2M7 Review (May 2024) – Pros, Cons, Features, & Pricing

Canadian entrepreneurs rely on cash advances to get by in tough times, making a 2M7 review necessary. Many business owners know the popular 2M7 as a cash advance company and nothing more. However, if you want to use their services, understanding them in depth will answer that vital question, “What is 2M7?”.

Founded in 2008, 2M7 is a financial solutions company that offers merchant cash advances through their daily and traditional split programs. This company is known for its quick approvals, high approval rates, flexible repayment methods, and other features. If you dislike their high factor rate, you can consider other options like Loans Canada or Smarter Loans.

This 2M7 review will cover everything you need to know about 2M7, including its unique points and pros and cons.

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Last Updated: May 24, 2024

2M7 Review

  • 97% approval rating on applications
  • Funds are typically available on the same day
  • Payback schedule based on your business cash flow

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What Makes 2M7 a Good Option?

2M7 comes with many unique features that make it stand out. This section of the 2M7 review discusses the various unique qualities of 2M7.

Quick Approval

When you requested a business loan in the past, you probably had to wait many days. Well, 2M7 doesn’t bore their customers with pointless processes, so loans are approved speedily.

The speed of their approval is also apparent because there’s little paperwork involved in seeking funds. Sometimes, lucky customers can get their loans approved within 2 days, allowing them to receive their funds.

2m7 financial solutions review - comparewise

Flexible Repayment Process

The repayment process of 2M7 isn’t set in stone, so you can’t change anything about it. If a merchant wishes to increase the number of their daily payments, it’s possible. If they wish to switch from the originally agreed monthly payments to daily payments, the company will go with it.

Multi-Use Funds

One of the most significant benefits of 2M7 financial solutions is that they don’t decide how you use their advance. The company follows a hands-off approach that allows the business owner to decide what they use the advance for.

So, business owners can use this cash advance to repair faulty machinery, expand their staff, or increase their cash flow in some way. They can also decide to invest the funds and expand their business or use it to pay off their debts.

No Credit Score Required

Although a good credit score is usually required to get good funds, 2M7 does things differently. This company doesn’t consider a business’s credit score as a criterion for approving its advances. Instead, they mainly consider the business’s future capability (or money-making potential).

This section of the 2M7 review highlights that merchants don’t need credit scores to get approved for a cash advance.

No Collateral Required

Regardless of how much a merchant wishes to take as a cash advance, 2M7 doesn’t require collateral to approve it. So, this cash advance company is perfect for online businesses and start-ups without any assets.

No Hidden Fees

Many businesses have suffered from the harsh effects of hidden fees. These fees are hidden in the fine print and have led to the downfall of many business establishments.

However, 2M7 cares for its customers and doesn’t trick them with hidden fees. Besides the initial cost of capital, business owners can rest assured that they won’t pay anything else.

2m7 review - comparewise

Pros and Cons of 2M7

2M7 is a company that provides financial solutions to various small and medium businesses. While there are numerous benefits to applying for a cash advance from 2M7, it also comes with its drawbacks. The benefits and drawbacks of using 2M7 are covered in this section of the 2M7 review.

The Pros 2M7

High Approval Rate

2M7 offers a very high approval rate for merchants that wish to receive cash advances from them. Their approval rate is as high as 97%; this means that only 3% of their merchants get rejected. With such a high approval rate, merchants that have been rejected from receiving loans have a chance of getting an advance.

Multiple Financing Opportunities

The flexibility that 2M7 offers also extends to their customers’ funds. Canadian business owners can receive as much as $250,000 or as little as 10,000. This funding organization’s vast range of finances makes them suitable for various businesses.

Quick Online Application

2M7 is a company that understands the importance of time for an entrepreneur. As such, their online application process is designed to be fast and straightforward. Customers don’t need to submit any documents, such as inventory statements or financial reports.

Minimal Business Operation Time

A Canadian business needs to have been in business for at least 6 months before many funding companies consider them. However, 2M7 slashes that time frame in two, as they only need businesses to be in operation for 90 days. As long as the business has been operational for 90 days, the merchant has fulfilled an essential requirement for financial support.

Wide Reach

Although 2M7 isn’t available in Quebec, it’s available in other Canadian provinces, such as British Columbia, Alberta, and Nova Scotia. This makes them easily accessible to business owners who are residents in those areas.

No Reflection of Cash Advance on Credit Scores

When you take a credit advance from 2M7, you don’t have to worry about it reflecting on your credit scores. This funding company promises that receiving their cash advances won’t affect the credit history of the business or the business owner.

The Cons of 2M7

2M7 Cash Advances won’t build your credit history

The cash advance from 2M7 isn’t a loan, so it won’t enrich your credit history in any way. If you’re looking to improve your credit history, 2M7 financial solutions can’t help with that.

Unavailable in Quebec

Although 2M7 is available in many provinces in Canada, this doesn’t extend to French-speaking Quebec. As such, merchants that are residents of Quebec would have to make do with other funding sources.

High Factor Rate

Sometimes the factor rate on your 2M7 cash advance can end up costing your business more than a traditional loan. Although this is rare for short-term cash advances, it’s apparent for long-term loans.

2M7 Products and Services

This section of the 2M7 review covers the various products and services you can expect from this company. These products and services include:

Traditional Split Program

The traditional split program from 2M7 allows merchants to collect a cash advance and pay back a percentage of it regularly. When repaying using the split program, a percentage of your daily sales is considered, so your actual payment amount might vary. Nonetheless, this is a small number of your daily sales, as the required percentage is from 4% to 30%.

This program allows merchants to pay back their cash advances as they get paid in business. While this is an advantage, it makes it impossible to plan for the monthly payback.

