everest business funding ripoff report

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Everest Business Funding Review

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Everest Business Funding is a merchant cash advance provider based in Florida that provides quick-to-fund but expensive small business capital. For businesses that are unable to qualify for more traditional business loans —whether due to poor credit or insufficient business history— a merchant cash advance may be one of their only solutions.

While merchant cash advances are easier to qualify for, they are also one of the most expensive financing options and daily repayment terms can quickly eat into a business’s cash flow.

How much do you need?

with Fundera by NerdWallet

We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Overview: Everest Business Funding merchant cash advance details

Easier eligibility requirements.

Fast funding.

Daily payments.

Lack of transparency.

Loan amount: $5,000 - $1 million.

Loan terms: 2 - 12 months.

Factor rate: 1.2 - 1.5.

Qualifications

Monthly revenue: $10,000.

Personal credit score: 500.

Time in business: 3 months.

Everest Business Funding borrower eligibility

Besides the above criteria, there aren’t many other requirements your business needs to be eligible for a merchant cash advance from Everest Business Funding. That’s the design of MCAs—they’re easy to qualify for but you’ll pay for this ease with high factor rates and additional fees.

According to their website, Everest Business Funding approves 95% of all applications and can fund any type of business. However, some of the most common industries they work with are:

Health care.

Food and beverage.

Seasonal businesses.

What you need to apply

To apply for a merchant cash advance with Everest Business Funding, you’ll need bank statements that prove you meet the monthly revenue requirements. They describe their application as easy and hassle-free, so you won’t need a ton of documentation to apply.

How to get a loan with Everest Business Funding

Ready to dive into the details of applying for an advance with Everest Business Funding? Let’s get started.

Application and underwriting process

The first step in the scant Everest Business Funding underwriting process is a simple online application, which will require you to provide the following information:

Requested loan amount.

How quickly you need to fund.

Average monthly revenue.

Phone number.

Business name.

A rep from Everest Business Funding will get in touch with you to go over your application and provide you with a preliminary offer. You’ll need to send in documents like your business bank statements to verify your identity and your business’s cash flow. You’ll then receive a finalized offer from Everest Business Funding that you will either accept or deny. Should you accept, you can receive funds in as little as 24 hours.

Post-funding process

After receiving your capital from Everest Business Funding, your repayment will work just like any other merchant cash advance. You will pay back your debt with daily payments in the form of either a scheduled ACH or a percentage of your daily credit card revenues. This will occur until your debt (the principal loan amount multiplied by the factor rate) is repaid in full.

While there are no renewal details on their website (overall, they provide very little information here), customer reviews suggest that many business owners have funded multiple advances with them; however, there doesn’t seem to be any incentive or discount for being a repeat customer.

Fees and collateral

A typical characteristic of the merchant cash advance is just how expensive it can end up being for your business. Merchant cash advances are often the most expensive funding option out there, and they can seriously stifle a small business’s cash flow. And the merchant cash advance that Everest Business Funding offers is no exception.

The daily payments that Everest Business Funding requires can seriously drain your business’s cash flow. And because merchant cash advances don’t come with a predetermined repayment length, you’ll always be paying the exact amount of interest, no matter how quickly you’re able to pay off your merchant cash advance.

Adding to this expense, Everest Business Funding also charges an origination fee ranging from $199 all the way up to $2,900.

Overall, if you qualify for other financing options other than an MCA from Everest Business Funding, you’ll likely want to go with one of them. If time is on your side and you don’t need funding immediately, we’d also suggest improving your credit and revenue so that you can qualify for less expensive financing down the road. Plus, simply being in business will also increase your business history, which is another business loan requirement that lenders consider.

Everest Business Funding customer service

Everest Business Funding is located in Doral, Florida, and can be reached by phone, email, fax, or by submitting a short form directly on their website. If you need to contact their collections department, they provide a separate email and phone number.

Everest Business Funding customer reviews

Everest Business Funding is not accredited by the Better Business Bureau and they do have a handful of recent customer complaints—although, they have responded to these. Negative customer reviews center around how expensive the product is and how even repeat customers don’t receive better rates or terms. More recent complaints also mention how Everest Business Funding was unwilling to work with business owners who had to temporarily close their businesses due to the COVID-19 pandemic. Others still cite poor customer service after initially having a positive experience during the application and funding process.

On the other hand, Everest Business Funding does receive some positive reviews too. Many customers were impressed by the easy application process, the speed with which they received funds and customer service. As long as you understand what an MCA will truly cost your business and have the cash flow to handle daily payments, then this could be the right solution for your business.

This article originally appeared on Fundera, a subsidiary of NerdWallet.

