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Target Advance business loans review

Short-term loans up to $1,000,000 for startups and high-risk industries. But watch out for daily repayments and potentially high costs.

If you’re in a high-risk industry like medical, auto or construction, finding a lender to fund your business can lead to roadblocks. Target Advanced is willing to work with these industries and focus on your daily cash flow to determine eligibility. But daily repayments can impact your cash flow, especially when business is slow.

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Min. Amount$5,000
Max. Amount$1,000,000
Loan TermUp to 24 months
APRStarting at 9.9%
RequirementsIn business at least 2 months and must have at least $10,000 bank deposits a month.

First, do I qualify?

To qualify for a business loan with Target Advance, your business should be at least two months old with $10,000 in bank deposits per month.

What is Target Advance?

Target Advance is an online lender based in Brooklyn, New York. It offers short-term unsecured business loans of up to $1,000,000.

Its loans work a lot like a merchant cash advance, where your business pays a one-time fixed fee of Starting at 9.9% of your loan amount instead of interest. Target Advance automatically withdraws daily or weekly repayments.

Business owners can apply online by filling out a quick one-page application, or apply by email or over the phone.

What makes a Target Advance business loan unique?

Target Advance separates itself from traditional lenders by looking beyond your personal credit score and bases loans on cash flow and overall financial health of your business. It also works with industries that most lenders find risky, like those in the medical field, construction, trucking and salons.

A business term loan with Target Advance comes with no application fees and has a quick turnaround, with funds typically available 72 hours after you’re approved.

What are the benefits of a Target Advance business loan?

  • Startups welcome. Uncommon for lenders, you could be approved for a loan after being in business for two months.
  • No application fees. Target Advance advertises no origination or loan processing fees on its website.
  • Wide range of loan amounts. Target Advance offers loans from $5,000 to $1,000,000.
  • Offers loans to high-risk industries. Many lenders won’t lend to businesses in the auto, construction, trucking, medical and manufacturing. Target Advance works with these industries and more.

What to watch out for

While Target Advance doesn’t charge loan fees and is willing to accept new businesses with less than stellar credit scores, be on the lookout for several potential drawbacks:

  • Fixed fee instead of interest. Instead of interest, Target Advance charges a fixed fee of Starting at 9.9% of your loan amount, meaning you can’t save by paying off your loan early.
  • Confusing application process. While Target Advance advertises a one-page application on its site, you need to follow up with a loan advisor by phone or email to submit your documents.
  • Daily or weekly repayments. Daily or weekly loan repayments can be risky for businesses without strong and consistent cash flow.

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How do I apply?

  1. Go to Target Advance’s site. Enter your full name, the name of your company, your phone number, email address, monthly gross and monthly credit card sales. Click Apply Now.
  2. A loan specialist from Target Advance should contact you by phone or email to confirm the information on your application. At this point they typically ask to see business bank statements from the last four months.
  3. You may be asked to provide even more documents before disbursing your loan. Your funds should be available within 72 hours after accepting your loan offer.

How to apply step-by-step with screenshots

What documents do I need to apply?

  • Business bank statements from the last four months.
  • Government issued photo ID.
  • Void check.
  • Proof of business ownership.

I got the Target Advance business loan. Now what?

  • Know your payment schedule. Especially if your loan is making weekly repayments, keep track when your funds are withdrawn and stay on top of your cash flow.
  • Reach out to Target Advance. If you have a question or need assistance, support is available by live chat, phone and email Monday through Friday, 10 a.m. to 5 p.m. ET.

Bottom line

A Target Advance unsecured business loan could be a good option if you’re a startup or have a weak credit history. As long as your business is making at least $10,000 in monthly sales, you could qualify for a short-term loan with this provider. However, the fee structure and daily or weekly repayments could be difficult for some businesses to handle.

Compare your business loan options with other providers to find out if you qualify for a better rate with a different lender.

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