CFG Merchant Solutions Reviews | Is CFG Legit Or Scam?
The CFG Merchant Solutions Reviews: CFG Merchant Solution is an online lending business that provides working capital to small businesses. Also known as CFGMS, it is based in New York.
Online lender offering small business advances, merchant cash advances, invoice factoring, purchase order funding, and equipment financing. They are known most for their cash advance products or MCAs.
In this article, we will explain CFG Merchant Solutions. You will learn about the interest rates, payback terms, pros and cons, fees, and whether CFG Merchant Solution is a scam or legit.
- 2 Pros of CFG Merchant Solutions
- 4 Cons of CFG Merchant Solutions
- 6 Alternate Solutions
- 8 Is It Legit Or Scam?
- 10 Qualifications of the Borrower
- 12 Address of CFG Merchant Solutions
- 14 Customer Support
- 16 Our Reviews
- 17 Customer Reviews
- 19 As a Conclusion
Pros of CFG Merchant Solutions
The online lending company offers different types of small business loans. Let’s look at some of the upsides:
1. Fast Money
Fast money is always helpful in emergency situations. It is not possible to wait for a bank loan if you own a small business and need working capital or equipment. A bank takes 3 months or more to fund. In addition, there are a lot of restricted industries there.
However, they did a good job here, as with most online lenders. Within 24 to 72 hours, you can get funded. That’s great for those looking for quick money.
2. Low Credit Score is Required
When I just completed a year in my first business, I had a bad experience. I needed some extra working capital for some traditional banks. Unfortunately, I was declined due to my bad credit score. However, I got my first loan from an online lender.
3. The Minimum Document
We mentioned more than 20 times in our previous lender reviews that online lenders require less paperwork. Since CFG Merchant Solutions is an online lender, you don’t need to submit a lot of paperwork. All you need to do is submit your business and personal information, your driving license, and some additional documents.
4. High Approval Rate
The online lender for small businesses claims to have an approval rate of 80%. If you have a minimum monthly deposit and a good business history, then you will be approved easily.
5. Payment Plans that are Flexible
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.
Cons of CFG Merchant Solutions
This financial company is not perfect, just like other lenders. Knowing all the pros and cons will allow you to make a better decision. You will be able to compare yourself with others. Let’s look at the downsides of CFG Merchant Solutions.
1. A Little Expensive
CFG Merchant Solutions offers working capital that is more expensive than regular bank loans. In other words, if you are looking for a business loan with a low interest rate, this kind of loan is not suitable for you.
2. Additional Charges
MCAs are already expensive loans. There are some additional fees, such as maintenance fees, processing fees, etc.
3. No Credit Line
One of the most popular loan programs for small business owners is a business line of credit. A business line of credit is available from most online lenders. However, CFG Merchant Solutions does not offer business line of credit loans.
4. Fewer Loan Options
Besides working capital and merchant cash advance loans, they don’t offer some popular business loans like PPP, SBA, Line of Credit, or unsecured startup loans. Credibly is a great online lender that offers a variety of loan products.
The best alternatives to CFG Merchant Solutions include Credibly, Kapitus, Bitty Advance, OneDeck, FundBox, Rapid Finance, Lendio, BlueVine, Funding Circle.
Is It Legit Or Scam?
CFG Merchant Solutions is a legit company, not a scam. The company was founded in 2015 and offers business loans to small businesses. Financial company based in New York, U.S.
Qualifications of the Borrower
The following requirements must be met to qualify for a business loan from CFGMS:
- Deposit of $15,000 into business checking account every month
- A credit score of 500 is required
- Age of the business: 6 months or more
- Ownership: greater than 50%
- Bankruptcy is not permitted
- Tax lines: not permitted
- Judgment: Not admissible
Address of CFG Merchant Solutions
CFG Merchant Solutions is located at 180 Maiden Lane, 15th Floor, New York, NY 10038, United States.
CFG Merchant Solutions customer care number is +1 844-662-3467 and email address is [email protected]
CFG Merchant Solutions has many competitors, but most of the lenders have the same interest rates and terms. The online lender requires fewer documents and has a higher approval rate. We rate this product 7 out of 10.
- Score on Glassdoor: 0
- Trustpilot: 3.7 out of 5 stars
As a Conclusion
MCAs or cash advances are quick loans and are a little more expensive than regular bank loans. CFG Merchant Solutions is an online lender in the B category. You can work with CFGMS if you are in need of quick funds for your business.