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InDinero Unveiled: A Detailed Accounting & Tax Platform Review

April 27, 2024 By Joe

InDinero advertises itself as a business-saving solution to manage business accounting and taxes. And, may seem like a great, convenient option, especially when you want quick answers.

But, is InDinero everything it’s cracked up to be? Here, I’ll share everything I know about the platform, the company, and insights to help you decide whether this is the right answer for your business needs.

This is what’s in store.

What is InDinero?
- InDinero Pricing
- Company Overview
What Does InDinero Do?
Conclusion: Is InDinero Legit?

Now, let’s roll!

What is InDinero?

InDinero is a comprehensive financial services company designed to assist businesses with various aspects of their financial management.

They offer services like:

CFO (Chief Financial Officer) support
Tax planning and filing
Payroll
Accounting
Bookkeeping

Their CFO services provide strategic financial guidance, including budgeting, forecasting, and cash flow management to help you make informed decisions. For accounting and bookkeeping, InDinero aims to simplify financial processes, reduce errors, and enhance efficiency. They also specialize in tax planning to optimize strategies and minimize liabilities.

InDinero offers a blend of software and human support to handle complex financial tasks—It provides businesses with proactive advice and guidance to navigate the path towards growth and profitability.

You might also like: 1-800Accountant Reviews: Expectations vs Reality

InDinero Pricing

InDinero offers three pricing plans tailored to different business needs:

Essential package – Starting at $750 per month, this package is for businesses with straightforward financial needs to leverage top-notch software for daily bookkeeping and on-demand financial reports.
Growth package – Starting at $1250 per month, this one’s ideal for established businesses looking to expand, managed by professionals who handle accrual accounting and facilitate scalability via platforms like Quickbooks Online or NetSuite.
Executive package – With custom pricing, the executive package is tailored for dynamic businesses with complex needs and offers advanced services like revenue recognition, detailed budget analysis, and personalized solutions.

To get accurate pricing and ensure you receive the right services for your business, reach out to InDinero for a customized quote.

You might also like: Melio Payments Review: Can It Make Business Payments & Getting Paid Easier?

Company Overview

InDinero Inc. is a private, for profit, San Francisco-based company that was founded in 2009 by Jess Mah, Andy Su, and Andrea Barrica. The company is registered, active since 2010, and in good standing with California’s Secretary of State.

Mah is also the “Head Honcho” at investment firm, Mahway, and a board member of biotechnology research institution, Astonishing Labs.

InDinero’s current CEO is John Frazier. Prior to starting at InDinero in January 2022, Frazier was a member of the advisory board at Technology Services Industry Associates (TSIA) and the COO of technology consulting company, Synoptek, before that. He also worked previously at Deloitte and JDA software.

Leadership seems to have a strong technology background that most employees seem to support. According to Glassdoor, 61% of InDinero’s staff would recommend the company to a friend and 68% approve of the CEO.

What staff has to say about a company says at least as much as what users think. InDinero’s G2 reviewers give the company an overall 4-star rating. For some reason. Despite being around for so many years, InDinero doesn’t have any ratings on Trustpilot.

Likewise, one customer review (1-star) on the Better Business Bureau isn’t enough to gauge the way people think of the company. But, in InDinero’s favor, no complaints are listed on the platform, and they have an A+ rating.

I found a couple of pending lawsuits against InDinero – One claiming that InDinero misappropriated funds and another that an employee was wrongfully terminated.

These allegations don’t have anything to do with how InDinero handles customer accounts, but it could speak to their overall business ethics. Keep in mind, the jury is still out on this.

You might also like: Gusto Review: Let’s Really Evaluate This Famed Payroll Platform

What Does InDinero Do?

InDinero combines financial technology with outsourced accounting and bookkeeping services to give you financial data and help drive your business strategy. Whether you’re a startup or an established enterprise, InDinero might be a good place to get comprehensive guidance and support.

Read on to decide if this looks like an offer you might want to cash in on.

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1. Accounting + Bookkeeping

InDinero’s accounting and bookkeeping services cover a wide range of essential financial tasks for businesses. This includes managing accounts receivables and payables, ensuring timely and accurate tracking of financial transactions.

They handle expense tracking, invoicing, and generate detailed reports to provide insights into financial performance. Additionally, InDinero takes care of payroll processing and performs reconciliations to ensure that financial records are accurate and up-to-date.

2. CFO Advisory

InDinero provides strategic financial leadership through their CFO advisory services—This involves offering valuable insights and guidance to businesses in key financial decisions. Their team assists in due diligence processes, especially useful during mergers, acquisitions, or fundraising activities.

InDinero also manages investor relations, helping you communicate effectively with stakeholders. The focus is on driving profitability through operational consulting, optimizing financial strategies to achieve business goals.

3. Business Tax Services

InDinero’s business tax services cover comprehensive tax compliance for federal, state, and local regulations. They assist businesses in maximizing tax benefits, including R&D tax credits.

InDinero identifies tax savings opportunities by leveraging tax credits, deductions, and strategic entity structuring. They provide proactive tax planning to optimize tax liabilities and ensure businesses are compliant with ever-changing tax laws.

4. Financial Planning & Analysis (FP&A)

InDinero’s FP&A services focus on helping businesses plan and forecast their financial future. They assist in budgeting processes, ensuring that financial resources are allocated efficiently.

InDinero conducts scenario modeling to evaluate potential outcomes under different circumstances, enabling businesses to make informed decisions. They analyze key performance indicators (KPIs) to measure business performance and develop financial models that support strategic planning and growth initiatives.

Conclusion: Is InDinero Legit?

InDinero is a reputable firm that merges state-of-the-art financial technology with skilled accounting and bookkeeping services to analyze financial data and provide practical guidance. Whether you’re a startup tackling growth hurdles or an established business aiming to enhance financial strategies, InDinero is dedicated to supporting businesses throughout their journey to financial success.

Is this something you need? Well, if it’s worth investing $750+ per month to find out, then it seems to me like a decent platform to try. However, I always advise that you shop around and make sure you know your options.

And, if you’re the type of person who prefers in-person meetings and more personal support, then you may do better to find a local CPA or accountant to work with—This is important to consider, since InDinero works primarily remotely.

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Should You Accept a Square Business Loan Offer?

April 22, 2024 By Joe

If you use a Square card reader, they may have offered you a business loan. If you’re trying to grow your business or you’ve got an immediate opportunity that you’d need financing to afford, you may be considering it. But, you want to know more about Square business Loans.

How long does it take to get a Square business loan? Do Square loans affect your credit? What percentage do they take for repayment? I answer these questions and more here.

This is what’s in store:

What is a Square Business Loan?
- Square Business Loan Cost
- Company Overview
How Do Square Business Loans Work?
Frequently Asked Questions
Conclusion: Are Square Business Loans Legit?

Now, let’s dig in!

What is a Square Business Loan?

In a nutshell, a Square business loan is a cash advance financing offer for small businesses that use Square for payment processing.

It’s designed to provide quick access to capital for business needs like:

Purchasing inventory
Covering operating expenses
Investing in growth opportunities

The loan amount can range from $300 to $250,000, and the repayment structure is straightforward: instead of traditional interest, there’s a flat fee, and you pay back a fixed percentage of your daily card sales through Square until the loan is fully repaid.

On days when your sales are high, you pay more towards the loan, and on slower days, you pay less. The loan offer is based on factors like your business’s payment processing volume, account history, and payment frequency.

You can make prepayments without any penalty. Square loans do not require a personal guarantee. And, there are no late fees or additional charges apart from the initial flat fee associated with the loan amount.

You might also like: What’s the Best Payment Processor for a Small Business? Really

Square Business Loan Cost

What percentage are Square loans? Reddit

Square loans don’t have a traditional interest rate. Instead, they charge a flat fee – “factor rate” – and then automatically deduct a percentage of your daily sales until the loan is paid off. For example, if you took an $8K loan with a $1K fee, Square might deduct around 15% of your daily sales to repay the loan, which is an example from a real borrower.

Business owners have reported varying factor rates on Square loans:

1.13 (13.68% on a $95K loan)
1.14 (14% on a $1K loan)
1.135 (13.56% on a $31.7K loan)

Editorial reviewers have reported Square business loan factor rates between 1.10 and 1.16 (10-16%). Again, this is not the same as APR and does not represent an interest rate.

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

Company Overview

Square Inc. is a San Francisco-based, private, for-profit company that was founded in 2009 by Jack Dorsey and Jim McKelvey. The mission was to make it easier for small businesses to accept credit card payments.

Their key industry markets are, restaurants, retail, and beauty. Square’s first product was a credit card reader that could be plugged into an iPhone to process cards on the go.

Now, they offer a large vast range of business products including:

Commerce solutions like payment hardware and POS, invoicing, an online ordering platform, and shoppable websites.
Customer marketing products including email and SMS marketing, loyalty programs, customer management, gift cards, and photo studio.
Staff management tools like scheduling and time tracking, team accounts, and human resources.
Business banking that includes checking, savings, loans, and credit cards.
Technology and development including dev specialists, access to APIs (for integration with business software), and a dedicated app marketplace.

Jack Dorsey remains in the driver’s seat as the company’s current CEO (he stepped into this position in 2022), and is also the co-founder and chairperson of Block Inc.

Block® is the parent company of Square®, Cash App®, Spiral®, and Tidal®.

So, Square’s leadership is pretty corporate-minded, and employees seem to like that. According to Glassdoor®, most staff would recommend working at Square to a friend (72%) and approve of the CEO (74%).

The majority of Square’s business customers seem to approve as well, with a 4-star trust rating on Trustpilot. Overall, Square receives positive feedback from users who appreciate its easy-to-use platform and helpful customer service. Customers value features like simplified navigation, quick deposits, and convenient payment options.

Many have remained loyal to Square for years, citing its reliability and integrated functionalities for managing listings, reporting, and website credit card processing. However, some users have encountered issues with account deactivation and slow customer service response times, indicating areas for improvement in Square’s service experience.

Meanwhile, Square Inc. has a 1.06-star customer rating and A+ rating with the Better Business Bureau (BBB).

It always surprises me to see how BBB grades are issued. Square Inc. has had 1,041 complaints closed on the platform in the past 12 months and 3,255 in the past 3 years—This seems high to me.

As of January 26, 2024, Block is facing a class action over a provision in its terms of service barring users making any “objectionable” statements about the company in public. The parent company is actually party to several ongoing legal cases, both as a plaintiff and defendant across the country. But, I didn’t see anything to make me think that the company is conducting fraudulent business.

Finally, Square business loans are issued by Square Financial Services, Inc., a Utah-Chartered Industrial Bank. Member FDIC.

You might also like: Novo Bank Review: First-Rate Small Business Banking or Scam?

How Do Square Business Loans Work?

Now that we have all the fine details out of the way, let’s explore the features of a Square loan and what you can expect if you decide to accept an offer. In all, the process is pretty automated and convenient, but there are caveats you should be aware of.

1. Automated Offers

With Square business loans, you don’t apply for a loan—instead, you accept an offer through your dashboard. The platform looks at the eligibility factors, then lets you know if you can secure extra funds for your business.

Qualified businesses will receive an offer through their dashboard and via email if their account looks like a good fit for funding. Then, all you need to do is accept it.

Note that simply signing up for a Square account doesn’t make you automatically eligible.

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Square Business Loan Requirements

To get an offer, you will need to meet certain requirements. First of all, you need to use the Square payment processing platform.

Then, Square looks at several performance-based factors to determine loan eligibility:

You should process at least $10,000 in a year through Square to be eligible for a loan offer.
Your Square account should show consistent payment processing to show that you can repay the loan through your account transactions.
A good mix of new and returning customers will strengthen your ability to qualify.

Payment disputes and chargebacks can make you ineligible for a Square loan.
Your bank account will be reviewed for insufficient funds, which will impact your eligibility.
Payment limits or reserves on your Square account could disqualify you.

If you have multiple Square accounts or locations with outstanding Square loans, they should all be in good standing, actively processing transactions, and loan repayment needs to be current.

2. No Personal Guarantee

There is no personal guarantee (no PG) on a Square business loan—This means that Square won’t come after your personal assets if the loan defaults. And, no PG typically means no hard credit pull, and no impact to your credit score.

For loan amounts up to $100,000, Square doesn’t need any collateral.

