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Here’s How to [Actually] Get Business Credit With Just an EIN +More Options

February 16, 2021 By Joe

Business Credit With Just EIN

Lately, I’ve found quite a bit of online content that pertains to getting business credit with just your EIN, and I’ve seen some pretty good information. But, I haven’t found a thorough answer to the core question, which is, “How can you get business credit using your EIN and not your SSN?”

First of all, if you’re not up-to-date with the lingo, what you’re essentially looking for here is business credit without a “personal guarantee.” Luckily, there are lenders that do not require a personal guarantee for business financing, but most of the good options are not common nor easy to find. So, let’s explore everything you need to know. 

Here’s what’s in store: 

  • In Business Credit, What is a Personal Guarantee?
  • What if You Aren’t Eligible for an SSN?
  • What if You Have Bad Personal Credit?
  • How Can You Use Your EIN Instead of Your SSN to Get Business Credit and Loans?
  • Lenders That Offer Financing With No Personal Guarantee
    • Business Credit Cards
    • Corporate Credit Cards
    • Business Loans
    • Alternative Financing [Proceed With Caution]
  • Final Thoughts

In Business Credit, What is a Personal Guarantee? 

When a business takes out an unsecured loan or line of credit, most lenders want assurance that the funds will be paid back. A personal guarantee is a promise that, should the business fail to repay, the individual will be responsible for the debt. This responsibility typically falls on a company executive or business owner.  

With a business loan or line of credit for which you are the personal guarantor, the lender has a legal right to your individual assets if your business does not repay the debt as agreed. In order to legally collect the funds in this case, the lender needs your social security number (SSN). 

Your SSN often serves a second purpose, which is to see if you have shown responsible credit behavior with your personal finances. Really, lenders just want to make sure you are responsible even when your business is obviously financially healthy.   

💡 Does Your EIN Have a Credit Score? Your business has it’s own public credit score, separate from your private personal FICO score. To learn more about the oldest and most-used business credit bureau, see Everything You Need to Know About a DUNS Number & Why Should You Care. 

What if You Aren’t Eligible for an SSN? 

If the reason you want a business credit card is that you don’t have a social security number — perhaps you’re a nonresident of the United States doing business here — you can take another route to bypass the SSN section of a credit card or loan application. In this case, you need to file for an Individual Taxpayer Identification Number (ITIN) through the IRS. 

Several credit lenders allow you to apply for funding using an ITIN instead of an SSN. I recently did a write-up on one of them and you can find more about it (and competitors) here: Chase Ink Business Preferred Credit Card: A Deep Dive. 

To apply for an ITIN, use IRS form W-7. Consult with a CPA licensed in the state where you do business to find out more as it applies to your situation. 

Apply for an ITIN

What if You Have Bad Personal Credit? 

Another reason you might want to apply for business credit using your EIN and not your SSN is that you have a low FICO score. If you’re in this boat, there are steps you can take to remedy the predicament. These steps will vary based on your situation. 

In all cases, the first step will be to learn about the common errors often reported by consumer credit bureaus and leverage them to your advantage. For example, you might learn how to best deal with vehicle repossessions and defaulted loans or what can be disputed in a credit file and how to do so.  

Recommended: Credit Secrets Book Review: Can You Erase Bad Credit History? 

How Can You Use Your EIN Instead of Your SSN to Get Business Credit and Loans?

If you want to get a line of credit for your EIN and withhold your SSN, as you probably guessed, you need to find a lender that does not require a personal guarantee. Then, you will need to meet the credit and income requirements of that lender. Finally, you’ll need to apply. 

Lenders That Offer Financing With No Personal Guarantee

As I’ve already said, lenders that do not require a personal guarantee are uncommon. But, they’re not impossible to find. Here’s a list of a some lenders who may not require an SSN or an ITIN to apply for a line of credit or a loan. 

Business Credit Cards 

These business credit cards are fairly easy for companies of all sizes, including freelancers and individual contractors, to qualify for and require no personal guarantee. 

  1. Sam’s Club Business Credit Card
  2. Office Depot OfficeMax Business Credit Account
  3. Shell Small Business Gas Card
  4. SuperAmerica Fleet Credit Card 

Recommended: How to Use Business Gas Cards to Build Your Business Credit

Corporate Credit Cards 

Rather than base your credit limit on your FICO score, you may be able to meet revenue requirements for one of these corporate cards with no personal guarantee. You may need an actual S or C corporation to qualify (in some cases, an LLC might suffice). 

  1. Brex Rewards Card 
  2. Stripe Corporate Card – see our full write-up here. 
  3. ScaleFactor Visa Charge Card
  4. Bremer Bank Business Card
  5. American Express Corporate Cards
  6. Capital One Corporate Cards
  7. Citibank Corporate Cards
  8. JP Morgan Chase Corporate Cards
  9. Wells Fargo Corporate Cards

Business Loans

While you may be required to share your SSN during the initial application process to ensure that you meet minimum credit requirements, these lenders have funding options that require no personal guarantee. 

  1. Kabbage
  2. Fundbox
  3. StreetShares – requires no personal guarantee for government contractors and subcontractors to Fortune 500 companies. 

Alternative Financing [Proceed With Caution]

First, when you don’t qualify for a business loan or line of credit, you can try for a personal loan or credit card instead. In fact, many companies are funded with personal capital. But, personal credit is typically more limited as far as funding amount and rewards than business credit. 

Next, if you have a friend or family member willing to extend a loan to your business, you may be able to request a private contract without using your SSN and with no personal guarantee. Most people avoid this to protect perfectly healthy relationships rather than muddy them with potentially disastrous business affairs. 

Then, depending on your type of and stage in business, you may also find VC or Angel investors willing to extend funding, which typically requires formal pitching and a detailed plan that outlines how you will use the money to increase company profits. In nearly all cases, investors also require a certain level of control over business management and a share of the revenue. So, if you want to maintain your operations as is (and keep your profits for yourself), this isn’t a great option.  

Finally — and I hesitate here — it may be worth mentioning that other options include working capital financing or merchant cash advances. In rudimentary terms, you can take out an equity loan on accounts payable.  However, I do not recommend these channels. Repayment on these types of loans is overly-expensive akin to personal payday loans. 

Final Thoughts

Business lenders that provide practical funding solutions you can apply for using only an EIN are unicorns in the financial universe. But, if you’ve made it here, you should know everything you need to find one. If you’ve tried, but still can’t seem to qualify for financing, there’s plenty you can do to transform your situation. 

And, if you know of other lenders who require no personal guarantee, I’d love to hear about them. For now, I recommend you learn how to build business credit so that you can access high-limit loans and credit cards with the best possible rates. If you want to learn how to obtain $100K in business credit in 30 days, I invite you to join Business Credit Workshop today. 

Chase Ink Business Preferred Credit Card: A Deep Dive Analysis

February 8, 2021 By Joe

Chase Ink Business Preferred Review

As a multinational investment bank and financial services provider, Chase has been a major player in the lending game for centuries. In 2000, the bank merged with JP Morgan and evolved into what it is today. 

While I usually endorse smaller community banks and credit unions for their flexible business loan and credit card underwriting requirements, today I want to share everything I know about the Chase Ink Business Preferred card — it’s definitely worth learning more about. 

Here’s what we’ll cover: 

  • Chase Ink Business Credit Cards Overview
    • How to Upgrade an Unlimited or Cash Card to a Preferred Card
  • Chase Ink Business Preferred Under the Microscope
    • Does Chase Report to D&B?
    • Chase Ink Business Preferred Card Benefits
      • Telephone Damage & Theft Protection
      • Free Employee Cards
      • Auto Rental Collision Damage Waiver
      • Trip Cancellation/Interruption Insurance
      • Purchase Protection and Extended Warranties
      • Transferable Points & Rewards That Never Expire
    • Chase Ink Business Preferred Preferred Card Downsides
    • How to Apply for a Chase Ink Preferred Card
  • Chase Ink Business Preferred Competitor Overview
  • Final Thoughts

Chase Ink Business Credit Cards Overview

Chase Ink Business Preferred is one of three Ink Business Visa credit cards offered through Chase, each of which have their own set of rewards. 

  1. Chase Ink Business Unlimited – Earn unlimited 1.5% cash back and up to $750 bonus cash back. 
  2. Chase Ink Business Cash – Earn up to 5% cash back in select categories and up to $750 bonus cash back. 
  3. Chase Ink Business Preferred – Earn up to 100,000 bonus points equal to $1,000 cash back or $1,250 in travel rewards. 

Chase also offers travel rewards cards for Southwest and a United travel reward card. For now, I want to share a quick side-by-side comparison of the three Ink cards before diving deeper into the Business Preferred card.

Chase Ink Business Credit Cards

With Chase Ink Business Preferred, 1 point is equal to roughly 1 cent cash back or 1.25 cents worth of travel rewards. For businesses with higher spending, because of the higher reward caps, Preferred is the Chase Ink card to strive for. 

How to Upgrade an Unlimited or Cash Card to a Preferred Card

When you meet the qualifications for a Chase Ink Preferred card, you may be able to upgrade an existing Unlimited or Cash card. Your Unlimited or Cash card must have been open and in good standing for at least a year and you will need to pay the $95 annual fee. 

Furthermore, when you make a product change, you won’t be eligible for the sign on bonus for new Preferred cardholders. 

To upgrade, simply call Chase using the phone number on the back of your card and ask for an account review or contact the company via the secure messaging platform inside your account dashboard. 

