Our reviewers evaluate products and services based on unbiased research. Top Consumer Reviews may earn money when you click on a link. Learn more about our process.

Merchant Growth Review

Thursday, May 30th

2024 Canadian Business Loan Reviews

Merchant Growth Review 4 Star Rating

Merchant Growth

4 Star Rating
  • Both term and line of credit loans available
  • Over $500 million lent to 8,000+ Canadian businesses since 2012
  • Borrow up to $800,000 in just 24 hours
  • Minimum requirements: 6+ months in business, $10K in monthly revenue
  • Daily or weekly loan repayments available on fixed financing products
  • "A+" rated and accredited by the BBB

Embarking on the quest for the perfect business loan can be a daunting task, but fear not - Merchant Growth is here to make your financing journey accessible and stress-free. This Canadian financial ally is on a mission to provide business owners like yourself with the most convenient and flexible funding solutions available. Since 2012, they've lent over $500 million to more than 8,000 companies nationwide.

Borrow up to $800K

Whether you run an e-commerce empire or a brick-and-mortar business, Merchant Growth has tailored solutions to suit your unique needs. Offering fixed financing options as well as lines of credit, the diverse array of choices here ensures you'll find the perfect fit for your business. And, with an upper limit of $800,000 in lending options, even bigger-than-average small businesses have a chance at getting those big dreams financed by Merchant Growth. To join the Merchant Growth family, you'll need a minimum of six months in business and a monthly revenue of $10,000. Daily or weekly repayments are available for fixed financing products, providing the flexibility that suits your cash flow.

Get ready to get specific

It'll take you under 10 minutes to fill out the initial application. You'll be asked the usual questions about your business (how long you've been in operation, annual revenue, and so on), but Merchant Growth takes it a step further by asking you to authorize connection with your business bank account. That might seem a little scary, but you can read through all of the information about how your data is kept secure and what's collected. Of course, you can also click on "connect my bank later" if you're just not feeling comfortable yet.

Funded faster with a connection

Merchant Growth is quick to point out that you'll be funded faster with that connection, as well as if you complete the following page's tasks: reviewing the terms and conditions, uploading a void cheque, and uploading the last 6 months of bank statements. That's par for the course with most Canadian business loan providers, but this one lets you know right away that it's part of the process. Again, you can submit your application without it; either way, you'll be waiting for a loan specialist to reach out with your specific offer(s) and to ask and answer any remaining questions.

Best Canadian Business Loans

Where does your application actually wind up?

One part of the process here that caught us off guard: after we submitted our application and got the message about being contacted by a Merchant Growth representative, the screen refreshed and took us back to the main page. We weren't given any kind of login information (in fact, we'd never even been asked to choose a password), so it left us wondering where our application had gone. We didn't see anywhere to sign in or to continue uploading documents. It felt a little as if we'd sent sensitive data out into the ether with no way to call it back.

Your partner in growth and success

Reputation matters, and fortunately Merchant Growth shines in this department. With a stellar 97% of clients leaving 4- or 5-star reviews, the consensus is clear - this is a lender that delivers. Repeat customers praise the no-hassle online document signing and swift business loan funding, testifying to the reliability of Merchant Growth over the years. Many clients describe the experience as having a support team at the ready: rather than just dumping funds into your bank account and walking away, your Merchant Growth reps will come alongside you, demonstrating their genuine care for your business and interest in seeing you succeed. The Better Business Bureau agrees, giving this lender a perfect "A+" rating and accreditation.

Trustworthy lender for Canadian businesses

In the vast sea of lending options, Merchant Growth stands out as a trustworthy beacon. With easy-to-meet eligibility requirements, much higher than average loan amounts on offer, a stellar reputation, and a genuine desire to see businesses thrive, they've earned their stripes as a reliable option for business loans in Canada.

Who Offers the Best Business Loans in Canada?

Whether you're a budding entrepreneur embarking on a new venture, or a seasoned business owner with a family legacy, the need for financial support is inevitable. At some point in your business journey, you will likely find yourself in need of a loan to bridge the gap between profits and expenses, address unexpected payroll issues, or capitalize on a surge in customer demand.

In recent years, applying for a business loan online has gained immense popularity for several reasons. One significant factor contributing to this trend is the accessibility and convenience offered by online lending platforms. Unlike traditional banks that often involve lengthy processes and extensive paperwork, online lenders streamline the application process, making it far simpler for business owners in need of funding.

