business line of credit

Grasshopper Bank Review for Business Banking, Lending, & More

Key Takeaways

Grasshopper Bank is a digital-only, FDIC-insured institution.
Business accounts earn interest with no monthly fees.
SBA 7(a) and 504 loans support business growth.
Sponsor finance loans help with buyouts and acquisitions.
Commercial real estate and yacht loans start at $1 million.
API banking allows businesses to automate transactions.
Grasshopper has an A+ BBB rating but mixed reviews.
Recent legal challenges may be a concern for some.

If you’re an owner with an interest in digital banking for your small or medium-sized business, Grasshopper bank may have shown up on your radar. If so, surely you have questions about the offer.

When an institution seems like it might be a little too new or a slightly more unconventional than what you’re familiar with, it’s smart to do your research. Here, I lay out everything you need to know about what to expect if you open an account. From a summary of the business banking and funding offer to info about leadership, trust signals, and Grasshopper Bank reviews, here’s the scoop.

This is what’s in store:

What is Grasshopper Bank?
- Company Overview
How Does Grasshopper Bank Work?
What are the main differences between Brex and Grasshopper Bank?
Frequently Asked Questions
Conclusion: Is Grasshopper Bank Legit?

Now, let’s dive in!

What is Grasshopper Bank?

Grasshopper Bank is a digital financial institution serving small businesses, startups, and investors in the so-called “innovation economy”—companies driven by technology, digital tools, and entrepreneurship.

Whether this term reflects tailored services for tech-driven businesses or is just marketing language is unclear.

Either way, the bank offers:

Business checking and savings accounts
SBA lending
Fintech solutions like embedded finance and API banking

You won’t find Grasshopper Bank locations because they’re an online-only institution. Grasshopper emphasizes their client-first approach and use of technology to deliver secure and efficient banking experiences.

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

Company Overview

How long has Grasshopper Bank been in business?

According to Crunchbase, Grasshopper Bancorp, Inc. is a privately-owned, New York-based, “woman-led,” for-profit company that was launched by Judith Erwin in 2016.

However, neither Grasshopper nor Judith Erwin are listed in New York’s Doing Business Portal. However, the company is listed in Delaware’s corporate directory, the FDIC approved their application for insurance in 2018, and they’re headquartered at 915 Broadway, 7th Floor, New York, New York.

Erwin seems to have left Grasshopper in 2021 to pursue private, strategic business consulting. The company’s current CEO is Mike Butler. So, while the company was founded by a woman, it’s not currently woman-led.

Prior to taking the reins at Grasshopper, Butler served as the President of Consumer Finance at KeyCorp and spent nearly 14 years as the President and CEO at Radius Bank.

While Butler seems like he would be a good leader, based on his experience, I was disappointed to see that I couldn’t find specific information about how employees feel about him on Glassdoor.

Still, they’re A+ rated with the Better Business Bureau (BBB), with only 4 total complaints—This is super rare. However, some customer reviews on the BBB website express dissatisfaction, citing issues such as unexpected account closures, lack of communication, and delays in fund returns. They’ve been BBB-accredited since 2024.

And, over on Trustpilot, their TrustScore is above middling at 4.1 stars out of 5, where most reviews are outstanding. Positive feedback highlights knowledgeable and responsive customer service, with 68% of reviewers awarding 5 stars. However, 23% of reviewers rate the bank at 1 star, citing issues like unexpected account closures and “unhelpful security practices.”

And, Reddit reviews (usually the most critical) on Grasshopper Bank are mixed. Some users find it better than traditional banks, but others report slow transactions, account access issues, and poor communication. Common complaints include long mobile deposit times, unexpected fees, and difficulties resolving account problems.

After a quick search for lawsuits, I found that, as of February 16, 2025, Grasshopper Bank is facing legal disputes, including an $8 million loan default lawsuit and a contract-related case in Florida. While lawsuits aren’t unusual for banks, you may want to consider how these issues could impact service, lending policies, or financial stability.

In sum, Grasshopper Bank has been around for at least seven years (as of 2018 when their FDIC insurance was approved), led by experienced executives with mostly positive but mixed customer feedback. While many praise its service, some report account closures and fund access issues. It holds an A+ BBB rating and a solid Trustpilot score, but recent lawsuits are something to keep in mind.

You might also like: Best Business Bank Accounts: 5 Top Picks for Small Businesses

How Does Grasshopper Bank Work?

Now, for the meat and potatoes—What, exactly, can you get if you open a Grasshopper Bank account? And, how is it different from other offers?

1. Open an Interest-Earning Business Bank Account

A business bank account that earns interest can help maximize your idle cash while your funds stay accessible. Grasshopper Bank offers digital-first checking and savings solutions for small businesses and startups. With competitive interest rates and no monthly fees, it provides an easy way to grow your money while managing business expenses.

Here’s what you get with a Grasshopper business bank account:

Up to 1.80% APY on checking balances
Up to 3.55% APY on savings balances over $25K
No monthly fees or overdraft charges
Unlimited ACH transfers and fee-free transactions
1% cashback on online and signature-based debit card purchases
24/7 mobile and online banking with instant-issue virtual debit cards

Opening an account takes just a few minutes online, which can give you immediate access to digital banking tools to streamline payments, automate bookkeeping, and simplify cash flow management.

In addition, Grasshopper advertises enhanced security features that include fraud monitoring, encryption, and dual approvals for transactions.

*Grasshopper also offers specialized banking for venture capital and private equity firms.

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

2. Apply for Small Business Administration Loans

As an SBA Preferred Lender, Grasshopper streamlines the loan process with a digital-first application, which can potentially reduce documentation requirements and accelerate approval times. Businesses can qualify for an SBA 7(a) loan in less than 10 minutes, making it easier to access financing for working capital, acquisitions, real estate, partner buyouts, and debt refinancing.

The bank provides two primary SBA loan options:

SBA 7(a) Loan – The most flexible SBA loan, used for general business expenses, acquisitions, refinancing, and more
SBA 504 Loan – Long-term, fixed-rate financing for purchasing commercial real estate, construction, or major equipment

You may be able to leverage Grasshopper’s SBA loans for expansion, succession planning, or debt consolidation.

You might also like: This is the Truth About LenCred’s Small Business Financing

3. Make Use of “Sponsor Finance” (Secured Loans)

Grasshopper Bank offers sponsor finance solutions designed to help businesses secure funding for acquisitions, buyouts, and working capital needs. Whether you want to expand operations or manage investment cycles, these lending options can provide structured, flexible financing to support your goals.

4. Get Funding for Commercial Real Estate or a Yacht

Grasshopper bank commercial real estate lending

If you need financing for commercial real estate or a yacht, there are specialized loan options that can help. For commercial properties, loans start at $1 million and are available for stabilized properties like multi-family buildings, medical offices, warehouses, retail spaces, and flex spaces.

These loans are primarily offered in:

New York
New Jersey
Eastern Pennsylvania

Borrowers can also access liquidity lines of credit to manage cash flow.

For yacht purchases, loan amounts range from $1 million to $10 million, with terms up to 20 years—Both fixed and adjustable-rate options are available. Some loans may also allow foreign registration or limited charter use.

Both types of loans are designed to provide clear terms and a straightforward application process when you want to finance a major purchase.

You might also like: How to Get Money for Real Estate Investing: 18 Practical Ideas

5. Integrate the Grasshopper System With Your Tech

Grasshopper’s banking system can integrate directly with your technology, which can enable you to make financial transactions more seamlessly. With API banking and embedded finance solutions, you may be able to automate payments, transfers, and financial data within their own platforms.

Grasshopper’s Banking-as-a-Service (BaaS) and API banking provide tools to automate transactions like:

You can manage payments and bill pay from within your own software, monitor account balances and transaction details in real time, and even issue branded VISA® debit cards for customer transactions.

Grasshopper bank branded Visa debit cards

These solutions can work for a wide range of industries, including fintech startups, B2B marketplaces, and manufacturers, which can help you streamline your financial operations.

Security and compliance are built into the system, with bank-level fraud prevention and regulatory protections. As a nationally chartered bank and FDIC member, Grasshopper makes sure all transactions meet strict risk management standards.

You might also like: The PEX Card: Is it the Best Corporate Card for Your Business?

What are the main differences between Brex and Grasshopper Bank?

While I would think that online-only like Bluevine and Novo are more like direct competitors on the banking front, more people seem to want to know how Grasshopper stacks up against Brex.

As of today, the popular search engine overview completely misses the mark on this front, with a seemingly outdated comparison.

As of February 16, 2025, Brex and Grasshopper Bank offer distinct financial services tailored to businesses, each with unique features and benefits:

Brex is a fintech platform that offers corporate cards, expense management, and high-yield business accounts—tailored for startups and high-growth companies.
Grasshopper Bank is a digital bank with interest-bearing accounts, cash-back debit cards, and SBA lending—more for small businesses that need straightforward banking with access to funding.


Business accounts with spend management	1.80% APY checking, 3.55% APY savings
Corporate credit cards with rewards	1% cash-back Visa debit card
No monthly fees, no minimums	No monthly fees, $100 minimum deposit
AI-powered expense automation	Bill Pay, invoicing, and bookkeeping
No lending; high-yield accounts	SBA loans, SaaS funding via Capchase

In sum, Brex may be a good option if your main goal is financial automation and expense control. Meanwhile, Grasshopper may be better if you want small business banking with high-yield accounts and lending options. Both seem to cater to startups.

Frequently Asked Questions

Is Grasshopper a real bank?

Yes, Grasshopper is a real, FDIC-insured digital bank that primarily serves small businesses, startups, and fintech companies. It operates as an online-only financial institution.

Is Grasshopper FDIC-insured?

Yes, Grasshopper Bank is FDIC-insured, meaning deposits are protected up to $250,000 per depositor, per account category.

Does Grasshopper Bank use Zelle?

No, Grasshopper Bank does not currently support Zelle for person-to-person payments. However, it offers other digital payment solutions for businesses.

How big is Grasshopper Bank?

Grasshopper Bank is a relatively small, digital-first financial institution focused on business banking. While it does not have physical branches, it provides banking services nationwide.

What is Grasshopper Bank’s routing number?

Grasshopper Bank’s routing number is 026013303.

Conclusion: Is Grasshopper Bank Legit?

Grasshopper Bank is a legitimate, FDIC-insured digital bank that offers business banking, SBA loans, sponsor finance, and embedded finance solutions. They have competitive interest rates, no monthly fees, and digital tools for seamless transactions. While many businesses appreciate its features, some customers report issues with account closures and fund access.

Grasshopper may be a good fit for small businesses, startups, and investment firms looking for online banking with lending options and API integrations. However, businesses that need in-person banking or prefer traditional financial institutions might find other options more suitable. And, it’s always smart to review terms carefully before you open an account anywhere.

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

American Express Business Blueprint Review (Formerly Kabbage)

By Joe

Key Takeaways

Kabbage became Amex Business Blueprint, from lending to a full financial platform.
Blueprint combines banking, lending, and cash flow insights in one dashboard.
Amex Lines of Credit have lower fees than Kabbage (0.95% to 27%, depending on the term).
Business Checking offers higher (1.3%) APY, no fees, and a rewards debit card.
The iOS app is highly rated, but Android users report issues and bugs.
Payment Accept replaced Kabbage Payments, but new customer availability is unclear.
The Resource Center provides business insights and financial tools.

Kabbage was once a popular online lender and one of the SBA’s approved PPP loan providers. American Express quietly acquired Kabbage’s platform in 2020, and reworked it to create Business Blueprint—a comprehensive business cashflow dashboard.

