Resources

Frequently Asked Questions

Below you may find some common questions about First Funds products and services.
For more information about any one item, please click on the question link.

1. How can I qualify for a business cash advance?

1. You have a business that accepts VISA, Master Card, American Express or Discover cards as a form of payment

2. Your business processes a minimum of $3500 per month in credit card transactions

3. You can provide four (4) months of past processing statements

4. Your business has been fully operational for at least 12 months

2. How easy is it to get approved?
It is a lot faster and easier than a conventional bank loan. We understand the reality and the hardship of owning and operating a small-medium size business. The majority of applications are prequalified within 48 hours of receiving the application and documents, and funded within 5 days.

3. How can I speed up my cash advance approval?
Fax your one-page application, credit card processing statements and bank statements to your sales/funding broker. Submit any information you might have omitted from the application. Provide documentation to explain all items that may create questions regarding your credit report.

4. How does the program work?
You are advanced an amount based on your current Visa/MasterCard/American Express or Discover Card sales receipts. Then, over a period of several months, a small percentage is deducted from your ongoing credit and/or debit card receipts. There are no fixed payments and no fixed term.

5. Is there a fee for providing a business cash advance?
No, the application is free. First Funds does not impose any up-front charges or administration fees.

6. Will bad credit affect my cash advance request?
It is not necessary for you to have good personal credit to receive a business cash advance.

7. How quickly can I get a business cash advance?
You can obtain your advance as quickly as 5 days after you submit your application accompanied by the required documents. If relevant documents are missing or difficult to obtain, the process may take somewhat longer.

8. How will I pay back the business cash advance?
Payback is automatically deducted from your bank account daily, based on a low set percentage of your daily Visa/MasterCard/American Express/Discover Card receipts.

9. Is this a loan?
No. This is not a loan. It is a purchase of future receivables.

10. How easy is it to apply again and get another advance?
If there has been no significant change in your financial status, applying for another cash advance from First Funds is fast and easy. You do not have to wait until your first advance is fully paid off.

11. Is the paperwork complicated?
The required paperwork is fairly simple and takes no more than ten or fifteen minutes to complete. Our Funding Specialists are available in our contact center to help you through this process.

12. Can I receive an additional cash advance while an advance from another company is still outstanding?
Yes, but any outstanding cash advances must be repaid from the proceeds of our first advance to you.

13. I have high enough overall sales, but my credit card volume is relatively low. Is there any way I could receive funding?
Yes. We work to tailor our products to suit our customers’ needs, so just ask us. In order to qualify for our merchant cash advance program, your business must process a minimum of $3500 per month in VISA/ MasterCard/American Express/Discover Card transactions.

14. Can the advance be renewed?
When the business cash advance balance is down to approximately 50% of the original balance, you can request a renewal. As a matter of fact, most of our customers opt to do so. The business owner can request a renewal by phone, fax or e-mail. Renewals are usually funded within 3-5 days of their request.

15. Do I have to switch my current credit card processor?
Not necessarily. In some cases, you will be able to remain with your current processor. However, in the majority of cases you are required to switch to the processor affiliated with your funding broker in order to receive the advance. You will not lose money by having to switch. In fact, there’s a good chance you will actually save money.