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Idea Financial business loans review

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Lines of credit up to $250,000 with rates starting at 11.99%.

finder.com’s rating: 3.95 / 5.0

★★★★★

Idea Financial’s lines of credit might be best for business owners with average credit who are looking for simple financing for an ongoing project. But it’s not ideal for all businesses. If you’re just starting out, have excellent credit or need over $250,000 in financing, another lender might offer a better solution.

$250,000

Max. Amount

Details

Product NameIdea Financial lines of credit
Max. Amount$250,000
Loan Term12 to 18 months
Min. Credit Score650
APR11.99% to 29.99%
Requirements3+ years in business, $180,000+ gross annual revenue, 650+ credit score

First, do I qualify?

You must meet the following criteria to qualify for an Ideal Financial line of credit:

  • In business at least three years
  • Gross annual revenue of at least $180,000
  • Minimum personal credit score of 650

What makes Idea Financial’s line of credit unique?

Idea Financial’s line of credit is faster and more flexible than your traditional business loan. You can get approved for your credit line in a matter of hours and have access to funds the next day.

What is an Idea Financial line of credit?

Idea Financial offers lines of credit up to $250,000 at interest rates ranging from 11.99% to 29.99%. Unlike with a term loan, you only have to repay the amount you withdraw. While there’s no origination fee to receive your funds, Idea Financial charges a draw fee of 0% to 3% each time you access funds from your credit line.

What are the benefits of an Idea Financial line of credit?

From minimal fees to continual access to funds, here are a few perks Idea Financial’s line of credit:

  • No origination or annual fee. Idea Financial doesn’t charge a fee for taking out the line of credit or an annual service fee, unlike some other business lenders.
  • Withdraw multiple times a day. You can request more funds the same day if you realize you need to borrow more than you’d originally thought.
  • No prepayment penalties. You can repay your balance early to save on interest.

What to watch out for

Consider these potential drawbacks before taking out a line of credit from Idea Financial:

  • Draw fee. While there’s no origination fee, you could pay up to 3% of the amount you withdraw from your credit line.
  • Potential weekly repayments. Depending on your business and contract, you might have to make repayments on a weekly basis.
  • Not totally transparent. While it claims to be completely transparent about its pricing and services, Idea Financial doesn’t mention its interest rates on its pricing page — you have to do some digging to find that range.

Compare more business loan providers

Data indicated here is updated regularly

Name Product Filter Values Loan amount APR Requirements
First Down Funding business loans
$5,000 – $300,000
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At least 1 year in business, an annual revenue of $100,000+, and a minimum credit score of 400
Alternative financing up to $300K with highly competitive rates.
Lendio business loans
$500 – $5,000,000
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.
ROK Financial business loans
$10,000 – $5,000,000
Varies
Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
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OnDeck small business loans
$5,000 – $250,000
As low as 9.99%
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
Rapid Finance small business loans
$5,000 – $1,000,000
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Steady flow of credit card sales, bad credit OK
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What do borrowers say about Idea Financial?

Borrowers haven’t said much online about Idea Financial as of September 2019. But the few reviews out there are mostly positive. It has one 5-star and one 1-star review on the Better Business Bureau (BBB) website. The BBB also gives it an A rating, which might be higher if Idea Financial had been around for more than two years.

Some 86 customers gave it a rating of 4.6 out of 5 on Trustpilot, with customers praising how fast, simple and straightforward the application process was. Many were particularly pleased with the quality of customer service, and we also had a positive experience when we spoke with a representative on the phone.

How can I apply?

You can apply for a line of credit from Idea Financial over the phone by calling 855-900-7838 or online by following these steps:

  1. Go to the Idea Financial website.
  2. Click Apply Now.
  3. Select the range of funding amounts you’re interested in.
  4. Follow the directions to answer questions about yourself and your business.
  5. Upload six months of your business’s bank statements.
  6. Review the disclosure and click Submit.

What documents do I need to apply?

The only documents you need to provide in the initial application are six months of bank statements. If you don’t have them on hand, you can skip this step and provide them later. However, it might slow down your application.

I got the Idea Financial line of credit. Now what?

You don’t need to do anything until you make your first withdrawal from your credit line. Once you withdraw, Idea might charge you a draw fee of up to 3% and your repayments will kick in.

Depending on the terms of your loan, you might be required to make weekly or monthly repayments. Consider signing up for autopay to have your repayments automatically withdrawn from your business’s bank account — you won’t have to take time out of your day to do it manually. If you have any questions or concerns, reach out to customer service as soon as possible.

What other products does Idea Financial offer?

In addition to its business line of credit, Idea Financial also offers accounts receivable financing. This option allows you to get an advance on up to 80% of your business’s unpaid invoices — up to $500,000.

You can qualify if you have a personal credit score of 550 or higher and at least $25,000 in unpaid invoices. Rates start at 0.25% per week it takes your customers to pay it back.

Bottom line

Idea Financial could be a good solution to business owners with ongoing projects who don’t have a lot of time to spend on an application. But you might be able to find a better deal elsewhere — especially if you’re looking for a fixed amount of funds.

Find out how it compares to other options by reading our guide to business loans.

Frequently asked questions

Business loan ratings

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★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.

Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.

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