So, what’s changed? And, is American Express Business Blueprint worth checking out? Here, we’ll take a quick peek at why Kabbage might have exited from their operations and learn everything you need to know about the new and expanded offer from Amex.

This is what’s in store:

What Was Kabbage?
What is American Express Business Blueprint?
- Company Overview
How Does American Express Business Blueprint Work?
Frequently Asked Questions
Final Takeaway

Now, let’s dive in!

What Was Kabbage?

Kabbage, founded in 2009, was an automated lending platform offering quick loans up to $250K for small businesses. Known for convenience but high fees, it paused lending during COVID-19 to focus on PPP loans, earning mostly low ratings.

Later, a few years after the purchase by American Express, it transitioned into Amex Business Blueprint, discontinuing its original offer.

Near the end, Kabbage offered tools like:

Kabbage Checking (competitive APY)
Kabbage Payments (low invoicing fees)
Kabbage Insights (cash flow tracking)

While useful, these services faced some technical issues before the transition. The hiccups near the end may have made selling the company the wise choice.

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

What is American Express Business Blueprint?

When I first heard that Amex had acquired Kabbage (whose lending funds used to come from Celtic Bank), I said, “If the brand does bring back working capital in the future, it will most likely come directly from Amex itself. We’ll just have to wait around to see.”

Well, that future is now.

American Express Business Blueprint is a free platform positioned to help small businesses manage their cash flow. It lets you view your American Express business products and linked external accounts in one place. Then, it provides personalized insights to help you make informed financial decisions.

With the tool, you can access features like a 30-day bank account balance projection, which uses data from your linked accounts to help you anticipate future balances. In a nutshell, business Blueprint aims to simplify financial management for small business owners.

Moreover, Amex is offering a Business Line of Credit up to $250K (same as Kabbage), with no mention of Celtic Bank. Today, these loans are serviced directly by American Express National Bank.

Company Overview

American Express Business Blueprint Benefits

American Express, aka Amex, is a global financial services company with roots dating back to 1850. Founded by Henry Wells, John Butterfield, and William Fargo—names you might recognize from Wells Fargo—Amex has built a reputation for reliability and innovation in finance.

Initially known for credit cards, charge cards, and traveler’s checks, the company has since expanded its offerings to include business checking accounts (and, now working capital) further solidifying its leading position in the financial world.

Headquartered in New York and led by CEO Stephen Squeri, Amex stands out as a trusted name in American finance. It’s publicly traded and has endured as a stable force in a fast-evolving industry.

You might also like: A Complete, Unfiltered Amex Business Gold Card Review

How Does American Express Business Blueprint Work?

American Express Business Blueprint login

As I said before, American Express Business Blueprint is free. And, you can log in with existing credentials, if you’re already an American Express member, or create an account.

Once you’re in, you’ll have access to a lot of the same features and services that were available with Kabbage, but with some notable improvements.

1. Business Lines of Credit

american express business line of credit

Kabbage’s fixed-rate loan fees were steep, ranging from 24-99% APR, with no savings for early repayment, no long-term options, and approval limited to businesses with online checking or PayPal.

In contrast, Amex Business Lines of Credit offer a more affordable alternative, with funding from $2K to $250K secured by business assets and personal guarantees.

Amex’s fees range from:

0.95% to 6.05% for single repayment loans (1 to 3 months)
3% to 27% for installment loans (6 to 24 months)

So, Amex offers a much less expensive business lending option than Kabbage was able to. They also offer reduced costs with early repayment on installment plans. However, you must be an Amex cardholder to apply.

2. Business Banking Accounts

Before the transition, there was no such thing as a Kabbage business savings account. Likewise, there is no American Express business savings account (though they do have a consumer savings option).

Kabbage Checking offered FDIC-insured banking with 1.10% APY earned on funds, which they declared was the best deal you’ll find. This wasn’t true with 2% earnings from Bluevine and varying larger amounts from several credit unions.

Today, American Express Business Checking is worth taking a look at. Their business checking account earns 1.3% APY on balances up to $500K and charges no monthly maintenance fee—They also offer a rewards debit card that earns 1 point with every $2 spent, and their high deposit limits can house balances up to $5 million.

However, they lack integrations for tools like QuickBooks and don’t accommodate cash deposits (despite free MoneyPass™ ATM access). Currently, they don’t offer virtual cards, either.

3. American Express Business Blueprint Cashflow Management

Kabbage Insights, in my opinion, was comparable to Quickbooks. While it did deliver visual reports, it was basically an accounting platform. Theoretically, it allowed users to view all their accounts in one place for a clearer picture of cash flow and revenue.

Users could link the system to various banks, including smaller credit unions. PayPal and Stripe integrations were unavailable when I reviewed Kabbage, despite being advertised.

Today, Business Blueprint™ is the core of Amex’s small business offer, with a real-time financial dashboard that consolidates Amex business products and linked external accounts.

It offers:

Personalized cash flow insights
Business income and expense tracking
30-day balance projections
A bird’s-eye view of your financial health

You can get all of this in one place. It’s designed to help you focus on growth instead of spreadsheets. The platform is free, but individual Amex financial products have their own fees and eligibility requirements.

You might also like: Plastiq Review: Can Plastiq Really Simplify Your Finances?

4. American Express Business Blueprint App

Back in September 2020, I noted that Kabbage’s web app and mobile app both seemed a little wonky. I assumed this was because they had recently furloughed staff and cut back on their service offer for the time being.

Today, the American Express Business Blueprint app, available on both iOS and Google Play marketplaces, seems upgraded.

Apple users give The Amex Business Blueprint™ app a 4.8 out of 5 rating, based on 8,500 reviews. Users appreciate its convenience and ease of use. However, some have reported limitations in banking functionalities, like viewing canceled checks and scheduling payments.

However, most Android users seem find the Amex Business Blueprint app frustrating due to:

Persistent login issues
Slow transfers
Frequent glitches
Poor support

Many of them prefer using the web instead.

You might also like: What is the Best Personal Finance Software? Free and Paid Options

5. American Express Invoicing & Payments

American Express Business Blueprint Payments

Kabbage Payments was an online invoicing platform with competitive rates at 2.9% + $0.25 per transaction, slightly lower than most major competitors. It supported email and web link billing, with next-day deposits for transactions processed before 5 PM.

Users could also create a unique URL to sell gift certificates ranging from $15 to $500.

Today, American Express Payment Accept is a service designed to help small businesses process card payments online efficiently. It offers a straightforward solution with transparent pricing, aiming to make payment processing simple and quick.

*But, they may not be accepting new customer applications at this time—Check with Amex for Updated info.

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

6. American Express Financial Resources

American Express Business Blueprint Customer Service

Kabbage’s “Resource Center” was a blog dedicated to financial advice for business owners. I found the articles to be pretty useful, easy-to-understand, and worth a look.

American Express, on the other hand, has a full suite of resources for small business owners through its Business Blueprint™ platform.

This includes a Resource Center featuring:

Articles on various small business topics
Customer success stories
A massive help center

It provides not just articles but also tools, customer success stories, and guided resources to help business owners manage and grow their finances more effectively.

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

Frequently Asked Questions

Is it hard to get an American Express business line of credit?

Approval for an Amex business line of credit depends on factors like your business’s financial health, credit score, and cash flow. While the process isn’t overly difficult for well-qualified applicants, Amex does require a personal guarantee and evaluates your business assets carefully.

Does Amex business report to Dun & Bradstreet?

Yes, American Express reports business credit activity to Dun & Bradstreet as well as other major credit bureaus, helping you build your business credit profile.

Why do so many businesses refuse Amex?

Some businesses avoid accepting Amex due to higher transaction fees compared to other credit card providers. These fees can cut into profit margins, especially for small businesses.

Is American Express business hard to get?

Obtaining an Amex business card or account generally requires a good to excellent credit score and stable business finances. While not excessively hard, it may be challenging for newer businesses or those with weaker credit profiles.

What is the minimum income for Amex Business Platinum?

American Express doesn’t specify a minimum income requirement for the Business Platinum Card. But, MyFico forums have a lot of anecdotal stories that suggest that they expect applicants to demonstrate significant income or business revenue to justify approval.

Final Takeaway

American Express Business Blueprint took what Kabbage started and expanded it into a full-scale financial platform. With better lending terms, a solid business checking account, and improved cash flow tools, it’s a clear upgrade.

However, some drawbacks remain, like limited integrations and an inconsistent mobile app experience. If you’re an Amex cardholder looking for streamlined business banking and financing, it’s worth considering—just be aware of its gaps.

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

Giggle Finance: Instant Funding for Freelancers & Self Employed

By Joe

Key Takeaways

Giggle Finance provides up to $5K in fast funding for gig workers.
Giggle requires no credit checks,= and uses bank account activity to assess eligibility.
You can set up income-based, automatic repayment for flexible loan management.
Customer service is digital-only, with mixed reviews on responsiveness.
Accusations of predatory practices and unauthorized transactions raise red flags.
Some users value Giggle’s speed and simplicity for emergency financial needs.

Giggle Finance offers something a little different than what we usually review here, but maybe not as different as you might think. Before you apply, you’ll want to know what it is you’re signing up for.

Here, explore what Giggle Finance is, learn more about the company, and understand key features of the offer.

This is what’s in store:

What is Giggle Finance?
- Company Overview
How Does Giggle Finance Work?
Frequently Asked Questions
Conclusion: Is Giggle Finance Legit?

Now, let’s dive in!

What is Giggle Finance?

Giggle Finance provides fast and convenient funding solutions designed specifically for:

Gig workers
Independent contractors
Self-employed individuals

They offer up to $5K in instant funding, their platform is fully automated, available 24/7, and requires no credit checks or lengthy application processes.

The idea is that borrowers can access cash quickly to manage unexpected expenses or invest in opportunities. In theory, this can make it a flexible option for those in the gig economy who need immediate financial support.

You might also like: Torro Business Funding Review: Is This “Zero Hassle” Offer Legit?

Company Overview

Giggle Finance, aka, Giggle LLC is a Florida-based, private, for-profit financial services entity that was founded in 2020 by Jared Kogan and Michael Zevallos. According to Florida’s SunBiz, the company is active, in good standing, and up-to-date with all their required filings with the state.

Kogen previously spent 5+ years with OnDeck, as the Director of External Sales, and has held several high-level business consulting positions. Zavallos was the Manager of External Sales at OnDeck when Kogen was with the company, and he was the Co-Founder and COO at Idea Financial before the team launched Giggle.

In short, the leadership seems to be solid. However, it’s important to know what borrowers have to say.

Currently, Giggle isn’t accredited with the Better Business Bureau (BBB), which I would almost let slide—not every legitimate business is accredited. But, they currently have an “F” BBB-rating and have failed to respond to 32 complaints filed on the platform.

Overall, TrustPilot reviews are a little more optimistic, with a 4.0 (out of 5.0) TrustScore.™ Even so, the 1-star reviews are pretty brutal.

All in all, borrowers largely view Giggle Finance as an “unethical” lender, citing:

Unauthorized transactions
Predatory practices
Poor customer service

Though, some people appreciate its fast funding for emergency needs.

These are some pretty weighty accusations, so I wanted to verify whether or not there are any open lawsuits against the company. And, I couldn’t find any current legal issues.

However, Redditors also criticize Giggle Finance as deceptive, warning that its loans involve hidden fees and misrepresented terms, which has caused financial strain for gig workers.