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Everest Business Funding   Reviews

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Reviews 4.7.

Most relevant

Great easy and fast funding experience

Great easy and fast funding experience! Albert was great communicating and maximizing my funding. Thank you for being there for my Business!!

Date of experience : 10 May 2024

Very smooth process of evaluation and…

Very smooth process of evaluation and loan disbursal.

Date of experience : 09 May 2024

Sometimes you gotta but it's ICKY

It's very expensive form of cash- BUT sometimes you gotta do it. But the contract and funding call are tough. I tried to write a humorous review to lighten the mood but as you can see below they are touchy. Kinda confirms my original point. To be nice I edited, because they are scary. The below reply reflects their lack of humor and stiffness. Relax folks. It's humor in a crappy situation. I still gave you 4 stars.

Date of experience : 16 April 2024

Reply from Everest Business Funding

Dear Merchant, thank you for choosing Everest Business Funding for your Revenue Based Financing needs. We appreciate your business and wish you and your business nothing but the best.

Prompt friendly service.

These guys are great.

These guys are great! Michael's da man. 👍🏿💯

Date of experience : 08 May 2024

My experience was made easy dealing…

My experience was made easy dealing with the Rep. Tristan Burtoft. He’s been an absolute blessing to me and my business. I’ll definitely be working with him in the future.

Date of experience : 06 March 2024

Happy we were able to assist! Thank you for choosing Everest Business Funding for your business funding needs!

Made the process very simple good…

Made the process very simple good communication thank you for the kindness from Pop SOUTHERN buffet. Thank you.

Date of experience : 29 March 2024

Thank you for your review and for choosing Everest Business Funding!

Awesome job!

Awesome job!! Thank you!!

The whole transaction was very smooth…

The whole transaction was very smooth and easy, my broker Paul Pace was great with my transaction and is very nice to do business with. Also, he explains the whole contract in detail.

Date of experience : 23 February 2024

Thank you for your review and for choosing Everest Business Funding! We're glad we were able to assist and hope to continue doing so. Wishing you and your company nothing but success!

Exceeded expectations!

We have never been approved for a loan at this amount to better our business. We are extremely grateful for Stephen M. for working with us so diligently and in a progressive pace! FULLY recommend this loan business for any small business that just needs that extra push to succeed!

Date of experience : 21 March 2023

Happy we were able to assist, thank you for choosing Everest Business Funding for your working capital! We wish you and your business all the best!

Fastest Funding Ever

Everest made my first ever business funding a breeze. Everything was explained up front and the process took a few days and I had the money in my business account the next day after I was approved. I am so excited that someone gave me a chance. I recommend this company to anyone who has a fairly new business that needs funding to help get to that next tier. The customer service was great! The reps were very pleasant. I had the pleasure of working with Taya and she was super nice and informative.. no pressures… look forward to working with them again😊

Date of experience : 07 November 2023

Happy we were able to assist, thank you for choosing Everest Business Funding! Looking forward to continue working with you and your company!

They make the procedure easy for the clients

Eric is a very friendly representative and will help you from the beginning till the funding is in your account. If you need help with your small business please contact Everest funding if you deal with them you won’t need to go with other funding companies. Best rate provided

Date of experience : 12 May 2023

Aubrey was outstanding

Aubrey was outstanding, from start to finish. I appreciate her help through this process. She went above and beyond to make sure the process went smoothly and that I was able to receive the funds for my business that I needed.

Thank you for choosing Everest Business Funding!

The process was streamlined and…

The process was streamlined and efficient. Courteous and knowledgeable staff. Everything was explained and very detailed. The funding happened in the time frame that was stated.

Date of experience : 06 January 2024

Thank you for choosing Everest Business Funding for your business funding needs!

The real deal

Jayson was very persistent and a great advocate. I appreciated his persistent, he put the fire under me to get things done. He was very open, and honest. I was on the fence all the way to the day of funding, he was supportive the entire process. These guys are legit!

Date of experience : 03 May 2023

Thank you for choosing Everest Business Funding! We wish you and your business nothing but success!

There were several steps to getting…

There were several steps to getting through the process. My agent, Mihajlo, was very patient and available to answer any questions or concerns. He assisted me all the way through the process.

Date of experience : 08 July 2023

In my search for funding

In my search for funding, I came across this company. The process of getting funded and approved was quick and easy but the downside was the harassment. I guy by the name of William started texting me directly on both my personal phone and my business line frustrated because I had taken a deal from one of his co-workers. Additionally, I did not like the constant back to back follow up calls.

Date of experience : 27 December 2023

Dear Merchant, Thank you for choosing Everest Business Funding for your revenue-based financing. We do not have any employee by the name of William; this may have been an employee of your broker. Please call us at 877-274-2350 so that we may address your concern directly.