Chase Ink Business Preferred Under the Microscope

Now, let’s take a closer look at the pros and cons of the Chase Ink Business Preferred Card. We’ll start with credit reporting, since that’s the lifeblood of what we do here at Business Credit Workshop. Then, we’ll explore more about the benefits of using a Chase Ink Preferred card and when it might be better to try other channels for business cash flow. 

Does Chase Report On-Time Business Credit Card Payments to Dun & Bradstreet? 

Dun & Bradstreet (D&B) is the monarch of business credit reporting agencies. While there are rumors floating around online credit forums that Chase doesn’t report to to D&B, this simply isn’t true. 

Does Chase Ink Report to D&B?

The fact is that Nav — a highly reliable source — reached out to the major banks late last year to see which ones report payment activity to business credit bureaus. They found that Chase and Citi are the only big banks in the United States that report business financing payment activity to all four of the top bureaus (D&B, Equifax, Experian, and SBFE). 

Which Banks Report to D&B?
[Image Source: Nav]

So, on-time payments and responsible credit use on a Chase Ink Business Preferred card can help you improve or maintain your business’ PAYDEX score. 

Recommended: Everything You Need to Know About a DUNS Number

Chase Ink Business Preferred Card Benefits

Some of the perks of using a Chase Ink Preferred card are summarized above. Now, let’s explore them further.  

Telephone Damage and Theft Protection 

If you pay your business phone bill with a Preferred card, you will be eligible for up to $600 per claim on damage and theft for you and your employees. This is a standout feature not offered by competitors’ credit cards. You will be eligible for up to three such claims per year, which will have a $100 deductible. 

Free Employee Cards

Once your account is approved, you can get employee cards at no cost. For each card, set spending limits to control your budget. All rewards will pool into the master account. This means that employee spending on a company Chase Ink Preferred card will count toward your bonuses and points. 

Auto Rental Collision Damage Waiver

When you rent a car and pay with your Business Preferred card, you don’t need to purchase insurance, because Chase automatically has  you covered with damage protection up to the actual cash value of the vehicle. This can save you quite a bit on business travel, especially when multiple employees rent cards when traveling for business. 

Trip Cancellation/Interruption Insurance

For prepaid, otherwise non-refundable travel fare, tours, and hotels, you won’t have to worry about losing your money if you need to cancel or delay a trip. When you pay for travel expenses using your Preferred card, they’re insured up to $5K per person and $10K per trip. Sickness, severe weather, and other covered reasons are covered when you need to take advantagee of this perk.  

Purchase Protection and Extended Warranties

If you buy a product with your Preferred card and it is stolen or damaged within the first four months after purchase, Chase will compensate you up to $10K per claim and $50K per account. This neans that you don’t need to insure every single item that you buy, instead, hold onto your receipts (or just keep track of transactions in your online account dashboard). 

Chase Ink Preferred Purchase Protection

Furthermore, any item that you buy with your Preferred card with a three year or less warranty, will be warrantied for an additional year. For example, if you were to purchase a computer with a two year warranty using your card, Chase would extend the warranty to three years. 

Transferable Points & Rewards That Never Expire 

As long as your account is open, you can redeem rewards points at any time. This means that you can save up points for years before you spend them. Furthermore, you can transfer your points at a 1:1 exchange with leading frequent flyer programs. 

100K Chase points are worth around $1K and 80K Chase points are worth roughly $800 when used in the Chase Ultimate Rewards program dashboard. Be sure to find out if your points will change in value when transferred since points/miles’ value can vary between programs. 

Login to your Chase Ultimate Rewards program dashboard or check with your frequent flyer program to find out for sure if your points would be transferrable — not all travel programs have a partnership with Chase. 

Chase Ink Business Preferred Preferred Card Downsides

As with most business credit cards from big banks, the Chase Ink Preferred Card does come with notable fees. Your APR on spending will range between 15.99% and 20.99%. We’ve reviewed cards from credit unions and community banks, as well as alternative modern funding sources, with interest rates below 10%, but they don’t typically offer the same level of rewards as the Preferred card. 

And, you will pay a $95 annual fee to maintain your account. This means that if you don’t plan to redeem your rewards, even if you pay your account in full every month to minimize interest payments, you could be out at the end of the year. However, an annual fee is typical of rewards cards in this tier. Amex, for example charges much higher annual fees than Chase. 

How to Apply for a Chase Ink Preferred Card

Before you apply, you must meet Chase’s requirements for this card. In addition to a 688+ FICO score (some recommend 700 to 740 and above), there are a handful of minimums you must meet. 

  • Less than 5 new credit cards opened in the past 24 months (Chase’s 5/24 rule)
  • No new Chase cards opened in the past few months 
  • Enough income/spending power to warrant a line of credit
  • A credit utilization ratio below 30%

Even if your credit is excellent and you meet all of the above requirements, there is not a guarantee you’ll be approved. But, if you can show these characteristics, your business is likely to appear less risky to the underwriters. And, you may up the odds if you have a Chase business checking account in good standing. If you’d still like to proceed, you can visit this page and sign in to apply or apply as a guest. If you’ve received an invitation to apply, visit getchaseink.com.   

Chase Ink Business Preferred Competitor Overview

The Chase Ink Business Preferred credit card, of course, has some competition in the marketplace. Amex Platinum and Capital One Spark are often considered by medium to high-earning small businesses looking for this type of rewards on spending. And, one of the alternatives might be a better fit for your situation.

So, let’s look at a summary of Chase Ink Preferred, Amex Platinum, and Capital One Spark next to one another to see the differences.

Chase Ink Preferred vs Amex Platinum vs CapitalOne Spark

In addition to what’s listed above, none of these cards have foreign tansaction fees. They provide various trip cancellation and delay insurance and reimbursement. And, they all have 

The Amex Platinum card certainly comes with the most benefits, but there’s a trade-off with the $550 annual fee, more than five times that of its competitors. If you only take advantage of the Fine Hotels & Resorts Perks,™ that cost will be covered.  

Final Thoughts

The Chase Ink Business Preferred card is acclaimed as one of the best small business credit cards, likely because of the huge sign on bonus. While you won’t get 0% APR and you will pay an annual fee, there’s still a lot of potential for savings and rewards here. If you think you business can meet the qualifications, I say go ahead and apply.

And, if you still need to learn how to build business credit and you want to learn to obtain $100K in business credit, join Business Credit Workshop today. 

eCredable: A Deep Dive Into the Business Credit Reporting Platform

January 29, 2021 By Joe

eCredable review

It’s well known that people can leverage online services to report their on-time bill payments to credit bureaus. eCredable is one of the companies that offers this service for both consumers and businesses. I had never heard of the company before I was recently referred, so I did my homework. Now, I want to give you the scoop. 

Here’s what I found out: 

  • Who Owns eCredable & Where are They Located?
  • How eCredable Lift™ Works
  • What Utility Accounts Does eCredable Report?
    • Automated Utility/Vendor Account Linking
    • On-Demand Utility/Vendor Account Verification
    • Business Credit Reporting Limitations
  • How Much Does eCredable Cost?
  • Conclusion: Is eCredable Legit?

Who Owns eCredable & Where are They Located? 

According to eCredable’s customer support, the company isn’t owned by another company. I turned to Crunchbase and found out that the company was founded in 2009 by Cutch Moore, Robert Williams, and Terron Lindholme, located in Alpharetta, Georgia. 

For Cutch Moore, who has a background in busines consulting and real estate brokering, eCredable is his central venture. The same goes for Terron Lindholme, except that his background is in entrepreneurship and sales. These two appear to be dedicated and established at the company. Finally, Robert Williams no longer seems to be with eCredable, but to have moved on as a serial entrepreneur — it happens.  

How eCredable Lift™ Works 

The idea behind eCredable Lift™ is that they report on-time payments for vendors, utility bills, or rent to credit bureaus. But, ehat exactly does eCredable do for small businesses?

If you sign up for the business package, upon verification, eCredable will report to Dun & Bradstreet, Equifax Business, Creditsafe, and Ansonia, four business credit bureaus. In one self-written review, the company claims that this can immediately boost your credit score across the threshold from “poor” to “fair” or from “fair” to “good.”  

For the system to work, you need to connect to your online utility pay account. This means that you will have to establish the online pay option for each account that you want reported. After an account is linked, you can expect eCredable to download up to 24-months of payment history and report within 1-5 business days. 

What Utility Accounts Does eCredable Report? 

One of the repeat complaints I’ve heard about eCredable has to do with a lack of transparency about the accounts that a person or business can report and which. When I searched on my own, I wasn’t able to easily find a good answer either. 

eCredable lift reviews

According to one alleged user, as of 2020, it seems that the online system isn’t connected with Verizon, AT&T, Charter Spectrum, nor several other smaller utility companies. But, the company claims to link seamlessly with over 2,200 utility companies and service providers in the United States. 

So, here are the facts for business users: 

eCredable collects and reports account information and payment history to business credit bureaus in two ways.

  • Automated linking between eCredable and your utility account from inside your dashboard.
  • “On-demand” or manual verification.  

And, eCredable has limits on which accounts are reported to which business credit bureaus. Let me elaborate for some clarity. 

Automated Utility/Vendor Account Linking

Automated account linking provides the most convenient option for businesses to connect utility accounts in the eCredable platform. They can securely download your account details instantly. They report two years of payment history right away, then will continue to automatically report your payments every month to Equifax, Creditsafe, and Ansonia.

While business users can link many power, gas, water, phone, tv, and internet accounts, they can not link rent, insurance, equipment leases, or other business services. To find out if your current utility or vendor accounts can be linked in the platform, you can use the utility search tool. 

What utilities does eCredable report?

