Looking for a business loan and wondering if Merchant Growth (www.MerchantGrowth.com) is a lender worth using? You are in the right place. In this article, we’ll dive deeper into who Merchant Growth is and what type of loans they can offer your business. We’ll also explore 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 Brunswick, Nova Scotia, PEI, Newfoundland.
Pros & Cons of Using Them
Pros of Merchant Growth:
- Fast access to funds: You can get approved and receive funds within 24 hours.
- Accepts average & bad credit scores: They can pre-approve credit scores as low as 550.
- Flexible options: Offers term loans, lines of credit, and merchant cash advances.
- No collateral needed: Secures loans without risking your assets like with vehicle title loans.
- Easy application: Quick online process, no impact on credit score during initial inquiry.
- Great customer reviews: Based on our review of the company, they seem to have mostly positive reviews from their clients.
- Available in all provinces: Unlike many lenders that operate only within certain regions, MG can service all provinces, including Quebec.
Cons of Merchant Growth:
- Higher interest rates: Rates can range from 7.99% to 39.99%, which is generally higher than the Big Five banks or credit unions.
- Not for startups: Must be in business for 6+ months with $10,000/month in sales.
- Frequent repayments: Daily or weekly payments might strain cash flow.
Requirements to be Approved
- Must request a business loan that falls between $5,000 and $800,000
- At least 6 months in business
- $10,000 monthly revenue (they may be flexible on this if you’re a bit lower)
- Company must operate in Canada
- Proof of credit or debit card sales (if you’re applying for merchant cash advances)
- Credit score of 550 or above
Merchant Growth vs Others: A Comparison Table
In the table below, you can see how Merchant Growth compares to the top five banks, and other lenders like Driven.ca, Journey Capital, Alterfina, Greenbox Capital, and SharpShooter Funding:
| Lender | Key Features | Loan Terms |
|---|---|---|
| Top Five Banks (RBC, BMO, CIBC, etc) |
Best rates, but stricter credit checks, larger loans available. | Best & Lowest Rates, Slower Approval, Higher loan amounts, longer repayment terms. (Best Overall) |
| Merchant Growth (alternative lender) |
Fast approval (24-72h), lower credit scores accepted, online process. | $5,000 to $800,000, terms up to 24 months. Short terms = better rates. |
| Swoop (alternative lender) |
Fast approval (24-72h), larger loans available, equipment/asset loans available, lower credit scores accepted, online process. | $5,000 to $800,000 or more. Specializes in Equipment & Machinery Loans. |
| Driven.ca (alternative lender) |
Fast approval (24-72h), lower credit scores accepted, online process. | $5,000 to $300,000, terms up to 24 months. Short terms = better rates. |
| Journey Capital (alternative lender) |
Fast approval (24-72h), lower credit scores accepted, online process. | $5,000 to $300,000, terms 4 to 24 months |
| Greenbox Capital (alternative lender) |
Suitable for bad credit, fast approval and funding | $3,000 to $500,000, terms 3 to 12 months |
| SharpShooter Funding (loan broker) |
Works with several lenders to get different options. Lower credit scores accepted. | $10,000 to $250,000, terms up to 24 months |
IMPORTANT NOTE: we highly recommend that you compare different lenders and get at least 2-3 quotes before making a final decision. Rates can vary widely from one lender to another, so while Merchant Growth usually has good rates/terms, they might not necessarily be your best option.
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 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 major advantages of 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 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 significant 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 happen 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 it is ideal to have a credit score of 550 or higher, 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. 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.
8. Strong Customer Reviews
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 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. You’re better off improving your credit score and trying to get approved from a bank or credit union. But if you need access to funds immediately, Merchant Growth will help. Just be careful about the rates/terms and shop around with 2-3 additional lenders to make sure you are getting the best rate and repayment terms.
That said, Merchant Growth has earned a lot of good reviews from their customers, so it’s safe to say that they are reliable, easy to work with, and they offer several options depending on your needs. Just be aware of the higher interest rates and repayment terms, especially if your credit isn’t the best.
Learn more & get a free quote at https://www.merchantgrowthcapital.com
Amine Rahal is a Canadian entrepreneur who is passionate about investing, fintech, small businesses, startups, marketing and health. He likes covering various financial and business-related topics and has been featured on Forbes, Entrepreneur.com, Inc Magazine and many other global publications.