We were really in a bind and Everest…

We were really in a bind and Everest was the only one willing to help. We got the loan and was able to continue business operations. No secret, the interest rate was higher than normal, but it was worth it.

Date of experience : 22 July 2023

Everest Business Funding was a pleasure…

Everest Business Funding was a pleasure to work with. Professional explanation of their services, patiently answer all of my questions and the best rate on my funding. They quickly processed my application and provided my finding.

Date of experience : 14 December 2023

Glad we were able to assist! Thank you for choosing Everest Business Funding for your business funding needs!

Was quick, fast, easy, and expensive, but necessary, for now :)

Date of experience : 04 April 2024

COOK COUNTY RECORD

Monday, May 13, 2024

Everest Business Funding seeks $106K in breach of contract suit against Homewood company

A Florida company is suing over another company it alleges breached a contract for the purchase of future receivables.

EBF Holdings LLC, doing business as Everest Business Funding, filed a lawsuit July 1 in the Cook County Circuit Court against Homewood Mobile, doing business as S&S Mobil.

According to the complaint, EBF Holdings entered into a contract with Homewood Mobile on Jan. 31, when the plaintiff purchased all rights to the defendant's future receivables with an agreed upon value of $144,000.

EBF asserts the defendant approved a bank account from which it could make daily withdrawals from until the $144,000 was paid, but eventually impeded the withdrawals before paying the full amount.

The suit includes counts for breach of contract and unjust enrichment. EBF Holdings is seeking $106,800, the amount the defendant still allegedly owes, as well as attorney's fees, costs and interest.

EBF is represented by attorneys with Bleecker, Brodey & Andrews in Indianapolis.

Cook County Circuit Court Case No. 2014L006936.

This is a report on a civil lawsuit filed in the Cook County Circuit Court. The details in this report come from an original complaint filed by a plaintiff. Please note, a complaint represents an accusation by a private individual, not the government. It is not an indication of guilt, and it only represents one side of the story.

ORGANIZATIONS IN THIS STORY

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Everest Business Funding   Reviews

In the Non-Bank Financial Service category

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Company activity See all

Write a review

Reviews 4.7.

Most relevant

Excellent Process

Working Everest was an easy process. There was great communication throughout. They are very responsive, and explained everything in great detail.

Date of experience : December 27, 2023

Reply from Everest Business Funding

Thank you for choosing Everest Business Funding for your business funding needs!

Good communication

Good communication, friendly and smoothly process, lower fee, professionalism and clear transparency contract agreement. Thank you Everest. A special thank you to Ms. Rocio Moran.

Date of experience : January 12, 2024

Glad we were able to assist! Thank you for choosing Everest Business Funding for your business funding needs!

Everest Business Funding came in…

Everest Business Funding came in Klutch! Thank You for believing in a Girl from The Bronx just trying to make it in this Cold World! Respectfully Yours, License Real Estate Builder

Date of experience : May 17, 2023

Happy we were able to assist, thank you for choosing Everest Business Funding for your working capital! We wish you and your business all the best!

Emmers Response to Everest

So how is that scenario you outlined in your response a default on a "Revenue Based Financed Purchase Agreement"? A default is defined as "when a borrower stops making the required payments on a debt". We never stopped paying. In fact we proposed an early payoff (which most financial institutions enjoy) and EBF accepted. That is in no way a default. Please remove that term from your post. You can state it was settled for less than original contract amount, which would be true. Gray area wordspeak...but true.

Date of experience : February 13, 2023

Call Now don't got anywhere else......

Extremely impressed with the services here at Everest Business Funding. The process was so smooth it felt unreal. Excellent all around!!

Date of experience : September 01, 2023

Happy we were able to assist. Thank you for choosing Everest Business funding for you business funding needs!

"I recently had a wonderful experience…

"I recently had a wonderful experience with a this funding service and wanted to share my positive feedback. From start to finish, everything was exceptional. The customer service representative was friendly and helpful, and the service exceeded my expectations. I highly recommend this service to anyone looking for a high-quality experience."

Date of experience : March 20, 2024

Happy we were able to assist! Thank you for choosing Everest Business Funding for your business funding needs!

Brian was extremely informative, patient, and did a great job at keeping me updated. Also, engaged in small talk to ease the waiting process.

Date of experience : November 09, 2023

Thank you for choosing Everest Business Funding!

Smooth Process, good communication

Frank worked with me on our options and was able to put something together that made sense for our business. The process was smooth and Frank took the time to chat through all of our questions along the way.