On-Demand Utility/Vendor Account Verification

“On-demand” account verification is a solution to add accounts that aren’t part of eCredable’s automated linking network. This includes vendors, suppliers, office rent, business insurance, various business services, business credit cards and loans, office furniture/equipment leases, and legal services. Essentially, you provide account details to eCredable who manually verifies your utility or vendor account for a one-time, $19.95 fee for each account. 

Manual verification can take between 1-7 days, depending on the vendor’s responsiveness — most take no longer than 48 hours to verify.  

Business Credit Reporting Limitations

When I asked eCredable’s customer support to tell me more about the reporting process, I found out that the service only reports your business subscription payment, not any of your utility payments, to Dun & Bradstreet, which is the leading business credit bureau. So, for a fee, you get one account (your eCredable account) reported to D&B. The rest of your accounts (utilities, vendor accounts, etc.) will be reported to Equifax, Creditsafe, and Astonia.

How Much Does eCredable Cost? 

How much is eCredable

For consumers, the cost to use eCredable Lift™ is about $24 per year, which comes to a couple bucks a month. For businesses, there is a $49.95 first-month setup fee and a recurring monthly cost of $9.95 thereafter. Both consumers and businesses may pay an additional $19.95 for manual account verification per account.   

Conclusion: Is eCredable Legit? 

eCredable Lift™ for business is a solid idea, comparable to Experian Boost for consumers. The company has been around for a decade without any major scandals (not public, at least), which speaks to their trustworthiness. And, I love that they report accounts for the first time within a week. This is fast. 

Still, I don’t love that their information isn’t posted conspicuously. I had to reach out more than once to get the answers I was after. 

Next, I also don’t love that they’re not reporting vendor or utility accounts to D&B. The eCredable subscription payment reporting is nice and could contribute to your PAYDEX score over time. But, you can pay for actual products that you need anyway with net 30 vendors who report and get something tangible for your cash while working on your score. So, it’s hard to get excited, but it’s something.

Finally, the business offer has been around for at least a few years, yet they still cannot report eCredable account subscriptions to Equifax, which leads me to question their reliability. Conclusion: enter at your own risk. 

Don’t take this the wrong way — I still have hope. If you have a bit of money to spare, it can’t hurt. Plus, a few more positive user reviews and a bit of transparency could go a long way for eCredable. So, if you have experience with the platform, I would love to hear your story. If you want to learn a trusted framework to get $100K in business credit in 30 days, join Business Credit Workshop today.

A Complete Thryv Review: Manage Online Business Listings +More

January 20, 2021 By Joe

Thryv Review

When you set up your business to build business credit, one of the early steps is to make sure your company looks legit to banks and credit unions that you might turn to for funding. Online business listings help people (namely lenders) find your company on the web. There are several ways to list your business including manually, via a directory submission service, or through an automated platform. One of my clients uses a platform called Thryv and highly recommends it.

After talking to them about the benefits, I wanted to know more. When I researched the platform, I found that it can help with much more than just business listings and I wanted to share everything I learned. 

Here’s what we’ll cover: 

  • Thryv Platform Overview
    • What is Thryv?
    • How Much Does Thryv Cost?
    • Thryv Customer Support Evaluation
  • Thryv Competitor Rundown
    • Thryv vs Hubspot vs Salesforce vs Keap
    • Directory Submission Service Comparison
  • Final Thoughts

Thryv Platform Overview

Thryv reviews bbb

Formally a holding company, Thryv Inc. delivers marketing automation software for small businesses through its subsidiaries. Thryv recently acquired Yp.com, which was a leader in the business directory industry, and integrated their offers. Now, let’s dive deeper to find out what this means for you. 

What is Thryv?

Competing with brands like Hubspot, Salesforce, and Keap, Thryv brands their service as a customer relationship management (CRM) platform or an all-in-one business dashboard. The company caters predominantly to small, local service businesses. 

What does a CRM software do? A CRM gives companies a dashboard to store identifiable information and communications with leads and customers. In recent years, CRM platforms have evolved to offer research, marketing, and communication tools in one dashboard. 

You can use the Thryv platform to collect leads, communicate with customers, schedule appointments, process transactions, store documents, and more.

Who owns Thryv?

The tools are designed for B2B and B2C service businesses like accountants, mechanics, landscapers, and more. Recently, Thryv announced a HIPAA-compliance add-on so that it can securely be used by healthcare practitioners. 

During my demo, I learned that Thryv offers custom websites or standalone widgets that you can add to an existing website. These tools help with lead collection and marketing. They also allow you to offer a client portal so that your customers can manage their communication and payments online from your company website. 

Next, they offer to submit your website to 60+ directories, which is what piqued my interest in the first place. Uniform business listings help your brand to become visible online, your website to get picked up by search engines, and are an essential part of getting your company “business credit-ready.” Manual submission to this many directories can otherwise take hours of your time.  

Thryv login

The new payment system is powered by Plaid and costs 2.9% +30¢ per transaction. Payments can also be integrated with other payment systems like Stripe and Quickbooks through Zapier.

Furthermore, the platform has built-in email marketing sequences and follow-up communications templates that you can send to your leads and customers from inside the dashboard. You can use this feature to qualify and nurture leads, setup repeat appointments, automate invoicing, and request reviews. 

What can you accomplish with Thryv?

You can also use Thryv to schedule and post on social media. Connect your LinkedIn, Instagram, Facebook, and Twitter accounts for easy content sharing and communication without logging into the platforms in multiple windows. And, if you’re not sure what to share, you can pull content from the platform’s pre-written posts, which are updated weekly with new content from the web.   

Probably my favorite feature of the platform, which is not offered with most online review platforms, is the ability to hide live customer reviews for up to seven days. If you receive a poor review, this feature allows you some time to make things right with an unsatisfied customer and get the review updated before it is made public. 

Finally, Thryv has a reseller platform for anyone interested in promoting the software. More information about the program can be found by emailing lynn.daley at thryv dot com. And, affiliate program information can be found here.

How Much Does Thryv Cost? 

Thryv platform use, depending on which features you opt-in to, can cost from $199 to $499 per month. The directory submission service is part of the platform’s recent buyout of Yp.com and is not yet offered as a standalone service. You’ll have to work with a representative and create a custom package to leverage this feature. 

Thryv Customer Support Evaluation

When reaching out for a Thryv platform demo, I tried to make the process slightly difficult for the sales and support team… to get a feel for how well they work together to solve problems. When you choose business software it’s a tremendous decision. It takes up a sizable portion of your budget, plus it’s a serious pain to switch from one platform to another once you’re already established. 

Thryv’s support team contacted me within 24 hours of requesting more information (which I did on a weekend) and was quick to set me up with an after-hours sales demo. I rescheduled without any problems so that nobody actually had to work late. But, the fact that they were willing to do what they needed to meet my needs impressed me. 

While I was in the video conference, I tried to ask a few questions that I was sure the sales rep wouldn’t have the answer to. I succeeded and stumped him a couple of times. But, that didn’t mean that I didn’t get answers. After the online presentation ended, the sales rep emailed me with a full list of answers, including contact information for the right people to contact with further questions in each category. 

From my experience, I give Thryv customer care five stars. But, not everyone agrees. 

Thryv reviews Reddit

According to some users, it sounds like Thryv might have a tendency to reach out too much or provide too many updates. But, I would take this with a grain of salt — too much support is always better than not enough. 

Thryv Competitor Rundown

For the purpose of educating readers, I want to compare some of Thryv’s top CRM competitors. After that, let’s look at directory submission/business listing services, since that’s why we’re here in the first place. 

Thryv vs Hubspot vs Salesforce vs Keap

If you’re interested in an all-in-one business dashboard to power your operations, here are the top competitors.

Thryv Competitors

First, I want to point out that I don’t like the fact that Thryv’s pricing isn’t transparent. You will need to get in touch with a Thryv representative to build a custom package. Still, their pricing is competitive with other CRMs. Furthermore, their packages are more suited to small, local businesses, including those with multiple locations. 

You might pay less for a starter package with another competitor. But, you may later find that the feature options are too robust with Salesforcee and Hubspot while not enough with Keap. For a local small business, Thryv is the platform I would recommend. 

Directory Submission Service Comparison

And, if you’re only here to find the best way to automate your business listings for the purpose of getting business credit-ready, this list is for you. 

Business listing

If you are only in the market for business listings, Thryv is probably not your most cost-effective option. However, the multiple features their platform offers are worth the price. 

Note that you can also find freelancers or agencies in your area to list your business in multiple directories to help build your online presence, and costs can vary. To find your best option, look up “citation building service” or “directory submission service” and add your city name.

Final Thoughts

When you want to build business credit, you need to get business credit-ready. Part of the processes is to establish your online presence and create business listings in relevant directories. Thryv can automate the process while it offers you a more convenient, end-to-end solution to run your business.   

Thryv stacks up nicely next to other all-in-one business platforms. However, if listings are all you’re concerned with, you might do better to try another service or submit your business manually (depends on your budget). Overall, I do recommend you check out everything Thryv has to offer. And, if you have questions, you can easily get a company rep to show you around with a free demo. 

Now, if you’re interested in learning everything you need to get $100K in business credit in 30 days, join Business Credit Workshop today. 

An Unbiased LendingClub Review for Borrowers and Investors

January 3, 2021 By Joe

LendingClub Loan Review

LendingClub has offered fair-credit, unsecured, personal, peer to peer (P2P) loans for debt consolidation and other major purchases since 2006. Their core offer is a personal consolidation loan that can help borrowers pay down high interest debt faster or simplify their finances. The company has certainly had it’s ups and downs, which leads some people to think LendingClub may have gone out of business. 