Having no experience borrowing from the company myself, I would have to take others’ word. On one hand, Giggle Finance offers fast funding that some borrowers find helpful in emergencies, while on the other, reviews raise significant red flags.

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How Does Giggle Finance Work?

Giggle Finance offers gig workers and self-employed individuals fast funding options, but borrowers should weigh the potential risks. Here’s how it works.

1. Apply Easily Online

The process begins with a quick online application that takes just minutes to complete. By connecting your bank account, Giggle evaluates your eligibility based on income and account activity instead of credit scores.

While convenient, some users have expressed concerns about privacy and the security of their financial data. I know that they work with Plain, which I know to be a secure technology.

If you’re working for a popular delivery service or selling on Shopify, you may be able to connect your account for immediate revenue info (this may be where the data security issue comes in).

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

2. Get Instant Funding Anytime

Once your application is submitted, the automated system processes approvals in real time, with funds often deposited within minutes. This 24/7 availability is ideal for emergencies.

However, some borrowers have reported delays or discrepancies in the amount funded compared to what was expected.

3. Repay Based on Your Income

Repayments are automatically deducted in line with your earnings, offering flexibility for those with variable incomes. Giggle also allows early payoffs to save on fees. Despite this, some users have faced challenges with rigid payment schedules and unexpected deductions.

With this said, you will need to connect the platform to your primary business bank account. They’ll use it for income verification AND repayment.

You might also like: 11 Alternate Ways for Entrepreneurs to Raise Capital with Online Lenders

4. Access Funding Without a Credit Check

Giggle Finance caters specifically to gig workers, freelancers, and independent contractors who may struggle to qualify for traditional loans.

The no-credit-check feature makes the service widely accessible, but the high fees and unclear repayment terms reported by some borrowers warrant a careful review.

You might also like: A Full Skip Review: Business Grants, Funding, and More

5. Know Your Terms Before You Borrow

Giggle Finance determines its fees and repayment terms based on the amount borrowed and the borrower’s risk profile. The company claims to maintain transparency to make sure borrowers understand the total cost before agreeing to the terms, with no hidden fees.

However, some users report higher-than-average fees.

Keep in mind, Giggle calculates repayment amounts using a factor rate, which is a multiplier applied to the borrowed amount. For instance, a $5,000 loan with a factor rate of 1.5 would require $7,500 in total repayment. And, Giggle Finance doesn’t advertise their factor rates (I wish they did).

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6. Be Ready for SMS-Only Customer Support

To verify what some borrowers had said, I tried calling the phone number listed on the website and was redirected by a pre-recorded message instructing me to send a text.

Customer service is entirely digital, with interactions through text or email. Some users have described their experiences as unprofessional or unhelpful, particularly when resolving disputes or addressing errors. But, depending on your preferences, this might be convenient.

Frequently Asked Questions

What credit score do you need for Giggle Finance?

You don’t need a specific credit score to qualify for Giggle Finance. The platform does not rely on traditional credit checks and instead evaluates your eligibility based on your bank account activity and income.

What is the maximum loan amount for Giggle Finance?

The maximum loan amount offered by Giggle Finance is $5K— Your approved amount will depend on your verified income and banking activity.

Does Giggle Finance report to credit bureaus?

Yes, Giggle Finance does report to credit bureaus. This means your repayment activity (including any missed or late payments) can impact your credit score and appear on your credit report. Be mindful of this when you apply for a loan.

Conclusion: Is Giggle Finance Legit?

Giggle Finance provides quick, easy access to cash, which can be invaluable in a pinch. However, recurring complaints (with no responses from the company) about aggressive practices, high costs, and poor communication highlight the importance of understanding the risks before borrowing.

If you carefully review the terms, you can make an informed decision about whether Giggle Finance is the right solution for your needs.

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 Complete, Unfiltered Amex Business Gold Card Review

By Joe

Key Takeaways

Earn 4X points on your top 2 spending categories (up to $150,000/year), 1X on others.
Get 3X points on flights and hotels, no foreign fees, and trip delay insurance.
Manage expenses with QuickBooks, employee cards, and year-end summaries.
Annual fee is $375, with up to $240 in select service credits.
Requires good credit (700+ FICO score), $3,000+ monthly revenue, and solid business credit.
Includes cell phone protection, extended warranties, and purchase protection.

Have you considered applying for the Amex Business Gold card, but not sure what you’d be getting yourself into? In business, the sheer number of financial management options can be overwhelming, but let’s simplify to determine if this choice is right for you.

In this Amex Business Gold card review, you’ll find what the card is, see a company overview, explore the benefits, and find out if (and when) it might be worth it to apply.

This is what’s in store:

What is the Amex Business Gold Card?
Amex Business Gold Benefits Worth Exploring
Frequently Asked Questions
Conclusion: Is Amex Business Gold Worth it?

Now, let’s dive in.

What is the Amex Business Gold Card?

Why Should You Get the Amex Business Gold?

The Amex Business Gold card is a premium business credit card from American Express with a handful of standout features, including:

Rewards on spending
Expense management tools
Travel perks
Business services

It also offers cash flow flexibility with revolving credit, which you can pay over time when needed, along with no preset spending limit. When you apply for the card, it won’t impact your personal credit, because approval is based on your business credit score.

You might also like: Amex Business Checking Review: What You Need to Know…Really

Amex Business Gold Requirements

American Express Business gold card limit Reddit

Wondering how to get an Amex Business Gold card? Well, as you may know, the requirements are fairly stringent. However, they’re not clearly specified anywhere.

So, here’s what I know is required:

Solid business credit score
FICO (personal credit) score above 700
Average monthly revenue of at least $3K

The more revenue you have and the higher your business and personal credit scores, the more likely you are to qualify for an Amex Business Gold card.

Business Credit Score Impact

When you apply for the Business Gold card from Amex, your business credit score might take a small hit because Amex may check it during the application process. Your personal credit score won’t be affected at this stage.

However, If you’re approved and decide to accept the card, it may impact your personal credit, because you’ll likely need to guarantee the account. This means that, if the account defaults, you’re on the hook.

This card could offer a good way to build business credit if you manage it well, but be sure you’re comfortable with any potential impact on your personal credit before accepting.

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

Amex Business Gold APR and Fees

The Amex Business Gold Card offers 0% APR for the first 6 months, so no interest accrues during this time. Be mindful that the introductory 0% APR doesn’t apply to cash-like transactions or fees, and this is an intro offer, which can change any time.

After that, the APR will range from 18.74% to 27.74%, based on your credit and the Prime Rate, which can change with the market. Then, if you miss payments or have returned payments, a 29.99% Penalty APR might apply for at least a year. Paying on time helps you avoid this.

Interest is calculated using the average daily balance method.

So, let’s say you spend $20,000 in a year using the Amex Business Gold Card and only make minimum payments—Here’s what you might expect:

First 6 months: You pay 0% interest during the intro APR period. Assuming you spend evenly, your balance after making minimum payments (~$300/month) is about $8,200.
Next 6 months: The remaining balance and new charges start accruing interest at around 21.74% APR. You’d pay about $1,130 in interest over this time.
After a year: You’ll have paid about $5,300 in minimum payments but still owe $15,830, including interest.

Paying only the minimum can add up quickly. To save, pay more than the minimum, especially after the 0% intro APR period ends. And, to avoid interest, you can pay your balance in full by the due date, which is at least 25 days after the billing cycle closes.

The card also has an annual fee of $375, but no foreign transaction fees. Late payments or returned payments can cost $39 or 2.99% of the past due amount, whichever is higher.

Amex Business Gold Benefits Worth Exploring

Now, let’s take a closer look at some of the benefits of being an Amex Business Gold cardholder, including rewards, tools, travel perks, and business services.

1. Amex Business Gold Rewards

This card rewards you with 4X Membership Rewards points on the top 2 categories your business spends the most in each billing cycle, from options like restaurants, gas stations, transit, software providers, and more (up to $150,000 per year; 1X points after). All other purchases earn 1X points.

Here’s an example scenario of how this might stack up:

Let’s say your business spends $2,000 on software subscriptions and $1,500 at restaurants in a billing cycle. These would be your top 2 categories, so you’d earn 4X points on those purchases, giving you 14,000 points (4 points per dollar).
If you also spend $500 on office supplies, you’d earn 1X points for that, adding 500 points.
In total, you’d earn 14,500 Membership Rewards points for that billing cycle. The top 2 categories adjust each cycle based on where you spend the most.

You can also get up to $240 annually in statement credits for eligible purchases at FedEx, Grubhub, and office supply stores, plus a monthly credit for a Walmart+ membership (up to $12.95/month).

This could be a great way to earn points and save on business essentials.

2. Expense Management Tools

The Amex Business Gold Card offers tools to simplify expense management.

With this card, here are the tools you could get:

A year-end summary to simplify expense tracking
Employee cards to control spending and earn rewards
QuickBooks integration to auto-categorize expenses

You can also take advantage of Vendor Pay by Bill.com to streamline payments and assign an Account Manager to handle tasks like payments and transaction reviews. Plus, you can stay on top of spending with account alerts, online statements, and the Amex app, which lets you track expenses and manage your account in real-time.

You might also like: BILL Spend & Expense Card Review (Formerly Divvy Credit Card)

3. Travel Perks for Cardholders

The Amex Business Gold Card enhances travel with 3X Membership Rewards® points on:

Flights
Prepaid hotels
Packages booked through AmexTravel.com

There are no foreign transaction fees, which can make international business travel seamless.

Plus, you can enjoy perks from The Hotel Collection (like a $100 experience credit and potential room upgrades for stays of two nights or more), Global Assist® Hotline for emergencies, baggage insurance for lost or damaged items, and car rental insurance for theft or damage (secondary coverage).

Finally, If your trip is delayed by 12+ hours for a covered reason, Trip Delay Insurance may provide assistance. These features can make business travel smoother and more rewarding.

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

4. Business Services from Amex

The card also offers valuable business services to protect and support your operations.

Some of the services include:

Cell phone protection up to $800 per claim
Dispute resolution for fraud and unauthorized charges
Extended warranties (up to 5 years) on eligible purchases
Annual purchase protection up to $50K per year
24/7 support through Relationship Care®

These features can help safeguard your purchases and simplify some aspects of managing your business.

You might also like: Comprehensive ZenBusiness Review: Is it Legit for LLCs?

Frequently Asked Questions

Does the Amex Business Gold card have a limit?

The Amex Business Gold card has a flexible spending limit that adjusts based on your usage, payment history, and other factors–This means your spending capacity can vary over time.

Is the Amex Gold a luxury card?

The American Express® Gold Card is considered a premium card, offering substantial rewards on dining and groceries. However, it doesn’t provide the extensive luxury perks found in higher-tier cards.

Does the Amex Gold Business have lounge access?

No, Amex Business Gold doesn’t include airport lounge access. But, it does offer other travel perks like trip delay, baggage claim, and car rental loss insurance. Lounge access is typically reserved for luxury cards like the Amex Platinum.

Is it hard to get approved for the Amex Business Gold card?

Amex Business Gold approval generally requires good to excellent credit. American Express evaluates credit history, income, and other factors during the application process.

What income is recommended for the Amex Business Gold card?

While American Express doesn’t specify a minimum income, higher revenue can improve your approval odds. They consider your overall financial profile, including income, existing debts, and both business and personal credit scores.

Conclusion: Is Amex Business Gold Worth it?

