Broadway Advance LLC provides merchant cash advances, term loans, lines of credit, and equipment financing for small businesses nationwide, with funding up to $5M and terms of 3-24 months.
Editorially reviewed by Harvey Brooks
Broadway Advance LLC is a business financing company offering multiple lending products to small businesses across the United States. The company operates through an online application process and maintains a phone support line (212-804-8083) for prospective borrowers seeking guidance on product selection.
Broadway Advance specializes in six primary financing solutions. Their flagship product is merchant cash advances, which provide up to $2 million in funding within 48 hours in exchange for future receivables, with 3-24 month terms and minimal documentation. They offer term loans up to $5 million with 3, 5, or 7-year terms, positioned as their closest offering to traditional bank financing. The company provides unsecured lines of credit with no cost unless funds are drawn, asset-based lending against real estate, inventory, or equipment, and equipment financing specifically for businesses purchasing machinery or equipment.
Broadway Advance distinguishes itself through speed of funding (48-hour turnaround on MCAs), high maximum loan amounts ($5M term loans, $2M advances), flexible product offerings across secured and unsecured options, and willingness to work with businesses that may not qualify for traditional bank financing. They market minimal documentation requirements for merchant cash advances and offer interest-only flex loan options within their line of credit product.
The company appears primarily focused on alternative small business lending rather than traditional banking. Borrowers should note that merchant cash advances and similar products typically carry higher costs than traditional loans, though this is not explicitly disclosed on the solutions page. Term loans require good credit and full financials, which may exclude some small business owners. The lack of specific rate, fee, or APR information on this page means interested borrowers must contact the company directly for transparent pricing.
Yes. Broadway Advance LLC is a registered company headquartered in 39 Broadway, New York, NY 10006. They hold a NR rating with the Better Business Bureau.
CreditDoc Diagnosis
Broadway Advance LLC is best suited for small business owners who need fast access to capital and either don't qualify for traditional bank loans or need funds faster than banks provide. The primary caveat is that alternative financing products like merchant cash advances typically cost significantly more than traditional loans—borrowers must contact the company directly to understand actual rates and fees before applying.
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Read guide →New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Lenders must show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the cheapest loan.
Example
You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
The percentage a lender charges you for borrowing their money, calculated on the amount you still owe. It's the lender's profit for taking the risk of lending to you.
Even a 1% difference in interest rate can cost you thousands over a loan's life. Lower rates mean less money out of your pocket.
Example
On a $20,000 car loan for 5 years: at 5% you pay $2,645 in interest. At 8% you pay $4,332. That 3% difference costs you $1,687 extra.
The original amount of money you borrowed, before any interest or fees are added. It's the 'real' amount of your debt.
Your interest is calculated on the principal. Paying extra toward principal (not just interest) is the fastest way to reduce your total cost and pay off a loan early.
Example
You borrow $25,000 for a car. That $25,000 is your principal. Your first payment of $450 might split as $150 toward interest and $300 toward principal, bringing your balance to $24,700.
How long you have to repay the loan, measured in months or years. A shorter term means higher monthly payments but less total interest paid.
Longer terms feel more affordable monthly but cost much more overall. A 30-year mortgage costs almost double in interest compared to a 15-year mortgage on the same amount.
Example
Borrowing $200,000 at 6.5%: A 15-year term costs $1,742/month ($113,561 total interest). A 30-year term costs $1,264/month ($255,088 total interest). You save $141,527 with the shorter term.
A one-time fee the lender charges to process and set up your loan. It covers their costs for underwriting, verifying your information, and preparing paperwork.
Origination fees are usually 1-8% of the loan amount and are often deducted from your loan proceeds — so you receive less than you borrowed.
Example
You're approved for a $10,000 personal loan with a 5% origination fee. The lender deducts $500 upfront, so you receive $9,500 in your bank account but owe $10,000 plus interest.
A person who agrees to repay your loan if you can't. They're equally responsible for the debt, and their credit is affected by your payment behavior.
Cosigning helps people with thin credit get approved or get better rates. But it's a huge risk for the cosigner — they're on the hook for the full amount if you default.
Example
A parent cosigns their child's $30,000 student loan. The child stops paying after 6 months. The parent is now legally required to make the payments or face collections, lawsuits, and credit damage.
The process where a lender evaluates your finances — income, debts, credit history, assets — to decide whether to approve your loan and at what rate.
Understanding what underwriters look for helps you prepare a stronger application. They check your DTI ratio, employment stability, credit score, and the asset's value.
Example
You apply for a mortgage. The underwriter reviews your pay stubs (income), bank statements (savings), credit report (history), and orders an appraisal (home value). This takes 2-4 weeks.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
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