Greenbox Capital business loans review
Greenbox Capital is a Miami-based company that also provides business loans of up to $500,000 to business owners in Canada.
Business loans are available to companies that have been in operation for at least 6 months with more than $7,500 in monthly revenue.
- Consider Greenbox Capital business loans if you’re an owner with a low credit score. Greenbox Capital looks at the overall potential of the business to grow, from revenue to years in business, instead of focusing mainly on your credit score.
- Consider another lender if your business is a startup since you will need to have been in business for at least 6 months to apply online.
Expert reviewGreenbox Capital business loans are an option for those looking to collect capital quickly and easily, but also know they’re able to make regular payments. Greenbox Capital can provide funds to many types of businesses ranging from restaurants to dental care.
Payments are usually required daily from borrowers, so ensuring you are able to make those payments is essential to avoid additional fees. The loan terms are also relatively short, maxing out at 1 year.
The standout feature of this company is its turnaround time since you will be in contact with one of its representatives within an hour of submitting your application, and if approved, you could see funds in your account within 24 hours.
First, do I qualify?
The qualifications for Greenbox Capital business loans include the following:
- Be a Canadian business outside of Saskatchewan
- Have more than $7,500 in monthly revenue
- Be in operation for at least 6 months
If you meet these 3 criteria, you may qualify for Greenbox Capital business loans.
What types of business loans does Greenbox Capital provide?Greenbox Capital offers merchant cash advances, small business loans, invoice factoring, collateral loans and business lines of credit. Loan terms last between 3 to 12 months.
Many industries, such as construction, restaurants, medicine and retailers, can apply with Greenbox Capital, and you have flexibility in how you spend your funds for your business.
After submitting your application, an advisor will be in contact with you to help decide which option is best for your business.
Compare other business loans
What are the benefits of Greenbox Capital business loans?Greenbox Capital is lenient when it comes to business owner’s credit scores as long as the business itself has a decent score when applying for a loan.
- Good option for owners with bad credit. Business owners with bad credit still have a chance of being approved.
- Fast contact after applying. After applying, a representative from Greenbox Capital will contact you within an hour (provided you apply within business hours).
- Money added to your account within a day. Funds can arrive in your account within 1 business day.
What to watch out for
- Nothing longer than 1 year. There are no term options that extend past 12 months.
- Daily payments. You may be required to make daily payments, even on loans for as long as 5 months.
- High interest rates. Interest rates go up depending on the size of the loan.
How do I apply?
As long as you’re outside of Saskatchewan, have been operating for at least 6 months and have more than $7,500 in monthly revenue, you can apply. To apply for Greenbox Capital business loans, you can start online and fill out the form on its website.
- Fill out the application online with your company and personal details.
- Choose the amount of funding you need.
- Choose your industry from an extensive list of industries.
After you submit your application, a representative from Greenbox Capital should be in contact with you within the hour.
What documents do I need to apply?
You will need a few documents to complete the application process for Greenbox Capital.
- Credit card statements from the last 3 months
- A copy of your driver’s licence
- Bank statements from the last 3 months
I got a Greenbox Capital loan, now what?
After the funds appear in your account, you can start spending on staff, equipment, renovations or anything else required to keep your business thriving. Payments are usually required daily for Greenbox Capital business loans, and setting up an automatic payment may be a good option to ensure you don’t have late fees. Just be sure you have enough in your account to cover the loan payments.
If you need to contact an advisor for anything after your initial call after applying, they’re available from 9am to 6pm Eastern Time.
To compare business loan options and decide which is best for you, check out our guide to small business loans.