financial service review

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

In the past, we’ve reviewed business funding offers from Fundbox, Lendio, and Kabbage. Until now, OnDeck (a company with a similar offer) has somehow slipped through the cracks. It’s vital for business owners who seek funding to know about all of their options. So, I want to provide a breakdown of OnDeck’s business lines of credit and term loans.

Here, I’ll share everything you need to know about the offers from OnDeck so that you can decide if this is the right option for your business funding needs.

Here’s what’s “in the hole:”

What is OnDeck?
What to Expect When You Apply with OnDeck
- OnDeck Partners
Frequently Asked Questions
The Verdict

Now, batter up!

What is OnDeck?

OnDeck is a small business lending company that promises to make the process fast and easy. The company has an A+ BBB rating, and has funded $14 billion to small business owners in the U.S., and they have a 4.8 TrustScore on TrustPilot. In a nutshell, they provide what seem like trusted term loans and lines of credit.

So, are they legit? Let’s find out!

OnDeck Term Loans

OnDeck’s core offer is a term loan for small businesses. Term loans are set-amount, fixed-rate, loans with specific repayment schedules.

Here, you can get $5K to $250K loans with up to 24-month repayment terms. Automatic payments for an OnDeck term loan will be made daily or weekly.

OnDeck Lines of Credit

The secondary offer from OnDeck is a line of credit. Lines of credit are a pre-set borrowing limit with revolving terms that can be used at any time.

Here, you can get $6K to $100K lines of credit with 12-month repayment terms. Automatic payments for an OnDeck line of credit will be made weekly.

OnDeck Requirements

As with most business funding options, you will need to meet minimum requirements to successfully obtain funding. With OnDeck, you must have at least one year in business, a consumer FICO score of at least 625, $100K annual business revenue, and a business bank account.

Next, you must also operate outside of OnDeck’s list of restricted industries. Any business in the following industries are prohibited from obtaining funding through the platform:

Adult entertainment
Drug dispensaries
Firearms vendors
Government
Non-profit and civic organizations
Public administration
Horoscopes and fortune telling
Lotteries, casinos, and gambling
Gaming
Money service businesses
Rooming and boarding houses

Finally, funding through OnDeck is unavailable in Nevada, North Dakota, or South Dakota.

When the minimum requirements are not met, anyone who applies through the platform will be referred out to OnDeck’s Trusted Lending Partner team.

OnDeck Interest Rates & Fees

I have said this before, but I can’t say it enough. ALWAYS read the fine print.

The average rate for OnDeck’s term loans is 62.1% APR and 48.9% APR for lines of credit (ouch!). This means that if you carry a balance, you’ll be paying a ton of interest, and could get yourself into trouble if you’re not careful.

Let me break this down assuming 50% interest on a $100K, 12-month OnDeck loan: Your monthly payment would be approximately $10,309.82 and your total interest would be $23,717.90 at the end of the year.

This is without considering fees, which, according to several sources, are not disclosed until closing, and can run in the thousands of dollars.

I think that if you have the revenue to qualify, you would be much better off looking into a free corporate credit card from Stripe, Torpago, Ramp, Divy, or Brex. And, if you aren’t there yet, you would do well to build your business credit.

What to Expect When You Apply with OnDeck

If you choose to apply for funding with OnDeck, the first thing you’ll be asked is how much funding you think you need. If your needs fall within the $5K to $250K range, there might be an offer for you here.

Next, they want to know how soon you need the funding. If you have 72 hours or you are looking for funding a month out, this will help determine how the company proceeds with your application.

Then, they need to know what you need the money for. You’ll be provided with a space to describe how you will use any funds you obtain.

From there, you’ll share your contact information with OnDeck and choose a password to create an account. You may be asked to enter a referral code (this will ensure that the person who referred you gets any bonus or incentive that they’re entitled to). So far in the process, the application process is simple.

After that, you will need to share information about your business: legal entity name, address, phone number, EIN, gross annual revenue, and average bank balance. Finally, you will be asked to enter identifiable info about yourself, including your social security number (which lets me know they may do a hard pull to your personal credit).

When you submit your application, OnDeck will immediately analyze the information you submitted, and attempt to make a pre-approval decision.

Once pre-approved, be prepared to submit documentation to complete the loan process. Then, you can receive your funds or credit line within as few as 24 hours. Then, after 6 months or so of on-time payments, you may be able to refinance your loan for a lower rate.

And, if you run into financial troubles, you will be required to pay your loan, possibly without much flexibility (this should be expected with most business financial offers, though some lenders will give you some grace).

OnDeck Partners

The OnDeck Trusted Lending Partner team can be reached via email at tlp@ondeck.com at any time. But, an unsuccessful applicant will be contacted within 48 hours with offers from partners. OnDeck promises that they do not share your information with partners before asking for your consent.

So, who is in the partner lineup?

OnDeck has two types of partners: editorial and financial.

Editorial partners are essentially affiliates. Anyone with a captive small business audience that might benefit from OnDeck’s offer may inquire.

Financial partners are sales organizations or direct lenders who want to receive customer referrals from OnDeck. In exchange, OnDeck receives a referral fee. Lending partners must have been in business for at least two years, offer at least $1M in monthly business funding, have a functional, encrypted website, active business insurance, and be based in the United States.

Note: OnDeck also has programs in Australia and Canada.

OnDeck Company Overview

Originally located in the greater New York area, OnDeck Capital Inc. was founded in 2006 by Mitch Jacobs, the founder and current CEO of Plink.

In July 2020, the OnDeck was acquired by Enova International, the company that purchased Pangea Monay Transfer in 2021. OnDeck’s home base is now in Chicago. The current CEO is Joe Coughlin.

OnDeck is a publicly-traded company, and they’ve received a total of $1.2 billion in funding since launch. I would say they are here to stay.

Frequently Asked Questions

Is OnDeck still in business?

Yes, OnDeck was acquired in 2020, and they are still very much in business.

Who owns OnDeck?

OnDeck is now owned by Enova International and is publicly traded.

Is there a minimum credit score for OnDeck?

Yes, OnDeck requires a minimum FICO score of 625.

What is the maximum amount you can borrow from OnDeck?

The most you can borrow from OnDeck at one time is $250K, in the form of a term loan.

What type of loan is OnDeck?

OnDeck offers both term loans and lines of revolving credit.

What are the terms for OnDeck?

OnDeck’s lines of credit should be paid in full within 12 months, while their term loans vary with repayment terms of up to 24 months.

How does OnDeck make their money?

