Tennessee-based merchant cash advance (MCA) lender serving brokers nationwide with fast underwriting and funding for small businesses in 49 states plus Puerto Rico.
Data compiled from public sources · Rating from CreditDoc methodology
Lily Advance was founded in 2021 by Ari Rashkin and is based in Memphis, Tennessee. The company specializes in merchant cash advance (MCA) underwriting and has assembled a team with over a decade of combined industry experience. The founding team includes experienced professionals from previous MCA firms like Keycash Capital and Henley Capital, bringing deep expertise in the alternative business lending space.
Lily Advance provides merchant cash advance funding designed for small businesses that may not qualify for traditional bank loans. They serve businesses across 49 states plus Puerto Rico, with particular focus on industries including restaurants and hospitality, construction and blue-collar trades, first and third-position deals, and Puerto Rico-based businesses ("Negocios de Puerto Rico"). The company emphasizes speed and accessibility, claiming decisions within 1 hour and funding within a few hours, with the full process from application to funding completed within 24 hours.
The company distinguishes itself through several stated operational practices: human underwriting rather than algorithmic decisions, willingness to fund deals other lenders decline, specialization in complex and higher-risk business profiles, transparent communication with clear terms, and direct partnership with brokers rather than middlemen involvement. They have served over 3,000 businesses and claim 10 years of industry experience collectively. Their application process is streamlined, requiring only basic business information and 3 months of bank statements.
As an MCA lender, Lily Advance operates in a space that comes with inherent considerations. While they position themselves as more accessible and flexible than traditional lenders, MCA products typically carry higher costs than conventional business loans. The company's emphasis on speed, willingness to fund complex files, and focus on businesses with limited traditional financing options indicates they serve a high-risk lending market where borrowers may have limited alternatives.
Yes. Lily Advance is a registered company, headquartered in Memphis, TN.
Results vary by individual situation. Contact the provider to discuss expected timelines for your specific needs.
CreditDoc Diagnosis
Lily Advance is best for established small businesses needing fast cash that don't qualify for traditional bank loans, particularly in hospitality, construction, and Puerto Rico. The main caveat is that MCAs carry significantly higher costs than conventional business loans, so borrowers should understand they're accessing capital at a premium in exchange for speed and accessibility to businesses with limited traditional financing options.
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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.
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.
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.
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.
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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