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Behalf business loans review

Get help paying your vendors and suppliers during seasonal lulls.

  • Best for businesses that need to quickly pay suppliers and other merchants.
  • Pick something else if you want to avoid high fees and weekly repayments.
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Details

Min. Amount$500
Max. Amount$250,000
Loan Term1 to 6 months
APRN/A
Requirements1+ years in business, positive annual income, 1+ open business accounts, based in the US, minimal outstanding balances, good to excellent personal credit, US citizen or permanent resident

First, do I qualify?

To qualify, your business needs to meet the following criteria:

  • At least one year in business
  • Positive annual income
  • At least one open business account
  • Minimal outstanding balances
  • In good standing within the business’s state of registration
  • Based in the US

Your business’s ability to pay is also considered. This includes its revenue, income and current bank balance.

In addition to business requirements, the business owner needs to meet a few basic criteria:

  • Good to excellent credit
  • At least two years of personal credit history
  • At least three open accounts in good standing
  • No more than one recent delinquency on an account
  • No recent defaults
  • US citizen or permanent resident

What makes Behalf business loans unique?

Behalf is designed to pay merchants that work for your business. It’s unique in that it doesn’t have any hard revenue requirements, unlike other lenders out there. And it can help build your business credit score with on-time repayments.

Pros

  • Can help build your business credit score
  • No minimum revenue requirement
  • Available in most US states and territories
  • Your merchants can get paid by the next business day

Cons

  • Fees translate to an APR as high as 36%
  • May come with weekly repayments
  • Purchase limit only increases every six months
  • Can’t be used to pay off existing debt
  • Requires good to excellent credit

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How do I apply?

Behalf allows you to apply online, and it should only take a few minutes to complete its short form and learn if you’ve been approved. To get started, follow these steps:

  1. Visit Behalf’s website and click Sign Up.
  2. Enter information about your business, including its industry, address and average monthly expenses.
  3. Enter the business owner’s full name, phone number and address. Click Check Eligibility.
  4. Enter the verification code sent to your business email.
  5. Enter the business owner’s Social Security number, date of birth and business tax ID number.
  6. Submit the application.

What information do I need to apply?

You won’t need much to complete Behalf’s simple application:

  • Business tax ID number
  • Estimated annual revenue
  • Business owner’s Social Security number

How do repayments work?

When you apply for funding, you’ll select either weekly or monthly payments. Behalf will automatically deduct funds from your business bank account on the due date. It doesn’t list any potential late or nonsufficient funds (NSF) fees you may have to pay, so you’ll need to check your contract or call Behalf for more information.

Need a more long-term source of funding? Read our guide to business loans to compare your options.

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Review by


Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for anyone to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise — and maintaining a Duolingo streak of over 1,300 days.

Expert review

Behalf offers a type of purchase order financing that is ideal for businesses that work with suppliers, vendors or other merchants. If you run into seasonal cashflow issues, it can help you pay your vendors until profits start rolling in.  

You can fund inventory purchases and other business services through Behalf, then pay it back in one to six months. This process can give your business the flexibility it needs to grow, and it can help build your business credit score. It also doesn’t have any hard-and-fast revenue requirements, either. But for the convenience, you’ll pay a fee — 0.1% to 3%, or $0.10 to $30 for every $1,000 borrowed.

Despite the relatively high fees, Behalf can be a good choice if you need flexible cash to grow. However, unlike other alternative lenders out there, you’ll need to have good to excellent personal credit to qualify. And your business needs to be around for at least a year.

Not sure Behalf is for you? Compare other options below.

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