Bitty Advance Reviews - Rates, Terms, Pros & Cons
Bitty Advance, LLC offers merchant cash advances to small businesses and is one of the leading online MCA lenders.
Recently, they changed their website structure, loan amount, and logo. The online lender originally offered loans up to 10 thousand dollars, but now they offer loans up to 25 thousand.
I’m David Mark, and today I will be reviewing Bitty Advance LLC. In this review, I will explain all the pros and cons, interest rate, payback terms, and other stuff.
In addition, I hope this review will provide you with a clear understanding of Bitty Advance.
- 2 Advantage of Bitty Advance
- 4 Disadvantage of Bitty Advance
- 6 Is Bitty Advance Legit?
- 8 Qualification For Loan Eligibility
- 9 Bitty Advance Office
- 11 Bitty Advance Contact
- 13 Bitty Advance ISO partner
- 15 Bitty Advance Alternatives
- 17 Our Views On Bitty Advance
- 19 Final thoughts
Let’s take a look at the upsides of the online merchant cash advance lender so you can compare it with other online merchant cash advance lenders:
1. Process Done Online
The entire lending process takes place online. You don’t need to visit Bitty to get a loan. You can apply for a loan online. Applying for a loan takes just 5-10 minutes. It’s really cool.
2. Very Fast Approval
Another thing I liked about the online lender was their quick approval process. Working with a broker may allow you to submit your file to many lenders. In my experience, Bitty takes between 3 and 5 minutes to give a pre-approval. After the paperwork has been submitted, such as a one-page application, the last four months of bank statements, etc. They may ask for the month to date in the middle of the month.
3. Weekly Payment Plan
According to my experience, most online lenders do not offer weekly payments. If you have a good payment history and it is your second time with Bitty Advance, you can get a weekly payment option.
Small business owners who take out loans regularly should consider refinancing. Furthermore, if you have a small loan with another lender, you can pay it off and work with Bitty.
5. Good Approval Ratio
A majority of online lenders decline your application and don’t offer you a loan. However, this financial company has a high approval rate. In my experience, they don’t decline a file if they have something to do.
6. Sameday Funding
The other benefit of Bitty is that you can receive funds within one day. If you apply for a loan and get pre-approved. Let’s say you think everything is fine and you say yes. Then you just need to submit other documents, such as a driving license and voided check. Within 24 hours of completing the bank verification, you will be funded. However, they don’t work holidays.
7. Small Payment
Your payment amount will be small since you are getting a small loan. It’s easy. The best part is you don’t have to pay for holidays and other government holidays. It will be automatically deducted from your bank account.
Disadvantage of Bitty Advance
As with other online lenders, this financial service provider is not without some cons. It is time to learn about the downsides of Bitty Advance LLC.
1. Small Amount Of Loan
If you need more than 25 thousand, this lender is not for you. They offer a maximum loan amount of 25 thousand. Credibly, for example, will lend you up to $25000, while other lenders can lend up to $5 million. Again, if you need a large loan, then this lender is not a good fit for you.
2. No Monthly Payback
Small business owners find it quite difficult to pay their loans on a daily or weekly basis. Monthly payback is what they seek. Here’s the bad news, this online lender does not offer monthly repayment options.
3. Works With Lot of Brokers
The worst part about Bitty Advance is that if you submit your file to a broker who works with Bitty Advance, Bitty will never touch your file. The broker will help you obtain a loan from Bitty. For this, you may have to pay additional fees and rates as well.
Is Bitty Advance Legit?
Bity Advance LLC is a 100% legitimate online lender. Miami, Florida, United States, is the location of the online lender. The company has only one loan program for small business owners, called merchant cash advances.
Qualification For Loan Eligibility
Bitty Advance makes getting a loan easy. To qualify for a Bitty Advance Loan, you must meet the following requirements:
- FICO scores of 450 or more.
- A minimum of six months in business.
- A minimum of 5000 deposits per month into your business checking account.
Bitty Advance Office
The office is located at 1250 Biscayne Blvd, 304-4, Miami, Florida.
Bitty Advance Contact
Contact BTITTY ADVANCE at 888-324-3863 or email us at [email protected]
Bitty Advance ISO partner
You can work with this online lender if you are a broker or want to be a broker. In order to become an ISO partner with Bitty Advance, you need to fill out and sign the ISO agreement, complete the W-9 form, fill up a deposit form, and then email the papers and documents to the ISO partner email address. Partner or ISO emails can be sent to [email protected] You can also call them.
Bitty Advance Alternatives
Alternatives to Bitty Advance include Kapitus Funding, Rapid Finance, Fora Financial, Lendio, National Funding, and First Union.
Our Views On Bitty Advance
If you are looking for a small business loan with low daily and weekly payments, Bitty Advance Merchant cash advance may be the right choice for you. The funding process is simple and done in-house. However, the cost of capital is quite high. We rate Bitty Advance 7.5 out of 10.
Merchant cash advances have a higher interest rate than traditional banks. You have to submit a lot of paperwork and have a good credit score to get a loan from a traditional bank, and it takes a long time. Bitty Advance LLC can provide a short-term business loan to small business owners.
Feel free to contact me if you have any questions about it.
Read More : August Funding reviews
Submit your review