
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
$3,500
Min. Amount
$75,000
Max. Amount
Product Name | CashCall business loans |
---|---|
Min. Amount | $3,500 |
Max. Amount | $75,000 |
Loan Term | 24 to 120 months |
Min. Credit Score | 500 |
APR | 24% to 149% |
Requirements | For-profit business , 2+ months of income, business bank account Credit score of 500+, operate your business in an eligible state, ages 18+ |
CashCall appears to have closed its business lending program as of May 2020. While we weren’t able to reach a live representative, there were no menu options relating to business loans when we called. You can still request a callback as an existing customer from its website.
Otherwise, compare other business loan options to finance your company.
CashCall’s business loan eligibility requirements are relatively lax. To qualify, you must:
Apply for a CashCall business loan if you live in:
A CashCall business loan is a fixed-rate term loan with monthly repayments. You can use it to cover any legitimate business expense and can pay it off between 2 years and 10 years.
CashCall loans come with high interest rates but no prepayment penalties, so you can repay it early with no additional cost or penalties. CashCall business loans are secured by a personal guarantee, meaning that your assets are on the line if your business is unable to repay it.
CashCall business loans are an option for startups, home-based online companies and sole proprietorships — businesses that typically have trouble qualifying for a loan due to size, profit or age.
Requirements are lax with CashCall — you need only to be in business with income for two months, and a poor credit score is OK.
CashCall is more upfront about how its loans work than a lot of online lenders, even breaking down what your loan might look like based on your credit score.
But that doesn’t mean CashCall is your best option. Keep in mind these potential downsides:
BBB accredited | No |
---|---|
BBB rating | A+ |
BBB customer reviews | 1 out of 5 stars, based on 3 customer reviews |
BBB customer complaints | 15 customer complaints |
Trustpilot Score | 4.6 out of 5 stars, based on 943 customer reviews |
Customer reviews verified as of | 15 October 2020 |
CashCall has faced several scandals since launching, though most involve its personal loans.
Specific details are unavailable for most customer complaints on its BBB page, but almost all involve billing or collection issues. And while it earns good ratings on Trustpilot, these are all from 2018.
CashCall has fewer qualification requirements than your typical business lender.
You don’t need to bring in a specific annual or monthly revenue, and the credit cutoff is low. But you must:
Apply for a CashCall loan by completing an online application.
Next follow the instructions to complete the application, uploading scans of any required documents. Don’t forget to carefully read the terms and conditions before submitting your application. CashCall should respond within a few minutes.
Review your loan offer carefully and submit any additional documentation before signing your loan documents. You should receive your funds directly into your business bank account, typically within a day or two of starting your application.
CashCall might ask you for specific documentation, depending on factors like your credit and business history. But expect to provide:
With a starting interest rate as high as 24%, it’s more than likely that your loan has a high APR. But you can pay off your CashCall loan without prepayment fees or penalties, thereby saving on unnecessary interest.
Repay your loan by personal or cashier’s check, MoneyGram or automatic withdrawals. Consider setting up autopay to cover your basic monthly fees and also making additional repayments whenever you can afford to. Be extra careful to avoid making late repayments — CashCall reports your monthly repayment progress to credit bureaus.
If you run into any trouble, contact CashCall as soon as possible by calling its customer service team at 877-525-2274.
CashCall is best suited for extremely small or new businesses that have trouble getting approved for a loan. But with such high rates and fees, it might not be worth it unless it’s an absolute emergency and your business needs funding within a day or two.
Its legal history is also troubling enough to send you looking for other business loan providers. Even startups might have better options out there.