Advance Funds Network review: Pros, cons & alternatives
- APR Range
- Starting at 9.00%
- Loan Amount
- $5,000 - $500,000
- Loan Term
- 4 - 24 months
Our verdict
Get a same-day small business loan online, but compare Advance Funds Network to other lenders before deciding where to apply.
Advance Funds Network provides a business loan marketplace for small-sized and medium-sized businesses across the USA and Canada. There's a wide range of funding options available, including business term loans, lines of credit and merchant cash advances, and you can get approved and funded the same day you apply. There's also no minimum credit score requirement for some types of financing with Advance Funds Network.
But to qualify, you need to have a minimum minimum of 6 months in business with annual revenue of at least $240,000. The minimum revenue is higher than other alternative lenders of business loans.
Pros
-
Easy application
-
Same-day funding
-
Loans for all credit
Cons
-
Not for startups
-
High revenue requirement compared to other alternative lenders
Is Advance Funds Network legit?
Yes, it is. Established in 2007, Advance Funds Network specializes in loans for small and medium businesses across the USA and Canada. It has an office in Toronto, Ontario, as well as four offices across the USA.
Advance Funds Network is also BBB accredited with an A+ rating, and it has high average customer review scores on Trustpilot and Google.
Pros and cons
Pros
- Easy application process. It’s quick and easy to get pre-approved for Advance Funds Network financing online.
- Multiple loan types available. Advance Funds Network provides business term loans, business lines of credit, working capital loans and merchant cash advances.
- Same-day funding. You can get approved for financing in a matter of minutes and take advantage of fast access to the loan amount, with same-day funding available.
- All credit types. Advance Funds Network works with businesses with all types of credit.
- Established provider. Founded in 2007, Advance Funds Network is BBB accredited with an A+ rating, and it has more than 1,000 5-star customer reviews.
- Flexible loan amounts. Borrow as little as $5,000 and as much as $500,000.
- Available across Canada. No matter where you live in Canada, you can apply for a business loan from Advance Funds Network.
Cons
- Not for startups. Your business will need to have been operating for at least 6 months to qualify for a loan. Learn more about startup loans.
- Revenue requirement. Your business will need to have estimated revenue of at least CA$240,000 in the past 12 months to qualify for funding.
- Third-party providers. According to its terms of service, Advance Funds network offers small business loans via direct funding subsidiaries and third-party lenders and funders. Be aware that the loan you take out may be provided by a third-party lender.
Alternatives to Advance Funds Network
Journey Capital
Loan amount
APR
Term
- Single application for three credit products
- Get funded in as little as 24 hours
- Apply without impacting your credit score
- Founded in 2009
- Not suitable for startups
- Minimum credit score of 600
- Revenue of $100,000/year required
| Loan amount | $5,000 – $300,000 |
|---|---|
| APR | 16% – 25% |
| Term | 4 - 24 months |
| Interest Rate Type | Fixed |
| Min. Credit Score | 600 |
| Fees | No additional fees |
| Turnaround Time | in as little as 24 hours |
| Serviced Provinces | All provinces and territories |
Loans Canada
Loan amount
APR
Term
- Compare multiple loan offers
- Easy online application
- Wide range of loan types available
- Next-day funding
- High rates for bad credit
- Not a direct lender
- You're limited to its network of lenders
| Loan amount | $500 – $500,000 |
|---|---|
| APR | 9.99% – 35% |
| Term | 3 - 60 months |
| Interest Rate Type | Fixed |
| Min. Credit Score | 410 |
| Fees | Wire / EFT Fee up to $99.95 |
| Turnaround Time | 48 Hours |
| Serviced Provinces | All provinces |
Merchant Growth
Loan amount
APR
Term
- Large loan amounts available
- Get funded in as little as 24 hours
- No collateral required
- 4.8/5 stars from over 500 Trustpilot reviews
- Minimum revenue of $10,000/month required
- Not suitable for startups
- Doesn't offer as many financing types as Advance Funds Network
| Loan amount | $5,000 – $800,000 |
|---|---|
| APR | 12.99% – 39.99% |
| Term | 6 – 24 months |
| Interest Rate Type | Fixed |
| Min. Credit Score | 550 |
| Fees | No application fees. |
| Turnaround Time | 24 hours |
| Serviced Provinces | All of Canada |
Advance Funds Network reviews
| Site | Details |
|---|---|
Trustpilot | 4.9/5 stars based on 1,416 reviews |
Google | 4.8/5 stars based on 361 reviews |
BBB accreditation | Yes |
BBB rating | A+ |
BBB reviews | N/A |
Reviews as of February 26, 2025
What do Advance Funds Network reviews say?