However, for loans that exceed $100,000, they may secure your business assets and file a Uniform Commercial Code (UCC) statement with the Secretary of State (SoS) in your business’s jurisdiction.

Filing a UCC statement with the SoS creates an official record that establishes a Square’s interest in your business assets. This filing serves as a public notice to inform others, such as potential lenders or buyers, that the creditor has a security interest in your assets.

By filing a UCC statement, the lender is protecting their interest in case you default on the loan—It establishes a legal claim or lien on specific business assets like:

Inventory
Equipment
Accounts receivable

This process is important for secured transactions and helps lenders secure their position in case of business insolvency or default…you won’t have to worry about this at all if your loan is less than $100K.

You might also like: No-Doc Business Loans: Get Funds Without Proof of Income

3. Quick Funding

Square’s funding process is streamlined for speed and efficiency, aiming to deposit funds into your account as quickly as the next business day.

When you apply for a loan, you’ll usually receive an immediate decision on approval, and this won’t have any impact on your credit score.

4. Automatic Repayment

Square loans are repaid as a percentage of your daily sales. When business is good, payments are higher and on slow days, payments are lower—This is typical with a cash advance versus a fixed payment with a traditional business loan.

The daily repayment method can result in an effective rate that’s higher than what you would probably find with a bank loan or credit card. While this type of loan can be convenient, it’s important to understand the total cost and impact on your cash flow, especially during slower months.

Anecdotally, I’ve seen borrowers mention repayment terms with percentage of daily sales as low as 6.5% and as high as 21%. If your repayment plan is charging too much, you may be able to negotiate lower daily repayment.

Moreover, Square loans require a minimum payment of 1/18th of the initial loan balance every 60 days, and the full loan amount must be repaid within 18 months. With this structure, for an $8K loan with a $1K fee, you would need to make a payment of at least approximately $444.44 every two months, and the total loan (including the fee) would need to be repaid within a year and a half at a rate of approximately $500 per month.

You might also like: Could a Stripe Capital Loan Get Your Business Through a Rough Patch?

5. Transparent, Fixed Costs

Before you accept a loan, you will see the loan amount, fees, and repayment percentage upfront. It’s pretty straightforward.

But, on top of the loan fee, you will pay processing fees on each transaction—all payment processors charge these fees in addition to any loans you might be repaying.

Square’s processing fees differ based on the payment method:

For in-person transactions, 2.6% of the transaction amount plus 10 cents per transaction.
For online payments, 2.9% of the transaction amount plus 30 cents per transaction.
For invoice payments, 3.3% of the transaction amount plus 30 cents per card transaction, or 1% with a minimum of $1 per transaction for ACH bank transfers.
For manually entered transactions, 3.5% of the transaction amount plus 15 cents per transaction.

So, between the loan repayment and processing fees, you could pay upwards of 12.6% to 19.5% of each transaction until your loan is settled.

You might also like: What You Need to Know About PayPal LoanBuilder for Business

6. The Square App

The Square Point of Sale (POS) app is available in the Google Play and Apple app marketplaces. It lets you accept payments easily using credit cards, contactless payments (like Google Pay and Apple Pay), gift cards, and invoicing right from your phone or computer.

Within the app, you can:

Manage your inventory
Track sales
View reports

Plus, you’ll have funding options such as next-day transfers to your bank account for a fee or free transfers in one to two business days.

Many users find it straightforward to use and appreciate its integration with other Square tools like eCommerce and team management. However, some people have experienced issues with customer support and account deactivation, so it’s important to keep that in mind.

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Frequently Asked Questions

When does Square offer you a new loan?

Square offers loans through its Square Capital program based on your account activity and sales performance. Eligible sellers are notified of loan offers within their Square Dashboard or through email. Some borrowers have been offered new loans while still in repayment for a current loan.

What is the limit on Square business?

The loan amount offered by Square Capital varies based on your business’s processing history, sales volume, and account activity. Square does not publicly disclose a fixed maximum limit, but you can check your eligibility and view loan offers in your Square Dashboard or contact Square Support for more details.

Conclusion: Are Square Business Loans Legit?

In short, yeah, Square business loans are cash advances that are offered by a legitimate, trusted company. Cash advances have been known to get businesses through a rough patch or quickly fund short-term needs.

However, they have always been the business equivalent of a personal payday loan. I never recommend that business owners take out a cash advance, or any other factored loan, unless there is absolutely no other alternative—This is because the costs are too high.

Instead, I suggest you research all of your options and take advantage of the offers that charge the lowest rates to optimize your business finances.

Do you want to learn how to obtain up to $100K in as few as 30 days? Join Business Credit Workshop today!

Clover Capital Review: Read This Before You Accept an Offer

April 21, 2024 By Joe

If you use Clover’s payment processor, you may have seen an offer come through via email or your Clover dashboard that asks you to see if you’re pre-qualified for Clover Capital. It may seem like a convenient, accessible way to secure the capital your business needs to grow and thrive. Now, you’re trying to find out if this offer is legit or just get more details.

Here, I’ll walk you through everything I know about Clover Capital so that you can decide if it’s the right funding option for your business. We’ll look at what it is and peek behind the scenes at the company, how it works, and answer some common questions.

This is what’s in store:

What is Clover Capital?
How Does Clover Capital Work?
Frequently Asked Questions
Conclusion: Is Clover Financing Legit?

Now, let’s jump in!

What is Clover Capital?

Clover Capital is a financing option advertised to help businesses access funds quickly by leveraging their future credit and debit card sales. It’s not exactly a loan; rather, it’s an advance based on your projected sales.

The process is straightforward: you apply, get approved within 1-2 business days, and receive the funds in 2-3 business days. The payments are then automatically deducted from your daily card sales, making it convenient and flexible—when sales are up, you pay more; when they’re down, you pay less.

To qualify, your business typically needs to be at least six months old with a minimum monthly processing volume of $1,000 over the past three months.

Once approved, you can use the funds for various business needs like:

Inventory
Equipment upgrades
Hiring staff
Marketing initiatives

A capital advance can pay for pretty much anything that can fuel business growth.

The process is quite streamlined: apply online, choose the best offer presented, get funded, and then enjoy the automated repayment process.

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What Percentage Does Clover Capital Take?

For Clover Capital repayments, the daily withholding percentage is determined by your credit card sales volume—it typically falls within a range of 8% to 15%.

So, you’ll pay more during periods of strong sales and less during slower periods.

How Much Does Clover Capital Cost?

Factor rates are used instead of traditional interest rates in merchant cash advances like Clover Capital. They are fixed amounts that do not compound over time, unlike interest rates.

The specific factor rate assigned to a business is influenced by the:

Business’s risk profile
Amount of the advance
Expected repayment period.

According to CardPointe (an integrated payment terminal solution that provides support for Clover Flex and Clover Mini terminals), the factor rate for Clover Capital generally falls around 1.29, varying within a range of 1.10 to 1.29. Essentially, if you receive funding of $10,000 with a factor rate of 1.29, the total amount to be repaid would be $12,900 (10,000 x 1.29).

Something interesting I noticed is that the borrower review on the Clover Capital landing page notes that without Clover Capital they would use their credit card, which they wanted to evade.

The average interest rate on a credit card is 21.47%, according to the Federal Reserve, while community banks and credit unions offer lower rates (in my experience). Plus, you only have to worry about credit card interest if you carry a balance.

Depending on the repayment strategy and payment amount, a credit card with a 21.47% interest rate and consistent, higher-than-minimum payments could potentially be cheaper than a factored loan with a 1.29 factor rate—It’s important to calculate and compare the total costs under different scenarios to determine the most cost-effective financing option based on your financial situation and repayment capabilities.

Company Overview

Clover, technically Clover Network Inc., is a private, for profit, California-based business that was founded in 2010 by John Beatty, Kelvin Zheng, Leonard Speiser, Mark Schulze. The company is incorporated in Delaware, which is known for being corporate-friendly.

According to the California Secretary of State, the company was re-registered as Clover Network LLC in 2024—This raised a red flag, so I dug around to see if I could find out why this might have happened.

First, I found a class action lawsuit against Clover Network LLC, in which the company agreed to pay $15 million for soliciting services to phone numbers on the National Do Not Call Registry. Claim recipients would get about 60 bucks each.

Then, I uncovered several other lawsuits in various stages—The legal claims against Clover Network Inc and Clover Network LLC involve patent infringement and other intellectual property claims.

One of the original co-founders, John Beatty, is Clover’s current CEO. Prior to launching Clover, Beatty was part of a handful of engineering and entrepreneurial ventures. None of his prior history seem to relate to payment processing, but instead technology.

According to Glassdoor, Clover isn’t the best company to work for. Only a minority would recommend the company to a friend and even fewer approve of the company leadership. Staff opinions tell a lot about a company’s internal ethics and standards.

Even more importantly, customer views speak to the level of support and transparency that a company provides. Clover POS has a 3.6-star rating on the Trustpilot platform, which isn’t great.

I couldn’t find an active Better Business Bureau profile for Clover, so I don’t know about recent complaints that may have been made on that platform. However, I did find that Clover’s parent company, Fiserv, has a 1-star rating, which is a bit of a red flag.

For the most part, Clover Network’s customers and staff are dissatisfied with the company. However, some people love the company, and experiences vary greatly.

How Does Clover Capital Work?

Clover Capital works by providing businesses with quick access to funds based on their future credit and debit card sales—It operates as a merchant cash advance rather than a traditional loan.

Here’s how it generally works.

1. No Hard Credit Pull

One of the perks of Clover Capital is that it won’t impact your credit score because there’s no hard credit pull to your personal or business credit. Clover doesn’t run your credit—This allows you to explore financing options without worrying about potential credit score decreases or leaving marks on your credit reports.

Instead of focusing solely on credit history, Clover Capital considers factors like your business’s processing history and sales volume to determine funding eligibility. This approach provides you with accessible financing while protecting your credit scores from unnecessary inquiries.

2. No Personal Guarantee

With Clover Capital, there is no personal guarantee required—This means you aren’t personally liable for the business debt. Typically, in business financing, a personal guarantee requires the business owner to be responsible for repayment if the business cannot fulfill its obligations.

With Clover Capital, the absence of a personal guarantee gives you an added layer of protection. In the event the business experiences difficulties and cannot repay the funding, the obligation remains with the business entity itself rather than extending to your personal assets or credit.

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3. Quick Funding

Once your application is submitted with the required documents, Clover Capital aims to provide approval swiftly, often within 1-2 business days. This quick approval process enables you to access the funds you need promptly to address immediate financial needs or capitalize on growth opportunities without unnecessary delays.

Overall, the combination of streamlined documentation requirements and expedited approval timelines makes Clover Capital a handy option for businesses seeking timely access to working capital.

You might also like: How Long Does It Take to Build Business Credit? Fast Guide

4. Fixed Loan Costs

Clover’s fixed loan cost, represented by a factor rate, offers several benefits to businesses:

It provides predictable repayment terms, allowing for easier budgeting and financial planning without surprises from fluctuating interest rates.
The transparent terms of the fixed loan cost ensure clarity in pricing, making it easy for you to understand the total repayment amount and assess affordability.
Payments are flexible and adjust based on daily credit and debit card sales, making it easier to manage during slower sales periods.

Overall, Clover’s fixed loan cost provides you with a transparent, predictable, and flexible financing solution tailored to your needs.

You might also like: Could a Stripe Capital Loan Get Your Business Through a Rough Patch?

5. Automatic Repayment

Automatic Repayment with Clover Capital streamlines the repayment process, making it convenient and hassle-free. Once approved, a percentage of your daily credit and debit card sales is automatically deducted to repay the loan. This ensures consistent payments aligned with your business’s cash flow.

However, this feature comes with a caveat: you need to use Clover POS (Point of Sale) to facilitate the loan repayment. Using Clover POS integrates the repayment process seamlessly into your daily business operations, but it requires businesses to utilize Clover’s POS system for payment processing to benefit from automatic repayment.

This comes with a caveat…you need to use Clover POS to repay the loan. This could be a deterrent, particularly if you’re not already using their payment platform.

6. The Clover Go® App

The Clover Go app is a mobile point-of-sale (POS) for small businesses. It enables you to accept credit cards, signature debit cards, and other payment forms directly on your mobile device(s). With Clover Go, you can process transactions securely and conveniently on the go.

Key features of the app include:

Credit card, signature debit card, and other payment method acceptance.
Real-time sales tracking to remotely monitor transactions and performance.
Business management functionality accessible from anywhere.

