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Fundbox Review: Are These Lines of Credit Legit?

By Joe

Fundbox review

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?
      • 1. Fundbox Credit
      • 2. (Previously) Fundbox Pay Net Terms
      • 3. (Previously) PPP Loans
  • 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? 

Fundbox login

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. 

Quickbooks Fundbox review

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. 

Reddit Fundbox review

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. 

Is Fundbox legit for PPP

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. 

Trustpilot Fundbox review

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

Kabbage Review

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 Checking
    • Kabbage Payments
    • Kabbage Insights
    • The Resource Center
  • 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. 

Kabbage loans

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. 

Kabbage Checking Competitors

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.  

Kabbage Payments Invoicing 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. 

Kabbage login

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. 

Kabbage com reviews

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? 

Credit Suite 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?
    • What Will the Service Help You Accomplish?
    • How Much Does Credit Suite Cost?
    • Credit Suite’s Credit Monitoring Overview
  • 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: 

  1. Business credit building consultation
  2. White label business credit software 
  3. 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. 

Business Credit Building Framework

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

  1. Build Business Credibility
  2. Establish Business Credit Reports
  3. Get Initial Business Credit
  4. Get revolving credit

Recommended: 7 most important steps of building your business credit profile so you can obtain business credit without showing financials!

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: 

  1. 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
  2. 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. 

Business Credit Building Software

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. 

MonitoringServiceD&BReportExperian ReportEquifax ReportCost
Credit Suite YesYesYes$24/mo
NavYesYesYesFree to $49.99/mo
ExperianNoYesNoFree+
EquifaxNoNoYesFree+
D&BYesNoNoFree+
FunderaNoNoYesFree+

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.  

Recommended: 2020 Nav Review: A Tool to Build Your Business Credit Score

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. 

CompanyFunding ClaimCost
Credit SuiteMultiple 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 $150K5 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 CreditUp to $500K8% 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 Review

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. 

  1. Money market savings accounts
  2. Jumbo money market savings accounts
  3. 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. 

  1. 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. 
  2. 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. 
  3. Enroll in digital banking. Once your application has been approved, enroll in personal digital banking. 
  4. 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. 

Related Answers: 

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. 

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