OnDeck makes money by charging loan fees and interest, with early rates in the 50% range.

For a borrower, what are the benefits of choosing OnDeck?

OnDeck offers fast cash, with funds received within 24 hours. The catch is in the cost.

Does OnDeck conduct credit checks?

Yes, OnDeck asks for a social security number in the loan application and requires a minimum personal FICO score (625) to approve funding.

Does OnDeck require a personal guarantee?

Yes, OnDeck required a personal guarantee. Both the business and the owner are liable for any debts incurred.

Does OnDeck use Plaid?

Yes, OnDeck uses Plaid for read-only access to business bank account information.

The Verdict

Is OnDeck the home run you’re looking for?

To be fair here, OnDeck is a legitimate company that seems to have a ton of happy borrowers — in fact, I know some of them personally. They are transparent with their offer, and they seem to be honest lenders (that in itself is a breath of fresh air). I am not one to turn people away from an offer like this… unless something better is available — in this case, better options might be available.

However, if you won’t qualify for other, more feature-rich business funding options, OnDeck could be exactly what you need to get fast cash flow that helps you grow your business. Just make sure to explore competitors. And, no matter which platform you choose to obtain funding, be sure to do the math before you apply (i.e. How much will a loan actually cost, and can you afford it?).

If you’re interested in learning how you can obtain up to $100K in business credit in as few as 30 days, join Business Credit Workshop today.

Is Biz2Credit Legit? A Complete Review

By Joe Leave a Comment

As I’ve reviewed business credit builders and fintech offers on the rise, I keep seeing Biz2Credit pop up. I’ve seen a lot of advertising, and, most recently, I noticed that prior to linking a bank account to Tillful, their user dashboard links out to funding options from Biz2Credit — this tells me that the brands have partnered. And, since I like Tillful’s secured card offer, I thought I might find something good here as well.

Now, before I give you the final verdict, it’s important for you to understand what makes me come to the conclusion I have. So, in the meantime, here’s everything you need to know:

What Kind of Company is Biz2Credit?
Company Overview
How Does Biz2Credit Funding Work?
Biz2Credit Loan Requirements & Terms
BizAnalyzer Overview
Biz2Credit’s Disaster Relief Hub
Biz2Credit’s Referral Program
Biz2Credit Partners
Frequently Asked Questions
Takeaway: Is This The Best Option for Small Business Funding?

Now, let’s get moving.

What Kind of Company is Biz2Credit?

Essentially, Biz2Credit is a business funding platform that helps small businesses get the cash they need (before they finish their cup of coffee). The goal is to provide owners with access to capital using technology to simplify the process.

Biz2Credit offers a range of services, including working capital, business term loans, ERTC loans, and commercial mortgages. Biz2Credit provides a direct lending option through a subsidiary and partners with third-party lenders, which means they act primarily as an online broker to provide businesses with targeted partner offers.

I know that one of the lending companies Biz2Credit worked with for PPP loans was Itria Ventures, which is a subsidiary of Biz2Credit. Beyond that, I didn’t find a lot of information about which partner lenders they work with regularly.

Next, it seems like most people who work for Biz2Credit would recommend a job at the company to a friend, and almost all employees approve of the CEO (according to Glassdoor). So, the company culture is likely great.

Note: Biz2Credit’s offer seems pretty similar to Lendio’s, except that Lendio also provides access to credit cards and acquisition funding.

Company Overview

Biz2Credit Inc was founded in NYC, in 2007, by Ramit and Rohit Arora. So, the company has been around for over a decade — in that time, they’ve received $387 million in funding. Most recently, in 2019, they raised $52 million in a series B funding round led by Westbridge Capital. This tells me that Biz2Credit is likely here to stay.

Ramit, the current company president, has ten-plus years of experience in risk management and has worked with notable companies like Citibank and Xerox. And, Rohit, the present CEO, has been a member of the Forbes finance council since 2017. They seem to me like a pair of trustworthy leaders.

Biz2Credit did receive a lot of poor reviews following PPP loan services, and there was at least one class action lawsuit filed (also re: PPP). But, to be fair, everyone was navigating new territory at that time, and the class action was recently dismissed.

Not to mention that, despite the onslaught of PPP complaints, the company still has a 4.6 Trustpilot rating, which is pretty difficult for any financial service to maintain.

How Does Biz2Credit Funding Work?

The first thing you can expect, if you decide to apply for funding through Biz2Credit is to “apply, which starts by you creating an account on the platform. You don’t have to move through the application process to create a user dashboard on the account. You do not have to share your social security number to create an account, but a hard inquiry is likely if you choose to follow through with a funding application.

Biz2Credit also offers both iOS and Google Play apps, but neither have been updated in the past couple of years, so I would recommend keeping the application process online or via phone.

Biz2Credit enables applicants to submit information online or to apply over the phone by calling 800-200-5678. Once an application is submitted and approved, and your bank account is connected via Yodlee, your funds should be deposited directly within 72 hours (or less — many applicants say they got their funds in a day).

Funding requirements seem to be based on a blend of business revenue and your personal credit score, and any financing offer you receive will fall into one of four categories.

Biz2Credit Loan Requirements & Terms

Requirements vary by funding type, but if your annual revenue is lower than $250K or your personal credit score is lower than 575 for working capital, or 660 for all other loans, you will not qualify.

If you’re unqualified based on your personal credit score, learn how to get business credit with just an EIN. But, if you think you may qualify, read on. Below is a quick overview of the terms and requirements for each type of Biz2Credit funding.

1. Working Capital

Working capital loans (for financing day-to-day expenses) from Biz2Credit start at $25K and go up to $2M+. These loans can be paid back daily, weekly, or bi-weekly, as a percentage of your business receipts.

Requirements:

Greater than $250K annual revenue
Credit score of at least 575
6 months+ in business

2. Term Loans

Biz2Credit offers term loans from $25K to $500K to grow your business or free-up cash flow; terms range from 12-36 months and interest rates start at 7.99%. These loans can be repaid weekly or bi-weekly.

Requirements:

Greater than $250K annual revenue
Credit score of at least 660
18 months+ in business

3. ERTC Loans

The Employee Retention Tax Credit (ERTC) is a refundable credit that companies can claim on their taxes for qualifying wages, insurance, and employee costs in response to COVID-19. Biz2Credit offers loans that can be repaid upon receipt of the credit in amounts of up to 65% of the amount of the upcoming IRS payment.

These are interest-only loans for the first 12 months. What this means is that your payments will be lower at the beginning, since you will not pay toward the loan principal.