The Amex Business Gold card offers a suite of features that can be worthwhile if you think you’ll take advantage of them. But, a $375 annual fee isn’t going to work for everyone.

If you think the benefits can outweigh the cost for you, this is a high-value card from a reputable servicer. If you’re looking for more perks like lounge access, consider a platinum card instead. If you want something with no annual fee, keep shopping around—the right card is out there.

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!

Complete Ally Financial Review: No PG, No Credit Check Vehicle Loans +More

By Joe

Key Takeaways

Ally Financial is a digital financial services company.
It offers banking, investment, and auto financing products.
Some customers report poor customer service on online review websites, and the company faces class-action lawsuits over data breaches and loan practices.
Ally offers no-personal-guarantee (no-PG) business vehicle loans that focus on business credit, not personal credit.
Their business vehicle loans have flexible terms and protect personal assets.

You can find a ton of Ally Financial reviews online. While their affiliates tend to talk them up, some of their customers are less impressed. So, what’s Ally Financial really all about?

Here, I’ll answer that and more. Let’s look at what Ally Financial offers, learn about the company, and get to know their no-credit check and no-PG business vehicle loans (which I love).

This is what’s in store:

What is Ally Financial?
- What is Ally Financial Known for?
- Company Overview
Ally Financial No PG Business Vehicle Loans Summary
Frequently Asked Questions
Conclusion: Is Ally Financial Any Good?

So, let’s dive in!

What is Ally Financial?

Ally Financial is a leading digital financial services company that offers a variety of banking and investment products.

Its core services include:

Ally Bank provides deposit products like savings and checking accounts, CDs, and money market accounts. It also offers mortgages and credit services.
Ally Invest allows users to manage investments with self-directed trading, robo portfolios, and personalized advice.
Ally Home offers home purchase and refinancing options.
Ally Auto provides auto financing, a key part of their offer.

They emphasize customer care and transparency, with “no hidden fees” (according to themselves) on many of their products.

You might also like: Low-Risk NAICS Codes +Best SIC Codes for Business Credit in 2024

What is Ally Financial Known for?

Ally is known for being one of the first banks to eliminate overdraft fees and to make banking more accessible and customer-friendly. In the corporate world, they’re known for their no-PG business auto loans.

And, there are a few key aspects of their overall offer that people tend to love:

As a fully online bank, Ally offers a wide range of services without physical branches.
Ally is a major player in consumer and business auto loans and financing.
In addition to banking, Ally offers investment options, home loans, and insurance products.

As a one-stop-shop for personal finance, these factors tend to set Ally apart.

You might also like: Business Credit Cards without Personal Guarantee

Company Overview

A Detroit, Michigan-based company, allegedly launched in 1919, Ally Corporate Finance, aka Ally Financial, aka Ally CF, is listed on Crunchbase as an “automotive financial services company powered by a top direct banking franchise.” Both Ally Financial and Ally Financial Inc. were registered as entities in the state of Michigan in May, 2010, which seems to be when the trade name was changed from GMAC Inc.

However, GMAC Inc. was first registered in July, 2009. So, the 1919 founding date must be based on the fact that they’re a subsidiary of General Motors (founded in 1908).

Ally Financila Inc Delaware Company 2009

Still, the company appears to be in good standing, and its most recent annual report was filed in 2024.

Out of 762 Trustpilot reviews, Ally’s Trustscore™ is a low 1.2-stars. A lot of customers warn of poor, outsourced customer service, but some praise the banking. With an online-only bank, customer service shortcomings are almost expected. But, these are pretty poor.

With the Better Business Bureau (BBB), their reviews aren’t so promising either—Ally has a C- BBB rating with 1.06 out of 5 stars, and 1,260 complaints closed in the past 12 months,

While the BBB lists them as being in business for 40 years, this doesn’t match up with the 1919 nor the 2009 founding dates that I found.

Moreover, the reason their BBB rating is low and they aren’t accredited isn’t because they failed to sign up to become accredited. Instead, they’ve been slacking and can’t be accredited because of failure to respond to four complaints and having left eight complaints unresolved.

To make sure we’re being completely fair, it’s important to note that most financial service companies have a hard time maintaining positive reviews. And, an unsatisfied customer is way more likely to put in the effort to leave a review than someone who is satisfied.

So, I did a quick search to see if they had any open or past lawsuits, hoping to come up empty-handed. Sadly, that’s not the case.

Ally Financial is facing multiple class-action lawsuits, including:

Allegations of failing to protect customer data during a breach.
Accusations of discrimination related to its DEI policies.
Private lawsuits over improper collection practices during loan repossession.

With a quick Google search, you can find more information about some of the legal complaints against the company. With that said, I know several people, with vehicle loans through the platform, who are having no problems whatsoever.

In sum, Ally Financial has a mixed reputation. It faces low customer ratings on Trustpilot and the BBB, along with class-action lawsuits over data breaches, discrimination, and loan collection practices. But, some customers still report positive experiences.

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

Ally Financial No PG Business Vehicle Loans Summary

One of my favorite offers from Ally is their business vehicle loans–They’re one of the select few lenders I know of to offer business vehicle loans that don’t require a personal guarantee (no-PG) and no credit check.

Learn more about the option to get vehicle loans in your business name through Ally!

1. Approval Based on Business Credit

Ally’s no-PG business auto loans evaluate your business’s credit history rather than your personal credit. This process focuses on your company’s financial health, allowing you to keep your personal credit separate from your business.

You might also like: This is How to Leverage Business Credit to Transform Your Life

2. Ideal for Fleet Management

These loans are perfect for businesses needing multiple vehicles. Whether you need cars, trucks, or specialized vehicles, Ally provides flexible solutions tailored to your growing fleet.

3. Flexible Loan Terms

Ally offers various loan terms, usually ranging from 36 to 84 months. You can choose short-term or long-term financing to manage payments according to your cash flow and operational demands.

You might also like: A Full OnDeck Review: All You Need to Know About This Business Funding Offer

4. Competitive Interest Rates

With no personal guarantee required, business owners can protect their personal assets. This makes no-PG business auto loans a smart choice for companies looking to expand while minimizing personal financial risk.

5. Personal Asset Protection

6. Additional Costs to Consider

Buyers should be aware of potential costs, such as down payments, registration fees, and any modifications needed for the vehicles. Understanding these costs upfront can help you budget effectively.

7. Application Process

To start the financing process, you can download the commercial line of credit application from Ally’s website. It’s a straightforward process that allows you to get started quickly.

8. Work With a Local Dealer

Interested buyers should find a local dealer to learn more about eligibility, specific rates, and additional financing options available through Ally. To find dealers in your area that work with Ally Financial, see their dealer locator.

Frequently Asked Questions

What bank owns Ally Financial?

Ally Financial is an independent financial services company and does not have a parent bank. It was formerly known as GMAC Inc., a subsidiary of General Motors.

Is Ally Bank FDIC insured?

Yes, Ally Bank is FDIC insured. This means that deposits are protected up to the legal limit, which is currently $250,000 per depositor, per insured bank.

Is Ally Bank 100% safe?

While Ally Bank is FDIC insured, no bank can guarantee 100% safety. However, it is considered a reputable institution with security measures in place to protect customer information and funds.

What credit score is needed for Ally Financial?

Ally Financial typically requires a credit score of 620 or higher for its auto loans, but specific requirements may vary based on the type of loan and other factors. It’s best to check directly with Ally for the most accurate information.

Conclusion: Is Ally Financial Any Good?

So, can Ally be trusted? Well, they present some appealing options, especially with their no-PG business vehicle loans—These loans allow business owners to secure financing without risking personal assets.

However, the company faces significant criticism regarding customer service and transparency, as shown by their low ratings on Trustpilot and with the BBB.

While many customers do report positive experiences, the ongoing legal issues and mixed reviews warrant some level of caution. If you’re considering Ally Financial, weigh the benefits against the potential drawbacks. Conduct your own research and explore other financing options to be sure you make the best choice for your needs.

If you’re interested in applying for Ally’s no PG business vehicle loan, watch my recent video:

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

NAMYNOT Net 30: Marketing Services That Build Business Credit

By Joe

If you want a way to improve your business’s cash flow while better marketing your business, NAMYNOT’s Net 30 account could be what you need—This option lets you defer payments for up to 30 days, providing more financial flexibility.

Curious about how their Net 30 terms work and how they might benefit your business? Keep reading to find out everything you need to know.

This is what’s in store:

What is NAMYNOT?
- Company Overview
What is a Net 30 Account?
NAMYNOT Net 30 Features & Benefits
How to Qualify for NAMYNOT Net 30
Final Thoughts

Now, let’s roll!

What is NAMYNOT?

NAMYNOT, aka “nmi,” offers businesses a range of marketing services to support growth and visibility. According to their own marketing message, they focus on clear communication and create strategies that fit each client’s specific needs. Whether you want to strengthen your online presence or reach new customers, NAMYNOT can help with practical marketing solutions.

Here’s a quick look at what they offer:

Organic lead generation with content marketing.
Email marketing campaigns.
Custom marketing strategies, both online and offline.
Professional website design and maintenance.
Ad management.

With experience across various industries, NAMYNOT works with businesses of all sizes—They provide straightforward, adaptable solutions that can help your business move toward their goals.

And, they offer business bureau reporting, which means that you may be able to have your payments reported to help you establish or improve business credit.

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

Company Overview

namynot inc. 159 n sangamon st pmb 2726, chicago, il 60607, états-unis

NAMYNOT Inc. is a Chicago-based web services company that was allegedly founded in 1999 (according to Crunchbase) or 2000 (according to LinkedIn) by Antonio Wells. The company is active and in good standing in the state of Illinois, but their incorporation date was in 2021.

Now, I did find namynot.com in the Wayback machine as early as 2002, which indicates that the company was probably in operation before that time. Based on the homepage screenshot saved over 20 years ago, the brand’s design trends were quite different at that time, with a focus on flash animation web design.

For fun, I popped in to see what NAMYNOT’s website looked like in 2010, and there had been quite an improvement.

Since the company’s launch, Wells has worn many hats. From 2017 to present, he’s been the Managing Director at Celebrity Myxer. From 2015 through 2017, he served as the Senior Manager of Web and Content at BlueStacks, and he was the Founder & Chief Editor at AndroidTapp for over seven years. It seems he’s an experienced entrepreneur with a focus on marketing. And, NAMYNOT is his longest-standing venture.

While I didn’t see any past or open lawsuits against the company, the Better Business Bureau (BBB) warns that they misused the BBB brand logo in that they are not accredited with the BBB. Still, they maintain 5-star reviews on the platform.

While I didn’t spend too much time searching for business aliases, I did not see NAMYNOT or nmi listed Trustpilot or Reddit. With a marketing service, this isn’t super alarming, but made me wonder if Wells had been freelancing through another platform to build clientele.

I did find wells on Upwork with 100% job success and great client reviews as far back as 2019. Clients consistently commend Antonio Wells for his SEO expertise, thorough research, and ability to create high-quality content that drives lasting results.

Upwork clients also value his professionalism, clear communication, and strategic insights, often noting how his work positively impacted their businesses. Many clients say that they plan to rehire him, describing him as reliable, knowledgeable, and easy to work with.

So, despite some ambiguity around its founding date and lack of BBB accreditation, the brand maintains a strong reputation. With consistent positive feedback and a focus on marketing, NAMYNOT has quietly built trust and credibility over the years. In short, they’re likely legit.

You might also like: How Can Crown Office Supplies Help You Build Business Credit?

What is a Net 30 Account?

