Qualifying for a merchant cash advance is significantly easier and faster than qualifying for a traditional bank loan. There is no lengthy application process, no collateral requirement in most cases, and approval can happen the same day you apply.
Here is exactly what Workable Funding looks at when reviewing your application — and how to make sure your file is as strong as possible.
The 4 Core Requirements
At least 6 months in business. Your business needs to have been operating for a minimum of 6 months. This gives us enough revenue history to evaluate your cash flow and structure a repayment schedule that works for your business. If you are under the 6-month mark, we encourage you to apply once you reach that milestone.
A business checking account. All MCA funding is disbursed to and repaid from a business checking account. This is a hard requirement — personal accounts do not qualify. If you are operating without a business account, opening one should be your first step before applying.
$15,000 or more in monthly revenue. Your monthly revenue is the single most important factor in MCA approval. At Workable Funding, we require a minimum of $15,000 in monthly deposits into your business checking account. The stronger your revenue, the higher your potential funding amount and the better your terms.
500 or higher personal FICO score. We perform a soft pull — not a hard inquiry — to check your personal credit score. This does not impact your credit. We accept scores as low as 500, which is significantly more flexible than most traditional lenders. While a higher score may result in better terms, a 500+ score is the minimum threshold to qualify.
What Documents Do You Need?
The application process at Workable Funding is designed to be as simple as possible. In most cases you will need: a completed online application (about 2 minutes), the 3 most recent months of business bank statements, a government-issued photo ID, and a voided business check or bank letter confirming your business account.
In some cases, especially for larger funding amounts, we may also request your most recent business tax return or year-to-date profit and loss statement. Your specialist will let you know if anything additional is needed.
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Apply NowWhat Strengthens Your Application?
Consistent monthly deposits. Revenue that is steady month over month is more favorable than erratic spikes and drops. Funders want to see predictable cash flow.
Few or no NSF (non-sufficient funds) events. Overdrafts and returned items on your bank statements are a red flag. Clean statements with minimal NSF activity significantly strengthen your file.
No excessive negative days. Days where your account balance drops to zero or goes negative signal cash flow stress. Maintaining a positive balance consistently is a strong positive indicator.
Strong average daily balance. The higher your average daily balance relative to your monthly deposits, the better. It shows you are managing cash well.
Limited existing MCA debt. If you already have outstanding advances, we will evaluate your current obligations. Stacks are considered on a case-by-case basis depending on the overall strength of the file.
Common Reasons for Denial and How to Avoid Them
Less than 6 months in business — wait until you hit the 6-month mark and reapply.
Monthly revenue below $15,000 — focus on growing revenue before applying, or apply for a smaller amount.
Excessive NSF activity — work on stabilizing your cash flow for 30–60 days before applying.
Personal FICO below 500 — work on improving your credit score before applying. Paying down existing debt and resolving any collections or judgments can move the needle relatively quickly.
Active bankruptcies — an open or recent bankruptcy may affect eligibility. Contact our team to discuss your specific situation.
Checking your eligibility with Workable Funding takes 2 minutes and does not affect your credit score. Submit your application and a dedicated specialist will review your file the same day.
Written by the Workable Funding Team · New York, NY