for some of the traditional banks. But it is a sorrow to say I got declined because of a bad credit score. But I got my first loan from loan an online lender.
3. Minimal Document
In our previous lender reviews, we mentioned more than 20 times that online lenders require less paperwork. As CFG Merchant Solutions is an online lender so you don’t need to submit a lot of paperwork. You just need to submit your basic business and personal information, driving license, and some additional papers.
4. Good Approval Ratio
The online lender for small businesses claims they have an 80% approval ratio. Well, if you have a minimum monthly deposit and no bad business history then you will be approved easily.
5. Flexible Payment Plans
Payback terms and plans are one of the important issues in the business loan. Most online lenders offer daily and weekly payment options and short-term loans. And the small business owner may not be fit to pay daily. They offer daily, weekly, and monthly payment options.
CFG Merchant Solutions Cons
Like other lenders, this financial company is not 100% perfect. After knowing all the pros and cons it will be easy to make a better decision. And you will be able to compare with others. So let’s take a look at the downsides of CFG Merchant Solutions.
1. Little Expensive
The working capital offered by CFG Merchant Solutions is a little expensive than regular bank loans. So if you are looking for a business loan with low interest then this kind of loan is not suitable for you.
2. Additional Fees
MCA is already an expensive loan. There have some additional fees like maintenance fees, processing fees, and more.
3. No Line Of Credit
A business line of credit is one of the most popular loan programs for small business owners. Most online lenders offer a business line of credit. But the online lender doesn’t offer a business line of credit loan.
4. Fewer Loan Programs
The main product is working capital and merchant cash advance loans so and they don’t have some popular business loans like PPP loans, SBA, Line of Credit, unsecured startup loans. If you are looking for an online lender with multiple loan products then you can take a look at Credibly.
CFG Merchant solutions factor rate (interest rate) starts at 1.2. And it varies from business to business, total payback term, the loan amount you need.
CFG Merchant Solutions’s best alternatives are Credibly, Kapitus, Bitty Advance, OneDeck, FundBox, Rapid Finance, Lendio, BlueVine, Funding Circle.
Read more: Best Mortgage Lender Near You
Is It Legit Or A Scam?
CFG Merchant Solutions is 100% legit, not a scam. It was founded in 2015 and offers business loans to small businesses. The financial company is based in New York, United States.
Here are the requirements to get approval for a business loan from CFGMS:
- Monthly deposit into business checking account: $15,000
- Credit Score: 500
- Business Age: 6 months or more
- Ownership: Morethan 50%
- Bankruptcy: Not Allowed
- Tax lines: Not Allowed
- Judgment: Not Allowed
CFG Merchant Solutions Address
CFG Merchant Solutions address is 180 Maiden Lane, 15th Floor, New York, NY 10038, United States.
CFG Merchant Solutions customer care number: +1 844-662-3467 and email address is email@example.com.
There have many CFG Merchant Solutions competitors but most of the lender’s interest rates and terms are the same. As the online lender requires fewer documents and has a better approval ratio. Considering all aspects we want to give 7 out of 10 ratings.
- Glassdoor: 0 Ratings
- Trustpilot: 3.7 ratings out of 5.
How To Apply For A Loan
It is very easy to apply for a business loan from CFG Merchant Solutions. Visit their official website and you will find apply now button. Click on the apply now button and put basic information about you and your business. Once you are done, one of the funding managers will call you or email you to let you know detail about their loan program.
We already know MCA or cash advance is a quick loan and it is a little expensive than regular bank loans. CFG Merchant Solutions is a B-category online lender. If you are looking for quick funds for your business then you can work with CFGMS.
Frequently Asked Questions
The financing company claims bad credit is not an issue to get a loan. But a minimum of 500 personal credit score (FICO score) is required to get a loan from CFG Merchant Solutions.
You get up to a $500000 business loan. But it depends on how good your credit score, your daily balance, monthly deposit into your business checking account, existing loan, type of business you are running. And also your business area and age as well.
Read More: Bitty Advance review