A net 30 account is a type of credit account that gives you 30 days to pay off a purchase after receiving an invoice. It’s pretty common in business-to-business transactions.

For example, if a company buys supplies from a vendor with net 30 terms, they don’t have to pay upfront—they’ll get an invoice and have 30 days to settle it. It helps businesses manage cash flow by giving them more time to pay for goods or services while still keeping operations running smoothly.

And, many contemporary net 30 vendors offer payment reporting to business credit bureaus.

NAMYNOT Net 30 Features & Benefits

Again, NAMYNOT has a net 30 offer that’s worth a look. Here, explore the features and benefits of being approved for their net 30 terms.

1. Pay Later

With NAMYNOT’s net 30 business line of credit, you have the flexibility to purchase digital marketing services now and defer payment for up to 30 days—This means you can invest in essential services, like a website redesign or social media advertising, without immediate financial strain.

For example, if you need to launch a marketing campaign to promote a new product but are short on cash this month, you can use the net 30 option. You can focus on growing your business while managing your cash flow more effectively.

2. Build Business Credit

Timely payments on your Net 30 account contribute positively to your business credit profile. When you pay your invoices on time, your payment history is reported to Dun & Bradstreet (the leading business credit bureau).

This can improve your creditworthiness and open doors to better financing options in the future. As a business owner, you might become able to secure a higher credit line or more favorable loan terms, which makes it easier to fund your growth ambitions.

3. No Personal Guarantee Required

One of the significant advantages of our Net 30 account is that it does not require a personal guarantee or a credit check. This feature protects your personal credit score and separates your business finances from your personal finances.

For instance, if your business faces a financial hiccup, your personal assets remain safe. This can give you peace of mind as you focus on running and scaling your business.

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

4. Up to $10K Credit Line

You can qualify for a credit line of up to $10,000, giving you ample resources to invest in your business. Whether you want to launch a new marketing initiative, hire freelance talent for a project, or upgrade your office equipment, a credit line can give you the flexibility you need.

Imagine having the capital to execute a comprehensive digital marketing strategy without immediate cash outflow—this could significantly boost your business visibility and sales.

You might also like: What is the Best Credit Card for Ad Spend? Expert Insights

5. Easy Application Process

Applying for a Net 30 account is straightforward and free of charge. This means you can get access to critical funding without the burden of complicated applications or hidden fees. The streamlined process allows you to focus on what matters most—growing your business.

Once your application is approved, you can start using your credit line almost immediately, which enables you to act quickly on new business marketing opportunities.

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

How to Qualify for NAMYNOT Net 30

To qualify for a NAMYNOT net 30 account, make you meet the following requirements:

You own a profitable, U.S.-based business.
Your business is active and was registered at least 90 days ago.
You want to take advantage of NAMYNOT’s services.
You own at least 25% of the business.
Your business has an EIN and a DUNS Number.
No past, negative payment history has been reported about your business.
You have a professional website.

If you run a profitable business, have the title of Authorized Officer, and meet all the above requirements, you can confidently apply for a NAMYNOT Net 30 account.

Note: If you don’t yet have a professional website, NAMYNOT might be able to help.

You might also like: The CEO Creative Net 30 Review: Is it Worth Your Time?

Final Thoughts

NAMYNOT offers marketing services alongside a net 30 payment option, which can help you manage cash flow while investing in your business. Whether you need digital marketing, a website redesign, or want to build your business credit, their flexible terms can help without the pressure of upfront payments.

With an easy application process, no personal guarantee, and credit lines up to $10K, NAMYNOT’s Net 30 option could be a practical choice if you’re looking to expand your marketing efforts. What do you think?

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

FairFigure Review: Is it Really That Easy to Build Business Credit?

By Joe

I first discovered FairFigure when writing up my most recent post, a comprehensive Fidextech review. I found it so interesting that I put it at the top of the list to research next. Now, here’s everything I know.

Let’s take a look at what FairFigure is, see an overview of company leadership, and explore the features of the card in detail.

This is what’s in store:

What is FairFigure?
- Company Overview
FairFigure Capital Card Features
FairFigure Partnership Opportunity
Conclusion: Is FairFigure Legit?

Now, let’s roll!

What is FairFigure?

FairFigure is a platform designed to help small business owners build, monitor, and improve your business credit. They offer a service that allows you to track both your business and consumer credit scores in real time. It includes features like a Business Credit Correct tool that helps identify and fix incorrect information.

FairFigure also offers the FairFigure Business Capital Card, which you can use to get funding without personal credit checks or personal guarantees.

Key features include:

Business and consumer credit monitoring.
FairFigure Capital Card that helps build credit while providing same-day funding.
Payment reporting to commercial credit bureaus.
Identity Theft Protection and Darknet Scanner to help secure your company.

With FairFigure, there are no personal credit checks for funding or credit applications, since they rely on business EINs instead. The company positions itself as a tool to help businesses grow by helping them improve credit scores and secure better funding options.

You might also like: Low-Risk NAICS Codes +Best SIC Codes for Business Credit in 2024

Company Overview

FairFigure Capital LLC is a Fort Lauderdale-based company that was founded in 2021 by Dana Angelino. Angelino happens to own and co-own several other companies, including numerous net 30 offers that help people build business credit.

His other businesses include:

Crown Office Supplies
Shirtsy
Signsy
Greentees
Coconut Bikinis
A few others

So, FairFigure’s founder is as informed as anyone could be about the business credit building market and net 30 offers. Other than a bank executive, I can’t think of a better background for a business credit builder company leader.

While FairFigure is not Better Business Bureau-accredited, they have an A- rating on the platform, with minimal complaints and a handful of positive reviews from satisfied users.

I didn’t find any FairFigure reviews on Trustpilot, mentions on Reddit, or staff reviews on Glassdoor. Most of the reviews I did find appeared to be affiliate reviews, so I assume they were somewhat biased.

Without ever having applied for the card myself, I can only say that, if I were a betting man, I would wager that the company is trustworthy based on what I know about its leadership.

With that said, I did notice something about the offer that is quite misleading. FairFigure claims to offer cashback on card purchases.

However, while I was searching for the cashback amount, I came across a blog post on the official website that states: “Instead of cash back, [the FairFigure Capital Card] benefits primarily revolve around your credit.”

I’m not a fan of deceptive messaging or brands with a lack of transparency, so this doesn’t sit so well with me. But, even without cashback, the offer is worth taking a look at.

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

FairFigure Capital Card Features

The FairFigure Capital Card is a “no PG” (no personal guarantee) business credit builder card. It lets you apply using your company’s EIN, which allows you to build business credit without personal credit checks or guarantees.

The card offers:

Flexible four or eight week repayment terms.
Credit monitoring tools.
Identity theft protection.
Reporting to commercial credit bureaus.

Moreover, it provides funding based on business revenue and reports payments to key business credit bureaus, which helps boost your credit score. Ultimately, it’s designed to separate personal and business finances, which makes it practical for small businesses that want to build credit and access funding.

Note, funds must be repaid in full within the payback terms you choose—It’s more like a corporate card, not a credit card.

1. No Personal Guarantee

You don’t have to worry about personal credit checks or guarantees when you apply for the FairFigure Card—This keeps your personal and business finances separate, which reduces the risk to your personal credit score and assets.

No PG business credit offers are perfect for businesses that want to build credit solely through their EIN.

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

2. Adjustable Spending Limits

Your spending limit with FairFigure is based on your business revenue. For example, if your business meets the qualifications, you could start with a $1,000 limit. As your revenue grows, so does your spending power.

So, if your business brings in $10K in monthly revenue, you might qualify for an $8K limit. The scalability allows you to extent your purchasing power as your business expands and gives you access to more capital when needed.

3. Net 30 or Net 60 Repayment Terms

Net 30 or net 60 terms refer to how much time you have to pay back what you’ve borrowed. With FairFigure’s card, you can choose either 30 or 60 days to pay your balance in full.

If you choose net 30, you’ll need to pay off your card in full within 30 days of making a purchase. And, if you choose net 60, you have 60 days.

4. Personal and Business Credit Monitoring

For $30 per month, FairFigure offers business credit monitoring that helps you track your financial health.

FairFigure monitors business credit scores from:

Fundex
CreditSafe
Equifax

And, provides consumer credit monitoring from:

Equifax
Transunion
Experian

This service not only keeps you updated on your credit scores but also reports your $30 monthly subscription as a separate vendor tradeline.

So, paying for the monitoring service helps build your credit faster by adding an extra positive payment to your business credit report.

5. Identity Theft Protection

With the $30 credit monitoring subscription, FairFigure includes $1 million in identity theft protection to safeguard your business. You’ll also benefit from a Darknet scanner that alerts you if your business’s sensitive information is exposed.

With this added security, you can focus on growing your business without the worry of identity theft.

6. Reporting to Business Credit Bureaus

According to FairFigure’s official website, they report data to:

Equifax Commercial
CreditSafe USA
SBFE
Their own Foundation Report

So, you can get your credit monitoring and FairFigure card payments reported to these bureaus.

However, there is no current indication that FairFigure reports to Experian Business or Dun & Bradstreet. This may change, so it’s a good idea to check their official website for the most up-to-date information.

You might also like: Everything You Need to Know About a DUNS Number – and Why You Should Care

FairFigure Partnership Opportunity

Again, I first learned about FairFigure through Fidextech, a web design and marketing agency that offers FairFigure net 30 terms to their clients, which caught my attention.

Through the affiliate program, you can earn up to $120 for each client or customer who signs up and is approved for the FairFigure Capital card. The card allows you to offer net 30 terms to your clients who can then pay you while building positive payment histories.

The program supports new businesses by establishing their profiles with credit bureaus and helps most business owners get approved for at least $1,000 in initial funding.

You might also like: A Complete Fundwise Capital Review: Should You Use Their Business Funding Services?

Conclusion: Is FairFigure Legit?

So, can you really build business credit that easily with FairFigure? It’s a bit more complex than a simple yes or no. While FairFigure offers two tradelines—the Capital Card and the monitoring service—these alone may not be enough to significantly boost your business credit.

Still, you can use the FairFigure card to pay your other tradelines, which might be super helpful. Keep in mind that paying $30 for credit monitoring is optional and may not be necessary on the business credit building journey; there are other ways to track your credit without this added expense.

Ultimately, FairFigure provides some solid tools, but building substantial business credit often requires more than just these offerings. Consider your options carefully before you dive in.

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

9 Best Business Credit Books Worth Reading in 2024

By Joe

The best way to get business credit is to research and learn everything you can about the process. But, that doesn’t mean you should believe everything you read or hear. The best business credit books are those that provide practical advice, real-world examples, and proven strategies from experts who have successfully navigated the business credit landscape.

Here, I share the best business credit books you can invest in to get tangible results.

This is what’s in store:

What are the Best Books on Business Credit?
- 4 Best Books on How to Build Business Credit
- 5 Best Credit Repair Business Books
Bonus Tips to Build Business Credit Fast
Frequently Asked Questions
Obtain Up to $100K in Business Credit With Business Credit Workshop

Now, read on!

What are the Best Books on Business Credit?

Business credit books tend to fall into one of two categories.

Books on how to build business credit
Credit repair business books

So, I’ve included a section here for each segment. First, we’ll look at the best books for small business owners that want to learn how to build business credit. Then, we’ll explore the best books for credit repair business owners.

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4 Best Books on How to Build Business Credit

Instead of just relying on your own money, traditional loans, or investors, learning how to build business credit gives you a smart way to access funds that fit your business needs.

