Startups and business owners with bad credit might find loans — but expect high interest and fees.
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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 Name | CashCall Business Loans |
|---|---|
| Min Loan Amount | $3,500 |
| Max. Loan Amount | $75,000 |
| APR | 24%–149% |
| Minimum Loan Term | 2 years |
| Maximum Loan Term | 10 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
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.