Snap Advances Reviews - Financial Lender Pros & Cons

liara-cohen writer
By Liara Cohen
Updated February 8, 2018
Editor's Rating
Best Rated Lender
Customer Rating 21 Reviews
Types of loans
Merchant cash advances (MCAs)
Loan amounts
$250,000 maximum; $5,000 minimum
Interest rates
1.21 to 1.46
Origination fees
2% origination fee; no document or application fees
Loan term
Fixed rate, self-amortizing loans with terms of between 4 months and 18 months
Loan availability
All 50 states
Funding time
Within 3 to 5 business days of approval
Customer services
Contact by phone or email, Monday through Friday during regular business hours
  • Fast approval and funding - same day approval, and funding within three to five days of approval.
  • Loan amounts to $250,000 (industry average is about $150,000).
  • No collateral is required, other than future cash flow.
  • Most industries accepted as long as they meet Snap Advances credit policy guidelines.
  • Construction companies considered (not accepted with most small business lenders).
  • Snap Advances is a direct lender, not a broker.
  • Poor credit accepted, to a credit score as low as 540.
  • Qualification based primarily on business cash flow, and not on credit profile of business principals.
  • Easy qualification - qualify on as little as three month's recent bank statements.
  • Repayment can be a flat daily amount, or a percentage of credit and debit sales.
  • If your loan request from Snap Advance is declined, there's always the option to resubmit through Zoomli. They may be able to approve what Snap Advance can't accommodate. This will also save you the hassle of having to find a new lender.
  • Snap Advances has a limited public reputation, and what does exist is on the poor end of the rating scale.
  • Buy rates are higher than the interest rates on more traditional loans.
  • Limited ability to refinance competitor loans, since there is a minimum 50% merchant net requirement.
  • Merchant will be declined for a loan renewal if they layer a competitor loan on top of Snap Advances merchant cash advances.
  • No interest forgiveness on renewals.

About Snap Advances

Snap Advances LLC is an actual direct lender, and not just a loan broker. One of their core values is serving the small business community, a sector that has been virtually abandoned by 96% of the traditional banking industry.

Businesses are funded through merchant cash advances (MCAs). With MCAs, the merchant agrees to sell a portion of their future sales to the lender at a discounted price. The merchant gets funding up front, and the lender automatically collects the money over the next several months, based on a set percentage of credit and debit card sales. The payments are made by automatic draft, taken on a daily basis, to repay the advance.

Snap Advance has an advantage not available to most business lenders. In the event they don't approve a loan, they have an affiliate lender that may be able to make the loan. It avoids the need for a merchant to find a new lender.

The company was founded in 2013, and is based in Valley Stream, New York, but also has an office in West Valley, Utah.

Snap Advances Drill Down

Company Reputation

Snap Advances has the following ratings from third-party business rating services:

Licenses and Accreditations

The company is based in New York and Utah. It is registered with the New York Secretary of State, and the Utah Division of Corporations and Commercial Code.

Snap Advances Merchant Cash Advances

Snap Advances merchant cash advances are offered under the following terms:

Loan purpose. Loans must be business related. Merchant must net at least 60% of the loan proceeds, with the balance available for pay off of competitor loan balances.

Industries funded. Most industries are eligible for financing. Preferred industries include retail, restaurants, medical and manufacturing.

Other industries funded include:

Cautionary Industries. None. Snap Advances will consider any industry that meets their credit policy guidelines.

Buy rates. 1.21 to 1.46 - If you borrow $50,000, and the buy rate is 1.3, you'll be required to repay $65,000 ($50,000 X 1.3). That does not include the origination fee.

Origination and document fees. 2% origination - may be waived for merchants who have strong credit profiles.

Loan term. 4 to 18 months.

Collateral required. None, and no personal guarantee is required either.

Repayment frequency. Daily payments. Repayments are fully automated, and are handled in one of two ways:

Stacking. Snap Advances must be the first position lender. If merchant stacks loans from other lenders, they will not be eligible for renewal.

Loan Renewal Policy. Snap Advances will consider a renewal as soon as at least 50% of the original loan balance has been paid. On renewals, additional funding can be received in hours, rather than the several days it takes for initial financing.

Interest forgiveness. Not available.

Exceptions. Snap Advances will consider the following exceptions:

Snap Advances Merchant Cash Advance Borrower Requirements

To qualify for a merchant cash advance through Snap Advances you must meet the following requirements:

Snap Advances Merchant Cash Advance Application Process

The Snap Advances merchant cash advance application process can be completed online, or by phone. Same-day approvals are possible, as long as all required documentation is provided immediately. No collateral is required, and you can get funds for any purpose.

In order to make application, you need to provide the following documentation:

No personal guarantee is required for the advance.

No application fee is required, nor does the company charge a document fee. The 2% origination fee will be deducted upon funding.

