How it works
Revenue-based funding here is read at 600 FICO, 6 months in business, $60,000 revenue, $800 minimum daily balance.
It is faster and more forgiving on time in business and existing positions than the bank-style products, at a higher cost of capital. That is the trade, stated plainly.
It suits businesses with variable or seasonal revenue where a fixed weekly payment in a slow month is the actual risk.
What it takes
There is no hard credit cutoff here. The 650/600/550 tiers are product criteria, not a floor on the business. Scores in the 500s are placed routinely, and files in the 400s are read on revenue, deposit consistency and time in business rather than on the score alone.
There is no hard credit cutoff here. The 650/600/550 tiers are product criteria, not a floor on the business. Scores in the 500s are placed routinely, and files in the 400s are read on revenue, deposit consistency and time in business rather than on the score alone.
The trade-off worth knowing
The cost difference between this and Tier 1 is real. If you are close to 650 and 3 years, waiting a cycle can be worth more than funding today.
Questions
What does it cost?
Line of credit from 1% per month on the drawn balance, 2.49% per draw. Term loan 0% origination on weekly payments. Refinance priced with a factor rate.
What credit score do I need?
There is no hard credit cutoff here. The 650/600/550 tiers are product criteria, not a floor on the business. Scores in the 500s are placed routinely, and files in the 400s are read on revenue, deposit consistency and time in business rather than on the score alone.
How fast?
Same-day decision, next business day funding on a complete file.
Can I apply with an existing advance?
Yes, up to two existing positions.