Requirements:

Pending payment of IRS credit of $100K or more
Credit score of at least 660
Must have been in business in February 2020 and still operating

If a payment is not received from the IRS, Biz2Credit’s ERTC loans will roll over into term loans for up to 24 months.

Note: the ERTC deadline is May 12, 2023. So, these loans are likely to end at that time.

4. Commercial Real Estate Loans

Finally, Biz2Credit offers commercial real estate loans (CREs), ranging from $250K to $6M with interest rates starting at 10%. These can be used to purchase, renovate, cash out, or refinance real estate. CRE terms range from 12 to 36 months and are repaid monthly. And, some applicants can qualify for interest-only payments for a portion of the loan.

Requirements:

Greater than $250K annual revenue
Credit score of at least 660
18 months+ in business
Must be a commercial real estate owner

BizAnalyzer Overview

Biz2Credit doesn’t only offer to fund — they also have a sort of business credit score called BizAnalyzer, which companies can use as a “virtual CFO.” This platform sort of combines factors like revenue, personal credit score, time in business, and debt to income, to come to a determination.

The platform could be super helpful for some companies and can give you an idea of where you stand in your industry/what you might need to improve.

What I dislike about BizAnalyzer is that it’s based on the owner’s personal credit score — I’m a fan of building business credit that has no impact on personal credit and building a business credit score with the three major credit bureaus.

Biz2Credit’s Disaster Relief Hub

Another highlighted feature on the Biz2Credit website is the disaster relief hub. At one point, this was primarily used to guide applicants on how to obtain COVID-related business funding and forgivable loans. Now, the company shares resources related to current natural disasters, as declared by the U.S. Small Business Administration (SBA).

Biz2Credit’s Referral Program

Most financial companies offer referral rewards for account holders. And, Biz2Credit’s offer isn’t bad at all — for every applicant you refer to Biz2Credit, you can earn a $200 Amazon gift card.

However, there are some limitations to the referral offer: To receive your gift card, the borrower that you refer must make it all the way through the application process and obtain funding through the platform. And, you’re capped at five referrals.

If you wanted to refer more than five people/businesses, it would be more appropriate to join Biz2Credit’s affiliate program.

Biz2Credit Partners

While their terms and conditions are very clear, most people don’t read the fine print on every offer they sign up for. So, it’s important to note that Biz2Credit partners with B2B financial companies like TaxAct, The Hartford, lenders, and more. This means that when you apply for funding, you may receive solicitations from partners.

Frequently Asked Questions

Is Biz2Credit a direct lender?

Yes and no; Biz2Credit offers some direct funding through a subsidiary, but also works with partners to secure funding for account holders based on business revenue and the owner’s personal credit score.

Who is the lender for Biz2Credit?

Intria Ventures LLC is a subsidiary of Biz2Credit Inc. and is the primary lender used for PPP loans through the platform.

Does Biz2Credit check your credit score?

Yes, Biz2Credit will inquire about the business owner’s personal credit score when making a determination about creditworthiness for business funding. However, you do not need to share your social security number to apply for an account and access the Biz2Credit dashboard.

Is a Biz2Credit loan forgivable?

If you received PPP funding through Biz2Credit, yes, it is forgivable under federal law. However, Biz2Credit doesn’t currently offer forgivable business funding.

How do you apply for loan forgiveness through Biz2Credit?

For PPP loans obtained through Biz2Credit, forgiveness must be applied for through the SBA’s PPP loan forgiveness program.

Is Biz2Credit still funding?

Biz2Credit still provides working capital, term loans, ERTC loans, and commercial mortgages through its platform. The company is no longer servicing PPP loans, since the program ended on May 31, 2021.

Takeaway: Is This The Best Option for Small Business Funding?

If you’re wondering if Biz2Credit is legitimate, the answer is yes — they’re an established company, and they’ve helped many small businesses obtain funding. They’re not the only broker in the business funding market, but their offer is definitely competitive.

Businesses looking for certain types of funding might find what they’re looking for here. However, Biz2Credit’s options are somewhat limited. For example, in some cases, it might be best to work directly with the lender you want to apply with. And, supposing you need a credit card or other funding not offered by Biz2Credit, you’ll have to keep looking.

There are plenty of other lenders out there that offer business credit based on your business credit score. Subscribe to this blog to stay in the loop about the best (and the worst) business funding offers. If you want to learn how to build business credit so you can obtain up to $100K in funding in 30 days, enroll in Business Credit Workshop today.

The Ultimate Tillful Review (+New Secured Credit Offer for Businesses)

By Joe

Recently, I came across a Facebook post in a private group, announcing a new secured credit card for businesses — it’s perfect timing for an offer like this since Wells Fargo and Brex no longer offer secured business credit cards. So, naturally, I had to explore the offer. And, what I found was so much more than just a credit card.

This complete Tillful review is a breakdown of everything I learned, and how you might use this offer to build business credit.

Here’s what’s covered:

What is Tillful?
The Tillful Credit Card
The Tillful App
Tillful Company Overview
Frequently Asked Questions
Tillful Secured Credit Card Competitor Overview
The Verdict: Is Tillful the Real Deal?

Now, let’s get going!

What is Tillful?

Tillful is a fintech company that offers businesses a free credit score (which is different from a DUNS number and other traditional credit scores) that they use to match account holders with curated financial offers. To me, the business closely resembles a new Credit Karma for business.

By connecting to users’ business bank accounts via Plaid, the platform is able to gain financial information about companies, which is delivered back to users to see how they stack up.

Tillful also offers their own free, secured business credit card with 1.5% cash back, to help owners build business credit, an innovative and timely offer.

Tillful Business Credit Score Overview

The folks at Tillful have created their own business health score, which ranges from 0-100 and is based partially — i.e. mostly — on a company’s cash reserves and industry, a measure of real-time financial performance. The Tillfull score is never shared with lenders and is meant to give users a fresh view of their company’s financial health.

I’m not confident that this scoring system will actually influence potential lenders outside Tillful’s platform, but it seems like a pretty clever and helpful tool.

In addition, Tillful has partnered with Experian, who recently launched a machine-learned business credit score called Intelliscore Plus V3 (IPV3) — the new model is said to improve risk assessment for business lenders. Active Tillful account holders can request their free IPV3 business credit score at any time.

However, Tillful users who want to see a full report will have to order it from Experian using a quick link in their Tillful account dashboard or by visiting Experian’s website directly.

At least in part, the IPV3 score is based on a company’s tradeline payment history and ranges from 300-850. Rather than a 12-month model prediction, the IPV3 is based on the previous 24 months of credit history.

