Is Wayflyer legit?
Yes, Wayflyer is a legitimate provider of revenue-based business loans. It has funded more than $5 billion to over 5,000 businesses since 2019 and has a 4.9 overall rating on Trustpilot. The company protects customer data with bank-level encryption and secure integrations with e-commerce platforms.
Still, transparency could be stronger. The phone number listed on Trustpilot isn’t valid, and the US-based address it provides is a co-working space in New York rather than its own office.
What makes Wayflyer shine?
While most banks and lenders rely heavily on credit checks, Wayflyer doesn’t set a personal credit score requirement. Approval is based on business revenue and sales data, which can make financing available to companies that might not qualify for traditional loans. And the minimum time in business is just six months, making this a decent lending option for companies just starting out.
Application and funding time also stand out. It takes 10 to 15 minutes to apply, and funds are often available within 24 hours. Repayments are tied to sales rather than fixed monthly installments, which helps you afford payments during slower periods. It also offers a much broader funding range than many revenue-based financing providers, from $5,000 up to $20 million.
Where Wayflyer falls short
While Wayflyer makes funding more accessible, the structure comes with trade-offs compared to traditional loans. Terms are short, typically three to nine months, which leaves little room to spread out repayment.
And because costs are charged as a flat fee rather than an interest rate, the effective APR can be high. If you prefer a longer repayment period or a lower interest rate, check out other business lenders.
Plus, repayments are required frequently (either daily, weekly or biweekly) and are tied directly to revenue, which can create cash flow challenges. Getting in contact with customer service could also be an issue since Wayflyer doesn’t offer phone support. You can only contact Wayflyer via email or live chat.
Wayflyer loan details
| Loan amount | $5,000 to $20 million |
| Terms | Daily, weekly or bi-weekly repayments 3 to 9 months for cash advance and term loan 12-month contract available with rolling financing |
| APR | Fixed fee of 5% to 10% of advance |
| Turnaround | As soon as 24 hours |
| Minimum credit score | No minimum credit score |
| Other requirements |
|
| Fees | No origination, application, maintenance or documentation fees |
| Availability | Available throughout the United States, Australia, Canada, UK and other countries. |
Wayflyer contact information
| support@wayflyer.com | |
| X, formerly Twitter | @wayflyerapp |
| @Wayflyer |
How to qualify for Wayflyer
Wayflyer doesn’t publish a minimum credit score requirement for its loan products. Instead, it focuses on business type, revenue and financial health. To qualify, you’ll need to:
- Have a minimum average monthly revenue of $10,000 (US, Canada, UK, Australia, Ireland, Belgium) or $20,000 (Spain, Netherlands, Denmark, Sweden, Germany)
- Be in operation for at least six months for e-commerce or software businesses or two years for other business types
- Be a business that sells physical products, retail services, software or consulting
- Be incorporated in an eligible country (US, Canada, UK, Australia, Ireland, Spain, Netherlands, Belgium, Denmark, Germany or Sweden)
- Use an e-commerce platform or payment processor that integrates with Wayflyer, such as Shopify, WooCommerce or Stripe
- Pass a financial assessment that reviews your cash flow, revenue trends, marketing spend and overall business health
How to apply
Getting started with Wayflyer is quick and usually takes just 10 to 15 minutes. Here’s how it works:
- Start online. Set up an account on Wayflyer’s site and share a few details about your business.
- Connect your platforms. Link your e-commerce store or payment processor, like Shopify or Stripe, so Wayflyer can review your sales.
- Check your offer. If you qualify, you’ll see the amount, fee and repayment terms you can expect.
- Accept and get funded. Agree to the terms. Funds are deposited in your account, typically within 24 hours.
How Wayflyer compares to other lenders
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How we picked these
What is the Finder Score?
The Finder Score crunches 12+ types of business loans across 35+ lenders. It takes into account the product’s interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate – this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you’re comparing the best business loans for startups loans, you can see how each business loan stacks up against other business loans with the same borrower type, rate type and repayment type.
Read the full Finder Score breakdown
Lendio reviews and complaints
The vast majority of customers have positive things to say about Wayflyer. The company currently has a 4.9-star rating on Trustpilot with reviews praising its smooth application process, helpful customer service agents and fast, flexible funding.
But not everyone is happy. Six percent of customers give the company one star. Common complaints include receiving unsolicited marketing materials, not getting approved for a loan and being unable to reach the company by phone. The company only offers an email address and live chat for customer support.
What do people on Reddit say?
Most conversations about Wayflyer on Reddit are to advertise job openings available within the company. There are a few posts and comments about borrowing from Wayflyer. In those, sentiment is mixed. Some Redditors recommend Wayflyer for flexible financing, while others warn against it because of the high cost of borrowing.