Advance Funds Network reviews are largely positive. Customers mention factors such as quick and easy approval, fast access to funds, and helpful and knowledgeable customer service. However, the limited number of negative reviews complain about having their loan application rejected and poor customer service.
Types of Advance Funds Network business loans
Business term loans
A term loan from AFN provides a lump sum that you can use to buy equipment, expand your business or cover working capital costs. Interest rates are fixed so you get a set monthly payment, and you can repay your loan early without penalty. Terms range from short-term loans of less than a year to repayment periods of 10 years or more. To qualify, you’ll need a minimum projected annual revenue of US$400,000 and a credit score of at least 550.
Business lines of credit
A business line of credit from Advance Funds Network provides access to a revolving line of credit you can use as and when you need. You make fixed monthly repayments on the credit you use, and you only pay interest on the portion of your credit limit you use. You’ll need minimum projected annual revenue of US$400,000 and a credit score of at least 550 to qualify.
Working capital loans
Working capital loans provide short-term funds to help cover your business operating expenses and manage cash flow. Types of working capital loans include short-term loans, lines of credit, invoice financing and merchant cash advances.You’ll generally need to have been in business for at least six months and have minimum monthly revenue of US$15,000 to qualify.
Merchant cash advances
This financing option provides a lump sum payment in return for a fixed percentage of your business’s future sales revenue. Repayments are deducted from your sales on a daily or weekly basis. You’ll need minimum monthly revenue of US$15,000 to qualify for funding. Learn more about merchant cash advances.
What are the interest rates of Advance Funds Network business loans?
Interest rates on Advance Funds Network business loans vary depending on factors such as the type of loan you choose, the loan term, your credit score and your business’ financial situation. Interest rates start at 9%.
How to qualify
To qualify for a loan your business will generally need to have:
- A minimum operational history of 6 months
- CA$240,000 in annual revenue
- A credit score over 500
How to apply for business loans like Advance Funds Network
If you’d like to apply for business financing through Advance Funds Network or another online business lender, these are the steps you need to follow:
- Visit the lender’s website and click Apply Now.
- Enter your desired loan amount, loan purpose and repayment period.
- Provide details such as your credit score, how long you’ve been in business and your annual revenue.
- Enter your name, email address, company name and phone number before submitting your application.
- Compare the funding offers that you’re approved for.
- Choose a loan, complete the application process and provide bank statements and any other documentation required.
- Get funded the same day.
What to expect once you receive your business loan funds
Once you’ve received your loan funds, you’ll need to budget for your regular repayments. Term loans from Advance Funds Network come with fixed monthly payments, allowing you to plan ahead when managing your business budget. There are no prepayment penalties to worry about either, so you can make extra repayments towards your loan when needed.
If you think you’re going to struggle to make an on-time payment, contact the lender in advance to find out whether you can adjust your payment plan or come to some other suitable arrangement.
Bottom line
Advance Funds Network is an option worth checking out if you’re searching for a business loan in Canada. There are multiple financing options available, flexible eligibility criteria and you get the peace of mind of dealing with an established company. Compare AFN’s offerings with loans from other lenders before deciding on the best fit for your business.
Frequently asked questions
Your reviews