The truth is that, as of today, LendingClub has proven their ability to roll with the punches and their offer is very much alive and kicking. So, for all of you wondering if you should try to get financed with or invest in LendingClub, here’s my honest answer. 

In summary, here’s what we’ll cover: 

  • Is LendingClub Going Out of Business?
  • LendingClub Loan Review
    • What Bank Does Lending Club Use?
    • Does LendingClub Charge High Fees?
    • LendingClub Loan Comparison Chart
  • Frequently Asked Questions
  • Debt Consolidation Competitor Overview
  • Conclusion: Is LendingClub Legit and Safe?

Feel free to skip around or read straight through. Now, let’s go!

Is LendingClub Going Out of Business? 

For the record, LendingClub is not going out of business… not completely. Since 2016, the entire lending industry has been moving away from P2P loans. And, recently, this lender announced that they will no longer offer retail investing. This means that prospective investors should look elsewhere for opportunities. 

LendingClub investor review reddit

As of 2021, LendingClub loans will be serviced through a more traditional online lending sytem. The company will no longer provide new peer-funded loans and will retire the Notes platform. Into the forseeable future, they will offer funding and other financial services through LendingClub Bank. 

LendingClub Loan Overview

Now that we have all of that out of the way, let’s explore what you can get from LendingClub’s financing offer(s). 

What Bank Does Lending Club Use? 

Lending Club funding has customarily been serviced through WebBank, a company that has partnerships with many online Lenders. Above, I mentioned LendingClub Bank, which is technically a new name in the lender game. So, what’s the story? 

LendingClub Reviews BBB

In February 2020, LendingClub Inc. acquired Radius Bank, which they are merging with and relaunching under a self-branded title. This merger will cut out the middle man, which should lead to lower rates and is promised to bring high yields on new savings accounts. 

Now, I need to note here that Radius Bank and WebBank currently offer similar savings account yields (up to 0.25% APY), which makes me think that rates for borrowers may not vary too much from LendingClub’s current offer. 

Does LendingClub Charge High Fees? 

You may have heard that LendingClub has no application, brokerage, or prepayment fees, and that might sound like a good deal. But, this is standard with today’s online lenders. The truth is that Lending Club charges fees that can sometimes be slightly than some of their competitors. 

LendingClub Reviews Reddit

LendingClub’s Origination fees range from 2% to 6% of the total loan amount. On personal loans (up to $40K), APR ranges from 10.68% to 35.69%. Late fees of 5% of your unpaid payment or $15 will also be charged for payments that are 15 days late or more. 

Businesses that have been in operation for at least 12 months, have a minimum of $50K in annual income, own at least 20% of the company, and have no bankruptcies or tax liens could qualify for up to up to $500K. LendingClub business loans come with 5.99% origination fees and interest as low as 4.99%. 

LendingClub also offers auto refinancing and patient solutions. Let’s look at all of LendingClub’s current financing offers, side-by-side. 

LendingClub Loan Comparison Chart

LendingClub loans overview

Frequently Asked Questions

Here are answers to some of the top questions people have asked about LendingClub. 

What Credit Score Do You Need for LendingClub?

As with all loans, you will get the best rates and highest amounts with excellent credit and high income. But, the minimum requirement for a LendingClub loan is a FICO score of 600. 

Does a LendingClub Loan Hurt Your Credit?

Checking your rate for a LendingClub loan will not impact your credit, since they do a soft inquiry. After pre-approval, a hard inquiry will be made, which could ding your FICO score a few points. A hard inquiry is standard for nearly all financing options. 

Does LendingClub Verify Income?

Yes. To qualify for a LendingClub loan, you may need to submit pay stubs, recent bank statements. Alternatively, they may request W-2, 1099, or 4506-T IRS forms. 

How Long Does LendingClub Final Review Take?

The time it takes for you to submit all of your required documentation and complete your to-do list will impact how long the LendingClub review process takes. Once you’ve done your part, LendingClub reports that they could have your application processed in as little as four days. 

How Long Does it Take LendingClub to Pay Off Credit Cards?

It can take anywhere from a few days to a couple of weeks before other debts are paid with a LendingClub balance transfer loan.  Electronic payments can take from 3-5 days while check payments may take 5-10 days. Allow an additional 1-3 days for payment processing. 

Can I Pay Off LendingClub Early?

Yes, you can pre-pay a LendingClub loan at any time. If you choose to do so, you will not incur any prepayment penalties and you will not owe any more interest. 

Can You Have Two Loans With LendingClub?

Yes, you can have up to two active, personal LendingClub loans at any given time. The combined outstanding loan amount must remain below $40K. 

Does LendingClub Report to Credit Bureaus?

LendingClub reports on-time and late payments for personal loans to Experian, Equifax, and TransUnion. Business loan payments are reported to business credit bureaus, including Dun & Bradstreet.  

What is the LendingClub Scandal?

In May 2016, LendingClub’s founder and chief executive, Renaud Laplanche resigned following what was labeled “improper decision-making.” LendingClub’s board stated that Laplanche went against investors’ wishes in a multi-million dollar deal. The company also stated that Laplanche’s abssence from the company had no bearing on credit quality or pricing. 

LendingClub Competitor Overview

Before you apply for financing, it’s important to see how competitors stack up side-by side. So, here’s how Lending Club’s debt consolidation offer looks next to Prosper, Upstart, SoFi, and Payoff.

LendingClub vs Prosper vs Upstart vs SoFi vs Payoff

So, is LendingClub good for debt consolidation? Sure. They definitely have a competitive offer. But, are they the best? In some cases, yes. In others, no. You may need to prequalify with a couple of lenders to see which one has the best offer for your situation.  

What I think is most important to note here is that LendingClub is the only one of the above lenders that offers business loans, which aren’t listed on the table above. They also have the lowest FICO score requirements of their top competitors. 

Conclusion: Is LendingClub Legit and Safe?

If you’re a borrower, LendingClub’s offer is legit, yes. The company is established and has grown to become a trustworthy source of funding for personal loans, business loans, auto refinancing, and patient solutions. You could qualify to get up to $40K in personal financing and from $5K to $500K in business credit through the platform (If you know how to build business credit). 

As for investors, however, they are changing the way they do business. If P2P loans are where you wanted to put your money, you should look into other options. Find more information about your new LendingClub investment options here.

Now, if you want to learn how to take control of your company’s financing options and get up to $100K in business credit in 30 days, join Business Credit Workshop.

This is How to Build Business Credit Fast [Step-by-Step Guide]

December 18, 2020 By Joe

How to Build Business Credit

Here on our blog, you’ll find how to get business credit. Furthermore, we’ve shared a ton of articles about various funding options, lender reviews, and other relevant advice. What we haven’t revealed (publicly) is how to build your business properly to obtain credit, which is the core of our mission — the skills that Business Credit Workshop members master. 

A high business credit score can help you increase funding options beyond the limitations of personal credit and even lower insurance rates.  

Now, I’m going to lift the curtain and share the bricks you need to lay (and how to lay them) if you want to build business credit in 30 days. Here’s what’s in store:

  • Intro: Business Credit FAQs
  • 5 Steps to Build Business Credit
    • Step 1: Form Your Business
    • Step 2: Get Your Company “Business Credit Ready”
    • Step 3: Network With Local Banks
    • Step 4: Setup Business Credit Profiles
    • Step 5: Build Small Trade Lines of Credit
  • Final Takeaway

I assume you are tempted to skip around, but I recommend you read the entire article. Each section contains little gems of wisdom to not only tell you what to do, but show you how to do it right. 

If you’re ready, let’s go! 

Intro: Business Credit FAQs

Before we explore the steps to take, I want to use this space to quickly answer some of the top questions I hear all the time about building businesss credit. 

Can I use my EIN to apply for credit?

Yes, if you have an EIN assigned by the IRS, you can use it to apply for business credit. 

Is it hard to get a business credit card?

No, it is not hard to get a business credit card, as long as you have a high business credit score. 

Do business credit cards pull personal credit?

Some business credit cards do a soft or hard pull to your personal credit and some do not – the latter is rare.  

Can an LLC have a credit score?

An LLC can have an employer identification number (EIN) and a DUNS number from Dun & Bradstreet. These identification numbers represent entities that can have credit scores separate from personal credit scores. 

Can an LLC get a loan?

Yes, a business entity like an LLC or other corporation can apply for and get a loan. 

Can I open a credit card for my LLC?

Yes, you can open a credit card for your LLC if it has a high business credit score. 

Can I buy a house with business credit or can an LLC buy a house?

Yes, you can use business credit to purchase real estate on behalf of an LLC. 

How long does it take to build business credit?

You can build business credit in as few as 30 days. 

What are the easiest business credit cards to get approved for?

The business credit cards with the lowest credit requirements are typically store cards with net 30 payment terms. 

Can you build business credit with bad personal credit?

Yes, you can build business credit with any personal credit score. However, many lenders require a personal guarantee, some require a hard or soft pull to your personal credit score, and poor personal credit limits your business credit options. 

However, a low personal credit score isn’t a death sentence. Check out this Credit Secrets book review.

Now, how do you build business credit fast? 

5 Steps to Build Business Credit

Since I started teaching owners how to get business credit, I’ve honed the process into a fully-sharpened, seven-step system. And, the first five steps of the proceess relate to business credit building; this is the first time I’ve shared them with non-members. 

Before you get your hands dirty, here’s a quick tip: Business credit is a lot like personal credit — the fundamental rule is that you must pay your debts as agreed to maintain a good score. With that in mind, let’s dive in. 

Step 1: Form Your Business 

1. Form Your Legal Business Entity

In construction, the first steps of building are to prep the site and lay a foundation. Likewise, your business needs a strong foundation: proper entity formation. Here are a few considerations. 

