CashCall business loans review November 2018 |

CashCall business loans review

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Startups and business owners with bad credit might find loans — but expect high interest and fees.

Owners of startups, sole proprietorships or other small businesses might benefit from one of CashCall’s high-interest loans. Eligibility requires only 2 months in business and a 500 credit score to qualify. And you can get your funds fast.

But borrowing can come at higher costs than you might find elsewhere, making CashCall best for financial emergencies only.

Think CashCall might be able to help your business? Read on to find out what to expect from this online lender.

Product NameCashCall Business Loans
Min Loan Amount$3,500
Max. Loan Amount$75,000
Interest Rate TypeFixed
Minimum Loan Term2 years
Maximum Loan Term10 years
  • Age 18 or older
  • For-profit business
  • 2+ months of income
  • Have a business bank account
  • Credit score of 500+
  • Operate your business in an eligible state

First, do I qualify?

CashCall’s business loan eligibility requirements are relatively lax. To qualify, you must:

  • Be at least 18 years old.
  • Own a for-profit business with at least two months of income.
  • Have a business bank account.
  • Have a credit score of 500 or higher.
  • Operate your business in an eligible state.

States where CashCall business loans are available

Apply for a CashCall business loan if you live in:

  • Alabama
  • California
  • Delaware
  • Idaho
  • Hawaii
  • Kansas
  • Louisiana
  • Maine
  • Montana
  • Mississippi
  • Nebraska
  • New Mexico
  • Ohio
  • South Carolina
  • Utah
  • Virginia
  • Washington, DC
  • Wisconsin

How does a CashCall business loan work?

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 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.

What makes CashCall business loans unique?

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.

What are the benefits of a CashCall business loan?

  • Quick turnaround. CashCall claims you can get your funds in the same day if you apply, are approved and submit your final loan documents before 4 p.m.
  • Startups and sole proprietorships OK. If you’re your own employee, your business is under six months old or both, it can be difficult to find a business loan that you qualify for.
  • Discount for return borrowers. If you apply for a second CashCall loan, you’ll pay a lower origination fee.
  • No prepayment penalty. Pay your loan off early with no additional cost. In fact, CashCall recommends it (that interest can build up quickly).

What to watch out for

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:

  • Numerous legal disputes. CashCall has settled cases with several states, the federal government and the Department of Business Oversight. It’s been accused of violating payday and tribal lending laws, misrepresenting its loans, filing false information with the DBO and harassing consumers for collections, among other issues.
  • High interest and fees. CashCall’s interest rates start where most reputable lenders drop off, and its fees are on the expensive end as well.
  • Reports repayments to credit bureaus. This could potentially be a good thing if you repay your loan on time, because responsible borrowing can help build your credit. But if you’re late or default (and these loans are expensive), it could do some serious damage to your credit score.

Compare more business loan options

Rates last updated November 17th, 2018
Unfortunately, none of the business loan providers currently offer loans for these criteria.
Name Product Product Description Min Loan Amount Max. Loan Amount Requirements
LoanBuilder, A PayPal Service Business Loans
Customizable loans with no origination fee for business owners in a hurry.
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
Credibly Business Loans
Funding to cover business expenses with daily or weekly repayments.
500+ personal credit score, 6+ months in business, $15,000+ average monthly deposits
National Funding Small Business Loans
Working capital loans and equipment financing, some high-risk industries may be eligible.
Be in business at least one year and make at least $100,000 in annual sales. Other loan types have additional requirements.
Lendio Business Loan Marketplace
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
Must operate a business in the US or Canada, have a business bank account and have a personal credit score of 560+.
LendingClub Business Loans
With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
12+ months in business, $50,000+ in annual sales, no bankruptcies or tax liens, at least 20% ownership of the business, fair personal credit score or better
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
500+ personal credit score, 1+ years in business, $100,000+ annual revenue
Fora Financial Business Loans
No minimum credit score requirement and early repayment discounts for qualifying borrowers.
Business age 6+ months. Monthly revenue $12,000+. No open bankruptcies.
LendingTree Business Loans
Multiple business financing options in one place including: small business loans, lines of credit, SBA loans, equipment financing and more.
Varies by lender and type of financing
Varies by lender and type of financing
Varies by lender, but you many require good personal credit, a minimum business age and minimum annual revenue.

Compare up to 4 providers

What does the Internet say about CashCall business loans?

CashCall has faced several scandals since launching, though most involve its personal loans.
It gets a C rating from the Better Business Bureau (BBB), though it’s not accredited. Its low rating is likely a result of the five government actions taken against it and the way it’s handled customer complaints.

Specific details are unavailable for most customer complaints, but almost all involve billing or collection issues. It only has 15 customer reviews, none of which specifically mention business loans and most involving complaints about customer service and repaymenta.

CashCall fares significantly better on TrustPilot, scoring an 8.9 out of 10, with 75% of nearly 900 reviewers calling it “Excellent” (only 3% considered it “Bad”). Most reviewers also don’t specify what type of loan they borrowed, but instead express their gratitude for having access to funds and decent customer service.

Am I eligible?

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:

  • Be at least 18 years old. Or the minimum legal age to take out a loan in most states.
  • Prove of at least two months of business income. CashCall asks for proof when you apply. In contrast, even the most forgiving lenders typically require businesses to be at least six months old.
  • Run a for-profit business. It’s standard for business lenders to exclude nonprofits, which typically rely on other types of financing anyway.
  • Have a business bank account. The account must be in your business’s name.
  • Have a credit score of 500 or higher. CashCall considers your credit score because it requires a personal guarantee on its business loans.
  • Live in an eligible state. CashCall loans are only available to businesses operating in Alabama, California, DC, Delaware, Idaho, Hawaii, Kansas, Louisiana, Maine, Missouri, Mississippi, Nebraska, New Mexico, Ohio, South Carolina, Utah, Virginia and Wisconsin.

How do I apply?

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.

What documents do I need to apply?

CashCall might ask you for specific documentation, depending on factors like your credit and business history. But expect to provide:

  • Proof of two months of income.
  • Government-issued personal ID.
  • Business bank account information.

I got a business loan from CashCall. Now what?

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.

Bottom line

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.

Frequently asked questions

Anna Serio

Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.

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