Coming from Experian, I think this scoring system is going to stick and that continually more traditional lenders will use it to make funding decisions.

Currently, Tillful has a 4-star rating on Trustpilot, which tells me they’re making users happy, for the most part.

Most business owners typically don’t have all of the information they need to access business lines of credit — Tillful gives them a new way to establish business credit at no cost (other than a security deposit for the secured credit card).

Partner Offers Overview

New businesses that show very low financial reserves won’t qualify for the Tillfull credit card, but will be directed to Biz2Credit for alternative funding. If you have multiple business bank accounts, consider connecting all of them to get more relevant offers. I caution against connecting bank accounts in poor standing.

In addition to funding offers, Tillful might connect you with a new business banking or insurance offer. Especially since the company is fairly new, I assume they will continue to expand their partner offer — as of right now, it seems on par for a business just starting to build credit history (as long as you do your due diligence to make sure a better competitor offer doesn’t exist and pay your accounts responsibly).

Business Credit Education Overview

Tillful is built to help companies improve their credit (and to earn from partner commissions), so the offer wouldn’t be complete without business credit education. Tillful’s blog is stacked with information about how to improve your credit score, streamline your cash flow, create an effective budget, and learn about COVID-19 financial relief.

After browsing the blog, my official stance is that the information seems to be well-written, easy to digest, and helpful for businesses trying to build credit.

The Tillful Credit Card

The Tillful business credit card is a secured card for legal entities. Like a charge card, the balance should be paid in full each month. Unlike other secured business credit cards, Tillful uses Plaid to connect to your business bank account, sizes up your cash flow and reserves, then makes an offer to apply if you are likely to qualify.

One highlight is that this card comes with 1.5% cash back rewards on all spending. If you read the fine print, this is a promotional rate, which means rewards could decrease over time. Next, there is no personal guarantee. Finally, there’s no hard pull to an applicant’s credit.

Currently, the card reports payments to business credit bureaus to help build business credit scores. Tillful plans to report to Dun & Bradstreet in the near future.

Since it is a secured card, you will be required to deposit funds into your account, and the minimum security deposit is $500.

The Tillful App

If you didn’t already guess, Tillful also has an app available on the iOS App Stores. It has a 4.4-star rating on the platforms. So, users can conveniently monitor business credit and apply for funding from an Apple device. Thus far, there is no Tillful app in the Google Play store (you might just as easily log in using your mobile browser).

Using the app, you can get your free business credit score and see financial product recommendations, including funding options. It’s pretty straightforward.

Tillful Company Overview

Located in the San Francisco Bay area, Tillful was founded by Ken So in June 2020. Tillful is a subsidiary of Flowcast, which is a company that uses AI to help financial institutions make credit decisions (hence the fast friends situation with Experian).

Flowcast has been around since 2015, and has a five-star glassdoor rating. So, from what I can tell, they’re a great company to work for — in full disclosure, there are currently only two reviews, so this isn’t a particularly scientific sample to base opinions on.

So, let’s talk about the founder, Ken So (also Flowcast’s CEO). Before all of this, So was the Director of Corporate Development at Ericsson and previously worked in the corporate dev department at Qualcomm – both very reputable companies. To me, this seems like a strong and trustworthy leader and makes me believe the offer is likely to be around for a while.

According to Growjo.com, Tillful’s current annual revenue is estimated at $2.3 million. And, since they’re not reliant on external funding, they’re likely at an advantage over other newcomers in the business credit-building arena.

Frequently Asked Questions

Here are the answers to the questions people are asking about Tillful:

Is Tillful free?

Yes, Tillful’s offer is completely free – users can access their credit score and secured credit card. However, any partner offers that Tillful recommends may charge fees and interest.

Does Tillful do a hard inquiry?

No, Tillful does not do a hard pull on business or credit reports. Instead, credit card approval is based on other factors.

Does Tillful report to credit bureaus?

Yes, Tillful reports payment history to business credit bureaus, as the credit card offer is intended to help entities build credit.

Which credit bureaus does Tillful report to?

Currently, Tillful reports payments to Experian and Equifax Business.

Does Tillful report to Dun & Bradstreet?

Unfortunately, no. As of October 2022, Tillful does not report on-time payments to D&B or Equifax Business. However, they plan to in the near future.

Tillful Secured Credit Card Competitor Overview

Tillful is not the only secured business credit card on the market — a couple of veterans still exist: Bank of America (BoA) and First National Bank of Omaha (FNBO). See how these three secured business credit cards stack up next to one another.

Tillful competitors, Tillful vs BoA vs FNBO

The key tradeoff with the Tillful secured card is that you should pay your account in full each month, while the other available cards have revolving terms — you can make a monthly minimum payment if you choose, so there’s a bit more freedom with the old-timers.

However, monthly minimums come with the risk of high fees and interest; with the Tillful secured business credit card, if you make your payments as agreed, you’ll avoid this. Now, if you pay a BoA or FNBO card in full each month, you will avoid interest charges, so these offers almost balance each other out, not factoring FNBO’s $39 annual fee.

Tillful is available with a smaller minimum credit line. So, businesses with less cash in reserves are more likely to qualify. Plus. Tillful does no hard pull to your credit and there is no personal guarantee (the business owner is not liable for repayment of the funds — the business is), which is not the case with BoA or FNBO.

If I were going to use a secured credit card to establish business credit, I would choose Tillful over BoA or FNBO.

The Verdict: Is Tillful the Real Deal?

Of course, the question I was most interested in answering when I started down the Tillful rabbit hole is whether or not this is a good offer for building business credit. After some digging, it appears that this is a legitimate offer with a ton of potential. The offer is free, the company will help businesses improve credit (with on-time payments, anyway), and the brand is transparent about what they provide.

Right now, the biggest downside to Tillful’s offer is that they do not report on-time payments to D&B. To report to D&B, companies need at least 300 active accounts. So, I think it is likely that Tillful will do this in the future, in which case I would probably give the offer a 5-star rating (when appropriately utilized).

With that said, Tillful does currently report payments to Experian Business, and they claim that they will be reporting to Dun & Bradstreet as well as Equifax Business soon. Whether they deliver on that offer is yet to be seen, but do keep your eyes peeled.

Note that as far as business credit monitoring platforms, I’m still a bigger fan of Nav — mostly because I have more trust in established companies (Plus Nav has an Android app). But, I do encourage you to check out both offers and see which one you like best.