First, your business name should be neutral. If you call your company Legacy Real Estate, your entity will be limited to funding options available to real estate companies. However, a company name like Legacy Management keeps you open to more generic funding options.

On a similar note, your business category should be neutral. Business Management is a safe category for most companies. And, you can always establish multiple brands under one legal entity. 

Next, once you establish your business name, don’t change it. Lenders will want to see proof that your company is dependable and using the same business name over a long period will ensure this. 

Finally, how do you want to establish your business entity? Would you like to hire an attorney to do it for you, use an online service like Legal Zoom, or do so manually through your local Secretary of State? 

Step 2: Get Your Company “Business Credit Ready” 

2. Get "Business Credit Ready"

Think of getting “business credit ready” as adding a rough frame to a structure. Business credit readiness involves several steps.

  1. Establish your physical address (don’t use a P.O. box) – As a rule, a P.O. box doesn’t seem professional in lenders’ eyes. 
  2. Get business insurance if you need it – Forbes lists 13 types of insurance that small businesses might need.  
  3. Obtain the required business licenses – You will need to file your business with your local Secretary of State Office. Some towns require licensing for certain types of businesses. Check with your city or county to see what additional licenses you might need. 
  4. Create an online presence –  At minimum, your business needs a website and branded domain name. The name and address should be the same as what’s listed in your legal business entity records. 
  5. List your business in relevant directories – You’ll want your business listed in relevant directories online and offline directories, including 411. Each of these directories should include the same information about your business (name, address, phone number, etc.). This will help your business appear more trustworthy and legitimate to lenders when you start the application process. 

To accompany the above steps, you will also need a phone number and a business bank account. Here are a couple of tips. 

  • Get a local, physical, landline number. Either call your local phone provider for this or use an online (VOIP) service. 
  • Establish a business checking account that you plan to use long-term. 

See Also: 3 Best Credit Unions for Small Business Banking

When the time comes to apply for credit, you may also need operating agreements and other business documents, so keep every record handy. 

Step 3: Network With Local Banks

3. Network With Local Banks

A network is crucial to success in anything. Buildings require electrical, plumbing, and HVAC systems while business credit involves a network of real people – bankers and other financial professionals. 

If you can, attend local Chamber of Commerce events. If you’re not able to, network online with locals that you can build rapport with. Through authentic relationships, these people can teach you to about the underwriting processes for establishing major lines of business credit.  

Note: When you drive around in your community, keep track of all of the small community banks and credit unions in you see. Then, research what financing programs they offer. 

We recommend a spreadsheet of all business credit cards, business lines of credit, business loans, and other offers for each bank near you so that you can see them side-by-side before you make a decision. Furthermore, you’ll want to know if these banks lend their own money. If they don’t, find out who their underwriter is so you can get a feel for what the requirements will be. 

Step 4: Setup Business Credit Profiles

4. Setup Business Credit Profiles

Setting up business credit profiles is like installing insulation in a building. This is the padding within the walls of your business that will make it so that banks are willing to lend to you. 

Your business will have a few business credit scores. The most important is your PAYDEX score from Dun & Bradstreet (D&B). Since businesses don’t automatically have a D&B profile, you will need to set yours up and establish a DUNS number. 

You can expedite the process of obtaining a DUNS number for $49 so that you don’t have to wait a month to receive it. 

See Also: Everything You Need to Know About a DUNS Number

You will also want to monitor your Equifax and Experian business credit scores, which can be done for free here: 

  • Equifax small business 
  • Experian small business

If you do see inaccuracies, now is the time to fix them. 

I recommend you monitor your business credit with Nav (essentially the CreditKarma for businesses). There are a ton of business credit monitoring services that cost anywhere from $4 to $30 per month. Stay away from them. You can get everything you need for free through Nav. 

The only time I recommend paying for full credit reports and scores is if something doesn’t look right and you need to dispute or correct an item on your report. 

Step 5: Build Small Trade Lines of Credit 

5. Build Small Trade Lines of Credit

To make a building habitable, you need to add drywall, flooring, siding, and roofing. And, in business credit, your small tradelines of credit are what actually seal the deal. Once you have established the proper number of tradelines and those tradelines have reported to the credit bureaus, you will have a perfect PAYDEX score. 

See Also:  30 Day Net Vendors That Report to D&B

I’ll say it one more time: the key to a high business credit score is that the trade lines you establish report your on-time payments to business credit bureaus, including D&B. You can also use gas cards and store cards. Just be sure to do your research and make sure your payments will be reported. 

While you might be able to qualify for some revolving lines of credit at this point, I recommend you always start with tradelines. Crawl before you walk if you want to remain stable. 

Final Takeaway

Establishing and building business credit is crucial for companies who want more freedom in the way they fund their operations. Once you’ve completed the steps above, all you need to do is optimize your credit score and apply for funding, which is like adding trim, fixtures, mirrors, and windows then taking a final walk through the home you’ve built. 

To dive deeper into the full, seven-step process, read exclusive business tips, learn exactly how to setup your credit profiles the right way, and ultimately learn how to obtain $100K in business credit in 30 days, sign up for Business Credit Workshop.

Azlo Bank Review: Deep Dive Into Features, Competition, Fees, & More

December 8, 2020 By Joe

Azlo bank review

Anyone who knows me will tell you I’m a die-hard fan of credit unions for business banking. As a rule, I recommend owners use small community banks and credit unions for business checking. So, I even surprised myself when I fell intrigued with Azlo Bank. After reading the wildly mixed reviews, I had to do a write-up. 

Today, we’re going to analyze the online-only business banking offer from Azlo. Here’s what’s in store: 

  • Azlo Business Checking Account Overview
    • Who Owns Azlo Bank?
    • Where is Azlo Located?
  • Is Azlo Bank Safe?
    • Is Azlo Bank FDIC Insured?
  • What You Really Get With Azlo Business Banking
    • Hassle-Free Online Checking Account Application
    • Convenient & Flexible Initial Deposit
    • Unlimited Direct Invoicing
    • Azlo Envelope for Budgeting
    • Affordable Instant Transfers
    • Business Tools/Integrations
    • Azlo Pro Features
  • Azlo Business Account FAQs
  • Azlo Business Banking Competitor Analysis
  • Final Takeaway: Should You Open an Azlo Account?

Read on to get the full scoop before you go sign up all willy-nilly (choosing a business checking account is a huge decision). 

Quick Update: On January 7, 2020, Azlo bank announced to users that their parent bank, BBVA US, has made the strategic decision to close Azlo. They stated that nothing would happen to existing accounts right away, and that they were letting users know early. This is not good news, but we are hopeful that they will find a new bank to service thier offer.

Azlo Business Checking Account Overview 

Azlo is an online-only business banking offer designed for freelancers, entrepreneurs, small businesses, and non-profits. Their core offer is a forever-free, no-fee checking account that can be managed from home. And, for $10 per month, you can access advanced invoicing and budgeting features as well as premium content and accountant access. 

Who Owns Azlo Bank? 

Azlo is owned by BBVA, the US subsidiary of Banco Bilbao Vizcaya Argentaria, based in Madrid and Bilbao, Spain. Publicly-owned BBVA branches are located throughout the world. The current CEO Is Javier Rodríguez Soler, who was named to the position in 2019. 

Javier has been with the company since 2008, has a strong background in investments and corporate development, and appears to be plenty qualified. 

Where is Azlo Located? 

Azlo’s official headquarters are in San Francisco. In addition, they have offices in Portland, Los Angeles, Birmingham, and New York City.

Azlo bank address

Is Azlo Bank Safe? 

One of the top queries business owners have about this banking offer is whether or not it’s safe. The best indicator of funds safety in the United States is insurance through the Federal Deposit Insurance Corp (FDIC). Through this protection, if a bank fails, the US government assures that your money is safe. 

FDIC insurance currently grants protection for $250K in deposits per account per financial institution. 

Is Azlo Bank FDIC Insured? 

If you peek in at the FDIC’s institution directory, you won’t find Azlo on the list of insured banks, which might scare you off. But, Azlo is insured through their partner bank, BBVA. In other words, your funds will be protected if, for some reason, the bank fails.  

Is Azlo FDIC insured?

What You Really Get With Azlo Business Banking

Up to this point, you might still be wondering what’s so special about this offer. 

“C’mon, Joe.  There are plenty of online checking account offers that sound just like this one. What’s the big deal?” 

Am I right? 

Now, let’s explore the essence of Azlo’s magic so you can find out how it lured me in. 

Some of the standard features of a free account are: 

  • Unlimited transactions
  • $0 minimum balance
  • $0 overdraft fees
  • Acccesss to 55K no-fee ATMs

But, that’s not all. Below, you’ll find more about what makes this offer stand out. 

Hassle-Free Online Checking Account Application 

You can apply for a banking account with Azlo in less than five minutes. You’ll need your Articles of Organization or other official business license, your photo ID, social security number, and your business’ EIN. Rather than gather hard copies of everything and drive or fax them to a banker, you can simply upload your documents directly from the online application. 

Once you’ve submitted the app, Azlo will review and you’ll get an email when you’ve been approved. Expect the approval process to take between 2-3 business days. 

Convenient & Flexible Initial Deposit 

It can take some time to transfer operations from one bank to another. In some cases, most of your funds can already be tied up, which makes large initial deposits inconvenient. You won’t have that issue with Azlo. 

In fact, the first deposit into your Azlo business bank account can be as little as $10 or as much as $1K. 