These books can help you keep your personal and business finances separate, lower financial risks, and set your business up for steady growth by using credit wisely and responsibly.

1. The #1 Technique to Get No-Doc Lines of Credit

The free report on how to obtain up to $100K+ in business credit in 30 days offers a shortcut to acquiring significant business credit quickly, highlighting strategies to secure financing without traditional financial documentation. It outlines essential steps for building a strong business credit profile, the best tradelines for business credit, and identifies top lenders offering lines of credit and credit cards without the need for income verification.

You’ll need to upgrade to a membership for detailed criteria for lender qualifications and comprehensive strategies for long-term credit management. This report is ideal for small business owners who want rapid access to business credit.

> Get The #1 Technique to Get No-Doc Lines of Credit

2. LLC QuickStart Guide

If you’re looking to build business credit, the “LLC QuickStart Guide” by Matthew C. Lewis is a must-read. It covers the essential steps to form a Limited Liability Company (LLC), which is crucial to protect your personal assets and professionalize your business—This book addresses the complete LLC formation process across all 50 states, from documentation and compliance to writing Articles of Organization and an Operating Agreement.

It also simplifies LLC taxes and offers strategies to minimize tax liabilities. While it’s excellent for understanding the foundational aspects of LLCs and asset protection, you’ll still need additional resources on specific business credit-building strategies and maintaining a strong credit profile over time.

3. Small Business Finance for the Busy Entrepreneur

“Small Business Finance for the Busy Entrepreneur” by Sylvia Inks is invaluable when you’re looking to build business credit because it focuses on practical financial strategies essential for sustainable business growth. It addresses crucial elements such as how to understand business finances, manage cash flow effectively, and make informed financial decisions—all vital to lay a solid foundation to qualify for and manage business credit.

This book stands out by offering step-by-step instructions and real-life case studies that illustrate the impact of financial management on business success. However, while it excels in financial management tips, you’ll still need to supplement with resources specifically tailored to building and managing business credit profiles, including nuances of credit reporting and strategies to establish credit relationships with lenders effectively.

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4. How to Win Friends and Influence People

When you’re aiming to build business credit, “How to Win Friends & Influence People” by Dale Carnegie offers timeless insights that can be instrumental, especially in networking with local banks—a critical aspect of credit building. This classic emphasizes interpersonal skills crucial for fostering positive relationships, which are vital when approaching lenders for business credit.

It addresses foundational elements like building rapport, understanding others’ perspectives, and influencing decisions positively. However, while it excels in interpersonal strategies beneficial for networking, you’ll need additional resources focused specifically on financial literacy, credit reporting nuances, and practical steps to establish and maintain a robust business credit profile effectively.

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5 Best Credit Repair Business Books

Instead of relying solely on personal strategies or generic financial advice, learning from credit repair business books provides you with specialized knowledge to effectively navigate the complexities of offering credit repair services.

These books offer targeted insights into:

Improving credit scores
Disputing inaccuracies
Guiding clients toward financial health

They equip you with proven techniques and legal guidelines essential for helping individuals and businesses regain financial stability and achieve their credit goals responsibly.

1. Credit Secrets

“Credit Secrets” by Scott and Alison Hilton is ideal for anyone diving into the credit repair business because it delves into practical strategies that helped the authors overcome financial challenges.

It covers essential elements like:

Understanding credit repair techniques
Negotiating with creditors
Leveraging legal protections for consumers

This book provides valuable insights into building a credit repair business by sharing personal experiences and proven methods that can help clients improve their credit scores.

However, while it offers foundational knowledge and success stories, you’ll need additional resources to navigate legal complexities, stay updated on industry regulations, and master advanced credit repair techniques.

2. How to Remove All Negative Items From Your Credit Report

The book ‘How to Remove ALL Negative Items from your Credit Report’ by Riki Roash is a valuable resource for anyone starting a credit repair business because it provides a straightforward, do-it-yourself approach to removing derogatory items from credit reports.

It’s particularly useful for understanding the exact steps professionals use to dispute and remove negative marks, such as charge-offs, bankruptcies, and late payments, which is essential knowledge in the credit repair industry. By following Roash’s step-by-step guide, aspiring credit repair professionals can learn how to navigate the credit reporting system effectively and help clients improve their credit scores.

However, while this book offers practical methods for disputing negative items, building a successful credit repair business also requires understanding consumer protection laws, ethical guidelines, effective client communication, and ongoing updates on credit industry regulations. This additional knowledge ensures compliance and enhances the credibility and effectiveness of the credit repair services provided.

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3. Rapid Results: Credit Repair Credit Dispute Letter System

“RAPID RESULTS Credit Repair Credit Dispute Letter System” by John D Harris is a valuable resource for anyone entering the credit repair business because it offers a comprehensive system backed by the author’s extensive expertise in finance and credit management.

Harris, with a background as a loans officer and Credit Bureau Manager, provides insider knowledge on effective credit dispute strategies and how to navigate recent legal changes affecting credit repair practices—His inclusion of attorney-written dispute letters and direct email support makes this book particularly practical for beginners looking to initiate credit repair services.

However, while it covers essential dispute tactics and provides direct access to the author for guidance, aspiring credit repair professionals will still need to deepen their understanding of compliance with the Credit Repair Organizations Act (CROA), maintain awareness of evolving industry standards, and develop additional skills in client communication and service delivery.

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4. The Culture Code

“The Culture Code” by Daniel Coyle is a valuable resource for anyone entering the credit repair business because it provides essential insights into building a cohesive and motivated organizational culture, which is crucial for fostering teamwork and achieving business success.

Coyle explores how successful groups like SEAL Team Six and IDEO cultivate strong cultures of:

Trust
Collaboration
Innovation

The practical strategies that can be applied to any organization, including credit repair firms—It addresses key elements such as fostering trust among team members, promoting effective communication, and creating an environment where learning and adaptation thrive.

However, while it excels in explaining the dynamics of successful group cultures, aspiring credit repair professionals will still need to focus on specific industry knowledge like consumer credit laws, ethical practices in credit repair, client management strategies, and the latest developments in credit reporting and scoring systems.

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5. Governance, Risk Management, and Compliance

“Governance, Risk Management, and Compliance” by Richard M. Steinberg is a valuable read when you’re venturing into the credit repair business because it offers deep insights into how effective governance and risk management strategies can safeguard businesses against pitfalls and enhance long-term success.

Steinberg, a renowned expert in corporate governance, provides practical guidance on how to establish:

Robust processes
Organizational structures
Essential technologies

You can use this information to achieve your goals while navigating regulatory landscapes. The book delves into critical elements like compliance programs, risk management practices, and the board’s role in overseeing corporate strategy and performance measures.

However, while it addresses foundational aspects crucial for business stability and growth, aspiring credit repair professionals will need to complement this knowledge with specific expertise in consumer credit laws, effective dispute resolution techniques, client relationship management, and ongoing industry developments.

You might also like: Business Credit Repair: How to Get Your Business Credit Back on Track 

Bonus Tips to Build Business Credit Fast

Here are some essential tips to guide you as you build your business credit profile:

Start small — Begin with smaller credit lines and manage them carefully. This approach demonstrates reliability to future lenders and sets a strong foundation.
Always pay your bills on time — Timely payments are crucial for building a solid credit reputation and unlocking larger credit opportunities in the future.
Diversify your credit — Explore various credit options such as business credit cards, trade lines with suppliers, and small lines of credit. This diversification reduces financial risk and showcases your ability to manage multiple credit relationships effectively.
Build relationships with lenders — Foster positive connections with lenders and vendors who report to business credit agencies. Their endorsements can significantly enhance your credit standing and lead to better terms.

Remember, building business credit is a gradual process. Each strategic step you take strengthens your business’s financial health and opens doors to greater growth opportunities.

Frequently Asked Questions

What is good credit to start a business?

A good personal credit score to start a business is typically 700 or higher. But, having a strong business credit profile is equally important, which involves having a solid payment history, low debt levels, and positive relationships with lenders and vendors.

Can I get credit with my LLC?

Yes, you can get credit with your LLC. Establish business credit by obtaining an Employer Identification Number (EIN), open a business bank account, access tradelines that report to business credit bureaus, and apply for the right business credit cards or lines of credit. Keep personal and business finances separate to build a strong business credit profile.

How to get a 100 business credit score?

To achieve a perfect 100 business credit score, pay all your bills on time or early, maintain low credit utilization ratios, and establish diverse credit accounts such as trade lines and business credit cards. Regularly monitor your business credit reports for accuracy and develop strong relationships with vendors who report to credit bureaus.

How do I get my first business credit line?

To get your first business credit, register your business and get an EIN. Open a business bank account, apply for a business credit card or a small line of credit, and establish trade lines with vendors that report to business credit bureaus. Ensure all payments are made on time to build a positive credit history.

Obtain Up to $100K in Business Credit With Business Credit Workshop

Don’t miss out on the transformative power of business credit to lift your business. Mastering business credit isn’t just about funding—it’s about seizing opportunities that propel your growth and secure your financial future. Imagine accessing up to $100K in business credit within 30 days, empowering you to scale operations, invest in marketing, expand your team, or seize new business ventures.

Start paving the way to financial independence and business success now! Join Business Credit Workshop today!

The Ultimate Guide to Fix and Flip Loans: Fund Your Next Venture

By Joe

Fix and flip or “flipping houses” involves buying properties, renovating them, and selling them quickly for a profit. It’s an exciting way to invest in real estate and offers the potential for significant profits. But, the right financing is crucial.

Thinking about diving into the flipping market? Here, I want to walk you through everything you need to know about fix and flip loans so you can make informed decisions and boost your investment potential.

This is what’s in store:

What Are Fix and Flip Loans?
How Fix & Flip Loans Work
- The Risks & Challenges of Fix & Flip Loans
- The Benefits of Fix & Flip Loans
Types of Fix & Flip Loans to Consider
This is How to Qualify for a Fix & Flip Loan
Common Alternatives to Fix and Flip Loans
Frequently Asked Questions
Conclusion

Now, let’s dive in!

What Are Fix and Flip Loans?

Fix and flip loans are short-term financing options designed for investors looking to buy, renovate, and sell properties quickly. Unlike traditional mortgages, these loans focus more on the property’s potential value after renovations rather than your credit history. They typically have higher interest rates and shorter repayment terms but provide fast access to capital—exactly what you need when timing is critical.

Understanding the various funding types can help you choose the best option for your needs.

How Fix & Flip Loans Work

For the sake of relevance, we’ll talk about hard money loans that are dedicated to property flipping.

To get started, you apply for a loan by submitting a detailed plan that includes:

How much the property will be worth after renovations (ARV)
What the renovations will cost
When you plan to finish them

Once the lender approves your plan, they give you the money in stages, called “draws,” as you finish different parts of the renovations. This helps manage your budget and lowers the risk for the lender.

These loans usually need to be paid back quickly, often within 6 to 18 months. So, it’s important to have a clear plan for how you’ll either sell the property or get long-term financing before the loan term ends. This way, you can pay back what you borrowed and any interest on time.

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The Risks & Challenges of Fix and Flip Loans

While fix and flip loans can definitely be lucrative, they come with inherent risks, like:

Short repayment periods
High interest rates or fees
Market volatility
Renovation overruns

Fix and flip loans have short repayment periods, typically six months to a year, aimed at minimizing interest costs but requiring precise project planning and timely property sales to avoid financial penalties.

These loans often incur higher costs than traditional mortgages, impacting profitability, particularly if renovations are extensive or sales are delayed.