I teach a seven-step process to get up to $100K in business credit in as few as 30 days by leveraging the right combination of offers and setting up your business the correct way. If you’re interested in learning exactly how it works, join Business Credit Workshop today.

Fundbox Review: Are These Lines of Credit Legit?

By Joe

When you’re in a pinch or you want to scale your business operations, you might turn to online lenders for working capital. Fundbox loans (which are actually revolving lines of credit) are a popular option right now. You may even be considering applying with the company. Before you do, read this.

Here, you’ll learn everything you need to know before you make a critical business financial decision. This is what we’ll cover:

What is Fundbox?
- Frequently Asked Questions:
- How Does Fundbox Work?
Fundbox Line of Credit Requirements
- Personal Guarantee Requirements
- Prohibited Businesses
Does Fundbox Report to Credit Bureaus?
Final Takeaway

Now, let’s get to it!

What is Fundbox?

In a nutshell, Fundbox is a fintech company that extends working capital in the form of revolving credit lines to companies that make at least $50K per year.

Frequently Asked Questions:

When was Fundbox founded?

2013

Where is Fundbox located?

Fundbox headquarters are in San Fransisco, California.

Who owns Fundbox?

Eyal Shinar is Fundbox’s founder and executive chairman, previously CEO.

How big is Fundbox?

According to Crunchbase, Fundbox currently has 17 team members, 25 investors, and $453.5 million in funding as of September 2020.

Where does Fundbox funding come from?

Lines of credit and loans are made directly by Fundbox and by First Electronic Bank.

How much is Fundbox worth?

Fundbox valuation was estimated at $750 million in 2020, according to Forbes.

How Does Fundbox Work?

Fundbox uses predictive modeling to help small businesses and freelancers optimize their cash flow. Essentially, a company connects Fundbox to its accounting or invoicing platform and business bank account to prove cash flow. The system analyzes accounts, which takes a few minutes. After that, the business is automatically approved or denied access to funding through the platform.

While the database of supported online banking software is massive, not all banks are accessible through the platform. So, some users who do their business banking at very small community banks or credit unions may not have access to Fundbox’s financial services for this reason alone.

Furthermore, only business bank accounts qualify. So, freelancers or contractors who use a personal checking account for both personal and business use will be unable to use the service (yet another reason why you must have a business checking account).

Once you’re set up in the platform, you may qualify for business credit. Learn more about each offer below.

1. Fundbox Credit

After your account is set up, you may get an offer for a revolving credit line in hours or minutes. You can then draw funds directly from your Fundbox dashboard to your business checking account for a maximum of $50K on your first draw. These funds must then be repaid weekly within the set repayment period.

Repayment periods on Fundbox credit might be 12-24 weeks. And, if you repay early, you will save on interest, which starts at 4.66% for a 12-week plan and goes up from there. And, “revolving” means that once your funds are replenished, you can draw from your limit repeatedly.

Periodic account reviews may increase or decrease your funding limit and/or interest rate over time.

2. (Previously) Fundbox Pay Net Terms

Typically, net 30 vendors that report to business credit bureaus are one of the first stops when establishing business credit. With Fundbox Pay, businesses could apply to send or accept payments for products and services with net terms.

Vendors who wanted to accept payments with net terms could apply as a merchant on the platform. Or, buyers could invite their vendors to the platform for the ability to buy now and pay later. It was a convenient funding option for businesses who were temporarily tight on cash.

Unfortunately, as of about a month ago, Fundbox no longer offers a net terms product.

3. (Previously) PPP Loans

While the application period for PPP loans, as outlined in the 2020 US stimulus, has passed, we should still acknowledge this offer. The reason it’s important to note is that if there is another round of similar financial offers in the future, Fundbox could be a potential funding source.

Fundbox PPP loan reviews are pretty much unanimously positive. The only complaint that applicants seemed to have was that the process took awhile. But, while these applicants waited from a couple of weeks to a month for approval, we’ve all heard of others who waited even longer.

Fundbox Line of Credit Requirements

As stated above, Fundbox borrowers must have a business checking account. In addition, the platform has other (relatively relaxed) requirements. If you have at least three months of business checking transactions that show activity that proves around $50K or more in annual revenue, a soft pull to your credit report that shows a minimum 500 personal credit score can qualify you.

In some cases, the platform may conduct a one-time hard pull. And, at least two months of history in a compatible accounting software might allow you to bypass the three-month banking history condition. But, if you connect the platform to a personal bank account, you will not be approved.

Personal Guarantee Requirements

These loans/credit lines do not require a personal guarantee. So, if your business defaults, you will not be held personally responsible. However, the proprietary algorithm that makes funding approval decisions makes it unlikely that this will happen — only companies who show the likelihood of repaying the loan will be approved.

Prohibited Businesses

If you’re in a questionable line of business, you already know that some major platforms might reject you. And, that could be the case with Fundbox as well.

Businesses in the following industries are prohibited:

Adult services and entertainment
Weapons and firearms
Gambling and online gaming
Drugs, dispensaries, and paraphernalia
Money service businesses
Not-for-profit organizations

Unfortunately, if your business falls under one of these umbrellas, you’ll need to look elsewhere for capital.

Does Fundbox Report to Credit Bureaus?

Business owners who receive funding might want to know if Fundbox reports to major credit bureaus. This is important because loans that are not reported will not have a positive impact on your business credit score.

Unfortunately, at this time, Fundbox does not report to D&B or any other business credit bureaus. So, any payments you make toward funding will not have an impact on your business credit.

Final Takeaway

So, yes, Fundbox loans and lines of credit are completely legit. The proprietary software can help businesses access working capital fast without too many hoops to jump through. But, there are some limitations that might lead business owners in another direction. If you’re interested in learning how to get $100K in business lines of credit in 30 days, sign up for Business Credit Workshop.

A Straightforward Kabbage Review: Everything You Need to Know …Without the Fluff

By Joe

As one of this year’s SBA-approved PPP lenders, Kabbage has received an onslaught of poor reviews recently, essentially pulling their trust score down quite a bit in a very short time. Now, you’re probably asking if you should believe what you read. Is Kabbage a legitimate lender? And, should you leverage their financial services for your business?

After you read this, you’ll be able to answer these questions with confidence. Here’s what’s in-store.

What is Kabbage?
Kabbage Yesterday, Today, and Tomorrow
- Kabbage Business Loan Pricing
- PPP Loans via Kabbage
Final Summary

What is Kabbage?

While the platform is known for its small business funding, all Kabbage lending has been temporarily suspended for new and existing customers. While many companies across the globe were forced to close indefinitely in response to COVID-19, Kabbage chose to suspend their offer.