Daily Program

While the daily program also allows for a daily repayment of your cash advance, it’s a fixed repayment instead. This makes it easier for merchants to budget and prepares their monthly pay in advance.

However, the daily program doesn’t consider your daily credit/debit card sales. So you’ll need to pay back even on days with no sales. Sometimes, these repayments might not look small on days with small sales.

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2M7 Product and Service Quality

As you read this 2M7 review, you probably wondered how professional this company is, right? Well, you can be at ease as their customers have rated their services and left reviews about them on various platforms:

  • Trustpilot: On this platform, 2M7 received a rating of 4.3 out of 5, which shows that most customer reviews were positive.
  • Facebook: On their Facebook page, 2M7 received a  rating of 4.8 out of 5. This shows that nearly all of their customers were satisfied with their services.
  • Google: On Google, 2M7 received many mixed reviews, which resulted in a rating of 2.7 out of 5. However, most of the low ratings were from customers who were refused cash advances.

Looking at all the customer responses above, you can say that 2M7 takes service quality seriously. Their capabilities also got recognized when Smarter Loans included them in their Canada Fintech Lending Study 2022. Smarter Loans recognized 2M7 as one of Canada’s leading merchant cash providers.

How to Get Started With 2M7

In this section of the 2M7 review, you’ll learn all you need about how to get a 2M7 cash advance.

Requirements for a 2M7 Merchant Cash Advance:

Before a business is eligible for a cash advance from this financial company, they need to fulfill some criteria, such as:

  • The business should be based in Canada.
  • The business should have been in operation for at least 90 days.
  • There should be no open bankruptcies in the business.
  • The business must accept debit/credit cards as payment methods.

The business owner would also need to provide documents such as:

  • A merchant ID number
  • A void cheque
  • Government-issued ID
  • A business bank account for the cash advance
  • Recent bank statements

After fulfilling these criteria and obtaining these documents, you can follow the guide below to request a cash advance:

  1. Log onto the 2M7 website and click the “Get Started” button.
  2. You’ll go to a new page, where you’ll have to fill in your details. This includes things like company name, industry, phone number, and contact name. You’ll also provide information regarding your monthly business revenue, credit score, and your months of business.
  3. If you pass this stage, 2M7 will contact you for your business documents.
  4. If your application is approved, the funds will be sent within 48 hours into your bank account.
  5. After that, 2M7 will connect to your payment processor to set up the repayment procedures.
  6. You can manage the repayment process from your 2M7 account.

Alternatives to 2M7

As you’ve read this 2M7 merchant cash advance review, you probably learned about the many features and benefits offered by 2M7. If you’ve looked at these qualities and decided they don’t fit your needs, you can go for similar companies. Some of the fund provision companies that may be a good fit for you include:

smarter loans review mobile - comparewise

Smarter Loans

Smarter Loans is a loan directory website that is based in Canada. Although this platform doesn’t offer loans, it can connect merchants to institutions that’ll provide them with suitable loans. If you read through this 2M7 review and feel like the company doesn’t meet your needs, you can try Smarter Loans.


  • Smarter Loans offers a table of comparison where merchants can compare funding organizations.
  • This platform offers a loan calculator.
  • A Smarter Loans credit card is available for interested merchants.


  • Smarter Loans doesn’t offer any loans; it’s just a directive of loan companies.


  • Both companies offer merchant cash advances.
  • The application processes for both companies are easy.


  • Where 2M7 offers only merchant cash advances, Smarter Loans offers cash advances, business loans, and other services.

Loans Canada

Founded in 2012, Loans Canada is a platform that offers loan search and comparison services. This loan search platform only works with legal firms in Canada that obey all Canadian rules and regulations. This company aims to connect all Canadians with an appropriate loan firm, regardless of their credit scores.

Loans Canada is another institution to consider if this 2M7 review outlines some features of 2M7 that you dislike.


  • Entrepreneurs can compare multiple loan providers.
  • Quick application process.
  • The application process is entirely online.


  • Not all firms recommended by Loans Canada will offer you a cash advance.
  • Repaying the loans of some companies early using the Loans Canada platform can lead to sanctions.


  • Both companies offer merchant cash advances.
  • The application process for both companies is fast.
  • Approved loans are deposited within 48 hours.


  • Where Loans Canada is only a search platform, 2M7 offers cash advances.

2M7 Review Conclusion

This 2M7 review has shown that the 2M7 financial company is a good choice for merchants that require a cash advance. Its application process is fast, with a 97% approval rate, and its services are tailored to start-ups without credit scores. If you ignore that long-term cash advances can lead to a high factor rate, it’s the perfect company.

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FAQs about our 2M7 Review

How long will it take to receive my funds from 2M7 after approval?

You only need to wait for a maximum of 48 hours to receive your funds. In the 2M7 review above, it's outlined that this company offers a fast approval rate. So, you can get approved within hours and receive your funds that same day or the next.

Will my personal credit score be considered in approving my 2M7 merchant cash advance?

No, your personal credit score won’t be considered when approving your 2M7 cash advance. In the 2M7 merchant cash advance review above, it was outlined that even business credit scores are unneeded.

How much money am I eligible for with 2M7?

The amount of money you're eligible for with 2M7 financial solutions ranges from $10,000 to $250,000. However, the exact amount depends on several factors, including the capability of the business in question.

Can I still apply for a 2M7 merchant cash advance if I still have an advance from another company?

Yes, you can still apply for a cash advance even when you have an outstanding advance with another company. Your outstanding debts with other companies won’t affect your factor rate with 2M7 either.

What is the 2M7 withholding percentage?

The 2M7 withholding percentage is the number of daily sales that 2M7 collects from your business. This withholding percentage ranges from 4% to 30% of your daily credit/debit card sales. The actual figure depends on the amount of your cash advance, the revenue of your business, and other factors.

January 15, 2023
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