Who Snap Advances Merchant Cash Advances Work Best For

We've identified seven types of merchants for whom Snap Advances can be a preferred loan source:

  1. Merchants who need money in a hurry. The loan application can be completed in a matter of minutes if you have all your documentation available. Funding will take place within 3 to 5 business days. There's no waiting around for weeks, the way you will with a bank loan.
  2. Merchants looking for easy qualification. To qualify for a merchant cash advance, all you need are your most recent three month's business bank statements. There's no need to submit financial statements or income tax returns.
  3. Young businesses. Snap Advances requires only one year in business to be eligible for a cash advance. The typical small business lender requires at least two years in business. What's more, Snap Advances will consider companies in business less than one year, with strong cash flows, on a case-by-case basis.
  4. Construction companies. This is an industry sector that has difficulty obtaining financing, even in the small business lender space. But Snap Advances will consider providing merchant cash advantages to businesses engaged in construction, as long as they meet their credit and revenue profiles.
  5. Businesses in other industries excluded by lenders. Snap Advances provides advances to merchants engaged in almost any industry. If you have had difficulty getting financing from other lenders, due to the type of business you're engaged in, Snap Advances may be able to help.
  6. Merchants with fair or poor credit. Snap Advances makes advances based on the revenue of your business, and not your personal credit rating.
  7. Merchants who have no collateral available, or none they want to pledge. Snap Advances makes cash advances based on expected future business revenue. No collateral is required, nor is a personal guarantee.

Snap Advance Plan B - Zoomli - Just in Case

Snap Advance's underwriting and credit guidelines are among the most accommodating in the business lending space. But just in case Snap Advance can't accommodate your loan request, there is a Plan B. If Snap Advance can't make a loan offer, the application can be moved to Snap's Zoomli division for a review.

One advantage of the in-house shift, as opposed to going to a brand-new lender, is that Zoomli will only perform a soft credit pull. There's no need to incur a hard inquiry, which may lower your credit score.

There are different scenarios under which Zoomli might be able to make a loan offer when Snap Advance is unable to:

  1. When a merchant is currently double+ funded. Snap will only pay off a single balance. But Zoomli could make a 3rd, or even a 4th position offer, behind Snap.
  2. A merchant who was triple funded at one time in the past. This is an automatic decline for Snap Advance. But Zoomli could make an offer.
  3. A merchant with a business bankruptcy over 3 years old. Snap Advance automatically declines a merchant for any business bankruptcy regardless of when it occurred. Zoomli may be able to make an offer if the bankruptcy was discharged at least three years earlier.
  4. If a merchant has an existing balance that's too high for Snap to pay off. Zoomli could make a second position offer to cover the balance.
  5. If Snap issues a decline for low gross revenue. Snap Advance has a minimum offer of $9,000, but Zoomli's minimium offer is only $5,000. Zoomli can work with a merchant with a lower average gross revenue.
  6. If Snap issues a decline for low average daily balances and/or too many negative balances. Zoomli's requirements are looser, so it's possible they can make an offer.
  7. If a merchant has FICO score below 530. Snap Advance's minimum credit score requirement is a FICO score of 530. Zoomli's minimum requirement is only a 500.

Zoomli Cash Advance Parameters

Zoomli's cash advance requirements are separate from Snap Advance, and look like this:

Maximum loan amount: $50,000

Maximum loan term: 8 months

Zoomli underwriting guidelines are as follows:

The merchant does not need to make application directly with Zoomli. If the cash advance won't work through Snap Advance, it can be forwarded to Zoomli if the merchant is agreeable. This includes applications where the merchant is open to taking on another loan position without having to pay off the current balance, or where the merchant doesn't meet the Snap Advance minimum credit score requirement. Zoomli may make an offer, if the application meets their guidelines.

Snap Advances Contact Information

If you'd like more information, or if you'd like to apply for a loan, check out the Snap Advances website.

16 User Reviews

Daniel M.

Sep 28, 2018 12:06 AM

Used Snap to finance a brush chipper for ~ $39K from Vermeer in Albuquerque. We've financed before with Marlin Leasing and DLL. Originally was looking to pledge some equipment that was free and clear. This was a cash loan that we hadn't done before. It was short term which was fine for us.


Kasandra Stanton MD

Nov 27, 2019 7:30 AM

I will never work with these robbers again! If I could give them a zero on their customer dealings, I undoubtedly would! Just had one little query which would not have taken more than 2 minutes but no, the account manager just refused to deliver, saying it is in the queue among other queries and she will deal with the other queries first. Not long ago these thieves were oh so sugary and sweet with me when I was their potential customer and they could see a lot of money that I would owe them. Now that I am stuck in a deal with these liars, they are treating me like I am some child who they can just pacify with their lies or just ignore! Highly disappointed with these people who only treat you good when they need you but when you need a tiny favor, they are all “professional” and uptight!!