Unlimited Direct Invoicing

Rather than use a separate invoicing platform, with an Azlo account, you can send unlimited invoices to customers and clients without leaving your banking dashboard. 

Azlo login

You can personlize your invoices with your company name, brand logo, and custom fields. In addition, you can save client information to draft and create future invoices in just a few clicks. See more about advanced options in the Azlo pro section below. 

Azlo Envelope for Budgeting

One of the first accounting lessons you learn in business is to set money aside for your taxes. A digital envelope makes it easy by automating your savings. 

When you configure your account, you can select an amount to set aside as a percentage. With each deposit, this amount will then be saved into an envelope. When you need to spend the money, simply select your envelope and release the funds for instant access. 

Affordable Instant Transfers 

Most features of an basic Azlo banking account are free, however one very common elective feature will come with a fee: instant (ACH) transfers. To send money out of your account instantaneously will cost $2 and to receive it will cost 2% of the total transaction. 

So, for a $200 instant transfer into your account, you’ll pay $4, which is a pretty competitive rate. Pro users will pay less. 

Business Tools & Integrations

It’s always smart to make sure your business tools play well with one another. Azlo has partnered with several brands so users can integrate their banking seamlessly with the tools they already use. My best guess it that they will continue to roll-out more partnerships as demand increases. 

How is Azlo business account integrations

As of today, you can connect an Azlo bank account with Bench, BigCommerce, Coterie, FreshBooks, Gusto, PayPal, Quickbooks, Shopify, Square, Stripe, Thimble, and Xero. 

Azlo Pro Features 

For $10 per month, you can upgrade to leverage some additional features. In many cases, these features can save money that might otherwise be spent on external tools and software. 

  • Advanced Invoicing – Enable the ability to schedule and automate invoicing to clients and customers. 
  • Unlimited envelopes – In addition to setting money aside for taxes in your first envelope, you can put funds into multiple envelopes, say for large purchases, payroll, and other expenses. 
  • Azlo envelopes goals – Set budgeting goals and automatically schedule allocation into the appropriate corresponding envelopes. 
  • Accountant access – Give your accountant direct access to your account without sharing your personal login information. 
  • Reduced instant transfer fees – Pro users pay half the amount for instant transfers at just $1 for outgoing funds and 1% for incoming funds. 
  • Premium content – You’ll also be able to access gated content that includes in-depth guides about business management, marketing, advertising, and financial management. 

For many companies, the pro offer is worth at least $10 in software savings alone. If you have the need for any of the above features, it’s definitely worth checking out. 

Azlo Business Account FAQs

There are still over a handful of common questions unanswered. Let’s address them. 

Does Azlo accept Zelle?

While Azlo can be connected to third-party platforms, Zelle does not allow uers to pay with business debit cards. 

Does Azlo have a debit card?

Yes, an Azlo card is a Visa debit card that can be used anywhere Visa is accepted. 

Does Azlo work with PayPal?

Yes, you can connect an Azlo account to PayPay, Stripe, or Square. And, clients and customers can pay Azlo invoices with PayPal. 

How do you deposit cash into Azlo?

To deposit cash into an Azlo account, you will need to deposit it into a linked bank account, then transfer the funds to your Azlo baking account. 

How many accounts can you have with Azlo?

You can open one Azlo account per business. To open multiple Azlo accounts, you will need to connect them to multiple legal business entities.  

Does Azlo have checks?

Azlo does not offer personal checks. Checks printed by using an Azlo account number and routing number will not work. To pay expenses by check from an Azlo account, you can use a third-party partner to send a mailed check. 

Azlo Business Banking Competitor Analysis 

I always encourage readers and Business Credit Workshop members to shop around before they make a financial decision. Since Azlo isn’t your only option, let’s see how they compare to the other top offer in thier niche (Note: I was going to add Seed.co to this list, but they have some growing to do before they can really compete). 

Azlo Bank vs Novo Bank

Initial Deposit Required$10$50
Direct InvoicingYesNo
Automated Budgeting (Envelopes)YesNo
Business Tool Integrations127
ATM FeesFree at BBVA Compass & Allpoint ATMsRefunds All ATM Fees
NSF Charges$0$27
Business FinancingStreamlined Kabbage Business LoansNo
Business Tool SavingsNoCash Savings with Merchants Like Stripe, Google Cloud, Quickbooks, & More

In a nutshell, Azlo has an amazing offer that wins on several fronts — $0 non-sufficient funds fees, invoicing, and envelopes, as a few examples. But, Novo offers some impressive cash savings worth looking at. 

Final Takeaway: Should You Open an Azlo Account? 

If you’ve made it this far and you still like what you hear, yes, I recommend you look into opening an Azlo account for business checking. However, if you’re interested in learning how to build business credit and access up to $100K in funding within 30 days, I recommend a different type of account. Join the Business Credit Workshop today to learn more.

In-Depth Divvy Credit Card Review: Read This Before You Apply

December 3, 2020 By Joe

Divvy card review

The Divvy card is starting to make waves in the business world as a high-tech, free, business credit card. And, it’s more than that. This funding solution promises powerful budgeting software and more. But, can they deliver on these promises, and is a Divvy credit card right for you? 

Here, you’ll find the answer. Let’s explore the following: 

  • What is a Divvy Card?
    • What to Expect When You Apply for a Divvy Card
    • This is What You Will Get as a Cardholder
      • Divvy Expense Management
      • Divvy Virtual Card(s)
      • Divvy Card Reward Points
      • Divvy Card Customer Service
      • Does Divvy Report to Credit Bureaus?
  • Divvy vs Brex vs Stripe Capital
  • Conclusion: Should You Get a Divvy Card?

Read to the end before you apply for a Divvy card. 

What is a Divvy Card? 

The Divvy Mastercard offers fast and flexible business credit for “all sized companies.” There are a handful of edges this card has over most of its competitors: 

  1. A user-friendly platform for expense management, budgeting, and bill-pay
  2. The Divvy virtual card offers a modernized credit solution
  3. More frequent payments lead to higher bonus rewards
  4. Many services are free for the cardholder

Since they don’t charge the usual fees to cardholders, Divvy makes money by taking a portion of transaction fees charged to the merchant for each purchase. 

While the talking points above are genuinely exciting, this card (like all financial services) has it’s pitfalls. For one, there is a lack of transparency about qualification requirements and fees. Next, Divvy imposes a minimum spending requirement — you have to spend a certain amount on the card each month to leverage the full benefits. Finally, Android users aren’t in love with Divvy’s mobile app. 

Divvy app

When you hear the name, Divvy, you might think of a bike subscription service, stock purchase product, or homebuyer program. The Divvy business credit card is unrelated. 

Now, let’s dive deeper. 

What to Expect When You Apply for a Divvy Card 

Your first step on the path to a Divvy account will be to check out the demo or to apply for business credit. The application process is pretty thorough yet easy. 

You’ll be asked to provide banking information, income, and details about your business to determine the amount of credit you can qualify for. I love their application process because it leaves no stone unturned and gives you the option to include documentation upfront for a faster decision. But, I was so excited that I didn’t want to wait the three days it took to hear back from an account manager. 

Divvy credit card application

The system needs to analyze transactions from at least one business checking account to verify your income. You may use information from multiple bank accounts.  

The platform will then average your monthly deposits and offer you a credit limit of roughly 30% of that amount. This is a charge card, which means you can’t carry a balance on a Divvy card — you’ll be required to pay the account in full each month. 

So, Divvy doesn’t look at your credit score to qualify you. Instead, your spending limit is based on business bank deposits. 

In some cases (maybe if you have overdrafted your business accounts in the past couple of years or show other high-risk spending behavior), you might be asked for a cash deposit to back your initial credit line, which is common practice for secured credit lines. 

It might take a couple of weeks to get your card, but it’s worth the wait. 

This is What You Will Get as a Cardholder

If you qualify for a Divvy account, you’ll get access to their exclusive expense management platform, virtual card(s), and rewards. Learn more about each. 

Divvy Expense Management 

This expense management platform can help you manage expenses with your employees and within specific categories. Most users agree that this is a fantastic tool for corporate and small business budgets. 

How does Divvy Expense work? 

  • Assign each employee a card with a budget
  • Limit staff budgets on a case-by-case basis
  • Enable budget increase requests for unexpected expenses
  • Automatically categorize spending
  • Enable spenders to upload receipts in the app
  • Access spending reports in real-time
Divvy login

So, what’s the downside? To leverage these tools for free as the website assures, you need to spend at least $5K of your Divvy credit each month. So, lower budgets might not qualify. 

I recommend you talk to an account manager to help you customize the platform for your needs. For example, you can allow or disallow features that you need and don’t need such as receipt photo uploads. Doing so, you can get a fully-personalized experience. 

Another key detail about the system is that payments owed will be automatically withdrawn on your due date, the same day a statement is generated. Some users complain that they would like to see more flexibility including payment grace periods and more time for invoice review.

Divvy Virtual Card(s)

In addition to your physical card, each user can access virtuals card on their mobile device. Instead of a carbon copy of their original card, virtual cards act as a “burner credit card.” These can be particularly helpful for temporary subscription offers where a staff member could forget to cancel their account at the right time.  

Divvy small business credit card reviews

They’re also handy for situations when a card is compromised. Rather than wait a week or more for a new card or multiple cards to arrive in the mail, users can generate a new, 16-digit card number for use right away. Plus, this make the business spending experience super secure. 

Divvy Card Reward Points

Reward points on Divvy card spending have three tiers. Each tier is based on how often the credit is paid off and earned points increase with frequent payments.

