Merchant Growth – Good Lender for Business Loans? (2024 Review)

Looking for a business loan and wondering if Merchant Growth is a lender worth looking into? You are at the right place. Let’s dive deeper into who Merchant Growth is and what they can offer for your business and whether there are better alternatives in Canada for entrepreneurs, startups and small businesses looking for easy and straightforward financing options…

Company Overview

• Company Name: Merchant Growth Ltd. |
• Company’s Address: 200 – 171 Water St, Vancouver, BC V6B 1A7
• Phone: (866) 240-3694
• URL: www.merchantgrowth.com
• Google Reviews: 4.1/5 stars (101 reviews)
• BBB  Rating: A+
• Glassdoor: 4.5/5 stars (22 reviews)
• Provinces served: BC, Alberta, Saskatchewan, Manitoba, NWT, Yukon, Nunavut, Ontario, Quebec, New Brunsick, Nova Scotia, PEI, Newfoundland.

Merchant Growth reviews on Google are mostly positive 

Merchant Growth’s Key Features

One of the things we liked about Merchant Growth is how fast you can get access to their funding. They understand that businesses sometimes need cash immediately, unlike many other lenders that will make you wait several weeks. Once you’re approved, you could have the money in your account within 24 hours. This can be a lifesaver if you’re dealing with unexpected expenses or trying to seize a time-sensitive opportunity.

1. Quick Access to Cash

One of the big pluses with Merchant Growth is how fast you can get approved and funded. Once your application is accepted, you could get the money in your account within 24 hours. This speed is a game-changer if you need funding urgently for things like equipment repair, payroll, or seizing a business opportunity​

2. Flexible Loan Options

They offer several types of financing, so you can pick what suits your business best:

• Term Loans: You get a lump sum, and you repay it over a set period, usually 6 to 24 months.
• Lines of Credit: This lets you borrow what you need, when you need it, and you only pay interest on what you use.
• Merchant Cash Advances: You repay based on a percentage of your daily sales, which is helpful if your income fluctuates month to month​

3. No Collateral Required

You don’t need to put your business assets on the line to secure a loan, which is a huge relief if you’re not comfortable risking your property. That makes Merchant Growth more accessible, especially for smaller businesses that might not have big assets to offer as security​

4. Simple Application Process

Applying is straightforward and fast. You can get through it in just a few minutes, and the best part is that the initial application won’t affect your credit score. Merchant Growth doesn’t run a hard credit check upfront, so you can see what you qualify for without worrying about your credit taking a hit​

5. Repayment That Works with Your Cash Flow

Repayment is handled either daily or weekly, depending on the type of loan you take out. This makes it easier to manage your cash flow, especially if your business has regular sales. If you opt for a line of credit, repayments are usually done monthly​

6. Straightforward Eligibility

To qualify, your business needs to have been around for at least 6 months, and you should be making at least $10,000 per month in sales. While a credit score of 550 or higher is recommended, it’s not the only thing they consider. They also look at how healthy your business is overall​

7. Loan Amounts for Every Need

Merchant Growth offers loans ranging from $5,000 to $800,000, so whether you need a small boost to get through a tough month or a bigger loan for a major project, there’s something for every size of business​

People generally have great things to say about Merchant Growth. They often get praised for how easy they make the loan process and how quickly they respond. Their customer service seems to be a big highlight for a lot of their users​

Final Thoughts – Should You Trust Them?

If you’re a small business that needs fast access to funding and you CANNOT get a traditional bank loan, Merchant Growth is definitely a legit company that is worth considering. They’re reliable, easy to work with, and they offer several options depending on your needs. Just be aware of the higher interest rates, especially if your credit isn’t the best.