End of year square loan

[ApexSupply]

I’m back…at 78% volume up no problems and no new loan offer. What are some good alternative sources of funding? I need some funding within the next few days for inventory and to become a distributor for a new line.  I like the square loans and don’t mind the repayment but the not knowing of where or when they’re coming makes them slightly less dependable. Does anyone have any experience with other lenders good or bad? Processing 10k+ a month looking for 10-15k. Thanks.

[Minion]

Hi @ApexSupply 

I'm not sure of your business structure or what you have for personal/business accounts but I have used the following in the past

Amex Blueprint (formerly kabbage)-  Revolving Line of credit/term loan.  If you are already an existing Amex card holder, applying for the Blueprint term loan will 99% chance be a soft pull on your personal credit report.  If you are not a current card holder, expect a hard pull.  Term loans from 6-18 months.  Straight forward process link your accounts, they base funding off from your credit score and your business financials. Monthly repayment, and you can save on fees by paying off the term loan early.  You can draw from your funds at any time that you have funds available.  Overall its decent product, more so if you are already a cardholder and don't need to waste a hard pull.  The line does not report to personal credit unless you default or miss a payment.  Customer Service 9/10

Fundbox- Same general principle as Amex Blueprint above.  Weekly payments instead of monthly payments.  You can draw from your funds as the are available.   They review your account after 3 months to see if you qualify for an increase in line.  I dealt with these guys in the past.  Overall its okay.  My bank (Chase) was disconnected for some time due to an error. on Plaids end.  and then when it got reconnected my line became unavailable until my current outstanding balance was paid off and they reviews my account.  I wasn't happy at the time, knowing I wasted a hard pull on my personal credit for a line of credit to become frozen.  Customer Service 6/10

OnDeck- pretty good platform if you are making the money and can justify the hefty fees associated with them.  Weekly repayments based on 12 or 18 months terms.  They offer both a term loan and line of credit. I believe they do pull business credit report and possibly a soft pull on your personal.

I would do some research into these before pulling the trigger on them. Just be sure that you understand the fees and repayments associated with those other companies if you do happen to go through with them.  

I hope that this helps you out. 

Side note.  Chase is running a 900 sub on their business credit cards.  Those also come with 0% APR for 12 months.  Maybe it's worth looking into opening up a chase business account if you don't already have one.  They also offer more favorable BLOC terms as well.  Just food for thought.  Best of luck 

[ApexSupply]

Thanks for the suggestions. Chase may be an option as I already have a card with them. I remember hearing the name Kabbage before and I’ll have to look into that. I do not currently have an Amex though and would prefer to avoid to many hard pulls for sure. 

[Minion]

Yeah I'm very cautious on what companies use my personal credit for business, as well as making sure business balances don't report to my personal (Cough Capital One).  

Best of luck, and hopefully something will pull in your favor.

Cheers