  1. Weekly
    1. 7X on restaurants
    2. 5X on hotels
    3. 2X on recurring software subscriptions
    4. 1.5X on everything else
  2. Semi-monthly
    1. 4X on restaurants
    2. 3X on hotels
    3. 1.75X on recurring software subscriptions
    4. 1X on everything else
  3. Monthly 
    1. 2X on restaurants
    2. 2X on hotels
    3. 1.5X on recurring software subscriptions
    4. 1X on everything else

Rewards can then be spent on Divvy travel, gift cards, statement credit, or cash back. 

Divvy purchase card

$1,500 in restaurant spending for an account paid weekly can earn card users roughly $100 for travel, $51 for gift cards, $49 statement credit, or $52 cash back. And, that’s not all. 

Card users can leverage partner discounts. While these are likely to change, right now the card holder sign-on bonus is a 2-year, $25,000 credit for AWS Activate. Users can also get $150 off Google Ads, $15 off any print order with FedEx Office, $50 off a phone at Verizon, and many other discounts when they pay with their card. 

Divvy Card Customer Service

The customer service at Divvy gets mixed reviews. I know that front-end communication is automated through Intercom.™ One of the impressive features of this platform is that customers get access to their entire conversation, without logging in, from the company’s main website. 

Divvy customer service

So, you know that the customer service team has access to these conversations as well, which is nice. Plus, Divvy’s help center is a pretty extensive knowledgebase designed to help users with everything from managing cards to reimbursements and more. You can also email help@getdivvy.com or call 385-352-0374 to leave a message with a representative. 

Does Divvy Report to Credit Bureaus? 

Another awesome feature of Divvy is that they do report on-time payments to the Small Business Financial Exchange (SBFE). The SBFE then reports your payment behavior to the following bureaus: 

  • Dun & Bradstreet
  • Equifax
  • Experian
  • Lexis Nexis Risk Solutions
Does Divvy help build business credit

So, cardholders get a charge card, often with net 30 payment terms, cards for their staff, burner cards for subscriptions and other temporary costs, and a full-suite expense tracking platform. Plus, they build business credit. It’s a pretty incredible offer. 

Divvy vs Brex vs Stripe Capital

Now, let’s just take a quick look how Divvy stacks up next to Brex and Stripe (all of which are free). Find out if this offer holds it’s ground.

Divvy competitors

While Divvy claims to have no fees, users report foreign transaction fees, which Brex and Stripe don’t have. The lack of transparency might indicate more surprises down the road. 

And, while Stripe and Brex don’t have the same built-in advanced expense tracking as Divvy, they provide other special features. For example, Brex can be used like a bank account with no ACH transfer fees and Stripe lets you see income and expenses in one dashboard. 

Conclusion: Should You Get a Divvy Card? 

Ask yourself the following: 

  • Does your monthly business spending exceed $5K? 
  • Do multiple staff members have business spending privileges? 
  • Are you able to pay your expenses in full each month? 

If you answered, ‘yes, yes, yes,’ the Divvy credit card might be right for you. I love this card and do recommend you check it out. Sign up now to see the credit line you might qualify for. And, if you’re interested in learning how you can obtain up to $100K in business credit in as little as 30 days, become a Business Credit Workshop member today.

The Payoff Loan Review: Is This the Debt Consolidation Option for You?

November 22, 2020 By Joe

Payoff loan review

“How can I pay off $5,000 (or more) in debt fast?” 

“How can I raise my credit score 50 points fast?”

“What can I do to get out of credit card debt and take control of my finances?” 

If you’re asking these questions, you may have found your way down the rabbit hole to the doors of debt consolidation lenders. One of these doors, naturally, leads to The Payoff™ Loan. So, should you open it?

Here, we’ll look at everything you need to know to decide if Payoff by Happy Money is the right option for you to pay off your debt. This is what’s in store:

  • What is Debt Payoff?
    • How Does a Payoff Loan Work?
    • What are the Disadvantages of Debt Consolidation?
    • How to Calculate Debt Payoff
  • What is The Payoff™ Loan?
    • What to Expect When You Apply for a Payoff™ Loan
      • Payoff™ Loan Requirements
      • Payoff™ Loan Terms and Fees
      • Payoff™ Customer Service
      • Frequently Asked Questions
  • Payoff vs Upstart vs SoFi: Competitor Overview
  • Final Takeaway

Is Payoff™ any good? Read the full review to be 100% certain you’re making the right financial decision before you sign on.    

What is Debt Payoff?

The Happy Money brand, Payoff, got their name from the financial term. A debt or loan payoff is the act of paying off the full amount of a debt (in this case, several credit card debts). Keep in mind that the balance owed on a loan or line of credit is not always the same as the payoff amount. 

At the end of each payment period, interest is often added to the outstanding balance of a loan. So, typically, the longer it takes to pay a loan off, the more you pay. A payoff ensures that the account is paid in full. You must always carefully read terms and conditions to understand what you will pay over the lifetime of funding. 

Payoff meaning in finance

How Does a Payoff Loan Work? 

A payoff loan works by consolidating multiple debts into a single new loan. Once the payoff loan is obtained, other debts will be paid in full and the borrower will then have only one monthly payment. In a good scenario, a payoff loan carries a lower interest rate than the borrower’s original debts, which can mean less money owed in the long term.

If you’re still in a 0% introductory rate on credit cards, it’s not a good idea to obtain a payoff loan to consolidate them because the interest paid will be higher. However, if you can move balances to a new loan with lower rates, this type of funding can be beneficial. 

What are the Disadvantages of Debt Consolidation? 

Every financial decision you make will come with a unique set of pros and cons. The trick is to make sure the benefits outweigh the drawbacks. So, here’s the quick and dirty on the disadvantages of debt consolidation (Keep in mind, payoff loans/consolidation are not synonymous with debt relief). 

  • You may not always save money
  • Sometimes it accomplishes a mere shift of your debt to a new account
  • It has the potential to put you in debt longer than paying off your accounts
  • Origination fees can incur upfront costs

The advantages are that you’ll owe one monthly payment instead of a payment for each debt owed. And, ideally, you’ll pay less interest over time. 

Q: Why did my credit score drop when I paid off debt? A: Sometimes paying off revolving debt can temporarily decrease your credit score if the paid-in-full account is closed. This happens when closing an account leads to an increased credit utilization ratio.

Lenders prefer a utilization ration of 30% or less. It is always a good idea to pay off debt as soon a possible. Some borrowers opt to leave credit cards open, even after they are paid off. By doing so, their credit utilization ration is not negatively impacted when debt is paid off.    

How to Calculate Debt Payoff

When considering debt consolidation, before exploring your options, you need to fully understand your unique financial situation. A lack of understanding is part of what got you into debt in the first place. 

So, before you sign anything, make sure you’re clear on each of your debts. For each credit card, gather the following information: 

  • What is your total balance owed? 
  • What is the interest rate on the card? 
  • What is the minimum monthly payment? 
  • What is the maximum payment you can afford? 

The easiest way to find your answer is to then use a loan payoff calculator. For this, check out CreditKarma (just ignore their ads for new loans and lines of credit). You can use the calculator to determine the total payoff amount (full balance), estimated payoff time, and what you can expect to pay in interest and toward the principal. 

Once you have all of this information, shopping for loans, you can determine whether a loan is even right for you. In some cases another debt repayment method like snowballing might be a better fit. 

You’ll know if the cost and duration of any loan you might qualify for is higher and longer than what you can make happen on your own that debt consolidation isn’t the smartest move. 

What is the Payoff™ Loan?

The Payoff™ Loan is one of many debt consolidation loans in today’s financial marketplace. They have a quick application process and prequalification with a soft pull of your credit. The offer is from Happy Money, a company with a mission to “turn borrowers into savers,” not a traditional lender.  

Payoff login

In fact, Payoff is not a lender at all. Instead, they offer loans from partner institutions. Happy Money, Inc. earns a commission from their partner lenders for each loan obtained through their platform(s). 

What to Expect When You Apply for a Payoff™ Loan

Checking your rate on the Payoff website will not affect your credit score. However, during the process you will consent to receive phone calls and emails from Payoff. So, even if you don’t follow through with your application or you can’t qualify for any reason, the company will likely contact you in the future, which can get annoying. 

Does Payoff hurt your credit score?

So, to be safe, find out whether or not you’re likely to qualify and if you even like the options they might extend. Learn more in the following sections. 

  • Payoff™  Loan Requirements
  • Payoff™  Loan Terms and Fees
  • Payoff™ Customer Service
  • Frequently Asked Questions

Or, skip ahead: Payoff vs Upstart vs SoFi: Competitor Overview

Payoff™ Loan Requirements

One of the best features of Payoff™ is their transparency. It’s super easy to find anything you need to know about approval on their Getting Approved page. In a nutshell, here’s what you need:

  1. ≥ 640 FICO score (via Transunion) 
  2. No current delinquencies 
  3. ≤ 50% debt-to-income ratio (See Payoff’s™ Guide to Documents and Verification)
  4. ≤ 30% credit utilization ratio

Some reviewers have said that you also need an annual income of $40K.

Payoff™ Loan Terms and Fees 

First of all, with this offer, you won’t pay for an application, early payoff, late payments, check processing, returned checks or annual fees. But, the loan won’t be free. Instead you can expect origination fees of up to 5% (On a $10K loan, you might expect to pay up to $500) and APR between 5.99% and 24.99%. 

Payoff reviews CreditKarma

Terms for Payoff™ loans range from two to five years. So, that’s how long you’ll have to pay off your loan between $5K and $40K. In New Mexico and Maryland, loans must be at least $5.1 and $6.1K respectively.