Users have rated Clover Go highly, with 4.6 stars on the Google Play store and 4.8 stars on the iOS marketplace. With Clover Go, you can accept payments, monitor sales, and manage operations from virtually anywhere.

Frequently Asked Questions

What is the difference between Square Capital and Clover Capital?

Square Capital offers business loans to eligible Square merchants, with repayment tied to daily Square sales. Clover Capital, on the other hand, provides merchant cash advances based on future credit and debit card sales for businesses using Clover POS systems.

How long does Clover Capital take to process?

Clover Capital typically processes applications in 1-2 business days after receiving all required documentation. Funding is usually disbursed within 2-3 business days after approval.

Conclusion: Is Clover Financing Legit?

Now, to answer the ultimate question: Is Clover worth it for small business?

Clover Capital is a cash advance offer from a legitimate company that’s registered and actively operating. However, I never recommend that a small business seek cash advance funding unless there is absolutely no other option — the fees are just too high. And, after you sprinkle a few legal allegations on top, I couldn’t in good conscience make a recommendation for Clover Capital.

Instead, I would recommend you shop around and explore all of your business funding options and choose the financing that aligns best with your needs and goals.

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

What You Need to Know About PayPal LoanBuilder for Business

April 15, 2024 By Joe

PayPal LoanBuilder is advertised as a quick, convenient way to get up to $100K in business funding. The company is more than reputable, and their marketing makes it sound like the easiest financing option in the world. But, what are the terms, how much does it cost, and is this really the best loan for your business?

Let’s find out what LoanBuilder is, how it works, and explore exactly what you can expect if you apply.

This is what’s in store:

What is PayPal LoanBuilder?
- How Much Does PayPal LoanBuilder Cost?
How Does PayPal LoanBuilder Loan Work?
Frequently Asked Questions
Final Thoughts

Now, let’s get to it!

What is PayPal LoanBuilder?

PayPal’s LoanBuilder is a service that offers fixed-term small business loans from $5,000 to $100,000 for first-time borrowers and up to $150,000 for repeat borrowers—the financing option is designed to be fast and flexible, with funds potentially available in your business bank account as soon as the next business day after approval.

The loan comes with transparent pricing, where you pay a clear, fixed fee along with a $20 Returned Item Fee if a payment is returned. There are no late fees, early repayment fees, or processing fees. You can choose a repayment term that suits your business needs, and payments are automatically deducted weekly.

To check if your business is eligible for a LoanBuilder Loan, you can complete a quick online questionnaire. This process won’t impact your personal credit score. If eligible and approved, you can customize your loan amount and term, sign the contract electronically, and receive the funds quickly.

To qualify, your business needs to have been operational for at least nine months with an annual revenue of at least $33,300. Keep in mind that LoanBuilder is a service provided by PayPal in partnership with WebBank. The loan application and approval process is designed to be straightforward and streamlined, aimed at helping businesses manage cash flow, finance projects, or tackle other business challenges.

A LoanBuilder loan does require a personal guarantee.

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How Much Does PayPal LoanBuilder Cost?

The cost of a LoanBuilder loan is determined by a single fixed fee known as the Total Loan Fee, which will be disclosed at the time of loan approval and remains consistent throughout the loan term.

However, since this is a working capital-style loan, you should expect interest rates higher than you would get via, say, your business credit union. Still, they may be lower than other working capital solutions.

The specific amount of the Total Loan Fee varies based on:

The loan amount
Repayment term
Financial risk

LoanBuilder Loans do not have additional fees such as late fees, early repayment fees, or processing fees—The Total Loan Fee is the primary cost associated with borrowing and is included in your repayment schedule.

To see your LoanBuilder cost, you’ll need to complete the loan application process and review the personalized terms.

How Does PayPal LoanBuilder Loan Work?

LoanBuilder from PayPal offers a pretty simple approach to business financing, providing you with a customizable loan experience tailored to your business needs.

With LoanBuilder, you have the freedom to:

Access funds quickly
Repay with clarity
Benefit from straightforward terms

Let’s delve into the key features that will help you decide if LoanBuilder is the best choice for your business funding.

You might also like: A Deep-Dive National Funding Review: Should You Accept an Offer?

1. Apply With No Impact to Your Credit

The PayPal LoanBuilder “application” is pretty straightforward. The questionnaire asks you for contact information, how you plan to use the funds, how you heard about the loan, business location, and business details.

Details to have on-hand about your business include:

Legal business name & DBA (if applicable)
Business address & website address
Entity type & state of incorporation
Annual revenue
Business start date
Number of employees
Industry & sub-industry
Percentage of ownership

The application also asks for your Social Security Number and Employer Identification Number. Luckily, they do a soft inquiry into your personal credit for pre approval, which won’t negatively impact your credit score.

However, you will probably have to approve a hard pull for final approval.

Don’t move forward with that until you’re absolutely sure you want this loan.

You might also like: Here’s How to [Actually] Get Business Credit With Just an EIN +More Options

2. “Customizable” Funding

LoanBuilder advertises a “customizable” loan—This makes it sound as if you might get to choose your amount, terms, and rate, which would be pretty exciting.

However, that’s not a realistic way to think about lending; lenders need to assess the financial risk before approving any type of financing.

Still, after you’re pre-approved for a loan, you can choose your loan amount and repayment term. Your loan fee percentage will increase as your terms are extended. So, the longer you give yourself to pay off the loan, the higher your Total Loan Fee.

If you do opt for this loan, consider giving yourself some extra time to pay it just in case something unexpected occurs, as you could be charged penalties for failing to pay on-time.

3. Fixed-Fee Loan

When you take out a LoanBuilder Loan, you won’t have any upfront fees deducted from the loan amount you receive. Instead, the cost of borrowing—the single fixed fee, known as the “Total Loan Fee”—is spread out and paid gradually over the entire duration (life) of the loan.

Here’s a breakdown of what this means:

When you receive the loan amount, the full sum is deposited into your business bank account without any immediate deductions for fees or charges. This ensures that you have access to the entire loan amount upfront to use for your business needs.
The cost associated with borrowing the money is represented by a single fixed fee—This fee is agreed upon and disclosed at the time of loan approval; it does not change over the course of the loan.
Rather than paying a fee upfront or separately, it is integrated into your loan repayment schedule. Each time you make a repayment towards your loan (typically on a weekly basis), a portion of that payment goes towards covering the Total Loan Fee. This fee is gradually paid down along with the principal amount of the loan.

By structuring the loan this way, you get clarity on the total cost of borrowing from the outset, and you can plan your repayments knowing how much will be allocated towards the loan principal and how much towards the fixed fee.

4. Fast Access to Funds

The LoanBuilder lending process is designed to be fast…

First, when you check your eligibility, it’s done through a quick online questionnaire. This initial eligibility check does not involve a hard inquiry on your personal credit report, which means it won’t affect your consumer credit score—This is helpful because you can explore loan options without worrying about potential negative impacts on your credit rating.

If your LoanBuilder Loan application is approved, the funds are transferred directly to your business bank account, often by the next business day after approval—This rapid transfer ensures that you can access the funds quickly to address business needs or capitalize on opportunities right away.

5. Accessible Business Funding

The eligibility requirements for a LoanBuilder Loan can be considered relatively low compared to some traditional business loans:

At least nine months in business
$33.3K annual revenue

Requiring a minimum of nine months in business is relatively short compared to other types of business loans that might need several years in operation. Newer businesses can access financing sooner in their development stages.

While this amount varies depending on the size and industry of your business, $33,300 annual revenue is a moderate threshold—It’s achievable for many small businesses, including startups and those in their early stages of growth.

These requirements are inclusive and accessible to a wide range of small businesses, including startups and those with modest revenue streams.

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6. Weekly Repayment Terms Up to 12 Months

The repayment period for LoanBuilder Loans ranges from 17 weeks (approximately 4 months) to 52 weeks (approximately 12 months), depending on your eligibility and the loan amount you qualify for.

During the repayment period, you will make weekly payments towards your loan balance.

The amount of each weekly repayment will be set based on:

The total loan amount
The fixed fee associated with the loan
The chosen repayment term

The weekly repayment amount remains consistent throughout the repayment period, providing predictability in your loan payments.

For example, if you have a loan with a 26-week repayment term, you will make 26 weekly payments until the loan is fully repaid. The amount of each weekly repayment is calculated to cover both the principal loan amount and the fixed fee—this helps you make sure the loan is paid off by the end of the chosen repayment term.

Frequently Asked Questions

Is PayPal legally a bank?

No, PayPal is not a bank. It is a technology company that provides online payment services and financial solutions.

What bank does PayPal use for loans?

LoanBuilder loans are provided by WebBank®, Member FDIC, in partnership with PayPal.

What is the minimum credit score for LoanBuilder?

LoanBuilder does not disclose a specific minimum credit score requirement. Instead, eligibility is determined based on various business factors such as revenue and operational history—but the do require a personal guarantee

Does PayPal LoanBuilder report to credit bureaus?

Yes, PayPal LoanBuilder reports payment activity to business credit bureaus, not personal credit bureaus. This can help businesses establish and build their business credit profile.

Final Thoughts

PayPal is a trustworthy financial company, with LoanBuilder being backed by a reputable bank. The loans they offer are pretty competitive in the working capital realm, but the high rates are a red flag for me. I never recommend my students take out a loan like this unless there is absolutely no better option—even with a flat fee, weekly repayments can eat at your profits.

But, if you need to take out a high-interest loan and you’ve explored all of your options, this might be the way to go. If you have some time, I recommend you put some effort into your business credit so you can get loans and lines of credit with (much) better terms…it’s a game changer.

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Meet the Ava Card: An Uncut Credit Builder Review

April 14, 2024 By Joe

Key Takeaways

Ava credit builder helps improve your credit by reporting payments to all three major credit bureaus.
They offer a “high-limit” virtual card, capped at $2,500.
Payments and credit usage are tracked to help boost your credit score.
No credit check is required, and approval happens after linking your bank account.
There’s a monthly subscription fee of $6 (annual plan) or $9 (month-to-month).
Ava allows you to pay subscriptions with a virtual card and automate payments.
Account includes a Save & Build account to save money while building credit.

The Ava card is a contemporary offer that promises to help consumers build credit. The promise is that you can use the fee-free card to pay your subscriptions, save money each month, and cash out with a lump sum at the end of the year with a higher credit score. But, is it really all it’s cracked up to be?

Here, we’ll take a look at the full offer from Ava – the card, subscription autopay, credit builder savings account, and the potential implications of taking advantage of it. We’ll even peek behind the curtain at the company behind the product.

This is what’s in store:

What is the Ava Card & Ava Credit Builder?
Ava Card Benefits & Features
Frequently Asked Questions
Conclusion: Does Ava Help Build Credit?

Now, let’s roll.

What is the Ava Card & Ava Credit Builder?

The Ava card is a spending card that can be used with Ava credit builder—a financial tool designed to help people improve their credit scores. It functions as a credit-building program that offers an alternative to traditional credit cards. With Ava, there’s no need for a credit check, and there are supposedly no interest charges or fees associated with the card.

Once you sign up and link the bank account where your paycheck is deposited, you can apparently receive instant approval. You’ll then receive a “high-limit” Ava credit builder card that you can pay your monthly subscriptions with.

How Does Ava Work?

Payments through the Ava card and monthly payments into a Save & Build savings account are reported to credit bureaus to potentially boost your credit score over time. Plus, after 12 months of making payments into the Save & Build account, you’ll get all your money back.

You might also like: Cred AI Review: Are You Really Better Than Your Bank?

How Much Does Ava Credit Cost?

While Ava advertises that there are “no fees” for using the card, it’s not exactly free. Ava charges a $6 per month subscription fee for those who sign up for an annual plan. If you prefer a month-to-month subscription, the fee is $9 per month.

Ava notes that achieving a credit score of 700 or higher can potentially save you over $3,000 annually—Having a high credit score can help you get lower insurance rates and help you qualify for better terms on financing, but the amount you can actually save is relative to your situation and any financial products you’re interested in.

Still, $9 bucks a month is less expensive than a lot of comparable offers on the market.

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Company Overview

Ava Finance Inc. is a San Francisco-based, privately-held, for-profit company that was founded in 2020 by Abed Lawand, Omar Sinno, and Reza Rahman. The company is legally registered, active, and in good standing in the state of California.