Date of experience : June 22, 2023

Thank you for your review and for choosing Everest Business Funding! We're glad we were able to assist and hope to continue doing so. Wishing you and your company nothing but success!

The experience was seamless and not…

The experience was seamless and not difficult at all to complete from beginning to end. This was my 1st business funding venture so I'm excited to be moving forward in growing my business. Everyone involved was very supportive and thorough. Look forward to growing with Zip Capital for any of my future business funding needs.

Date of experience : December 03, 2022

Happy we were able to assist, thank you for choosing Everest Business Funding! We wish you and your business all the best!

Good experience and outcome

The broker, Xotchil Aleman, was very helpful and instrumental in my needs. The process itself had some redundancies that could be streamlined if the departments communicated better (I had to repeat the same info several times during this process). All in all I am very happy with the business’s conducted. Very Professional.

Date of experience : November 20, 2023

Thank you for choosing Everest Business Funding for your business funding needs. Your valuable feedback is much appreciated, thank you.

Great lending experience

My line of business is real estate and I work with lenders on a daily basis. Yonah at Everest Business Funding is great to work with. Great communication and efficient at completing the loan process.

Date of experience : December 16, 2022

Thank you for your review and for choosing Everest Business Funding! We're glad we were able to help. Wishing you and your company nothing but success!

the fact that they let us payoff early…

the fact that they let us payoff early and great service from John Moravian and his staff we were funded in three days great for cash flow.

Date of experience : February 10, 2023

Great experience

Easy from beginning to end. Nate started the process and Adam finished it up. Really was a great process. Big help for my small business when I really needed it to grow!!

Date of experience : February 12, 2024

Amazing Experience

Great working with your Rep, she was responsive, organized and most of all extremely efficient. We had an amazing experience and most of all, super happy.

Date of experience : August 09, 2023

Happy we were able to assist, thank you for choosing Everest Business Funding! Looking forward to continue working with you and your company!

Great experience with Louise, as our rep from Bizlender. Fast, efficient and reliable. Received our funding on the same day.

Prompt and to the point

Prompt and to the point, agreed to terms and funding was received in a timely manner. See no reason why I wouldn’t do business with them again. Thanks

Date of experience : February 27, 2024

Thank you for your review and for choosing Everest Business Funding!

All those involved were very nice

All those involved were very nice. Those that I worked with said as time goes by, hopefully, I could get better percentage rates. I was happy that this loan was reduced a little from the previous. It was pretty easy process. Thansk!

Date of experience : June 28, 2023

The Interviewer was Personal

The interviewer was kind, and patient especially during a trying time with tech issues. He did a great job of encouragement, and helped me with the explanations of terms and payments.

Date of experience : September 21, 2023

Ridiculously High Interest Rates and Fees

If you're considering this financing company for your business's financial needs, I urge you to pause and reconsider. My experience with them has been alarmingly negative. They offer Merchant Cash Advances (MCA) which, while seemingly a quick fix for immediate cash flow issues, come with a steep price—ridiculously high-interest rates and fees that far exceed reasonable expectations. My agreement netted me $16,250.00 and the payback I had to agree to was $23,800.00. An annualized interest rate of almost 50% with a payback period of 110 days. I can't wait for congress to step in and regulate this industry! This company exploits those in vulnerable cash flow positions, who are in dire need of financial support. I was one such desperate borrower, and they preyed on my situation with glee. The fees and interest piled on by this organization are nothing short of extortionate, designed to trap you in an endless cycle of debt that can cripple your finances for years to come. Their predatory lending practices are a glaring red flag, and it's clear that their primary motive is profit at the expense of the financial well-being of their clients. The terms of their loans are crafted to ensure maximum return for them, leaving borrowers like myself struggling under the weight of an ever-increasing debt burden. Avoid this company at all costs. There are other, more ethical financial solutions available that won't jeopardize your financial future for a momentary reprieve. Don't make the same mistake I did by falling into their trap. Seek out alternatives that offer fair interest rates and transparent terms. Your future self will thank you for steering clear of this predatory lender.

Date of experience : March 14, 2024

Dear Steven May, Everest Business Funding has proudly assisted thousands of merchants with Revenue Based Financing. We provide working capital to business owners like yourself by purchasing future receivables and we are very transparent with all costs involved. If you are unhappy with your recent transaction, you are welcome to return our net purchase price, less any tender of receivables to date by End of Day Tuesday March 19th, 2024 and we will cancel the agreement. Please contact our treasury department at: (800) 619-2943 should you wish to cancel your agreement and return our net purchase price monies.

Very quick lending

I put in my application and got funded within 3-4 days (not including the weekend) they were very fast and detailed when explaining everything I wanted to know. I’d definitely recommend!

Date of experience : April 18, 2023