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$5,000
Min. Amount
$2,000,000
Max. Amount
Product Name | Sheer Funding business term loans |
---|---|
Min. Amount | $5,000 |
Max. Amount | $2,000,000 |
Loan Term | 3 to 60 months |
Min. Credit Score | 550 |
APR | 5.95% to 35% |
Requirements | 6+ months in business, 550+ credit score, $150,000+ annual revenue, eligible industry |
Review by
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
Sheer Funding term loans could be a good option if you’ve struggled to qualify for a business loan in the past because of your credit. It offers competitive rates to business owners with a credit score as low as 550, as long as you meet other requirements. And you only have to be in business at least six months to qualify.
But you might want to apply elsewhere if you’re struggling with cashflow gaps, since these loans come with weekly or daily repayments. It also requires a personal guarantee from all business partners.
Not sure Sheer Funding is right for you? Compare other business lenders below.
You must meet the following criteria at a minimum to qualify for a term loan from Sheer Funding:
Sheer funding considers other factors like your business’s industry and your personal credit report as well.
Sheer Funding offers some of the most competitive rates out there for a lender that works with new businesses and low-credit business owners. It also offers an unusually wide range of loan terms, allowing you to find the term that works best for your business’s budget.
A Sheer Funding business loan is a general-use term loan. You can borrow from $5,000 to at rates that run from to APR. Loan terms range anywhere from 3 to 60 months, with daily or weekly repayments. You can also repay your loan ahead of time to save on interest without paying any prepayment penalties.
While it doesn’t offer a fully online application, you can request a quote by filling out an online form on its website. If you want to go through with the application, you can download a PDF on its website and email or fax it in. The whole process can take two to three business day from start to funding.
Yes. In addition to business term loans, Sheer Funding also offers the following products:
From its competitive rates to its lenient eligibility requirements, here are a few perks of borrowing from Sheer Funding:
Consider these potential drawbacks before taking out a Sheer Funding business loan:
BBB accredited | No |
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BBB rating | A+ |
BBB customer reviews | 5 out of 5 stars, based on 1 customer reviews |
Trustpilot Score | 4.5 out of 5 stars, based on 18 customer reviews |
Customer reviews verified as of | 12 October 2019 |
Customers were pleased with the professionalism, transparency and how much Sheer Funding’s team seemed to care about getting them a good deal. Several also cited a fast, efficient application process and low interest rates.
You can get started on your application by requesting a quote from Sheer Funding online. Follow these steps:
Wait for an account executive from Sheer Funding to get in touch to discuss your application and loan options. They’ll give you instructions on how to fill out the one-page application and submit documents. Typically, it takes about 24 hours to receive an offer. After you sign your loan documents, it can take another 24 to 48 hours to receive your funds.
You need to provide the following documents along with your loan application:
Sheer Funding might also ask to see other documents, such as your business’s profit-and-loss statement and balance sheets.
Sheer Funding’s term loan comes with either daily or weekly repayments. Check your loan documents to find out when your repayments are due and monitor your business bank account as well as your Sheer Funding account. Reach out to customer service as soon as possible if you have any questions about your loan — or want to pay it off early to save on interest.
Find out how Sheer Funding stacks up to other lenders with our guide to business loans.