Prior to launching Ava credit builder – the current CEO – Sinno was the senior product director at Credit Karma® for nearly 5 years, the senior product manager at LinkedIn® for three years, and co-founder of other various businesses.

Next to his career history, Sinno’s education in software engineering and business make him a natural choice to lead the company.

Plus, Trustpilot reviewers rate the company as excellent with 4.8 stars across the board. Most users cite the fact that their credit scores jumped quite a bit within a short amount of time when they signed up.

However, the Better Business Bureau (BBB) tells a slightly different story. Users rate the company as 3-star with more than a handful of complaints closed within the last year. They have been accredited with BBB since 2022, and have an A- rating. But, they’re only showing 3 out of 5 stars.

This really isn’t that bad, considering lots of financial companies have hundreds of BBB complaints. And, people tend to flock to this particular platform when they have a bad experience.

After a quick search, I found no lawsuits against Ava Finance Inc., open or otherwise.

In all, it seems to be a reputable company and a trustworthy brand to do business with…if the offer is a good fit for your situation, anyway.

You might also like: 14 Best Credit Monitoring Services for Scores, Reports, & ID Theft Protection

Ava Card Benefits & Features

Compared to the other credit builder platforms that I’m familiar with, the Ava card is a relatively simple offer, which I like. There’s nothing that might confuse some people into signing for added products and services that they don’t need.

And, it’s unique in that it helps people build credit by paying their bills/subscriptions – Netflix, Hulu, Verizon, Allstate…

Overall, Ava credit builder targets key credit factors such as on-time payments, credit utilization, and credit age to help improve your credit score. Learn how it works.

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1. Secure Bank Account Connection

When you first log in to your Ava account, you’ll be asked to provide your home address, then connect your bank account. Ava Financial uses Plaid to encrypt the connection and keep your finances secure.

Plaid seems to be a trusted and safe way to share financial data with a company. However, it’s important to be cautious and review the privacy policy and terms of use to understand how your data is handled and protected by both Plaid and the service you’re connecting to.

Ava Finance, Inc. collects and shares personal information based on the product or service you have with them.

This can include sensitive details like:

Social Security numbers
Account information
Credit history
Transaction records
Payment history

They share this information for everyday business purposes like processing transactions, reporting to bureaus, and responding to legal inquiries. However, Ava Finance does not share personal information with affiliates for marketing or non-affiliates for marketing purposes.

For questions or concerns about how Ava Finance handles personal information, you can contact them at legal@meetava.com.

2. The “High-Limit” Ava Card

Ava provides a no interest, so-called, ‘high-limit’ credit card. This card is supposedly designed to lower your credit usage instantly, which should positively impact your credit score.

But, the highest available limit is $2,500. Compared to many starter credit cards that offer $250, $300, or $500, yes, the limit is greater. But, this is not what everyone considers “high,” so it’s worth clarifying.

Ava promptly reports your payments to all three major credit bureaus:

Experian®
TransUnion®
Equifax®

So, your spending will help boost your credit score across all three bureaus. Ava also claims to watch your utilization to be sure you’re not spending more than what credit bureaus consider responsible.

Ava is not a physical card—no Mastercard, no Visa, only a virtual card.

Finally, Ava Financial will report your account within a week of being approved, and will report your payments within 24 hours – most credit cards report on certain dates each month or quarter.

Now, the Ava card can only be used on subscription services in Ava Financial’s partner database. Let’s see who they are.

3. Autopay Subscriptions

Ava Financial partners with 66+ popular subscription services (so far) that allow you to use your Ava credit to pay. And, we’re not just talking about video streaming services—Their ecosystem has a pretty wide range of services.

Partner categories include:

Gaming
Health & Fitness
Kids
Music & Audiobooks
Security & Safety
Shopping
Streaming TV
Utilities & Insurance

Enjoy automated payments and reminders to ensure you never miss a subscription payment. The Ava card can help make sure that you pay on-time, and build credit while doing it.

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4. Save & Build Credit Builder

Ava’s Save & Build account is a pretty typical credit builder savings account:

You make payments up to $30 into an account every month.
Your payments are reported to credit bureaus as a loan payment.
You collect the funds (up to $360) at the end of the 12-month term.

By reporting payments, this should contribute to boosting your credit score…But, if you miss a payment, it will be reported as a negative item. So, be sure you are consistent enough to make the payment every month as agreed before you start the program.

Note: Monthly payments are automated through your bank account.

5. The Ava App

Manage all Ava Credit and Ava Save & Build features conveniently through the Ava mobile app. It’s a centralized platform to access and monitor your credit-building progress from your Android or iPhone.

The app maintains a 4.8-star rating on the Google Play store and 4.9 on the Apple Store. The key complaints with the app seem to relate to the user’s lack of understanding about the offer.

Frequently Asked Questions

Is Ava a real credit card?

Ava is a legitimate account that reports payments to credit bureaus, but it is not a traditional credit card. There is no physical card, and payments from a can only be made within Ava Financial’s partner network.

Does Ava report to Experian?

Yes, Ava reports your payment history and credit activity to all three major credit bureaus, including Experian® — They first report within a week of opening an account, then within 24 hours of you making your payments.

How do I cancel my Ava credit card?

To cancel your account contact Ava Finance directly through their customer support channels—Email support@meetava.com or call (920) 287-0282.

Conclusion: Does Ava Help Build Credit?

Whether or not an Ava card can help you boost your credit depends on why your credit score is low in the first place, and whether or not you can make the payments on-time as agreed.

If your score is low because you don’t have any items reporting to the credit bureaus, then, yes, you can use a product like this to boost your score over time. If you need to increase your credit utilization or add a new type of tradeline to your credit mix, the Ava card’s optimized reported utilization might actually help. And, the 12-months savings aspect of a builder loan could be very appealing in the right situation.

However, if your credit score is low because you have negative items reporting, a new credit account isn’t going to help much, if at all. In fact, A credit builder card won’t help you clean up your credit or make debt go away. These situations require customized credit repair solutions.

If you need to fix your personal credit, start learning the right steps from reputable sources — The FTC’s credit counseling guide is a trustworthy place to start.

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

A Full Skip Review: Business Grants, Funding, and More

April 12, 2024 By Joe

At first glance, Skip seems like a really cool new way to get business funding. It’s nothing like your run-of-the-mill business loan marketplace. And, they seem legit. Naturally, had to learn more about them, so I dove in and analyzed the offer under my microscope.

Now, I want to share my findings with you. Discover what you can get with a Skip membership and whether or not it’s worth the monthly investment to get funding for your business.

This is what’s in store:

What is Skip?
- How Much Does Skip Cost?
- Company Overview
Who Are Skip’s Funding Partners?
What Does Skip Do?
Frequently Asked Questions
Conclusion: Is Skip Legit?

Now, let’s bounce in!

What is Skip?

In a nutshell, Skip is a platform designed to help entrepreneurs and small businesses find funding and growth opportunities. Essentially, it serves as a marketplace where you can search for various funding options like grants, loans, and other financing opportunities in the US.

The platform advertises a large database of funding sources, which can help you discover opportunities you might not have known about otherwise.

One of the key features of Skip seems to be its ability to provide insights and tips on applying for funding quickly.

With a Skip membership, you can:

Learn about funding opportunities for your business
Get advice on how to apply
Use AI to apply successfully
See potential eligibility for loans or grants based on your business profile

And, Skip offers support through specialists who can assist you with questions about funding or business growth strategies—This combination of technology and human expertise seems like it could streamline the funding process for small business owners & entrepreneurs.

If you’re looking to start, fund, or grow your business and need help navigating the world of funding options, Skip might be a smart platform to consider.

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How Much Does Skip Cost?

The cost of a Skip membership varies depending on the level of service and support you choose.

Here’s a breakdown of the different membership options and their associated costs:

Skip Free – With a free account, you can see funding opportunities, funding matches, save grant application answers, and test the AI.
Skip Plus – Starts at $9.99/month (when billed annually) for access to funding insights, reminders, opportunities, and AI features.
30-minute call – Starts at $33.33 per call for personalized assistance on various business and funding topics.
Skip VIP – Starts at $199/month, includes access to all funding opportunities, a dedicated client success manager, and business evaluation.
Skip Platinum – Starts at $499/month, offers everything in Skip VIP plus hands-on funding assistance and customized grant help.
Skip Diamond – Starts at $999/month, includes all features of Skip Platinum along with personalized funding and growth solutions, business coaching, and strategy discussions.

Each tier provides increasing levels of support to help with your funding and growth needs. Choose the membership that aligns best with your business goals and situation.

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Company Overview

Skip, aka YoGovernment Inc, is a San Francisco-based, seed-stage, for-profit company that was founded in 2016 by Ryder Pearce. According to the California Secretary of State, the listed agent is Walker Vanyos.

Pearce is sort of a serial entrepreneur – he’s founded a few companies since 2012, including Pogoride (commute app) and SherpaShare (rideshare app). Before this, he was a strategic planner at Translink and graduated from Harvard with a Master’s in Urban Planning & Design.

I wonder if Pearce didn’t discover all of these grant opportunities when founding the transportation apps, and decide to make them more accessible to other entrepreneurs.

Skip maintains a 4.6-star rating on the Trustpilot platform, and I noticed at least one of the negative reviews is likely a mix-up – they had something negative to say about ‘incompetent drivers?’ I mean, what’s not to love about a platform that shares how to get free money to grow your business?

As of today, Skip isn’t accredited with the BBB, and has an A- rating on the platform. But, with no user reviews, it’s too early to know if this is relevant.

Now, I did run across some DMV-related information about Skip and YoGov, which isn’t as delightful. If we’re being skeptical, we could say that this might be a red flag concerning the company leadership. But, it sounds like these offers are so different (transportation vs business funding), that I can’t speak confidently on the subject.

Unfortunately, the Reddit forums didn’t clear up any of my confusion.

It seems like Skip was originally a rebranded version of YoGov, some kind of driving platform, and has more recently shifted to focus on business funding. As far as trustworthiness, I’d say the company is at least ‘fair to middling,’ if not better.

Maybe the jury is still out? 🤷

Hopefully, learning more about the offer will help you decide for yourself.

Who Are Skip’s Funding Partners?

While Skip hasn’t updated the partner page on their website (yet), we do know who some of their funding partners are; I’m pretty familiar with a handful of them.

Here’s what I can tell you about Skip’s advertised funding partners:

Funding Circle – A platform that connects small business owners with investors. Investors use the platform to invest in growing businesses, create portfolios, and negotiate equity in profits. It’s an alternative way to obtain business funding pretty quickly.
Fora Financial – A reputable alternative lender (despite their high rates, which I typically wouldn’t recommend unless absolutely necessary). However, one advantage is that Fora doesn’t charge prepayment penalties, unlike many other online lenders.
Newtek – A free business banking provider with interest-earning checking and savings accounts. They also offer term loans from $1,000 to $15 million and revolving lines of credit up to $5 million.
Bluevine – I recommend their business checking for digital-focused businesses. Their line of credit, backed by Celtic Bank, uses personal FICO scores for credit evaluation, which I don’t prefer. But, I love that Bluevine reports to Dun & Bradstreet (D&B).
Accion Opportunity Fund – They offer business loans with flexible payments and provide business coaching. Over 90% of their clients are underrepresented communities. And, they reinvest loan payments to support other small businesses, which is cool!
LiftFund – Works with owners with limited credit, collateral, or experience. They can help you get various business loans for commercial real estate purchases, equipment, inventory, supplies, vehicles, and working capital. Their geographic scope is limited.
Paintbrush – Provides up to $50K for early-stage business ideas with quick eligibility checks and applications. This loan doesn’t require ownership of your company and can convert to income-driven repayment if needed, based on earnings.
Live Oak Bank – Digital bank without branches. They offer checking with Treasury Services, high-yield savings with a 4.00% APY, and high-yield CDs for predictable returns. Live Oak Bank’s funding includes SBA loans, USDA loans, and commercial loans.

What’s cool about Skip’s partners is that many of these financial brands don’t come up on my radar when looking at “barely-reputable” or unduly expensive business funding offers.

Plus, it seems like they’re building partnerships with government agencies, which probably means more business grant offers are coming.

Note, this is a lot different than your typical loan marketplace—there’s more to a Skip membership than the typical loan-matching platforms. I’m really digging it.

