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Bitty Advance business loans are designed for businesses that can’t qualify for a traditional bank loan. With minimal requirements, this lender can get your business up to $10,000 for your short-term needs. But it can get expensive, and you’ll have to make daily or weekly repayments.
$2,500
Min. Amount
$10,000
Max. Amount
| Product Name | Bitty Advance business loan |
|---|---|
| Min. Amount | $2,500 |
| Max. Amount | $10,000 |
| Loan Term | 3 to 9 months |
| Requirements | $5,000 monthly bank revenue, 6+ months in business, business bank account open 3+ months |
You must meet the following criteria to qualify for a Bitty Advance business loan:
Bitty Advance business loans have relatively few requirements and a simple application process. They’re designed for businesses that haven’t been around for long, don’t have a lot of revenue or don’t have the best credit.
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.
A Bitty Advance business loan is a cash advance on your business’s future receivables. Your can typically borrow between 60% and 75% of your business’s average monthly revenue over the past three months, with a minimum of $2,500 and a maximum of $10,000. While it doesn’t require collateral, Bitty Advance encourages businesses to secure the loans with real estate or equipment.
Rather than charging interest, your business pays a fixed fee that runs from $0.40 to $0.60 on the dollar. When you take out a loan, there’s 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.
From its fast turnaround to its lenient eligibility requirements, here are a few perks of borrowing from Bitty Advance:
Consider these potential drawbacks before borrowing from Bitty Advance:
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.
Customers haven’t said much about Bitty Advance as of September 2019. It doesn’t have a Better Business Bureau (BBB) page, and it doesn’t have any reviews on its Trustpilot page.
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.
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:
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.
You need to provide the following documents when you apply for a Bitty Advance business loan:
Your repayments begin soon. Depending on your contract, you repay your loan with automatic daily or weekly repayments. Also, 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.
It’s not difficult to qualify for a Bitty Advance business loan. But with the high cost and daily or weekly repayments, it’s best for businesses that can’t qualify for a better deal elsewhere. See how it compares to other types of financing with our guide to business loans.