Payoff™ Customer Service

Theres something to be said for the power of the customer experience. As humans, we’re often prone to spend more for better service, which doesn’t disclude our financial lives. So, will Payoff’s™ support meet your needs?

Most people seem to love the customer service. They have a live chat feature as well as publicly-displayed contact phone number, email address, and physical location, which indicates that their team is accessible. 

Payoff reviews Trustpilot

Of course, not everyone will have a great experience, for varying reasons. Technical problems, system overload (It seems to me like most lenders has had a rough go with this surrounding the pandemic and PPP), and other problems with customer service exist with all funding providers. 

In the case of Payoff, borrowers have cited problems with the website and contacting a representative in the recent past. We can hope that the company will address these issues moving forward. 

Payoff reviews BBB

Frequently Asked Questions

Now, let’s address some of the most common questions that are still unanswered. 

  • What bank does Payoff™  use? – As of November 2020, Happy Money,™ Payoff’s parent company, currently works with six partner lenders: Alliant, FirstTech Federal Credit Union, Technology Credit Union, Teachers Federal Credit Union, GreenState Credit Union, and First Electronic Bank.  
  • Does Payoff™ verify income? – Yes, most people will be asked to provide their two most recent paystubs. Self-employed individuals may submit their most recent tax Form 1040. 
  • Can you pay off a Payoff™ loan early? – Yes, you may. There will be no penalty for early repayment on a Payoff™ loan.  
  • Can I refinance my Payoff™  loan? – Yes, personal loans can be refinanced. 
  • How long does it take Payoff™ to review application? – The review process will typically take between three and seven business days. 

Payoff vs Upstart vs SoFi: Competitor Overview

Payoff vs Upstart vs SoFi

At the bottom of the debt consolidation loan rabbit hole, you’ll find an array of options. The closest comparisons to The Payoff™ Loan by Happy Money are Upstart and SoFi’s offers. 

Payoff, Upstart, and SoFi have some commonalities: 

  • Competitive interest rates & fees
  • Simple application process
  • Cater to borrowers with fair to good credit
  • Transparent terms and conditions

Then, they have some key differences. So, let’s look at how these three lenders stack up side-by-side.

Payoff Competitors

Of the three, Upstart caters to borrowers with the lowest (fair) credit scores and SoFi has the largest personal loans, mortgages, and student loan consolidation offers. Payoff is still in the game with a decent offer for credit card debt with high or predatory interest rates. 

Final Takeaway

Is The Payoff™ Loan a good idea? If you need a loan of less than $5K or more than $40K, your personal credit score is lower than 640, or you need money to pay off more than just credit cards, you should look elsewhere for financing. Otherwise, this credit card debt consolidation offer is legit. So, there’s no harm in checking your rate to find out what you might qualify for. 

If you’re interested in learning how to obtain up to $100K in business credit in as few as 30 days, start here.

Is LendingPoint Any Good for Financing? [Lender Review]

November 18, 2020 By Joe

LendingPoint review and pricing

You’re looking for a way to get fast cash flow. If you haven’t invested in building your business credit or your have a low personal FICO score, your options could be limited. Enter LendingPoint, a lender that caters to people with less than ideal credit, offering personal loans for various uses. 

Furthermore, this lender provides an option for merchants to extend financing to their customers and clients, which sounds awesome. So, are they legit? 

Here’s what’s in store: 

  • What is LendingPoint?
  • LendingPoint Loan Overview
    • LendingPoint Pricing
    • Does LendingPoint Report to Credit Bureaus?
    • How to Qualify for a LendingPoint Loan
    • How Long Does LendingPoint Take to Approve?
  • LendingPoint Merchant Solutions Overview
    • The Benefits of Merchant Solutions
    • LendingPoint Alternatives for Merchants
  • Conclusion

So, keep reading to learn more. 

What is LendingPoint? 

Founded July 2014, LendingPoint is positioned as a lender for those with lower credit scores who can prove their dependability in other ways: income, credit behavior, job history. LendingPoint’s core offer includes personal loans up to $25K. The company is based in Kannesaw, Georgia. Tom Burnside is the CEO and co-founder. 

Where is LendingPoint located?

Before founding LendingPoint, according to his LinkedIn profile, Burnside spent 13 years as the President and Chief Operating Officer (COO) of Capital Access Network (now known as CAN Capital). There, he was responsible for design, development, and implementation of their unique credit scoring model. 

LendingPoint’s loans are designed for multiple uses, such as unexpected urgent expenses, debt consolidation, medical or dental costss, home improvement, travel, taxes, wedding, or other personal financial reasons. And, to date, the company has loaned over $1.8 billion in the United States.  

Note: Some people get LendingPoint confused with Lending Club. A few years back, the CEO of the latter was involved in a scandal, which discredited the company’s trustworthiness to investors. These two businesses are unrelated. 

LendingPoint Loan Overview

Google review LendingPoint

As a funding solution, LendingPoint gets some pretty rave reviews. On the other hand, there are naysayers. So, what can you expect from personal loans? Here’s everything you need to know, including costs, requirements, and a quick look at competitors. 

First, LendingPoint is a direct lender in certain states, meaning they sometimes use their own, private funds to finance borrowers. In other cases, they may offer financing extended from another source like FinWise Bank. 

LendingPoint Pricing

As with all funding providers, there are layers to LendingPoint’s pricing. Let’s take a examine the costs of their funding. Loan amounts range from $2K to $25K with terms from 24 to 48 months. Origination fees range from 0% to 6% with interest rates between 15.49% and 35.99%. 

LendingPoint pricing origination fees interest rates

So, if you take out a $10K loan with a 6% interest rate, the total amount owed with fees might be $12,700. In this scenario, monthly payments at 24.098% APR with 24-month terms should be around $530 per month. You could be offered the option to deduct the origination fee from the dispersed amount if desired. 

Does LendingPoint Report to Credit Bureaus? 

According to Experian, LendingPoint promises to report to one or more personal credit bureau(s), not all three. So, on-time payments toward a LendingPoint loan can essentially help you improve or maintain your personal credit with at least one bureau. Furthermore, they do not report payments to business credit bureaus. 

How to Qualify for a LendingPoint Loan

While LendingPoint is positioned as a funding option for those with “fair credit,” not just anyone will qualify. As stated previously, you will need to prove your creditworthiness through other means. 

A credit score of at least 585 is a must for LendingPoint. So, if your score is lower than this, you’ll need to look elsewhere for funding. Furthermore, the lender will take into account your income, the intended use of funds, and other details to get a clear picture of your ability to repay the funds. 

Bankruptcy within the last 12 months could disqualify you, but older bankruptcies may be okay. Other immediate edisqualifying factors could be too many recent credit inquiries, annual income lower than $35K, and the inability to verify income or identity. 

Related Reading: Credit Secrets Book Review: Can You Erase Bad Credit History? 

LendingPoint does not do a hard inquiry on your credit when prequalifying borrowers. Instead, they do a soft-pull. So, checking out what you might qualify for will not impact your credit score and other potential lenders will not see that you applied for funding. 

How Long Does LendingPoint Take to Approve? 

After you apply for a loan through LendingPoint, you’ll be asked to share documentation that proves your ability to repay the loan and your identity. 

  • Your social security number
  • A federal, state, or local government-issued photo ID
  • A verifiable personal bank account
  • Proof of annual income of $35K or more 
LendingPoint CreditKarma review

Once your full application is complete, you will know within a week and in ass little as 24-hours if you have been approved. Then, your funds should be dispersed by the next business day. 

LendingPoint Merchant Solutions Overview

If you’re a business owner interested in working with LendingPoint, their merchant solutions offer might be right up your alley. Through the platform, you may be able to offer financing to your clients and customers. 

For example, one of the most popular LendignPoint partnerships is with Invisalign. Patients seeking clear teeth aligners without the cash to pay upfront can access LendingPoint’s offer from Invisalign’s brand website. As of August, 2020, eBay has partnered with the lender to bring a new “buy now, pay later” solution to their shoppers. 

LendingPoint Invisalign

Instead of a $5,000 pricetag, your offer could instead be ~$250 per month. To consumers, sometimes a smaller monthly payment is a better deal. So, this might make sense when you’re trying to grow, scale, and just increase your sales. 

The Benefits of Merchant Solutions

If you opt to add financing to your offer, LendingPoint Merchant Solutions can make it simple. First, applicants can apply from any device, including their own phone or a tablet that you provide in-office.  

LendingPoint login

Next, the qualification terms are pretty easy. The brand marketing materials boast “more approvals” for consumers. 

And, your clients and customers can check their rate (prequalify) before applying. So, there’s minimal risk to them. 

LendingPoint Alternatives for Merchants

Before you dive into a commitment, it’s smart to explore your options. Here are a couple of choices to explore (there are many other solutions out there). Side-by-side, this is what your customers might expect from each:

Loan AmountsLoan TermsOrigination FeesInterest Rates
LendingPoint Merchant Solutions$2K to $25K24 to 48 months0% to 6% 15.49% to 35.99%
Acima Credit$500 to $5K90 days, 12, 18, or 24 months$25+Unlisted
FinanceItUp to $60KVaries$06.99% to 14.99%

Conclusion

So, is LendingPoint good for funding? If it’s the only lender you might be able to qualify with and you’re in need of quick cash, sure. LendingPoint offers a competitive personal loan offer for consumers with fair credit. 

Now, you if you’re looking for a way to provide your clients and customers with financing between $2K and $25K to purchase your products and services now and pay over time, LendingPoint Merchant Solutions could be an excellent source. I do recommend you explore further. 

And, if you want to learn how to obtain no-doc lines of credit up to $100K for your company, join Business Credit Workshop today.

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