What Does Skip Do?

So, if you decide to sign up and see what it’s all about, what can you expect? As far as whether or not you will qualify for funding, I can’t say – this will depend quite a bit on your business structure, ownership, and operations. Still, I can tell you all about what’s inside the platform.

1. Business Grant Opportunities

One of the first reasons you might want to explore Skip’s offer is to get free money – who wouldn’t want it, right? Well, I expected to see maybe a handful of grant opportunities because business grants are a needle in a haystack.

However, once I got in there, I saw that there were many listed opportunities. Of course, as you’d expect, they all have stipulations – it reminded me of applying for state college scholarships.

For example, there are grants for veterans to start a business, some require that you employ at least 20 staff members, and some are open solely to nonprofits.

A majority of the opportunities I explored seemed to have a lottery-type approval process without overly-extensive applications to fill out—this is convenient, but may lead to a ton of applicants and make the awards more competitive.

What I liked best about the grant section of the platform is that it is super easy to navigate – compared to other legitimate business grant sites like the SBA’s grant directory and Grants.gov, the Skip platform is remarkably user friendly.

One thing I didn’t love about the platform is that once you express interest in a loan or grant, it is added to your progress bar with no way to remove it.

Let me just note that this is in no way a dealbreaker.

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2. Business Loans & Financing

In addition to grants, Skip connects you with loans from various partners and government-affiliated sources.

Some examples include:

SBA 7(a) loans
Bluevine lines of credit & business checking
Black Ambition Prize (possibly internal)
Fora Financial working capital
Funding Circle financing
Paintbrush startup loans

These seem to align with what I would expect after seeing their list of partners. I’m looking forward to seeing what new partners they may add in the future.

You might also like: Bluevine Review: Free, High Yield Small Business Checking! Are They Serious?

3. Deadline-Based Sorting

Grants tend to have periodic deadlines. The Skip platform allows you to sort your matches by the application due date.

This can help make sure you see the most time-sensitive offers first and never miss an opportunity. It’s not the most technologically advanced feature I’ve ever seen, but I thought it was worth a mention.

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4. Multiple-Business Financing Matching

Get grants and loans for multiple businesses

Another feature (which is so cool) is that you can add multiple business profiles to one Skip account.

You answer some questions about your business like:

Business name
Date started
Location
Annual revenue or pre-revenue status
Owner’s gender and ethnicity – for underserved groups
Owner’s credit score

The platform seems to match based on personal credit score, not your business credit score—this is pretty typical. Then, they show you a list of funding and grant opportunities that the selected business is likely to qualify for.

By allowing you to add multiple businesses, they seem to go above other business funding marketplaces that I’m familiar with.

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5. Skip AI™

While many of the grant applications require longform answers in the application process, the writing isn’t as in-depth as traditional grant writing. Still, as an applicant you can take advantage of Skip AI™ – the platform’s bespoke AI writing assistant – to help you with your wording.

Even if you don’t upgrade to a paid account, applications include tips to make your answers stronger and more engaging.

And, if you do, it can take your words and improve them in a matter of seconds. This could save you a ton of time in otherwise lengthy application processes – hours, even.

You might also like: How to Use NAV to Quickly Get Funding!

6. The Skip App

The Skip app is available on iOS and Android. This enables you to fund your business on-the go. It maintains a 4.6-star rating on the Google Play Store and 4.8 on the iOS marketplace.

Users seem to really appreciate its comprehensive and informative business funding and government assistance content. Positive feedback highlights its clear explanations and timely updates. However, occasional negative reviews mention technical issues like broken links and disappearing information, as well as complaints about unexpected charges and difficulty canceling subscriptions.

Overall, while the app offers valuable resources, persistent usability and customer service issues have led to varied user satisfaction.

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7. Educational Resources

On the front-end, Skip’s blog has a lot of “getting started” info for business owners: “How to Start a Business…” and “How Much Does it Cost to Start an LLC?.” The blog also features a lot of news about upcoming grants, approaching deadlines, and other stuff you might need to know as you apply.

In the user dashboard, there’s a lot of video content, which is also primarily news about funding opportunities.

The content is easy to understand. While it’s not all that comprehensive, I think that makes sense, since the core idea is to provide accessible solutions. And, if nothing else, the simple topics can give you an idea what you may need to research next on your entrepreneurial path.

8. Business Plan Generator

If I hadn’t got into the platform to poke around at the features, I might have missed the fact that the Skip platform offers some neat tools. Head over to the “Funding Ready Checklist,” and you’ll find more than just a place to upload your business docs.

Skip can help you generate a business plan if you don’t already have one. And, the tool is super easy to use. You will need to upgrade your account to the $9.99/month Plus plan to access it.

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9. Referral Program

While I can’t speak to the Skip affiliate program’s reliability or how easy it might be to make referrals, the platform promises to offer a one-time $20 to $200 per referral.

Compared to other affiliate programs, I’d say this is competitive. Some solutions will give you lifetime commission, but this can equal anywhere from $0 to $10,000 per referral, depending on the product.

Why not refer people to a solution they need if you like it yourself? It’s definitely a step above the many funding platforms that don’t offer referral bonuses.

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Frequently Asked Questions

Can Skip guarantee funding for my business?

While Skip offers information and guidance on funding opportunities aligned with your business profile and preferences, it cannot guarantee funding approval. The decision to approve funding rests with the funding organizations and lenders. Skip’s objective is to assist you in navigating the funding landscape and enhancing your chances of discovering suitable options, yet the ultimate approval lies with the funding providers.

Is Skip available nationwide, or are there restrictions based on location or business type?

Skip is accessible across the nation without any limitations based on location or business type. Whether you’re a small business owner in California or a startup in New York, Skip is equipped to support you with funding opportunities.

How can I cancel my Skip account?

Send an email to hello@helloskip.com, and a member the Skip support team can help you cancel or modify your account and plan.

Conclusion: Is Skip Legit?

Yep! Skip seems to be a completely legitimate business with quite a bit of transparency into their leadership. The platform makes grants and loans accessible to small businesses, specifically to owners in underserved demographics — in all, I think it’s a fantastic funding marketplace.

I’m not in love with the fact that you need to reach out to support to cancel your account. Hopefully, the cancellation process will be improved at some point in the near future. And, it’s a little confusing that the original brand had an entirely unrelated offer.

Still, if you have 7 days to dedicate to exploring the grant opportunities alone, there doesn’t seem to be any risk in trying it out (as long as you make sure to cancel your account if you decide this isn’t the platform for you).

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Can Tradeline Supply Reviews Be Trusted? The Full Picture

April 6, 2024 By Joe

If you want to build your credit, one of the commonly-advertised ways is to become an authorized user on an existing account. Parents with good credit often add their children to credit accounts to give them a head-start with credit. And, spouses commonly add one another to their accounts to share spending and expenses.

But, what if you need to build credit and you want to become an authorized user but you don’t know someone willing or able to add you to their account? Well, you can “buy tradelines” (pay to become an authorized user on a stranger’s account).

Tradeline Supply Company is essentially a marketplace for people to buy and sell tradelines. And, you’re invited to join!

But, can you trust Tradeline Supply reviews? Is this a safe way to build credit? Are there other comparable offers you should check out? And, what should you know about the process before you dive in?…I’ll answer all of these questions here so you can find out if buying (or selling) tradelines is the right choice for you.

This is what’s in store:

What is Tradeline Supply Company?
Do Tradelines Really Work?
Tradeline Supply Company Features
Frequently Asked Questions
Conclusion: Is Tradeline Supply Company Legit?

So, let’s dive in!

What is Tradeline Supply Company?

Tradeline Supply Company is a business that brings people together to buy and sell authorized user tradelines—credit accounts where someone is allowed to be added as an authorized user.

The service is meant to address “credit invisibility” and inequality by providing a way for people to become an authorized user on established credit accounts. It’s about providing equal opportunities to those who may not have access to tradelines through family or friends.

This is not a credit repair company and does not promise or advertise that their product will boost credit scores directly. Instead, they emphasize that there’s no guaranteed improvement in credit scores through their service.

The company also highlights the educational aspect of their service. They share “free resources” to empower people with knowledge about credit and finances.

Finally, Tradeline Supply Company allows you to become a broker or affiliate, which means you can earn commissions by referring others to their program—This provides a way for you to spread awareness about their services and potentially earn income doing it.

You might also like: Superior Tradelines Review: Is it a Scam or Legit Way to Build Credit?

How Does Tradeline Supply Company Work?

Tradeline Supply Company allows you to purchase tradelines online through an automated checkout process. After you pay, the “seller” (original cardholder) is responsible for adding you to the account you paid to become an authorized user on.

After you’re listed as an authorized user, when the creditor reports, the impact should be visible on your credit report. Tradeline Supply Company also lists the reporting date on their available products/pricing page.

You will not get your own credit card, you will not be able to make changes to the credit account. But, your credit report should reflect the new account.

With tradeline purchasing, the impact is usually temporary, as you will only be listed as an authorized user for 2-3 reporting cycles. After which, the account will usually fall off of your credit report.

Tradeline Supply Company collects various types of personal information, including:

Specific product or service needs
Social Security Numbers
Credit profiles
Addresses
Payment information

This information is shared for everyday business purposes, such as processing transactions, maintaining accounts, and reporting to credit bureaus. The company also shares information for marketing purposes and joint marketing with other financial companies and affiliates.

You have limited options to control this sharing—you can opt out of receiving non-essential marketing communications and limit sharing with non-affiliated third parties.

Tradeline Supply Company promises to protect your personal information using security measures that comply with federal law, including:

Computer safeguards
Encrypted storage
Employee training on privacy and security protocols

This does imply that staff might be able to access some of your personal information. While I’m sure they’d be fired for this, it doesn’t mean something awful couldn’t happen first.

How Much Do Tradelines Cost?

On the Tradeline Supply Company marketplace, the cost varies tremendously based in part on the credit limit and age of the tradeline.

Here’s a summary of the pricing as of early April, 2024:

Lowest limit – A CP1 card, opened in 2011, with a $1,000 credit limit is available for $488.75.
Lowest price: A Discover card, opened in 2019, with a $2,100 credit limit is priced at $287.50.
Highest limit: For a Chase credit card, opened in July 2020, with a $56,000 credit limit, the cost is $950.
Highest price: The most expensive option is a Bank of America credit card, opened in 2003, with a $42,500 credit limit, priced at $1,782.50.

Tradeline Supply Company earns a commission ranging from $50 to $350 for each authorized user (AU) spot that is sold. The specific commission amount is determined by factors such as the age of the credit card and its credit limit. Generally, older credit cards with higher credit limits command a higher commission.

Company Overview

Tradeline Supply Company LLC, is a California-based, for-profit, private business that was founded in 2017 by David Melincoe. According to the California Secretary of State, the company is actively registered and in good standing in the state.

Melincoe, the company’s current CEO, and leads alongside Dustin Baly, the standing CMO. With Melincoe being a process server before this and Baly an SEO expert, I wouldn’t say the company has the strongest leadership. However, I don’t see any major red flags here.

Tradeline supply company reviews David Melnicoe

They have too few employees to have much of a presence on Glassdoor, so I can’t speak to what employees think of the company (though I wish I could).

Still, their customers seem to be very satisfied, as apparent by their 4.5-star rating on Trustpilot. What people seem to love about Tradeline Supply Company is their standout customer service and responsiveness, with knowledgeable representatives to help quickly. However, some customers have experienced frustration when tradelines didn’t post as expected.

Meanwhile, they maintain a 4.75-star rating and A+ rating with the Better Business Bureau (BBB). This may not sound that impressive, but Tradeline Supply Company has only had two BBB complaints in the past year—many if not most of the financial companies I review are dealing with hundreds of complaints per year.

I didn’t find any past or present lawsuits against the company, which indicates that they’re following all applicable laws.

However, their website isn’t super transparent about the process of buying or selling tradelines. You would almost have to get into the platform and buy or sell one yourself to fully-understand how it works. I don’t really love this.

You might also like: A Credit Stacking Breakdown: What it is & How it Works

Do Tradelines Really Work?

Buying and selling tradelines is a concept that’s based on the idea of becoming an authorized user on someone else’s credit account. The only difference is that when we say “buying tradelines,” we’re usually talking about getting listed on a stranger’s account in exchange for a sum.

Becoming an authorized user is approved – even promoted – by major credit bureaus.