The Best Canadian Business Loans Compare Canadian Business Loans Compare Canadian Business Loan Reviews What are the best Canadian Business Loans Best Canadian Business Loan Reviews

Canadian Business Loan FAQ

Business loans are available for just about any need: equipment financing, merchant cash advances, working capital, and much more. While you'll have to provide details about your business to apply and qualify for a business loan, once you've received the funds you can usually use them for whatever your company needs.
There are several types of lenders when it comes to business loans. You could get funding through a traditional bank or credit union, either locally or online. There are also peer-to-peer lending platforms that allow smaller financial institutions and even private investors to fund business loans.
You'll definitely pay interest on your business loan. Rates typically range from 1.5% to as high as 36% APR. You may also have origination fees of up to 6% of the loan amount, depending on the lending partner you select.
That always depends on the lender. Some providers of business loans require you to have a certain length of time in business or a minimum amount of gross annual sales to even apply. It's a good idea to determine those requirements before you begin the application, to save yourself some time and hassle.
Most of the time, you can complete the entire business loan process, from application to funds transfer, 100% online. That's a huge convenience for busy business owners like you, who might be applying outside of traditional bank hours.
Most lenders offer business loans ranging from $2,000 to $500,000. The amount you're approved for will depend on the lender you select and your business situation: naturally, the longer you've been in business and the more profitable you've been, the more likely it is that you'll be approved for a large loan.
You should have the proceeds of your business loan in your account within a week. However, if you need the money sooner, look for a lender that offers next-business-day funding. And, keep in mind that those timeframes are based on when you accept the loan offer you get, not just when you finish the application. Your business loan may require extra verification steps, like documentation of income and expenses, before you receive a funding offer.
Any time you take out a loan, you run the risk of defaulting. Be sure to only borrow what you need and maybe a little extra, and have a clear plan for making on-time loan payments. Many providers of business loans offer education and counseling at no extra charge, if you could use help in determining how much to borrow and how to use the loan wisely to maintain and grow your company.
Compare the Best Reviews

Continued from above...

Online platforms provide a user-friendly interface that allow business owners to easily navigate through the loan application process. This simplicity makes it easier for individuals who may find traditional financial applications complex or intimidating. With clear instructions and helpful online support, these platforms empower entrepreneurs to take control of their financial needs without being overwhelmed.

Another reason why online loans are so popular is the speed of the loan approval process. Traditional banks may take weeks or even months to approve a loan, causing delays in crucial business operations. Instead, online lenders leverage technology to expedite the evaluation process, providing swift responses to loan applications. This quick turnaround time is particularly beneficial for small businesses that may need timely financial support to address unexpected challenges.

The question then arises: where should you seek a business loan? While your first inclination may be to approach the financial institution where you already hold personal or business accounts, convenience doesn't always translate to being the best financial option. Local banks may lack the motivation to provide the most competitive rates, and smaller banks might not possess the resources for substantial loans.

Fortunately, Canadian business owners have a range of choices when it comes to securing a loan. While local banks remain a viable option, there are reputable online lenders that simplify the application process, offering the possibility of receiving funds within a business day or two. You'll want to compare offers from both local and web-based lenders to identify the loan that offers the most favorable rates and terms for your specific needs.

Determining which lender is the right fit for your business involves considering various factors:

  • Loan application process. Evaluate the ease and speed of the application process. Can you complete it online, and how long does approval and fund disbursement take?
  • Loan requirements. Check the eligibility criteria, considering factors such as business tenure, gross revenue, and the need for collateral.
  • Loan amount and rate. Understand how much you can borrow, the interest rates, and the repayment duration.
  • Reputation. Research the lender's reputation. Look for feedback from other businesses, consider the Better Business Bureau's ratings, and seek insights from the lender's clientele.

To assist Canadian entrepreneurs in navigating these considerations, Top Consumer Reviews has diligently reviewed and ranked the best business loan providers. Our goal is to equip you with the information needed to secure the funding essential for your company's growth and success. Whether you're a startup or an established business, we hope our insights guide you toward the right financial partner. Here's to your business thriving and flourishing!

See the Best Canadian Business Loan
The Best Reviews of Canadian Business Loans