So, if you can’t access their core funding offer, what are you doing here? Well, the brand now offers several other business financial services. Let’s explore what’s up with Kabbage’s checking, payments, and financial insights platforms (accessible from one dashboard).

Kabbage Checking

Where there once were lending opportunities, you’ll now find earning opportunities.

Kabbage Checking offers FDIC-insured banking with 1.10% APY earned on funds, which they declare is the best deal you’ll find. I had my doubts about this claim, so I did some digging. Here’s how Kabbage compares to current checking account offers from some of the best business credit unions I know of.

To my surprise, Kabbage stacked-up well next to some of my favorite institutions. But, they don’t have the “best” offer. Consumer Credit Union, for example, offers nearly double APY or more on checking account balances up to $10K for those who use their debit card at least 12 times per month.

So, while it’s a good deal, it’s not the best out there. But, APY earnings may balance out against the competition for some companies who don’t plan to use their business debit card often.

Note: None of the above checking accounts demand monthly fees nor do they have minimum balance requirements. When you shop around for a business checking account, keep this in mind.

Kabbage Payments

Next on the list of financial services to leverage here is an online payment platform. Invoicing with Kabbage Payments costs 2.9% + $0.25 per transaction, which is five cents less than major competitors.

The invoicing cost is competitive. And, the platform offers email or web link billing. Also, you can leverage next-day deposits on eligible transactions. Any payments processed on the platform before 5 pm will be sent to your bank by the next business day at no additional cost.

Another promoted service within the payments platform is a unique URL where you can sell gift certificates from $15 to $500.

As with most online payment platforms, you will be asked to share your social security number when signing up (a sign that these financial services are not likely to help build your business credit).

Kabbage Insights

I might compare Kabbage Insights to Quickbooks. While it does deliver visual reports, it’s basically an accounting platform.

Theoretically, you can see all of your accounts in one place and start to get a clear understanding of your cash flow and revenue.

You do not need to use Kabbage checking or invoicing to use the insights feature, but I suspect you will receive more detailed insights if all of your accounts are connected.

Easily, you can link the system to your bank account including various smaller credit unions and community banks. While the dashboard claims that Kabbage Insights can be connected with PayPal, I wasn’t able to do so. Nor could I connect with Stripe.

These integrations aren’t necessary as long as all transactions are processed through your connected business bank or credit union accounts. But, it would be more convenient if they were to provide these options.

The Resource Center

Kabbage’s Resource Center is essentially just a blog with financial advice for business owners.

The articles here are pretty useful, easy-to-understand, and worth a look. Chances are, you’re likely to find helpful information here, whether a majority of Kabbage’s staff stays on furlough or not.

Kabbage Yesterday, Today, and Tomorrow

Launched in 2009, Kabbage was founded as an automated lending platform. By 2017, the company had grown to a net worth of $200 million, establishing itself as a leader in the business working capital corner of fintech.

Kabbage’s core offer included quick, easy loans with low credit requirements. The fees were transparent and small businesses could get approved for lines of credit up to $250K at a time. Most loans were extended within just a few days, making this a convenient option for companies that needed quick cash for their operations.

On the downside, the fixed-rate fees could be pretty steep, ranging from 24-99% APR. Early repayment didn’t save borrowers on interest, long-term repayment options were unavailable, and only companies with online checking or PayPal were approved by verifying cash flow.

With the onset of Coronavirus in March 2020, Kabbage furloughed workers and the situation looked bleak. Then, they began processing PPP loans, which ended up helping the company get back above water.

Recently, it was announced that American Express acquired Kabbage whose loan funds used to come from Celtic Bank. If the brand does offer working capital in the future, it will most likely come directly from Amex itself.

We’ll just have to wait around to see.

Kabbage Business Loan Pricing

Despite the fact that business loans are the core offer that has been temporarily suspended, it’s pretty important to understand how Kabbage funding works. The key to deciding if a working capital option like this one is right for you is to understand repayment terms.

So, if a business gets a loan from Kabbage, they will repay the funds over 6, 12, or 18 month terms. These loans have APRs that range between 24% and 99%. Each month, the borrower will repay a portion of the principal owed plus an additional 1 to 10% of the total funds toward the interest.

As with most loans, the interest you pay will be higher during the first portion of repayment. For example, a six-month loan requires 10% interest in addition to the principal payment for the first few months. After that, the interest amount decreases. Sadly, borrowers do not get a break for early repayment.

PPP Loans via Kabbage

In response to the US Stimulus bills passed in 2020, Kabbage offered Paycheck Protection (PPP) loans. After August 8, 2020, the Small Business Association (SBA) is no longer accepting new applications. So, you can no longer apply for one of these loans with Kabbage or anyone else.

While the brand seemed to leave some small business applicants unsatisfied, let’s be fair — nobody knew what they were doing as this was an unprecedented time for everyone. Furthermore, Kabbage was the second largest provider of PPP loans in the nation by application volume.

So, I would try to cut their reputation some slack. And, if there’s ever a similar round of funding offered, my guess is that the staff at Kabbage will know better than anyone else what not to do.

Final Summary

Right now, Kabbage’s desktop web app and mobile app both seem a little wonky. I’m assuming this is because they’ve furloughed staff and cut back on their service offer for the time being.

There’s no telling when and if they may offer their core loans again, as this will likely be dictated by the global economy as we rise back up from the effects of the Coronavirus. In the meantime, if it’s relevant for your operations, I would check out Kabbage Payments because the low transaction fees are great.

As far as the business checking accounts and insights platform are concerned, I would recommend going with more established solutions — at least until Kabbage revamps their offer (I wouldn’t expect this to happen until at least winter or possibly even Spring, 2021).

Kabbage is a legitimate FDIC-insured lender with an eleven-year track record of delivering convenient financial services to small businesses. If and when they reopen their doors for business funding, they are likely to come up with something fresh, unique, and trustworthy.

In the meantime, explore your other options. And, if you’re interested in learning how to obtain up to $100K in business credit in as few as 30 days, start here!

Expert Weighs in on Credit Suite Reviews: Is the Service Worthwhile?

By Joe

Since the onset of COVID-19, many businesses have been scrambling to access capital to keep their doors open. PPP loans and other Coronavirus relief can only get companies so far. More than ever, owners turn to creative ways to finance their operations. Now, Credit Suite is an increasingly popular option. So, can you trust all of the positive reviews?