Alongside other tactics like secured credit cards and getting the bills you already pay reported to credit bureaus, Equifax recommends becoming an authorized user to build credit. So, yeah, it can work.

With that said, I don’t think the credit bureau is exactly encouraging you to go buy a tradeline from a stranger. In fact, Experian advises against it.

Plus, if it were completely above-water, credit card companies wouldn’t close accounts when they suspect that you’re participating in a scheme like this—and many of them do.

With that said, in the right circumstances, adding your name to a credit account with a high limit and low utilization can have a major impact on your credit score.

Here’s when becoming an authorized user can help:

You have no credit history, and a new credit card on your report can establish your credit for the first time.
When the untapped account limit can move the needle to bring your overall utilization down below 30% to bump up your score.
If adding an older account can increase your average age of credit.

Otherwise, it’s not going to do much for your credit score.

I recommend taking a peek at myFICO’s credit score guide to get a complete understanding of consumer credit scores before you take any credit building action.

And, don’t forget that when you purchase a tradeline, you rely on a complete stranger not to spend money on their own credit card. If they do, and you are an authorized user on their account, you could see a negative impact on your credit score; this is known to happen.

You might also like: 6 Best Fintech Credit Cards to Apply for (Consumer & Business)

Tradeline Supply Company Features

To stay in business, Tradeline Supply company needs to be committed to a reliable, customer-centric experience. While I think they could use more transparency and details about the process on the front-end, they offer several features that are worth exploring.

1. Wide Selection of Tradelines

Tradeline Supply Company offers a diverse selection of tradelines, including options with different credit limits, ages, and credit card issuers. This variety allows customers to choose tradelines that best suit their credit improvement goals and budget.

They offer cards from:

Discover
Barclays
CP1
Chase
Bank of America
Elan

The credit age for accounts on the platform range from one year to 20+; this is great because age of credit can have an enormous impact on the ability to take out certain types of loans. Credit limits range from $1K to upwards of $50K, which can have a major impact on utilization.

In sum, they offer quite a variety of cards.

2. Transparent and Convenient Purchase Process

How can I raise my credit score 200 points in 30 days?

Customers benefit from transparent pricing, with clear costs associated with each tradeline option displayed upfront on the website. This transparency helps customers make informed decisions based on their financial needs and preferences.

Tradeline Supply Company simplifies the tradeline purchasing process through an automated online platform. Customers can browse available tradelines, select their preferred options, and complete transactions conveniently and securely online.

3. Educational Resources

In addition to providing tradelines, Tradeline Supply Company aims to provide financial education.

The advertises offers free resources and tools to help you:

Understand credit concepts
Manage finances effectively
Make informed decisions about credit improvement strategies

Now, as far as I can tell, the only resource they offer outright is their blog—However, it’s not nothing.

The specific topics include:

Broker Partner Resources
Business Credit
Company News
Credit Cards
Credit Countdown Videos
Credit Partner Resources
Credit Repair & Credit Score Information
Guest Articles by Credit Expert John Ulzheimer
Infographics
Legal & Ethical Topics
Loans
Personal Finance
Tradeline Resources

Their posts provide information and insights into these areas to help individuals and businesses make informed financial decisions and navigate the credit landscape.

You might also like: How to Convert Credit Cards into Cash

4. Responsive Customer Service

Customers receive responsive and personalized customer service from knowledgeable representatives. The team assists customers throughout the tradeline process, addressing inquiries and ensuring a smooth experience.

For the most part, online reviewers are raving about the support they receive when they reach out to Tradeline Supply Company.

5. Guarantee and Refund Policy

Tradeline Supply Company stands behind its tradelines with a guarantee and refund policy.

TSC ensures the following guarantees:

Tradelines will post to at least two out of three major credit bureaus.
Tradelines will exhibit a flawless payment history with no late payments.
The utilization ratio on the tradelines will always be 15% or lower.
Authorized user status will remain active on the card for a minimum of two monthly reporting cycles.

It’s your responsibility to report any non-postings within 21 days.

And, if a tradeline fails to post as expected or meet customer satisfaction, the company promises to offer refunds or exchanges—this is a nice gesture, and it shows that they must do their due diligence in recruiting tradeline sellers.

6. Security and Privacy Measures

The company prioritizes the security and privacy of customer information.

Tradeline Supply Company employs a range of security measures to safeguard personal information, including:

Utilizing computer safeguards
Employing encrypted storage methods
Implementing robust data security measures
Having breach protocols in place
Using secured files and buildings
Employing an advanced identity and social security number verification system

With this said, Tradeline Supply Company sellers need access to buyers’ Social Security numbers and driver’s license documents to verify identity and prevent fraud. So, again, you are paying to list yourself on a stranger’s credit card – there are risks involved.

Still, the company does what it can to mitigate risks—they partner with third-party verification firms to cross-check buyers’ and sellers’ identifying information. And, they’re committed to cooperating fully with law enforcement to prosecute anyone engaged in fraudulent activities.

Frequently Asked Questions

How much will a tradeline boost your credit?

The credit boost from a tradeline varies based on your unique credit profile and the tradeline’s characteristics. Results can differ widely.

How many tradelines should you have to build credit?

There isn’t a set number of tradelines needed. Having a mix of credit types, low utilization, and managing credit responsibly over time is key.

How long does it take a tradeline to hit your credit?

It can take a few weeks to a couple of months for a tradeline to appear on your credit report and impact your score. It depends on when your name is added to the account and when the creditor reports to the bureaus.

How long does Tradeline Supply last?

Tradeline durations vary, typically lasting from 60 to 90 days or longer based on the agreement between the original account holder and the authorized user.

Conclusion: Is Tradeline Supply Company Legit?

Tradeline Supply Company is an established, legitimate business that offers a service that is completely legal. But, the results aren’t guaranteed.

Think of it like ebay for credit card accounts – it’s more about whether or not you can trust buyers and sellers than whether you can trust the platform itself.

And, the product…well, enter at your own risk.

Buying and selling tradelines certainly comes with a set of potential downsides. Meanwhile, the possible payoff could be just what you need to get your credit established or decrease your credit utilization to boost your score and make your next big move.

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Business Car Leasing 101: How to Lease a Vehicle With Your EIN

April 5, 2024 By Joe

You’ve got a business, and you’re at least somewhat interested in leasing a car. So, why not lease on behalf of your business? Well, as with all things, there are pros and cons.

Here, I’ll cover everything you need to know about business car leasing, the benefits, potential tax breaks, and answer some of the most commonly asked questions.

Find out how you can lease a car with your EIN and learn to take advantage of all the benefits.

This is what’s in store:

What is Leasing a Car?
How to Lease a Car With Your EIN
Business Car Lease Requirements
Frequently Asked Questions
Final Thoughts

Now, let’s hit the road!

What is Leasing a Car?

Leasing a car is kinda like renting it for a longer stretch, usually a few years. Instead of paying the full price, you’re basically paying for the time you’ll be driving it and how much it’s expected to depreciate (lose value) during that time.

When you lease, you agree to make monthly payments, kinda like paying rent on an apartment. You also might have to put down a chunk of money upfront, which is called a “down payment” or “cap cost reduction.”

Leasing can be a good option if you like driving newer cars and don’t wanna deal with selling or trading in your ride every few years—But it’s not for everyone, ’cause you don’t actually own the car at the end, and the costs can add up if you go over the mileage limit or damage the car.

So, it’s worth doing some math and thinking about your driving habits before diving into a lease.

You might also like: How to Start a Trucking Company From Start to Finish

How Does Car Leasing Work?

The process for car leasing is somewhere in between the process for buying a car and renting one.

Here’s the lowdown on how it usually goes:

You pick the car you wanna lease—This could be a brand new one from a dealership or a used one from a leasing company.
You and the leasing company (or dealership) agree on how long you’ll lease the car for, usually 2 to 4 years, and how many miles you can drive each year. There might also be other terms like the down payment and monthly payment amount.
Once you sign on the dotted line, you start making monthly payments, kinda like paying rent on an apartment. These payments cover the depreciation of the car during the lease period, plus any fees and taxes.
During the lease, you’re responsible to keep the car in good shape and maintain it according to the leasing company’s requirements. You also gotta stick to the mileage limit, ’cause going over it can result in extra fees.
When the lease term is up, you’ve got choices to make. You can return the car and walk away, buy it outright for a pre-agreed price (called the “residual value”), or lease a new car.

If you decide to return the car, you’ll need to get it inspected to check for any excess wear and tear or mileage overage. Depending on the condition, you might have to pay some extra charges.

After all that, you either say goodbye to the car or hop into a new lease and start the process all over again—That’s the basic rundown.

A lease can be a pretty sweet deal if you like driving newer cars and don’t mind not owning them outright. But like anything, it’s got its pros and cons, so weigh your options before you dive in.

You might also like: The Best Credit Cards for Truckers: Save Big on the Road!

Why Lease a Car for Business?

Leasing a car for business purposes can be a strategic move for several reasons. Firstly, opting for a lease often translates to lower monthly expenses compared to purchasing a vehicle outright through a loan.

And, there are potential tax benefits associated with leasing—lease payments can typically be deducted as a business expense. You can potentially write-off the entire payment if the car is used solely for business purposes.

Moreover, leasing enables you to regularly upgrade to newer models, helping to maintain a professional image and take advantage of the latest tech and safety features. Some lease agreements include maintenance packages, which eases the burden of routine upkeep and repairs.

The flexibility of lease terms further enhances its appeal. It can enable you to tailor agreements to your specific needs in terms of lease duration and mileage allowances.

By leasing, you can:

Preserve capital
Enjoy predictable costs
Drive newer vehicles without long-term commitment
Mitigate potential depreciation associated with ownership

However, carefully evaluate your needs and thoroughly review lease terms to make sure leasing is the right fit for your particular circumstances.

You might also like: How a Trucking Company in Snellville, GA Got Over $200K in Business Credit

Can You Write-Off a Car Lease for Business?

A car lease can be written off on your taxes, but the way you write it off isn’t cut and dry. With that said, how is leasing a car a tax write off?

To write off a car lease for tax purposes, you typically have a few options depending on your business’s circumstances and tax strategy:

Section 179 deduction – If the leased vehicle qualifies under Section 179, you can deduct the full cost of the lease as a business expense, up to the annual limit set by the IRS. To qualify, the vehicle must be used for business purposes at least 50% of the time and meet other criteria—This deduction can provide significant tax benefits, especially if you need to deduct a large portion of the lease cost upfront.
Standard depreciation – If the vehicle doesn’t qualify for Section 179 or if you’ve reached the deduction limit, you can depreciate the lease payments over the vehicle’s useful life using standard depreciation methods like Modified Accelerated Cost Recovery System (MACRS)—This method spreads the lease cost over several years, allowing you to deduct a portion of the expense annually based on the depreciation schedule provided by the IRS.
Actual expenses deduction – Alternatively, you can deduct the actual expenses related to the business use of the leased vehicle. This includes costs like fuel, maintenance, insurance, and lease payments. To claim this deduction, you’ll need to keep detailed records of all business-related expenses and ensure you can substantiate them.
Mileage Deduction – If you prefer a simpler method, you can deduct the business-related mileage driven using the leased vehicle. The IRS allows a standard mileage rate deduction for qualifying business miles driven, which accounts for depreciation, maintenance, insurance, and other vehicle expenses. Keep accurate records of your business mileage to support your deduction claim.

And, not every business can automatically write off a vehicle for business—So, consult with a tax professional to ensure you meet all the requirements and properly claim deductions for leased vehicles.

You might also like: Is Carputty Legit? A Complete Auto Financing Review

How to Lease a Car With Your EIN

Leasing a car using your Employer Identification Number (EIN) for business purposes involves similar steps to leasing a car with your personal information, but with some differences.

Here’s a general guide on how to lease a car with your EIN.

You might also like: Here’s How to [Actually] Get Business Credit With Just an EIN

1. Establish Business Credit

Before applying for a car lease with your Employer Identification Number (EIN), it’s crucial to establish credit in your business’s name—This can be achieved by opening a business credit card, obtaining a business loan, or establishing trade lines with suppliers.

Building a solid credit history for your business will increase your chances of getting approved for a car lease and securing favorable lease terms.

2. Research Lease Options

Take the time to explore different leasing companies and dealerships to find the best lease terms that align with your business needs.

