![]() Pro tip: If you’d like to explore other business funding options, take steps to improve your credit score. Members get a 52-week term option, 20% off weekly fees, a monthly auto debit option, the ability to delay their first payment for up to 28 days and priority customer service. The company is also beta testing Fundbox Plus, a $99 per month subscription service. Your weekly payments will get auto-debited from your business bank account, and there’s no prepayment penalty if you pay off the loan early. Loans may be issued directly through Fundbox or First Electronic Bank, a Utah-Chartered Industrial Bank.įundbox’s APR starts at 4.66% for 12-week terms. If approved, you could get your funds the next business day. Its online application process is quick, and you may get a decision in as little as three minutes. (The company’s term loan product is currently in beta testing.) You only need a 600+ FICO rating to meet the lender’s credit score requirement.įundbox borrowers also need $100,000+ in annual revenue and to have been in business for at least six months to qualify for a line of credit. Why we chose this company: Fundbox can help borrowers with less than stellar credit access the capital their business needs. Term Length 12 or 24 weeks Loan Amount Up to $150,000 Minimum Credit Score 600 Required Time in Business 6+ months That way, you don’t have to worry about forgetting to pay your bill. Your payments will get auto-debited from your business bank account on a weekly or monthly basis. Plus, Bluevine doesn’t charge origination fees, account maintenance fees or prepayment penalties. Well-qualified borrowers could see an APR as low as 6.2%. They can then take up to 12 months to repay what they draw Approved Bluevine customers can access a business line of credit of up to $250,000 issued through Celtic Bank, a Utah-Chartered Industrial Bank. Your credit score must be higher than 625, and your company must be at least six months old. Plus, if approved, you may be able to get same-day funding with a $15 wire transfer.īluvine's eligibility requirements are on par with other working capital loan products we've reviewed. Why we chose this company: Bluevine can approve qualified borrowers in as little as five minutes via an online application. Term Length 6 or 12 months Loan Amount Up to $250,000 Minimum Credit Score 625 Required Time in Business 6+ months We encourage consumers to do additional research before making a commitment. Note: While the American Express Business Line of Credit is worthy of our top pick, some customers have had a bad experiences with the application process and the customer service department. And if you qualify, your online application may get approved in minutes, and your funds disbursed within a business day of your loan offer. 18-month term: 15.75-27% of your monthly balanceĮach draw on your line of credit is considered a separate loan with its own term and fee.Īmerican Express doesn’t charge an origination fee or prepayment penalty.12-month term: 7.5-18% of your monthly balance.6-month term: 2-9% of your monthly balance. ![]() Instead, you’ll pay a flat fee based on your current monthly balance and loan term: This product doesn’t feature an APR or interest rate. That means this business funding option could be great for a startup. While the company requires at least a 640 credit score (the highest of the working capital loans we reviewed), its income requirement is the lowest we've seen: $3,000 per month, on average. The American Express Business Line of Credit provides qualified business owners up to $250,000 in working capital and allows them to take up to 18 months to pay off what they borrow. Why we chose this company: American Express Business Blueprint (formerly Kabbage Funding) offers a convenient line of credit with strong financial backing. Tab will move on to the next part of the site rather than go through menu items.Term Length 6, 12, or 18 months Loan Amount Up to $250,000 Minimum Credit Score 640 Required Time in Business 1+ years Enter and space open menus and escape closes them as well. Up and Down arrows will open main level menus and toggle through sub tier links. Left and right arrows move across top level links and expand / close menus in sub levels. The site navigation utilizes arrow, enter, escape, and space bar key commands.
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