Plus, economic shifts and unforeseen events like recessions can affect project profitability, which is why you need market awareness, thorough research, a contingency fund, and experienced contractors to manage risks effectively.

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The Benefits of Fix & Flip Loans

Despite the risks involved, fix and flip loans offer several benefits:

Quick access to capital
Flexible options
Potential for high returns

Fix and flip loans provide you with quick approval and funding, essential for seizing real estate opportunities swiftly, especially in competitive markets. You’ll find a variety of loan options tailored to different financial needs and project sizes, accommodating both single property ventures and larger portfolios.

With strategic property choices, renovations, and marketing efforts, fix and flip investments can yield substantial profits in a relatively short period, which makes them a potentially lucrative path to build wealth through real estate.

Types of Fix & Flip Loans to Consider

In general, people are talking about “hard money loans” when they talk about applying for a fix and flip loan. But, this isn’t the only type of financing you can use to fund a property flip. So, let’s explore your best options.

Hard Money Loans

Hard money loans are the most common type of fix and flip loan. They’re popular for their quick approval process.

These loans are secured by the property itself, making them ideal for investors who may not have perfect credit. They’re based more on the property’s after-repair value (ARV) than on your financial history.

While hard money loans offer flexibility and speed, keep in mind that they often come with higher costs.

Hard money lenders usually charge “origination points,” which are upfront fees calculated as a percentage of the loan amount. It’s best to try to negotiate with the lender to reduce this percentage and lower your initial costs—Negotiation can be critical to minimize expenses and improve the financial viability of your fix and flip project.

Before you choose this route, consider whether the speed of access to capital outweighs the cost.

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Business Lines of Credit

Business lines of credit aren’t a loan, per se. Still, they can be used in much the same way, particularly in real estate investing—This option provides flexible access to funds whenever you need them.

Business lines of credit function similarly to revolving loans. They offer flexible access to funds as needed, making them ideal for covering project expenses without borrowing a lump sum upfront. If you have a strong credit history, securing a business line of credit can be advantageous due to its cost-effective nature—you only pay interest on the amount you draw.

Here’s a tip: Some lenders may offer promotional periods with lower interest rates or waived fees initially. It’s worth exploring these options to maximize savings on your real estate investment projects.

Home Equity Loans

Using the equity in your home is a cost-effective strategy for financing fix and flip projects. Home equity loans and HELOCs generally come with lower interest rates than hard money loans, making them attractive options for funding.

However, it’s important to understand that defaulting on these loans puts your home at risk. So, you need careful financial management and a solid exit strategy—This approach is particularly beneficial for experienced investors who are adept at managing risks and timelines in real estate projects.

For those considering real estate investor lines of credit (REILOC), these specialized credit lines offer tailored financing options designed specifically for ongoing real estate investments, providing further flexibility and potential cost savings compared to traditional funding methods.

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Personal Loans

Personal loans can be a viable option for funding fix and flip projects, particularly if you need a smaller amount of capital and have a good credit history. Here are some common types:

Unsecured personal loans – These loans don’t require collateral, which makes them less risky for your assets. They’re typically based on your creditworthiness and income. While they may come with higher interest rates, they offer flexibility and quick access to funds.
Peer-to-peer (P2P) loans – P2P lending platforms connect borrowers directly with individual lenders willing to fund their projects. These loans often have competitive rates and terms, depending on your credit profile and the platform’s requirements.
Revolving credit lines – Using revolving credit to finance renovations can be convenient, but it’s important to manage interest rates and repayment terms carefully. Some credit cards offer promotional periods with low or zero interest rates, which can be advantageous if you can pay off the balance before the promotional period ends.

When considering personal loans for fix and flip projects, compare rates, terms, and repayment schedules from different lenders to find the option that best fits your financial situation and investment goals.

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401(k) Loans

Borrowing from your retirement fund can provide a convenient source of financing for fix and flip projects, allowing you to avoid external lenders. Since you’re essentially borrowing from yourself, the interest payments contribute back into your account.

However, it’s important you make some important considerations based on IRS guidelines:

If you fail to repay the loan according to its terms, any unpaid amounts may be treated as a distribution from your retirement plan.
You may need to include the previously untaxed amount in your gross income for the year of the distribution
Unless you meet exceptions, You might face an additional 10% tax.
Not repaying the loan can reduce your retirement savings.

To mitigate these risks:

Ensure your repayment plan aligns with your project timelines and financial capabilities.
Consider consulting a financial advisor to navigate the complexities of using retirement funds for real estate investments.

These steps are crucial to assess whether borrowing from your retirement fund is the best choice to fund your fix and flip projects.

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Seller Financing

You may be able to leverage seller financing, also known as owner financing or seller carryback, when the property seller provides financing instead of or alongside a traditional mortgage lender—This arrangement can offer flexibility in terms, potentially lower costs, and a streamlined approval process. It’s particularly attractive if you may not qualify for a conventional loan.

Now, while it seems like a great idea, it’s super important to approach seller financing with caution. Conduct thorough due diligence on the property and negotiate clear terms with the seller to avoid misunderstandings or disputes later.

Weigh the benefits against potential risks and consider seeking legal advice to ensure all agreements are legally sound and in your best interest.

This is How to Qualify for a Fix & Flip Loan

Qualifying for a fix and flip loan hinges on several key factors that can significantly influence your ability to meet fix and flip loan requirements.

To enhance your chances of qualifying for a fix and flip loan and secure favorable terms:

Work on your credit score
Build your real estate experience
Invest in the property evaluation process
Get your documents organized

By taking proactive steps to strengthen your financial profile and project plan, you can position yourself as a strong candidate for a fix and flip loan. Here’s a deeper dive into each factor to help you navigate the process effectively.

1. Get Your Credit in Check

Improving your credit score is crucial before applying for a fix and flip loan.

For personal credit, focus on paying down debts, correcting any errors in your credit report, and ensuring timely payments on all obligations—A higher personal credit score generally leads to better loan terms and lower interest rates, reflecting your financial reliability to lenders.

For business credit, maintain a good payment history with vendors and suppliers, and ensure your business accounts are separate from personal finances. A strong business credit profile demonstrates stability and can improve your chances of favorable terms for fix and flip loans.

Lenders often consider both personal and business credit when evaluating your loan application, so strengthening both can enhance your borrowing options and overall financial position.

2. Network With Other Real Estate Investors

If you’re just starting with fix and flip projects, team up with seasoned investors or tackle smaller projects first to establish a track record. This builds credibility and gives you hands-on experience in real estate investing.

Having prior experience in real estate investment can significantly strengthen your standing with lenders. They often prefer borrowers who have successfully completed fix and flip projects before. This track record demonstrates your ability to handle property renovations and sales effectively, reassuring lenders about your capability to manage projects and repay loans on schedule.

Note that, in some cases, lenders may even stipulate a minimum number of completed projects as a qualification requirement.

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3. Learn How to Evaluate Properties Effectively

Make sure the property undergoes a thorough evaluation by a specialized real estate appraiser. A precise estimate of its after-repair value (ARV) supports your loan application and may increase your borrowing potential.

Lenders rely heavily on the ARV, which forecasts the property’s post-renovation worth. A professional appraisal is typically required to accurately determine the ARV, guiding the maximum loan amount based on future value. This calculation influences the loan-to-value (LTV) ratio, crucial for securing financing. Lenders also assess the property’s current state and location to gauge renovation feasibility and market potential.

Real estate investors commonly use two strategies to assess potential fix and flip profitability:

The 70% rule advises not paying more than 70% of the ARV minus repair costs. For instance, if a property’s ARV is $200,000 and repairs cost $40,000, the maximum purchase price should not exceed $100,000.
The 2% rule suggests that monthly rent should ideally be at least 2% of the property’s purchase price, primarily used for rental property evaluations.

These strategies help investors make informed decisions to optimize returns and minimize risks in real estate investment.

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4. Get Really Good at Organizing Your Documents

Ensure you gather all required financial documents early in your loan application process. A well-organized project plan is crucial to show your readiness and dedication.

Thorough financial documentation is vital when applying for a fix and flip loan. Include recent tax returns, bank statements, and a detailed project plan outlining your renovation strategy and projected costs.

Transparency about your financial status demonstrates your ability to manage the loan responsibly and gives lenders confidence in your financial management skills—This can enhance your chances of approval and may result in more favorable loan terms.

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Common Alternatives to Fix and Flip Loans

When traditional options won’t work, consider alternative funding options like cash reserves, crowdfunding, or joint ventures for your fix and flip project.

	Pros	Cons
Cash Reserves	No loan interest costs.Best for financial stability.No new debt obligations.	Ties up liquidity.May limit opportunities.May reduce emergency funds.
Crowdfunding	Spreads risk by pooling funds.Access to larger projects.Increases diversification.	Limits control over choices.Potential project delays if goals are unmet.
Joint Ventures	Costs shared with partnersRisks shared with partners.Access to capital and experience.	Requires clear agreements.Highest potential for conflict or disagreements with partners.

In some cases, these alternatives can provide flexibility and leverage in financing your fix and flip ventures beyond traditional loan options.

With cash reserves or “personal capital,” you can use your personal savings to avoid loan interest costs. But, this may tie up liquidity, which can limit other investment opportunities or emergency funds.

Crowdfunding platforms like Fundrise let you pool funds with others, spreading risk and accessing larger projects. It offers diversification, but may limit control over property choices.

Partnering with investors allows you to share costs and risks, which is beneficial if you lack experience or capital. Just make sure to establish clear agreements to manage expectations and ensure a successful partnership.

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Frequently Asked Questions

Can you get a fix and flip loan with bad credit?

Yes, but expect higher rates. Hard money loans may be an option as they focus more on the property’s value than the borrower’s credit score.

How do fix and flip loans differ from traditional mortgages?

They are shorter-term, have higher interest rates, and focus more on the property’s potential value rather than just your credit score and income.

What happens if you default on a fix and flip loan?

You may lose the property, and it can impact your credit score. It’s essential to have a solid exit strategy to avoid default.

How do you avoid taxes on a fix and flip?

Consider reinvesting profits into another property through a 1031 exchange to defer taxes. Consult a tax professional to understand your options.

Conclusion

Deciding on fix and flip loans comes with challenges and rewards. Understanding these loans—from hard money to personal funds—helps you fund projects wisely for better profits. Each loan type has things to think about, like fast cash or higher rates. Pick what matches your goals and risk level.

As you start your fix and flip journey, keep learning about markets, property checks, and money plans. This helps you make smart choices, lower risks, and grab good deals in real estate. Whether you’re new or a pro, using the right loans can make your fix and flip projects successful.

Ready for more? Look into loans, plan your investments, and jump into fix and flip real estate. Your path to money growth and real estate wins starts now!

Interested in using business credit to fund your fix and flip venture? To learn how to obtain up to $100K in business credit, join Business Credit Workshop today!

Space Coast Credit Union Review: SCCU’s Small Business Offer

By Joe

Here, I want to introduce Space Coast Credit Union (SCCU) and point out some of the special advantages that credit unions offer compared to large banks, particularly for businesses. You’ll find an overview of SCCU’s business credit cards, loans, and other small business financial products.

And, you’ll see insightful comparisons of some of SCCU’s accounts with highlights of their benefits, features, and how they cater to your needs. By the end, you’ll have a clear idea of what SCCU has to offer and whether or not you should consider them for your business banking.