Consider factors such as:

Lease duration
Mileage limits
Upfront costs
Monthly payments

Compare offers from multiple sources to ensure you’re getting the most competitive deal available.

You might also like: 41 Companies That Help Build Business Credit [Beyond Net 30 Vendors]

3. Gather Required Documents

Prepare all the necessary documentation to support your lease application.

This typically includes:

Your business’s EIN
Possibly your DUNS number
Business registration documents
Financial statements
Personal guarantors or business credit references

If you don’t already have established business credit, you’ll want to make sure your business is registered in an appropriate structure and that you’ve chosen a low-risk NAICS or SIC code.

Any additional docs you will need depends on the leasing company’s requirements. Having your documentation ready ahead of time will streamline the application process.

You might also like: Free, Printable Business Credit Application Template (+How to Use it)

4. Apply for the Lease

Submit your lease application to the leasing company or dealership. Provide accurate information about your business, including its financial standing and credit history—Be prepared for the leasing company to conduct a credit check on your business to assess its creditworthiness.

Some companies may also require additional documentation or information during the application process.

5. Negotiate Terms

Review the lease offers you receive and negotiate terms if necessary.

Pay close attention to factors like:

Lease duration
Mileage allowance
Interest rates
Additional fees

Don’t hesitate to ask for modifications or concessions that better suit your business’s needs. Negotiating favorable terms upfront can save you money and ensure a more favorable leasing experience.

6. Sign the Lease Agreement

If you’re satisfied with the terms offered, sign the lease agreement using your business’s legal name and EIN. Take the time to carefully review all the terms and conditions outlined in the contract before signing.

Make sure you understand your obligations, rights, and any penalties for early termination or excessive mileage.

7. Take Possession of the Vehicle

Once the lease agreement is signed, you can accept delivery of the leased vehicle. Before taking possession of the vehicle, inspect it thoroughly. Make sure it meets your expectations and that there are no damages or defects.

⚠️ Document any issues and notify the leasing company or dealership promptly to avoid disputes later on.

8. Make Your Payments as Agreed

Make timely lease payments according to the terms outlined in the lease agreement. It’s essential to adhere to the payment schedule to maintain a positive relationship with the leasing company and avoid late fees or penalties.

Maintain the leased vehicle in good condition and adhere to any maintenance requirements specified by the leasing company—this ensures compliance with your lease agreement.

Business Car Lease Requirements

Business car lease requirements can vary depending on the leasing company and the specific terms of the lease agreement.

Here are some common requirements that businesses typically need to meet when leasing a car:

You must operate as a legal business entity.
Provide a valid Employer Identification Number (EIN) or Business Tax ID.
A solid business credit history demonstrates your ability to manage financial obligations.
Provide proof of your business’s financial stability.
Designate authorized drivers with valid licenses.
Maintain adequate insurance coverage for the leased vehicle.

You will also need to adhere to mileage restrictions and usage limitations as well as follow all terms and conditions outlined in the lease agreement.

⚠️ Be sure to carefully review all lease terms and conditions before signing the agreement to ensure that you understand your obligations and rights as a lessee.

You might also like: Here’s How to Check Your Business Credit Score, Step-by-Step

Frequently Asked Questions

How do I lease a car with my EIN number?

To lease a car using your Employer Identification Number (EIN), establish business credit, gather required documentation, submit a lease application with accurate business details, and sign the lease agreement using your EIN.

Is it better to lease a car as a business owner?

Leasing may be advantageous for business owners due to lower upfront costs, potential tax benefits, and access to newer vehicles without long-term ownership commitments. However, it involves ongoing payments and mileage restrictions.

What are the disadvantages of leasing a vehicle for business?

Drawbacks of leasing include no ownership at the end of the term, mileage limitations, continuous lease payments without equity buildup, and potential fees for early termination.

Can you write off car payments for an LLC?

Yes, LLCs can typically deduct car lease payments as a business expense if the vehicle is used for business purposes, following IRS guidelines. Consult a tax professional to see if this applies to you.

Is it better to lease or buy a car for business tax write off?

The decision depends on factors like usage, budget, and preferences. Leasing offers immediate tax benefits with deductible lease payments, while buying provides long-term ownership and potential depreciation deductions. Consult a tax advisor for personalized advice.

Final Thoughts

Business car leasing can offer a flexible and cost-effective way to meet your company’s transportation needs—By using your EIN to lease a vehicle, you can access newer models with lower upfront costs and potential tax benefits. However, leasing involves ongoing payments and there are mileage restrictions to consider.

Now, you should understand essential aspects of business car leasing, including the process, tax implications, and considerations. By taking it all into account and weighing the pros and cons, you can make an informed decision that aligns with your business goals.

Consult financial advisors or tax professionals to tailor leasing decisions to your circumstances and maximize benefits. With this knowledge, you can leverage business car leasing to optimize your transportation strategy efficiently.

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

6 Best 0% APR Business Credit Cards to Check Out

March 31, 2024 By Joe

As a business owner, there’s no end to how you can use credit to grow your business. But, one of the downsides to using credit versus cash is the fact that it can cost you. If you fail to pay credit in full each billing cycle, annual percentage rate (APR) interest can add up fast—But, not if the APR is 0%.

0% APR business credit cards can save you a ton of interest, if used responsibly. But, where can you find them? There are needles in a haystack with no interest ever, and others you can leverage at 0% introductory rates. Simply put, here are the top business credit cards with 0% APR that I know of right now.

This is what’s in store:

What is a Good APR for a Business Credit Card?
- Can You Get a Credit Card with 0% APR?
The Best Business Credit Cards With 0% APR
Frequently Asked Questions
Final Thoughts

Now, let’s roll!!

What is a Good APR for a Business Credit Card?

Generally speaking, the lower the APR on a business credit card the better — this is if you plan to carry a balance. The lower the rate, the less you’ll pay. Think of it like this: With credit cards, you’ll be charged interest on any money that you owe at the end of a billing cycle.

So, if you spend $1,000 on your credit card, and you only pay $100 at the end of the month, you will still owe $900 to the card issuer. The issuer will charge interest on that $900. The lower the interest rate/APR the less you will pay.

According to data collected by the Federal Reserve, the average interest rate on credit cards issued by commercial banks was 21.47%, which increases over time – So, anything lower than this might be considered a “good” APR. However, this doesn’t account for cards issued by credit unions nor separate business products from those issued to consumers.

Keep in mind, if you pay the balance on your business cards in full each month, you won’t have to worry about APR.

You might also like: 3 Best Credit Unions for Small Business Banking in 2024

Can You Get a Credit Card with 0% APR?

You can absolutely get a credit card with no annual interest rate—Both 0% APR business credit cards and 0% APR consumer credit cards can be found on the market.

In most cases, when a business credit card comes with no annual fee, this is an introductory rate…A 0% introductory rate means that you will pay no interest for a specified period, which is usually 6, 12, 18, or 24 months. After this, the interest rate will revert back to its normal rate. At this point, you will be charged the full interest for any balance still owed, no matter when the debt accrued.

Another business financial product that people sometimes refer to as a business credit card is a corporate card. Many corporate cards come with 0% APR, and several even offer cash back on purchases. However, a corporate card is not technically a business credit card.

You might also like: Corporate vs Business Credit Card: What’s the Difference?

The Best Business Credit Cards With 0% APR

Let’s take a look at the top business credit cards you can get today with 0% APR.

Note: Credit cards rates can vary – always check with the card issuer before you apply.

You might also like: 6 Best Business Credit Cards for Entrepreneurs: Fuel Your Growth

1. PNC Cash Rewards Visa Signature Business

0 apr business credit cards no annual fee

The PNC Cash Rewards Visa Signature Business Credit Card offers a $400 bonus when you open a new account and make at least $3,000 in qualifying purchases within the first three billing cycles—It also features an introductory 0% APR for the first 9 billing cycles (9 months), with a variable APR of 19.24% to 27.24% afterward.

With this card, you earn 1.5% cash back on net purchases, with no limits on your earning potential. You can easily manage your account online with various tools provided. Additionally, as a Visa Signature cardholder, you’ll enjoy travel benefits and purchase protection.

There’s no annual fee, and for balance transfers, you’ll pay either $5 or 3% of the transfer amount, whichever is greater. Cash advance fees are either $10 or 4% of the advance amount, with a maximum fee of $75. Late payment and over-the-credit-limit fees may apply.

A noteworthy perk: if you have a PNC business checking account, using this credit card could help offset your monthly maintenance fee.

2. U.S. Bank Business Platinum Card

The U.S. Bank Business Platinum Card offers a 0% introductory APR on purchases and balance transfers for 18 billing cycles (a year and a half), making it ideal for managing expenses and consolidating debt. After the introductory period, a variable APR applies.

This card comes with a low annual fee and provides cards for both you and your employees–This U.S. Bank business credit card gives you access to a dedicated domestic servicing center with 24/7 customer support, which ensures assistance whenever you need it.

With Visa Spend Clarity™, you can track spending and manage expenses more effectively. The card has received honors, including being named Best 0% APR Credit Card by WalletHub and Best Business Cash Back Card for Gas by Forbes.

Furthermore, the U.S. Bank Business Platinum Card allows you to pay over time with U.S. Bank ExtendPay® Plan, and new cardmembers can take advantage of a $0 fee offer on ExtendPay Plans opened within the first 60 days after account opening.

You might also like: What are the Best Unsecured Business Credit Cards for Startups?

3. Capital One Spark Business 1.5% Cash Select

The Spark 1.5% Cash Select credit card from Capital One is tailored for businesses with good credit. It offers unlimited 1.5% cash back on all purchases, with no category restrictions, and an additional unlimited 5% cash back on hotels and rental cars booked through Capital One Travel.

There’s a $0 annual fee, and for the first 12 months, there’s a 0% introductory APR, followed by a variable APR ranging from 21.24% to 29.24%, based on your creditworthiness.

The card provides benefits like:

Automatic payments
$0 fraud liability
Year-end summaries for simplified budgeting and tax preparation
Account managers for assistance with purchases and payments
Purchase record downloads in various formats
Virtual card numbers for enhanced online security

The application process takes about 10 minutes, and decisions are typically made in seconds.

To apply, you’ll need to provide information about all business owners, including legal names, addresses, and Social Security Numbers, as well as details about your business, such as its legal name, address, and tax identification number (EIN).

You might also like: What are the Best Business Credit Cards for Travel?

4. BofA Business Unlimited Cash Rewards

The BofA Business Unlimited Cash Rewards credit card by Bank of America offers a $300 online statement credit bonus after spending at least $3,000 within the first 90 days of opening an account. It allows you to earn unlimited 1.5% cash back on all purchases, with no annual cap and no expiration on rewards.

Moreover, if you have a Bank of America business checking account and qualify for the Preferred Rewards for Business Platinum Honors tier, you can earn up to 75% more cash back, up to an unlimited 2.62% cash back on purchases.

This card features flexible redemption options, including depositing cash rewards into your Bank of America checking or savings account, receiving a statement credit, or getting a check mailed to you.

There’s no annual fee, and it offers a 0% introductory APR on purchases for the first 9 billing cycles, followed by a variable APR ranging from 18.49% to 28.49%—The card provides various features to manage cash flow, online and mobile access for account management, travel and emergency services including travel accident insurance, free access to business credit scores, security measures such as zero liability protection and fraud monitoring.

Notable: It also offers Balance Connect® for overdraft protection when linked to a Bank of America business checking account.

5. Chase Ink Business Unlimited

The Ink Business Unlimited® Credit Card from Chase offers a substantial new cardmember bonus of $750 cash back after spending $6,000 on purchases within the first 3 months of opening an account. With no annual fee, this Chase business credit business card allows you to earn unlimited 1.5% cash back on every purchase made for your business.

For the first 12 months from account opening, there’s a 0% introductory APR on purchases, which then transitions to a variable APR of 18.49%–24.49%. You can redeem your rewards on this card for cash back, gift cards, travel, and more through Chase Ultimate Rewards®.

Employee cards come at no additional cost and allow you to set individual spending limits while helping you earn rewards faster. Additionally, until March 2025, you can earn a total of 5% cash back on Lyft rides with your Chase Ink Unlimited card, which includes an extra 3.5% on top of the 1.5% you already earn on travel.

Chase also offers referral incentives for existing cardholders, allowing them to earn up to 200,000 points per year by referring businesses for any Chase Ink® Credit Card.

