Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Bitty Advance business loans review

Last updated:  

With APRs in the triple digits, this is best saved as a last resort.

  • Best for industries that struggle to qualify for funding.
  • Pick something else if you need more than $10,000.

$2,500

Min. Amount

$10,000

Max. Amount

Details

Product NameBitty Advance business cash advances
Min. Amount$2,500
Max. Amount$10,000
Loan Term3 to 9 months
APRN/A
Requirements$5,000 monthly bank revenue, 6+ months in business, business bank account open 3+ months, 400+ credit score

Expert review

Anna Serio

Review by


Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 950 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

Expert review

Bitty Advance offers cash advances on your business’s future sales. It’s designed for businesses that can’t qualify for a traditional bank loan. You can qualify with a credit score as low as 400, and it has no industry restrictions.

The lender also offers a more hands-on experience than you might find with similar short-term business financing providers, making it easier to understand exactly what you’re getting into before you sign the contract.

But it can get expensive, and you’ll have to make daily or weekly repayments. While it doesn’t require collateral, Bitty Advance encourages businesses to secure the loans with real estate or equipment.

How much will this loan cost me?

Rather than charging interest, your business pays a fixed fee. In the past, fees ran from around $0.40 to $0.60 on the dollar. While we originally confirmed these costs by speaking with a customer service representative, we weren’t able to confirm them when we reached out in May 2020.

When you take out a loan, there’s also a processing fee and ACH fee, which can vary depending on the customer. And you also have to pay a monthly maintenance fee of $49. Repayments are due every day or week — depending on your contract.

How it works

Loan amounts range from $2,500 to $10,000. How much you can borrow depends on your sales. Typically, businesses qualify for between 60% and 75% of their average monthly revenue over the past three months.

You can renew your Bitty Advance financing after you pay off around half of the loan balance — halfway through the term. A member of the Bitty Advance team will contact you when you’re eligible to go over your renewal options. But you might want to think twice before renewing such a high-cost product.

Beware of over-borrowing

With such liberal credit requirements, high costs and an option to renew before you’ve fully paid off your loan, it can be easy to get your business stuck in a cycle of debt. Before you borrow, make sure you’ll be able to make the relatively high and frequent repayments that come with this short-term product.

Also take the time to look into other options available to you now. For example, businesses that are just starting out might benefit from a low-cost microloans. Reach out to a local Small Business Development Center (SBDC) to find out which options are available to you.

What do I need to qualify?

You must meet the following criteria to qualify for a Bitty Advance business loan:

  • Credit score of 400 or higher
  • $5,000 monthly bank revenue
  • At least six months in business
  • Business bank account open at least three months

What information do I need to apply?

You need to provide the following documents when you apply for a Bitty Advance business loan:

  • Three months of bank statements
  • Voided check
  • Driver’s license

What industries does Bitty Advance work with

Bitty Advance doesn’t restrict any industries from applying for an advance. It’s unclear if this includes industries that fall into a legal gray area, like cannabis or CBD. But your business needs a bank account to qualify, which might rule out most businesses in those industries.

Pros and cons

From its fast turnaround to its lenient eligibility requirements, there are a few perks to borrowing from Bitty Advance. But these might be outweighed by the drawbacks.

Pros

  • Low revenue, credit and time in business requirements
  • Turnaround as fast as the same business day
  • Works with all industries

Cons

  • Cost as high as APRs from 90% to 330%
  • $49 monthly maintenance fee
  • Website isn’t transparent about cost or terms
  • Daily or weekly repayments

See more business loan providers

Data indicated here is updated regularly

Name Product Filter Values Loan amount APR Requirements
First Down Funding business loans
$5,000 – $300,000
Fee Based
At least 1 year in business, an annual revenue of $100,000+, and a minimum credit score of 400
Alternative financing up to $300K with highly competitive rates.
Lendio business loans
$500 – $5,000,000
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.
ROK Financial business loans
$10,000 – $5,000,000
Starting at 6%
Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
A connection service for all types of businesses — even startups.
OnDeck small business loans
$5,000 – $250,000
As low as 11.89%
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
Rapid Finance small business loans
$5,000 – $1,000,000
Fee based
Steady flow of credit card sales, bad credit OK
loading

Compare up to 4 providers

Is Bitty Advance legit?

Bitty Advance is legitimate in that it uses encryption protect the information you enter online and makes sure you speak with a representative before you receive your funds. But it’s not always forthcoming about basic information, like the advance’s costs and terms.

It also doesn’t link to its privacy policy, so you won’t know how your information is being shared until after you apply.

Bitty Advance reviews and complaints

Customers haven’t said much about Bitty Advance as of June 2020. It doesn’t have a BBB page or any reviews on Trustpilot.

However, one customer complained about Bitty Advance on the loan connection service Circadian Funding’s BBB page. They were connected with financing from Bitty Advance through Circadian Funding’s service, but weren’t aware they’d be on the hook for the $49 monthly maintenance fee.

Is Bitty Advance the same company as Fundzio?

Not exactly. Bitty Adance and online lender Fundzio have the same owner. They also share the same address in Fort Lauderdale, Florida. But they offer separate products.

How do I apply?

You can get started on your application online or over the phone by calling 800-324-3863. Make sure your business meets the requirements before getting started. Then follow these steps to apply online:

  1. Go to the Bitty Advance website.
  2. Scroll down to the bottom of the page.
  3. Fill out the form with basic information about yourself and your business.
  4. Click Send.

What happens after I apply?

Once you submit the form, you should be contacted by a customer service rep to discuss your business’s options. Follow their directions to submit the necessary documents and go over your contract before electronically signing it. You may be able to get your funds as soon as the same day your contract goes through.

How do repayments work?

Bitty Advance cash advances come with automatic daily or weekly repayments. And be prepared to pay a $49 service fee each month. If you have any questions, reach out to a Bitty Advance customer service representative as soon as possible.

See how Bitty Advance compares to other types of financing with our guide to business loans.

Frequently asked questions

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
Go to site