InterNex Capital business loans review
Get funding for your business on a revolving line — but expect high fees.
- Best for businesses that need a high loan amount on a revolving line.
- Pick something else is you don’t have at least $1 million in annual revenue.
Rhys Subitch is a writer and editor at Finder who tackles topics across the site. With half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info on all things finance.
InterNex Capital is an online-only business lender. It provides revolving lines of credit to help solve short-term working capital needs. As an asset-based lender, InterNex lends against your unpaid invoices instead of selling them like a factoring company.
It offers financing to small- and medium-sized businesses, with flexible repayments for most borrowers. You can apply online in minutes and receive funding within four to seven days upon approval. While there’s no minimum credit score to qualify, you do need at least $1 million in annual revenue.
If your business doesn’t meet the minimum revenue requirement, or you simply want to compare more options, take a look at even more lenders.
How much will this line of credit cost me?
InterNex charges an origination fee — or draw fee — deducted directly from your loan amount before disbursing your funds every time you pull from your credit line. It also charges a renewal fee if you choose to extend your line of credit past 12 months. When we reached out for information about the specific costs, the representative was unable to give exact ranges.
These fees can add up if you’re funding a large amount, or make many draws. On top of the fees, interest rates can run up to 18%.
How it works
InterNex Capital lets you borrow funds up to a max amount determined by your accounts receivable. You can draw and repay on your loan and only pay interest on the money you borrow, similar to a credit card.
Do I qualify to use InterNex Capital?
To qualify for a line of credit with InterNex Capital, you will need to meet a few requirements.
- B2B business that invoices for goods or services
- Have a valid business bank account
- Be at least 18 years old
- Annual revenue of at least $1 million
- At least two years in business
- Not located in Nevada, North Dakota, South Dakota or Vermont
What information do I need to apply?
InterNex doesn't provide a list of documents you need to submit with the application. But typically you need the following once you're preapproved for an invoice-secured business loan:
- Three months’ of business bank account statements
- Current accounts receivable
- Profit and loss statement
- Balance sheet
What industries does InterNex Capital work with?
InterNex Capital is a business-to-business lender. And it works with many businesses that invoice for goods and services.
But there are several industries and business types it doesn't work with, including:
- Federal government accounts receivable
- Invoices that are billed by milestone
Pros and cons
Before you apply, consider the benefits and drawbacks of borrowing from InterNex Capital.
- Online prequalification that doesn't affect your credit
- Turnaround time in as little as five days
- Funds available up to $10 million
- Not transparent about fees or APR
- Unavailable in Nevada, North Dakota, South Dakota and Vermont
- High minimum annual revenue requirement of $1 million
See other business loan options
Enter in some basic information about your business, including your annual revenue and personal credit score range, to compare even more lenders.
Is InterNex Capital legit?
|Trustpilot Score||4.6 out of 5 stars, based on 21 customer reviews|
|Customer reviews verified as of||23 July 2020|
You can also contact its customer service through online chat, email or by phone. However, it should be noted that contacting the lender by live chat is hit or miss. The first time we reached out with a question it only took a minute to answer — but it took several hours for someone to answer our follow-up questions.
Does InterNex Credit get good customer reviews?
InterNex Capital has very few reviews, but what ones it does get are good. Customer service is highly praised by its customers in reviews on Trustpilot. Customers also report being pleased that there was not hard credit pull when applying.
How do I apply?
InterNex Capital has a short online application that should take less than 15 minutes to complete.
- Go to the InterNex Capital website.
- Click the Apply now button.
- Enter your name and email address, then click Get started.
- Answer a few quick questions about your business, including business name, whether it's based in the US, type of business, and whether you invoice. Click Next.
- Enter your state of incorporation, annual revenue, loan amount and accounts receivable. Select See if you qualify.
If you qualify, you'll need to enter your phone number and click Submit.
What happens after I apply?
Once you apply, a loan officer will contact you by phone. You'll need to send in documentation like your account receivables and bank account statements to confirm approval. Once you're approved, it will take up to five days to fund your loan.
How do repayments work with InterNex Capital?
After you make your first draw from your line of credit, you'll start making monthly repayments. Terms are up to 12 months, and you'll have the option to renew after the term is up. Keep in mind that renewal will come with a fee, which should be outlined in your loan agreement.
If you want a lender that's more up front about its fees, or simply has more relaxed revenue requirements, read our business loans page and compare even more options.