You might also like: Chase Ink Business Preferred Credit Card: A Deep Dive Analysis

6. Amex Amazon Business Prime

The Amazon Business Prime Card, offered by American Express, comes with a $0 annual fee and offers a $125 Amazon.com Gift Card upon approval. It features a variable APR ranging from 19.49% to 27.49% on purchases, based on creditworthiness.

This card rewards your business with:

5% cash back or 90-day terms on select U.S. purchases at Amazon Business, AWS, Amazon.com, and Whole Foods Market, with a cap of $120,000 in purchases each calendar year with eligible Prime Membership, and 1% back thereafter.
2% cash back on U.S. purchases at restaurants, gas stations, and wireless phone services purchased directly from service providers.
1% cash back on all other eligible purchases.

Additional benefits include Amazon Business Enhanced Data Views for detailed expense tracking, Amazon Shop with Points for flexible reward redemption, and no foreign transaction fees.

You can manage expenses efficiently with features like Account Manager, Employee Cards with spending limits, and integration with QuickBooks® for auto-expense categorization – Moreover, cardholders receive baggage insurance, car rental loss and damage insurance, extended warranty protection, purchase protection, and access to Amex Offers for additional rewards.

Frequently Asked Questions

What credit score do you need for 0% APR?

Typically, you need a good to excellent credit score (usually 670 or higher) to qualify for a 0% APR offer on a credit card. Each card issuer has their own underwriting and qualification terms.

Why 0% APR offers might not be good for your credit?

0% APR offers can impact credit negatively if not managed properly. They may encourage overspending, leading to higher debt levels. Additionally, opening new credit accounts can temporarily lower your credit score due to inquiries and reduced average account age.

Is 23% APR high for a credit card?

Yes, a 23% APR is slightly above the average for credit card APRs, which was around 21.47% according to Federal Reserve data.

Is 29% APR high?

Yes, a 29% APR is significantly higher than the average credit card APR, indicating high-risk lending.

Final Thoughts

Leveraging 0% APR business credit cards can be a savvy financial move for entrepreneurs – It provides a valuable opportunity to manage expenses without accruing interest. With a clear understanding of what constitutes a good APR for a business credit card, the availability of 0% APR cards, and the top options currently on the market, you’re better equipped to make informed decisions tailored to your business needs.

Remember to consider factors like introductory periods, ongoing APR rates, and additional perks and benefits when selecting the right card for your business. With careful management and responsible use, these cards can serve as valuable tools for financial flexibility and growth.

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Can You Open a SoFi Business Account? SoFi at Work Review

March 29, 2024 By Joe

So, you’re looking to open a business account…No doubt SoFi® has come up on your radar, especially if you already have a personal account with them. Maybe you’re launching a new company or you’ve been operating awhile and need financial products.

Either way, you’re here because you wanna know what business services you can get. Well, SoFi® doesn’t offer traditional business checking or savings accounts, but they do have a cool product called SoFi at Work®. And, they offer business funding — Let’s talk about both.

This is what’s in store:

What is SoFi®?
- Company Overview
SoFi at Work® Features
SoFi® Small Business Funding
- Application Requirements
Frequently Asked Questions?
Final Takeaway

Now, let’s get poppin!

What is SoFi®?

SoFi® is a bank known for its personal checking, savings, and loans. With personal loans ranging from $5,000 to $100,000 and fixed rates from 8.99% APR to 29.49% APR, members can consolidate high-rate debt or fund projects. But, the institution offers a much wider variety of financial products.

SoFi® personal loans come with no fees—no origination fees, late fees, or prepayment penalties—and flexible repayment terms from 2 to 7 years. Plus, with options for student loan refinancing, private student loans, mortgages, investments, insurance, and more, SoFi® provides broad solutions to meet a spectrum of financial needs.

Today, we’re going to focus on their business offers: SoFi at Work® and small business funding.

You might also like: An Unbiased LendingClub Review for Borrowers and Investors

Company Overview

Before we explore how you can leverage SoFi® as a business owner. Let’s learn a bit more about the company itself.

SoFi®, aka Social Finance, Inc., is a San Francisco-based, public, for-profit company with headquarters scattered across the U.S. The company was founded in 2011 by Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady. At the time, these guys were graduate students at Stanford.

The current CEO of SoFi® is Anthony Noto, who served as the Chief Operations Officer of Twitter until 2018. Before that, he was the Co-Head of Global TMT Investment Banking at Goldman Sachs—The man is experienced in the right ways.

According to Glassdoor, a majority of employees are satisfied with the company. 62% of employees would recommend them to a friend, and 77% approve of Noto as the CEO. While this isn’t the most enthusiastic rating I’ve seen on Glassdoor, at 3.6 stars, the team seems to have a generally positive experience in-house…this says a lot.

SoFi® is verified with a 4.6-star rating on Trustpilot, which is impressive for a financial offer. 82% of the more than 8,104 reviewers give the bank 5 stars. According to this, account holders are even more satisfied with the platform than staff, which is everything.

Some loyal members will go so far as to say the only people leaving negative reviews of SoFi® are those who may be doing shady trade with their account. But, one legitimate potential downside is that it’s an online-only bank, which usually infers limits on cash deposits. In sum, even Redditors have nice things to say.

Now, depending on how ethically-conscious you are, you may want to know that SoFi® filed a lawsuit against the Department of Education in March 2023. According to NASFAA, Their stance was that the Biden administration’s extended pause on student loan repayment was unlawful and caused harm to their business. However, they withdrew the lawsuit when the bipartisan ceiling debt deal was signed into place and a clear timeline for payment reopening was presented.

All in all, I think SoFi® appears to be a great bank for personal financial products. But, I always recommend you do your due diligence before you sign-on to any offer. Now, let’s explore exactly what they can offer small business owners.

You might also like: Here’s How to [Actually] Get Business Credit With Just an EIN +More Options

SoFi at Work® Features

Again, SoFi® doesn’t offer business checking or savings accounts (yet). However, this may change in the future—one Reddit moderator for the company said that business banking is a common request and insinuated that the company might be mulling over the idea…But, they do offer something called SoFi at Work®.

In a nutshell, SoFi at Work® is an employee benefits platform from SoFi®.

As a business owner, SoFi at Work® can be a valuable resource for your employees’ financial well-being. With this program, you can provide a range of perks to support your team in managing their finances.

For starters, your employees can access various financial products like:

529 college savings
Emergency savings
Retirement products
Student loans
Personal loans
Home loans

Moreover, SoFi at Work®, offers financial education resources and access to financial planners, giving your employees the tools they need to achieve financial freedom and reduce stress. The program also includes contribution benefits like student loan and 529 contributions, which can serve as attractive incentives.

And, they do it all in one dashboard — you can make it easier for your staff to save for education, plan for retirement, get financing, or prepare for unexpected expenses.

By offering financial benefits, you can demonstrate your commitment to supporting your employees’ financial well-being, which can lead to workplace satisfaction and loyalty within your team.

You might also like: Gusto Review: Let’s Really Evaluate This Famed Payroll Platform

1. Student Loan Verification & Repayment

In mid 2023, SoFi at Work® rolled out a cool new thing called Student Loan Verification (SLV) to help you and your employees tackle student loan debt while still saving up for retirement. Basically, Congress passed SECURE 2.0 in 2022, which lets employers match student loan payments with contributions to retirement plans.

So, SLV makes it super easy for you to link up those matching contributions with your employees’ loan repayments. It’s all about dealing with the impact of student loan debt on retirement savings, which has been a big issue lately.

By teaming up with financial groups and record keepers, SoFi at Work® handles the nitty-gritty to make sure eligible loan payments are verified and retirement contributions are sorted.

You might also like: Is the National Debt Relief Program Legit? The Honest Answer

2. 529 College Savings Program

The SoFi at Work 529 College Savings Program offers a tax-advantaged investment opportunity for employees, demonstrating your commitment to supporting their families’ financial futures—By investing in a 529 plan, staff can potentially see greater gains over time while enjoying the benefit of federal tax-free earnings.

The program provides a low-cost and hassle-free way for employees to save, with automatic payroll deductions and no extra administrative burden for you as the employer. With SoFi at Work handling the setup and management, including plan design and reporting, your team can easily link and contribute to existing 529 plans.

You might also like: How to Raise Money for Real Estate Investment: A Beginner’s Guide

3. Emergency Vault™ Savings

sofi business savings account interest rate

The SoFi at Work® Emergency Vault™ is a comprehensive emergency savings program designed to alleviate financial stress for both you and your employees. It provides powerful financial tools, knowledge, and support to help employees build emergency savings effectively.

With easy setup, automated processes, and stress-free administration managed by SoFi at Work, the Emergency Vault ensures a resilient workforce with reduced financial stress and improved mental well-being. Additionally, the program includes activity reporting for program evaluation and active engagement to enhance employee benefit awareness.

4. Education Assistance Benefits

The education assistance benefits platform by SoFi at Work ® offers a comprehensive solution for employers who want to support their employees’ educational needs. This platform consolidates various educational benefit and contribution programs into one user-friendly interface—this grants streamlined access for both employers and employees.

With a focus on speed, cost-effectiveness, and compliance, the platform offers:

End-to-end education assistance
Digital plan design
Account administration

You can leverage SoFi at Work® to provide low-cost solutions for funding student debt, tuition expenses, and future education investments.

SoFi® Small Business Funding

As a small business owner, SoFi’s® small business loans marketplace offers you a streamlined and efficient way to access the capital you might need to grow your business—You can easily see personalized loan offers without worrying about impacting your credit score, which allows you to explore your options freely.

They provide convenient access to loans up to $2 million with same-day approval potential. Terms and fees will vary based on the lender(s) you’re matched with.

Business loan offers include:

Equipment loans
Working capital
Payroll financing
Startup financing
Expansion loans

With this type of loan, you typically pay a factor rate in place of an interest rate – these loans are typically much more expensive than traditional business loans in the long run.

However, they are convenient. You can sometimes pay back factored loans as a percentage of daily sales.

You might also like: No-Doc Business Loans: Get Funds Without Proof of Income

Application Requirements

When you apply for a loan through the SoFi® marketplace, the platform will ask for some basic contact information before they prequalify you (which should have no impact on your credit score).

There will be a soft pull to your personal credit report during the application process. SoFi doesn’t seem to check business credit.

Gather the following info before you apply:

Name, address and contact info
Business name, address, and info
Type of business (sole proprietorship, LLC, etc.)
Business industry info
Credit score range

You will need to provide permission for access to your credit report, but this should be a soft pull. Once you’re matched with a lender, you’ll still have to apply (think of Credit Karma’s® referral program, but with business loan offers). And, this is when your actual FICO credit score will likely be pulled.

You might also like: A Deep-Dive National Funding Review: Should You Accept an Offer?

Frequently Asked Questions

Is my money safe in SoFi Bank®?

Yes, your money is safe with SoFi Bank®—as safe as in any other bank. It’s FDIC-insured, offering protection for your deposits up to the maximum amount allowed by law.

What bank is SoFi® associated with?

SoFi® was granted a national bank charter by the Office of the Comptroller of the Currency (OCC) in January 2022. In February 2022, SoFi® acquired Golden Pacific Bancorp, the parent company of Golden Pacific Bank®.

Does SoFi® have a business account?

Yes, SoFi offers business accounts tailored for small business owners via SoFi at Work® (an employee benefits platform) and their business funding platform, Relay.™ They do not offer business checking or savings accounts.

What is the downside of SoFi®?

While SoFi® offers competitive rates and features, it may have a narrower range of products compared to traditional banks, and eligibility requirements for some services can be stricter. Plus, they currently have no business banking.

Does SoFi® have a business card?

No, SoFi® does not have a business credit card. They do provide a personal credit card with cashback and travel rewards, no annual fees, and expense tracking tools.

Final Takeaway

While SoFi doesn’t offer traditional business checking or savings accounts, it provides financial products for business owners through SoFi at Work® and its small business funding platform.

SoFi at Work® offers a range of financial products and educational resources to support employee financial well-being. It could be pretty cool for the right company.

The small business funding platform provides streamlined access to loans of up to $2 million with possible same-day approval. However, the loans are likely to come with factor rates instead of interest rates, which can make them more expensive in the long run.

While SoFi® may have a narrower range of products compared to traditional banks, its innovative approach and generally high consumer opinion make me think the company is reliable overall.

Ready to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

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