As of August 2020, less than 1% of users on TrustPilot have reported bad service from the brand. And, it’s pretty much the same on BBB and SoTellUs. Now, Before you take other peoples’ word for it, let’s examine the offering, determine what you would get yourself into if you signed up, and compare the service to other options.

This is what you’ll find here:

What is Credit Suite?
Credit Suite Complaints
How Does Credit Suite Stack Up to Competitors?
Final Takeaway

So, let’s get to it…

First, What is Credit Suite?

Credit Suite is a system, powered by Finance Suite™ software, designed to help businesses build credit and obtain capital through lines of credit and loans. Via their Partner Program, they also offer the software as a white label solution for B2B companies to help get capital for their customers.

In a nutshell, there are three services offered:

Business credit building consultation
White label business credit software
Credit monitoring

Learn more about the complete offer before you decide if it’s right for you.

What Will the Service Help You Accomplish?

The goal of leveraging the Credit Suite system is to build and obtain credit for your EIN that is not linked to your SSN (no personal guarantee/credit check). You will learn about a DUNS number, discover a few net 30 vendors, and the rest of the basics of business credit.

The system used is based on a simple, 4-step framework:

Build Business Credibility
Establish Business Credit Reports
Get Initial Business Credit
Get revolving credit

By the end of your journey, the brand claims to help you get multiple revolving lines of credit from $5K to $50K each. And, their users seem to be pleased. Here are some of the features boasted by clients.

Continuous contact from support via call, text, & email
Business credit education
An offer of $20K in personal credit
A 5-month business credit program
Exceptional customer service

And, as far as resources go, the blog has some decent info for beginners who want to learn about expanding their business credit options. For example, one recent topic is “Crowdfunding Terms You Should Know in a Recession.” They also share content about trade references and NAICS and SIC codes.

How Much Does Credit Suite Cost?

Credit Suite’s core offer to help you build business credit costs either $2,997 or 7 payments of $597 ($4,179).

The Partner Program, on the other hand, is classified as an investment and will cost more. This offer is broken down into two tiers:

VIP: $4,497 or 8 payments of $697 ($5,576)
1. Get business credit and financing
2. Become a licensed partner (Finance Suite™ user)
3. Leverage direct funding for your customers
Ultimate: $6,497 or 9 payments of $897 ($8,073)
1. Everything above
2. Marketing funnels to boost your sales

Credit Suite’s Credit Monitoring Overview

If you’re only interested in seeing your business credit scores, the brand has a less expensive intro offer. Credit Suite’s credit monitoring software enables companies to monitor credit through D&B, Experian, and Equifax.

As a standalone product, the software costs $24 per month after a 30-day free trial. So, let’s compare this choice to your other business credit monitoring service options.

MonitoringService	D&BReport	Experian Report	Equifax Report	Cost
Credit Suite	Yes	Yes	Yes	$24/mo
Nav	Yes	Yes	Yes	Free to $49.99/mo
Experian	No	Yes	No	Free+
Equifax	No	No	Yes	Free+
D&B	Yes	No	No	Free+
Fundera	No	No	Yes	Free+

As the above comparison shows, you have several free options to pull business credit reports. While you can pay to upgrade with most of these services to see advanced insights, including your business credit scores, I don’t usually recommend it. If, however, you might have some negative history to clear up, it can be a good idea.

The top competitor for Credit Suite’s credit monitoring solution is probably Nav. And, Nav’s paid monitoring services range from $30 to $50. While you might pay a few more dollars per month to access full reports and scores, you can see basic summaries at no cost. So, subscribe to Credit Suite’s monitoring service at your own risk.

Now, Let’s Look at Credit Suite Complaints

While the system mostly seems to satisfy users, it is not free from grievances. The most dirt I could find on Credit Suite had to do with their refund policies. Users who were apparently speaking to the Partner Program (not the core business credit building services) complained of being overcharged and/or not receiving a refund when they believed they were entitled to one.

Yet, in at least one case, a Credit Suite representative replied and claimed to have made an attempt to process the refund after all. So, this criticism should be taken with a grain of salt. All in all, the service maintains 4.5-4.8 out of 5 stars across the board.

If you are interested in the white-label business financing software options, I recommend shopping around. Check out Funding CEO, Blue Street Capital, and Mulligan Funding just to get an idea of how many fish swim in this sea.

And, How Does Credit Suite’s Core Offer Stack Up to the Key Competitors?

To play the devil’s advocate here, I might argue that businesses could save themselves a couple thousand dollars by diligently researching their options. These business owners would make sure they have the right fit because there are several worthy Credit Suite competitors. For example, Fund&Grow, LenCred, and many others offer similar business credit acquisition solutions.

Company	Funding Claim	Cost
Credit Suite	Multiple revolving lines from $5K to $50K	$2,997 to $4,179
Fund&Grow	$100K to $250K	$3,997 or 9% of Funding Obtained
LenCred	$25K to $150K	5 to 10% of Funding Obtained
Business Credit Builders	$50K to $150K	$3,500
One-Stop Funding Solutions	$25K to $200K	$99 to $3,950
Midwest Corporate Credit	Up to $500K	8% of Funding Obtained

Plus, some contenders have pretty amazing bonuses. Fund&Grow, for example, offers private getaways and vacations. So, I recommend studying the business credit building marketplace before you sign up.

Final Takeaway

The answer you’ve been waiting for: Can you believe the positive Credit Suite reviews? Probably.

It sounds like users are happy with their results and that Credit Suite’s customer service is impressive. The service is legitimate and seems capable of coaching you to get large lines of business credit, as long as you work the program. Furthermore, the white label service is a standout feature not offered by direct competitors.

However, I wouldn’t recommend the credit monitoring software that Credit Suite offers — I say check out Nav instead. And, if you’re interested in the white label product, reach out and talk to some people who have purchased it because there are many comparable finance software products that could be a better fit. Now, if you’re looking to boost your business credit score and obtain large business lines of credit without paying high origination fees, learn how to obtain $100K in business credit in 30 days.

Should You Open a Navy Federal Credit Union Business Account?

By Joe

Navy Federal Credit Union Business Solutions Review

If you’ve been in the military or you have a family member or friend who has, you’ve presumably heard of Navy Federal Credit Union. And, you probably already know that it’s a great organization. But, did you know that you don’t have to be active in the military to become a member? And, did you know you can open a business account to leverage the perks for your company?

It’s true. There are quite a few benefits your business can take advantage of with Navy Federal. In this Navy Federal business account review, you’ll find a summary of them. Read on to decide if a Business Solutions account is right for you.

What is the Navy Federal Credit Union?

