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$500
Min. Amount
$250,000
Max. Amount
Product Name | Behalf business loans |
---|---|
Min. Amount | $500 |
Max. Amount | $250,000 |
Loan Term | 1 to 6 months |
APR | N/A |
Requirements | 1+ 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 |
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Kellye Guinan is a writer and editor with Finder and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.
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.
To qualify, your business needs to meet the following criteria:
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:
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.
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:
You won’t need much to complete Behalf’s simple application:
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.