Violet Schaefer

Dec 1, 2019 10:22 PM

i dont know what your beef is about with these guys. i literally had and i am still having a great experience with these guys. the accounts manager that i talked to is a fairly nice lady. she obviously has a lot in her plate and too many queries to answer and calls to attend. and i dont think theres anything wrong with first answering the queries that came before you. it actually is fair and just.


Ernest E Yarborough

Jun 3, 2020 6:15 PM

The Portfolio Manager for Snap Advances, LLC is Rich Latimer. In my opinion an based upon my dealings him, he is the most characterless, spineless person I have encountered for a long time. His word has no value. He showed no respect to me or the other individual dealing with him. Go on Pacer and see how many companies have resulted to bankruptcy after dealing with SNAP Advances, LLC. All statements above are my opinions based upon my dealing with Snap representatives.


Daphnee MurrayV

Jun 25, 2020 5:11 AM

Needed a quick cash flow for my construction company and needed it immediately. Snap Advances offered me just what I needed to run the projects my company acquired recently. The working capital was indeed instant and had pretty fair terms. Would definitely work with these people again!


Cassandra Ybarra

Sep 2, 2020 11:00 PM

I have never had a loan with this company but continue to call my phone for previous people who had my number I have asked this company several times to remove my number and now have contacted a lawyer. Chad is who I spoke with and refused numerous times calling me a liar saying that I know who the other person is when truly I have no idea who that person is. I asked to get the VP name or email address and was refused that as well.


Pasquale Hamill

Sep 10, 2020 3:04 PM

I recently started my own florist’s business and everything was fine until the pandemic hit us and there were no sales at all. I needed support to carry out my daily business operations, pay the two people who worked for me and keep my business from going bankrupt. Snap advances was more than happy to help but obviously on their own terms. I would have appreciated a little flexible terms and lower factor rates but what they offered was pretty tough. Manageable though. I had to surrender and take what they offered because banks were definitely not lending me anything without a more than stellar credit history, reliable guarantees and of course something solid as collateral. I had none as I had just started my business. But anyway, I am managing to repay snap advances with whatever sales I have got. Business is not the best but it’s gotten better and I am hoping for the best.


Aracely Pouros MD

Jan 7, 2021 5:11 PM

I am surprised that you have still given them a 3 star rating after reading your review it feels like a rip-off, taking advantage of your situation. How much did they ask in terms of interest rate, may I ask? They offered me a short term loan at 1.4, which is the highest they have for their rates. Its completely nonsensical. I backed out instantly. I am not gonna let anyone rip me off my hard earned money through their sugar-coated talk! I wonder why the likes of these are still allowed to do business and dont get arrested for theft or something.


Pasquale Hamill

Jan 13, 2021 4:16 PM

It was 1.38 but I needed instant financing and no lender was willing to trust a new business in times like these. But snap trusted me and delivered me the promised working capital. I am thankful!


Aracely Pouros MD

Feb 2, 2021 4:29 PM

1.38 is ridiculous! How can someone do business while they owe so much. Anyway, I would have given them 1 star and would have backed out. I hope your business gets better and you can get rid of these thieves soon!


Elyssa Runolfsdottir

Sep 10, 2020 8:11 PM

I needed a new oven for my bake shop in Springfield, Massachusetts. Got a few products shortlisted on It was expenditure worth $18K approximately. I couldn’t do it on my own so I looked for some reliable lender that could offer me a loan on reasonable terms. I did not want to go to any bank because I know how much they charge you through high interest rates and then they ask for collateral as well. Came across Snap Advance’s profile and I liked what their business ethics by merely looking at their website. The same was affirmed when I called them. The representative was very nice and friendly and talked me through the whole process. Got a short term loan within a couple of days at 1.2 rate which was much better and reasonable compared to what banks and other lenders charge you.


Mossie Hilll

Feb 16, 2021 9:22 AM

Totally recommended ! Highly courteous , informative , and supportive team !!


Emiliano Lowe

Feb 16, 2021 8:20 PM

Loved working with snap advances. Best small business lender with upfront repayment figure which gives you an idea of how much you owe them so you can do business accordingly.


Gerard Ryan

Apr 13, 2021 11:29 PM

SNAP ADVANCES is the best working-capital lender! Got a quick working capital loan from these people or 9 months and so far I am satisfied with all their transactions. Everything is transparent and smooth and there seems to be no shady activity there! Keep it up, guys!


Cleveland Waters MD

May 12, 2021 9:14 PM

I recently completed a working capital loan with snap advances and it has been an excellent ride!!! I have recommended the company to my friends, one of whom is finalizing a deal with these people. They are supportive and instantly provide you with the capital you need and the repayment process is transparent and smooth too. The representative explains everything in a concise and decent manner. Totally going to working with snap again!!


Natasha MurrayI

Jun 8, 2021 7:04 PM

i needed to buy new straighteners , curlers , hair driers and whatnot for my beauty salon in Albuquerque ...i also needed to refil my inventory , & hire a couple of hair stylists. looked up to snap advances for help on a colleagues recommendation and i have never been more happy with a deal !