Navy Federal Credit Union is an NCUA-insured financial institution exclusively operated for the military and their families. To qualify for membership, you or one of your family or household members must have ties to the armed forces, DoD, or National Guard.

And, What are the Benefits of a Navy Federal Membership?

The institution offers powerful financial products and services with low rates, fees, and charges as well as convenient banking and home buying. Members can take advantage of exclusive special offers and discounts from various partners.

Here are the Navy Federal Credit Union’s exclusive member partners and programs.

Visa – Access discounts of up to 15% for card use with select retailers.
Geico – Leverage member discounts on auto insurance.
RealtyPlus – Receive $4K to $8K cashback on a home purchase.
Enterprise Rent-A-Car – Get elite member discounts off everyday low rates.
Hertz Rent-A-Car – Save up to 20% off car rentals.
Auto Buying Program – Experience a hassle-free vehicle purchase process and exclusive savings.

Furthermore, Navy Federal is a portfolio lender, which means that they lend their own money. Because they’ve cut out the middle man, they are able to offer lower rates on loans and lines of credit than most lenders. So, this is a valuable company for a small business in need of banking or lending to work with.

What Financial Services Can You Access with a Navy Federal Business Account?

Business Solutions by Navy Federal is centered on delivering the most beneficial financial tools and resources available to small business members. What products and services can you leverage to help you meet your company goals?

The program for qualified members with military ties offers several financial services for small businesses including loans, lines of credit, checking, and savings accounts. Learn more about each of them below.

Business Loans

Navy Federal Credit Union business loans can help you improve business cash flow. Leverage real estate, vehicle, and term loans with low rates and fees.

Real estate loans taken from the credit union can help you purchase residential rental properties, commercial real estate, multi-family dwellings, or pay for a property renovation. Pay for a new purchase, refinance, or remodel an existing building.

Loan to value on real estate loans through Navy Federal ranges from 65% (remodel) to 80% (new purchase). There are fixed and variable rate options. And, you’ll experience no prepayment penalties.

Vehicle and term loans give you access to permanent working capital, equipment, company cars, heavy-duty trucks, and more. Purchase or refinance your auto or equipment. Loan to value on these loans is 75% and there are no prepayment penalties.

Business Lines of Credit

Navy Federal business credit card can elevate your business’ purchasing power. Apply for a Visa™ or MasterCard™ and pay an APR as low as the prime rate +5.9% with no annual fee. Earn Business Rewards of one point per $1 spent and redeem them for airline tickets and more.

Navy Federal Credit Union Business Solutions Credit Cards

Here’s a taste of what you can earn through Navy Federal’s Business Rewards card.

Redeem 5K points for a $50 BestBuy gift card.
Redeem 10K points for $100 cashback.
Redeem 15K points for a $150 round-trip airline ticket.
Redeem 50K points for a $500 round-trip airline ticket.

Plus, Navy Federal Credit Union business lines of credit come with no foreign transaction fees or earning cap. The cards are great for business travel expenses.

Business Checking and Savings

Navy Federal Credit union business checking and accounts provide essential financial building blocks for your business. The best part is that all accounts earn dividends.

Business checking accounts include the first 30 transactions for free. Each transaction thereafter will cost 25 cents. There is no monthly service fee. These accounts are recommended for new businesses and those with limited cash flow activity.

Business Plus checking accounts include the first 50 transactions for free. And, like the standard business checking account, each transaction thereafter will cost 25 cents. There is an $8 monthly service fee. These accounts are recommended for growing businesses with steady banking activity.

Business Premium checking accounts include the first 100 transactions for free. And, each transaction thereafter, as with the standard and Business Plus accounts, will cost 25 cents. The monthly service fee will range from $0 to $20. These accounts are recommended for mature businesses with large transaction volumes and high deposit values.

Business savings accounts come in three options at Navy Federal.

Money market savings accounts
Jumbo money market savings accounts
Certificates

Minimum deposits range from $100 to $100K. Market savings accounts come with no term restrictions. And, these accounts will typically earn more than a traditional savings account.

How do You Open a Navy Federal Business Solutions Account?

If you think you meet the Navy Federal business account requirements (LLC, Sole Proprietors, and Corporations), here are the steps to take to leverage Business Solutions.

Check your eligibility. If you are a military service member, Department of Defense civilian, or spouse, parent, grandparent, sibling, child, or grandchild of one, you may qualify for Navy Federal membership.
Become a Navy Federal Credit Union member. Apply for membership online through the organization’s website. Or, if you are not the service member, you will need to go into a branch to sign up.
Enroll in digital banking. Once your application has been approved, enroll in personal digital banking.
Complete a Navy Federal Credit Union business account application. Fill out the appropriate documents and submit them online or call 1-877-418-1462 to apply over the phone.

Once you’ve been approved by the organization for a business account, you can access all of the services listed above.

Can a business join a credit union?

Yes. Many credit unions provide financial solutions for both personal and business members.

Can you join Navy Federal if you were not in the military?

Yes. Navy Federal was designed for veterans and active military, but you can apply for a membership if you have direct ties to someone who has served.

What do I need to open a bank account with Navy Federal?

To open a bank account with Navy Federal, you must become a Navy Federal Credit Union Member. To qualify, you or someone in your household must have ties to the military.

Does Navy Federal give small business loans?

Yes. Navy Federal Credit Union has several types of small business loans and lines of credit to extend to Business Solutions account holders.

Does Navy Federal offer business credit cards?

Yes. Navy Federal Credit Union has several types of credit lines and small business loans to extend to Business Solutions account holders.

Does Navy Federal check your credit?

Yes. When you apply for a line of credit or loan through Navy Federal, like most lenders, they will run a credit check. The institution may sometimes extend a credit line to someone with little to no credit history.

Does Navy Federal have a minimum balance?

Yes. Navy Federal has a minimum $5 savings balance for members with a checking account, IRA, ESA, or certificate and $50 minimum balance for members with a standalone savings account.

Does Navy Federal have Zelle?

Yes. Navy Federal members have free access to Zelle, a way to easily send money between US banking accounts within minutes.

How do you build business credit?

To build business credit, you must apply for and make responsible payments on lines of credit extended to your business using your EIN or DUNS™ number. Learn more about credit for business via Business Credit Workshop.

Final Thoughts

Navy Federal is a fantastic financial institution that doesn’t cost an arm and a leg to leverage. When you need to leverage working capital solutions or you want to open an account to build your business credit, this is an excellent channel to do so, if you can qualify. For more credit boosting advice, sign up for our free secrets to get $100K in business credit in 30 days.