Novo Funding Merchant Cash Advance Review (2026)
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- Max. Amount
- $10,000
- APR
- Starting at 1.5%
Our verdict
Funding up to $10,000 is only available to eligible Novo business account holders.
Novo is a fintech company, not a bank, best known for its business checking account with no monthly fees, minimum balance requirements or overdraft fees. It also offers current banking customers merchant cash advances (MCAs) up to $10,000, with monthly factor rates starting at 1.5%. If approved, you could have the funds deposited to your Novo account instantly, and you can draw on it as needed instead of borrowing the full amount up front. Plus, unlike most MCA providers, it only requires monthly repayments rather than the usual daily or weekly payments. But information on its website is sparse. You really have to dig around to find much of anything beyond how much you can borrow.
Best for: Best for. Existing Novo customers who want a quick funding solution.
Pros
-
MCAs up to $10,000
-
Instant funding after approval
-
Can draw on it as needed, similar to a line of credit
Cons
-
Loan details are sparse
-
Max monthly rate is not disclosed
-
Must be a Novo customer
Is Novo Funding legit?
Yes. Novo Funding LLC is a wholly owned subsidiary of Novo Platform Inc. (Novo), a legit fintech company, with banking services provided by Middlesex Federal Savings, FA, Member FDIC. In 2024, it made the top 100 of the Inc. 5,000 list of fastest-growing companies. To date, it services more than 250,000 businesses.
What makes Novo Funding shine?
- Fast access to funding. Novo banking customers can access up to $10,000 almost instantly after approval.
- Similar to a business line of credit. Unlike most MCA providers, you don’t have to take the money in a lump sum payment. You can draw on it as needed, like a business line of credit, and only pay interest on the funds you use. It also replenishes as you pay it back.
- Monthly payments. MCAs typically require weekly or daily repayments, which can be difficult to manage, but Novo Funding only requires monthly payments.
- Offers a business credit card. Novo also has a business credit card, which can help owners cover small business expenses and build business credit.
Where Novo Funding falls short
- Not transparent about loan details. You really have to dig around on its website to find much information about Novo Funding rates, repayment terms and other loan details.
- Doesn’t disclose a range of rates. The company only states that factor rates start at 1.5% — which is already on the high side of average — so you can’t get a clear picture of how much it could cost.
- Small maximum advance. You can only take out advances up to $10,000 with Novo Funding, where it used to be up to $75,000.Plenty of other merchant cash advance providers let you borrow up to $500,000 or more.
- Must have a Novo business account. While this isn’t a surprise, it’s worth noting that only Novo account holders are eligible for its MCA.
- Limited customer service. Unless you’re a current customer with an account number, you can’t access phone support. Instead, you’ll have to send an email and wait for a response.
Novo Funding loan details
| Minimum credit score/credit range | Undisclosed (may not require a credit check) |
| Factor rate | Starts at 1.5% |
| Loan amount | Up to $10,000 |
| Terms | 6 months per draw |
| Approval turnaround | Instant after approval |
| Availability | Available in all states |
| Fees | Undisclosed |
Novo contact info
| Phone number | 844-260-6800 |
| Customer service hours | Weekdays: 9 a.m. to 6 p.m. ET |
| support@novo.co | |
| X, formerly Twitter | @Novo_HQ |
| @Novo |
How to qualify for Novo Funding
Novo only says that you need to be an eligible business account holder to qualify for its merchant cash advance product. But you may need to get paid by credit or debit card sales or bring in sufficient monthly revenue to qualify.
How to apply
Novo Funding is invite-only, so you can only apply if you receive a preapproval offer, according to its FAQ section. However, some of the wording on its website makes it seem like you may be able to apply through your dashboard or by calling customer service.
How Novo Funding compares to other lenders
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How we picked theseWhat is the Finder Score?
The Finder Score crunches 12+ types of business loans across 35+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best business loans for startups loans, you can see how each business loan stacks up against other business loans with the same borrower type, rate type and repayment type.
Novo Platform reviews and complaints
We found very few reviews or complaints about Novo’s merchant cash advance product, so the following comments are mostly about Novo’s business banking in general.
| BBB accredited | No |
|---|---|
| BBB rating | B |
| BBB customer reviews | 1.02 out of 5 stars, based on 42 customer reviews |
| Trustpilot Score | 4 out of 5 stars, based on 4 customer reviews |
| Customer reviews verified as of | 30 December 2025 |
There are no positive reviews about Novo on the Better Business Bureau (BBB). One of the top criticisms is frozen or closed accounts without prior warning, notification or a clear explanation, which customers describe as detrimental to their businesses. Other complaints include frequently declined debit card transactions, declined deposits, long clearing times for deposits and poor customer service.
Novo has higher ratings on Trustpilot, earning 4 out of 5 stars from its clients. Customers say it’s a user-friendly platform with useful business tools and features.
But complaints on Trustpilot are very similar to those on the BBB, including frozen accounts, delayed access to deposits and customer service issues. And one person complained that they couldn’t apply for Novo Funding because they weren’t a Novo banking customer.
What do people on Reddit say?
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Lacey Finder
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