InstantAdvance offers start at $10,000 and can go up to double your monthly turnover (subject to a maximum of $250,000). How much you choose to finance is up to you, subject to assessment and approval. Anything up to $100,000 does not need any form of security.
There is a flat fee that starts from 3% of your InstantAdvance. There are no other administration or interest charges, as long as you keep to the terms of our agreements. This means you know the actual repayment amount before you agree to the advance. Your repayments will change, as they are a proportion of your revenues.
If you wish to apply for an InstantAdvance, your business must:
- be registered in the US
- have US resident Directors
Your contract provides the full terms, however, an InstantAdvance typically operates as follows:
Before
- We will work with you to agree on an affordable InstantAdvance size
- We decide your fee (starting from 3%), so you know the exact cost
- We agree on the percentage of your revenue that we will take as payment. If your revenue goes down, you pay less.
During
- Your payments and fee are collected via Automated Clearing House (ACH)
- We will need regular access to your bank account and management-account information to calculate the payments. We prefer to set up an automated data feed to make this as simple for you as possible, but other methods are possible.
Other conditions may be agreed upon with you on a case by case basis.
After
Should you want a new InstantAdvance at any time, please contact your relationship manager and we can fast track your request (as you’re already set up).
- Apply online, and we will check that you comply with our basic eligibility requirements.
- Connect (or provide information about) your bank accounts and financial accounts to allow us to set your loan limit.
- If you don’t need a loan immediately, apply now and we can provide a limit that is refreshed regularly.
- When you are ready to borrow, sign your contract, ACH paperwork (for payments), and we’ll do some final checks before typically paying cash into your account next business day.
- We will then begin to collect repayments based on your revenue.
Applying for an InstantAdvance will not impact your business or personal credit score.
Your payments are linked to your revenues. We typically collect between 5 and 20% as repayment until the full amount and fee have been paid down. The actual duration of your InstantAdvance will depend on your revenue. Should your circumstances change or you wish, you can pay in full at any time.
An InstantAdvance is a single contract that ends when it is fully repaid. There is no auto-renewal, you simply apply for another InstantAdvance.
If you are experiencing financial difficulties, please contact your relationship manager who will be able to provide you with support. They can be reached at help@previ.se or by calling +1 646-993-2044 (lines are open Mon-Fri 9am-12pm EST).
The InstantAdvance loan is designed to minimize the risk of you running into arrears. However, please note that if you fall into arrears we may record the details with a credit reference agency, which could damage your business credit rating and may make it more difficult for you to obtain credit in the future.
Failure to make your repayments when they fall due may also result in us taking legal proceedings against you, which may result in an enforcement action to recover the monies that you owe.
InstantAdvances are structured so that your repayments automatically adjust up and down as your revenue changes. You pay less when your revenue reduces and more when your revenue increases.
Normally, InstantAdvances can only run for a maximum of 12 months. If you think you may have trouble repaying within that timeframe, then please contact us on +1 646-993-2044 during our business hours (9 am to 12 pm ET, Monday to Friday) as soon as possible so we can discuss your options and support you.
Please note that missing payments could lead to your business being put into default, which can affect your credit rating.
In the event that you don’t make payments due in accordance with the terms of your advance, we will contact you to discuss alternative options where reasonable. However, if you do not respond to our requests or we cannot find a mutually acceptable solution, then we may employ third-party agencies to collect the amounts due from you, and in some cases, we may need to take the matter to court for resolution.
We will only use your information in accordance with our Privacy Policy for Applications and Services as set out in your contract.
Your data is transferred using industry-standard 256-bit TLS encryption technology. American InstantAdvance Accounts are hosted within a US-based data centre, configured with multiple firewalls and network intrusion detection technology. Our business is ISO 27001 certified for data security.
No data will be shared without your consent.
We always strive to give the best possible service to our customers but if you are not happy, please contact the Relationship Team at help@previ.se or by calling +1 646-993-2044 (lines are open Mon-Fri 9am-12pm EST).
There is no third-party accreditation required at this time.
