Frequently Asked Questions
Click the questions below to see the answers to our typically asked questions.
+ How can Lendr help fund my business needs?
We offer a revolutionary working capital program designed to help you manage your cash needs by providing you with a more responsive alternative to traditional bank lending.
+ How does the program work?
Our products offer a way to get the money needed for your business operations. The most important thing to remember is that it’s not a loan, so there are no loan payment books, no dealing with people who don’t understand your business, none of the traditional bank hassles. Lendr transactions are based upon your future sales. To settle your obligation, we either retrieve a fixed percentage from each sale of your credit/debit card transactions or collect a fixed ACH dollar amount daily or weekly from your business checking account. It's as simple as that!
+ How do I know if I qualify?
You must have been in business for more than 12 months, have at least $10,000 in revenue per month, and meet a few other simple requirements. A good credit score is not necessary to obtain a cash advance. We are more concerned about your sales volume.
+ What can I use the money for?
Most of our customers use the money for business needs like adding more seats to their restaurants, improvements, advertising or stocking up on seasonal merchandise. Others have used it to buy out a partner or for emergency needs like unforeseen maintenance issues that could interrupt your business. You are free to spend the money on whatever is best for your business.
+ How soon can I get the money?
Typically, after a merchant has been approved the average time from receipt of all documents required to funding is usually 2-3 business days.
+ What qualifies as proof of ownership?
A corporate tax return or a business license showing the guarantors name as an owner are great proofs of ownership.
+ How often are payments to Lendr retrieved?
We collect a small percentage of your daily credit & debit card sales as they are settled or “batched”. Typically, we collect a daily percentage. However, we do offer some programs that are weekly.
+ What do you mean by gross volume?
Gross volume refers to your total receipts from all sources, including cash, credit cards, debit cards, and checks.
+ Do I need to get a new credit card terminal?
In most cases, we use your existing equipment. All we have to do is re-program your terminal, which takes only 10 minutes and it can be done over the phone with our tech department, who will give you step-by-step instructions.
+ What if I already have a client cash advance outstanding?
If you owe money to another funding source, we can easily payoff your existing advance and provide you with additional money.
+ Whom do I call with questions about my account?
You can call Customer Service at 855.928.1919, between the hours of 8am and 5pm CST, Monday through Friday.