This is what’s in store:

What is Space Coast Credit Union?
- Locations Served
- Membership and Eligibility
Business Financial Products and Services
SCCU Customer Service
SCCU Community Involvement
Frequently Asked Questions
Conclusion

Now, let’s get ready for takeoff!

What is Space Coast Credit Union?

SCCU is a financial institution that offers a range of services tailored for both personal and small business needs. Founded in 1951, it has grown to become one of the largest credit unions in Florida, serving over 500K members.

The credit union was established with the mission to give members competitive financial products and services and maintain a strong commitment to the community. Over the years, SCCU has expanded its offerings to include comprehensive banking solutions for individuals and businesses.

SCCU helps small businesses through a variety of offers:

Business banking
Business loans
Business credit cards
Merchant services

SCCU offers some unique benefits including the “True Cash Discount” from Banc Card, which promotes cash transactions and reduces fees. Plus, SCCU’s Business Advisors provide personalized guidance on strategic planning and financial management.

Finally, their “Honestly Free Business Checking” really has no hidden fees and no required minimum balance.

Locations Served

SCCU operates in the eastern part of Florida, with a strong presence in Miami, Melbourne, Palm Bay, Boca Raton, and Fort Lauderdale. They have approximately 60 branches spread across these areas to make sure members have convenient access to banking services.

Branches are equipped with features like ATMs with night drop boxes, drive-thrus, safe deposit boxes, coin sorters, and some offer specialized services like deposit ATMs and extended hours—Their online banking services further extend accessibility to members nationwide.

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Membership and Eligibility

To become a member of SCCU, you need to reside in one of the 34 counties in Florida that SCCU serves. These counties include Alachua, Brevard, Broward, Charlotte, Citrus, Clay, Collier, Duval, Flagler, Hernando, Hillsborough, Indian River, Lake, Lee, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, and Volusia.

If you meet this criteria, you can join SCCU by opening a personal Share Savings Account online or at any of their 65 branch locations. Your Share Savings Account not only makes you a member but also a co-owner of the credit union—It comes with benefits like earning dividends on the first dollar of savings and no monthly maintenance fees.

When you join, SCCU will check your account, credit, and employment history to verify your eligibility. This may include getting reports from third parties, including credit reporting agencies. Once your membership is established, you can access SCCU’s business products and services.

To open a business account online or in-person with SCCU, you’ll need to provide:

Business legal name
Ownership percentage (and have at least 25% ownership
Employer Identification Number (EIN)
Articles of Organization, partnership registration, or fictitious name verification from Sunbiz
Partnership agreement (if applicable)
Signers/Beneficial owner information

SCCU will provide a Resolution of Authority Form and a Business Service Account Agreement.

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Business Financial Products and Services

Whether you’re starting a new venture or expanding an existing one, SCCU offers many tools to help your business thrive. Learn more about their business banking, loans, lines of credit, and merchant services.

1. Business Banking/Checking

SCCU offers two main business checking accounts: Free Business Checking and Business Interest Checking. These accounts are designed to save you time, money, and stress, so you can focus on running your business.

Free Business Checking is SCCU’s most popular option. It comes with no direct deposit requirement, no minimum balance requirements, no transaction limits or fees, and no monthly low balance fee. You only need a minimum opening deposit of $50. This account is ideal if you want a straightforward, cost-effective way to manage your business finances without additional costs.
Business Interest Checking provides the added benefit of earning interest on your account balance, without the need for traditional bank sweeps. Like the Free Business Checking account, it also has no direct deposit requirement and no minimum balance requirement—This account allows your money to work for you while maintaining the simplicity of no monthly fees and transaction limits.

	Free Business Checking	Business Interest Checking
Minimum Opening Deposit	$50	$50
Monthly Low Balance Fee	None	None
Minimum Daily Balance	None	None
Transaction Fees	None	None
Statements	Free	Free
Multiple Business Account Holders	Allowed	Allowed
Earns Interest	No	Yes

Both accounts offer numerous free services, including:

Free statements
Free online and mobile banking
Free mobile deposit
Free Visa® debit card
Free access to SCCU ATMs
Free account alerts and 2-way text fraud alerts
Free bill payer
Free CALL-24 telephone banking
No processing limits

Plus, SCCU advertises that you can get paid up to two days early.

2. Business Credit Cards

SCCU offers a Visa® Platinum Business Credit Card with rewards and competitive interest rates. You earn 3 points per dollar at restaurants and office supply stores, 2 points per dollar on gas, and 1 point per dollar on all other purchases.

Points can be redeemed for:

Cash back
Gift cards
Travel
Entertainment
Theme park tickets

The card features a 0.00% introductory APR for the first 6 billing cycles on purchases, balance transfers, and cash advances. After the intro period, the APR is based on creditworthiness, with rates as low as Prime Rate (8.5% as of today) + 7.99%.

With this card, there are no annual fees, balance transfer fees, or cash advance fees. But, you can incur a late payment fee of up to $27 and there’s a minimum finance charge of $0.50.

Unique perks for cardholders include:

Free 2-way text fraud alerts
Visa zero liability protection
Digital wallet payment options
Contactless payments
Card controls through the mobile app

The Visa® Platinum Business Credit Card provides financial flexibility, rewards, and essential security features.

3. Business Loans

SCCU offers a handful of business loans:

Commercial real estate loans
Commercial construction loans
Commercial vehicle loans
Business equipment loans

Commercial real estate & construction loans help you build, buy, or refinance properties like offices, warehouses, or retail spaces. SCCU provides loans for owner-occupied and investor-owned properties, as well as commercial construction. There are no application fees or pre-payment penalties, and terms vary based on the project.

For construction loans, you can expect a structured draw schedule tied to construction milestones.

Commercial vehicle & business equipment loans are ideal for purchasing or refinancing business vehicles or equipment—They offer low credit union rates and flexible terms. Like real estate loans, there are no application fees or pre-payment penalties. Terms range from 24 months to 10 years or more, depending on the equipment and the lender.

For commercial vehicles and equipment loans, the benefits include separating personal and business finances, potential tax deductions, and full ownership of the vehicle or equipment.

SCCU offers fixed- and variable-rate loans, with specific rates based on creditworthiness and loan type. While they don’t disclose their commercial loan rates, comparable consumer loans come with rates as low as 6.25% for mortgages and 6.24% for auto loans.

4. Business Savings & Investment Opportunities

SCCU has a variety of business savings and investment options tailored to help your business grow while earning competitive returns.

The Business Savings Account and Business Money Market Savings both offer attractive interest rates that vary based on the balance maintained, starting from 0.04% APY for balances under $100K up to 1.25% APY for balances of $250K and above—These accounts come with:

No transaction limits or fees
Free account alerts
Easy access through online and mobile banking

Additionally, their Certificates of Deposit (CDs) offer fixed interest rates ranging from 3.94% to 4.60% APY, depending on the chosen term length from 3 to 60 months. CDs have a $500 minimum deposit requirement.

5. Treasury Services

Space Coast Credit Union Merchant Services

Finally, SCCU offers comprehensive merchant services through a partnership with BancCard. Through this partnership, they’ve made it more convenient and efficient for business members to process credit payments.

By accepting all major card types (including Visa, MasterCard, American Express, PIN Debit, Fleet, and foreign cards), SCCU enables you to expand your customer base and improve cash flow.

The services feature:

Cost-effective processing programs with no hidden fees
Innovative payment options like gift cards and electronic check acceptance
Modern equipment including EMV/NFC terminals and smartphone/tablet functionality

Whether you operate online or have physical locations, SCCU’s merchant services provide flexibility and next-day availability of funds, ensuring businesses can operate smoothly and securely.

You might also like: Should You Accept a Square Business Loan Offer?

6. Mobile App

The SCCU Mobile app is available for both iOS and Android, and gives you a free and secure way to manage your accounts on the go. With a rating of 3.8 stars from over 4.4K reviews on Google Play and 4.8 stars from 29.6K ratings on the Apple Store, the app is well-received.

In the app, you can:

Deposit checks remotely from your mobile device
Get help on the go with live chat
Monitor your account with customizable alerts
Securely access your accounts using fingerprint or Face ID
Check balances, view transaction history, and pay bills
Transfer funds and make person-to-person payments
Locate SCCU branches and ATMs near you

While the app is free for SCCU members, enrollment in SCCU’s Online Banking service is required. Users benefit from data encryption during transmission and can request data deletion.

However, some users have reported issues like crashes during check deposit and interface navigation challenges (which the developer continues to address through updates and user feedback).

SCCU Customer Service

Space Coast Credit Union customer service

SCCU offers pretty solid customer service for business members.

First, they have dedicated ‘Business Advisors’ who are meant to understand the unique financial needs of businesses and offer personalized guidance.

Next, With extended service hours during the week and on Saturdays, SCCU makes sure you can get jelp when it’s convenient for your busy schedule—They provide multiple ways to connect, whether through phone, email, or visiting a branch, so you can choose the method that suits you best. And, SCCU aims for prompt responses to your inquiries, which will help you manage your business finances efficiently.

Additionally, they offer educational resources like financial estate guides, articles, calculators, and detailed product information to empower you to make informed financial decisions—Their business-centered customer service approach is designed to be supportive and informative.

SCCU Community Involvement

Space Coast Credit Union (SCCU) is really into giving back and being part of their community. They’re all about “People helping people,” which sums up how they roll. They’ve been nominated for Business of the Year, which shows they’re making a real impact locally.

They’re active in lots of charity work, from supporting cancer foundations to helping out with school supplies. When hurricanes hit, like Irma, SCCU stepped up big time, keeping their ATMs and online services running to support their members. They also donated over $76K to the American Red Cross after multiple storms.

SCCU isn’t just about money—they’ve given over $1 million to causes they care about. Whether it’s helping out during disasters or supporting local initiatives, they’re there. Recently, they donated $38k for Hurricane Dorian relief in the Bahamas, showing they’re ready to pitch in when needed.

Overall, Space Coast Credit Union isn’t just about banking; they’re about making their community stronger. Their motto isn’t just words—they live it through their actions, from helping small businesses to lending a hand when things get tough.

Frequently Asked Questions

Does Space Coast Credit Union have monthly fees?

Space Coast Credit Union offers various accounts and services with different fee structures. Many accounts are fee-free, but some accounts may have monthly fees.

How much does Space Coast let you overdraft?

Space Coast Credit Union allows up to $500 in overdraft protection, but charges $30 per item. And, the specific amount allowed for overdrafts can vary based on your account type and individual circumstances.

How much can you withdraw from a Space Coast Credit Union ATM?

You can typically withdraw up to $500 per day from a Space Coast ATM. However, you may be able to speak to a banker to get your limits increased, particularly for business accounts.

Is Space Coast FDIC insured?

No, Space Coast Credit Union is not FDIC insured. Credit unions are insured by the National Credit Union Administration (NCUA), which provides similar coverage up to $250K per depositor.

Conclusion

In all, SCCU offers personalized business financial solutions with competitive rates and flexible terms. They excel in community engagement and social responsibility, contributing actively to local causes.

While their branch network may be somewhat limited, SCCU provides robust business credit cards, loans, and merchant services. And, you can take advantage of the credit union’s educational resources whether you are a member or not. SCCU stands out for its commitment to supporting local businesses and fostering lasting relationships with its members.

If your business operates or plans to expand outside of Florida, SCCU might not be the best fit for you. The credit union primarily serves Florida, so if you need extensive branch access beyond this state, their geographic coverage is limited. So, if your business requires convenient physical banking locations across multiple states, consider a financial institution with a broader network.

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!