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Sunwise Capital small business loans review
Even with bad credit or no collateral, you could be approved for a small business loan.
finder.com’s rating: 4.3 / 5.0
★★★★★
Sunwise Capital is an online lender that claims to provide financing to more than 700 industries — including restaurants, retailers and manufacturers. Offering loans in all 50 states, you could qualify for a small business loan with daily, weekly or monthly automatic repayments.
Details
| Min. Amount | $10,000 |
|---|---|
| Max. Amount | $2,000,000 |
| Min. Credit Score | 500 |
| APR | Starting from 5.49% |
| Requirements | 1+ year in business, $150K+ annual revenue, 500+ personal credit score |
What is a Sunwise Capital small business loan?
Sunwise Capital small business loans are available to people with businesses that have been operating for at least one year and have personal credit scores of 500 or higher. Sunwise Capital offers loans between $10,000 and $2 million to expand business, consolidate debt, acquire working capital and just about any other business purpose.
You can apply fully online with qualifications that are minimal compared to traditional banks. Smaller loans of $150,000 or less could be approved in 24 hours with funding available the following business day.
Do you qualify?
You’ll need to have been in business at least one year and have an annual revenue of at least $150,000 to qualify for a Sunwise Capital small business loan. Sunwise Capital accepts business owners with personal credit scores of 500 or higher.
What makes Sunwise Capital unique?
Sunwise Capital offers an opportunity for business owners who may have been turned down from traditional banks to get the funding they need. Unlike a traditional bank that will require extensive paperwork and high FICO scores, Sunwise Capital simplifies the process of getting a loan with a one-page online application and a requirement for the last three months of your financial statements only. You’re provided with many loan options to find one that best suits your situation.
Sunwise Capital also offers Wise Business Loans, which have slightly different requirements and terms.
Get financing from Wise Business Loans
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What are the benefits of a Sunwise Capital small business loan?
Sunwise Capital small business loans may be able to fund your business needs quickly, even if you have bad personal credit.
- Low starting rates. You might qualify for a rate as low as 5.49% if you have excellent credit, a low debt-to-income ratio and bring in a high revenue each year.
- Best rate guarantee. If you receive a written business loan offer with similar terms from another lender, Sunwise Capital will either beat the rate offered or give you $500.
- Easy process. Complete the one-page application for approval in 24 hours (for smaller loan amounts) and funding within two business days.
- Minimal paperwork. Provide fewer documents than a bank requires for approval.
- Apply with poor credit. Loans are typically available to those with personal credit scores of 450 or higher.
- No prepayment penalty. Avoid accruing additional interest by paying off your loan early.
What to watch out for
Sunwise Capital small business loans can get you funded to grow your business quickly, but there are some drawbacks to consider.
- High minimum revenue requirements. Your business must have earned a minimum of $150,000 the previous year to be eligible for a loan.
- Daily repayments. Choosing to pay back your loan each day can quickly erode your business’s cash flow — and daily repayments tend to require daily automatic withdrawals.
- High rate of reborrowing. Sunwise Capital advertises that 77% of its clients reborrow two to three times a year. Many loan renewals could indicate that borrowers end up unable to pay back their large debt over a short period, requiring another loan as a temporary fix.
Am I eligible for a Sunwise Capital small business loan?
The loan rates and terms you’re ultimately offered depend on your business’s age and annual revenue among other factors. Eligible applicants include those who:
- In business at least one year
- Annual revenue of at least $150,000
- Personal credit score of at least 500
What do I need to apply?
To apply for a Sunwise Capital small business loan, you’ll complete a one-page online application indicating:
- The loan amount you’re requesting.
- Your average business monthly deposits.
- Your legal business name.
- Your company’s type or industry and years in business.
- Your full name and contact information.
- Your business’s annual gross revenue.
- Your business’s monthly credit card sales.
Sunwise Capital will determine what loan amount and terms to offer you based on the combination of factors in your application.
I got the Sunwise Capital small business loan. Now what?
You’ve got money to grow your small business. Now you’ll want to responsibly pay back your loan according to the terms and conditions of your contract.
As with any business loan, avoid unnecessary interest and late charges with on-time payments. Your Sunwise Capital business loan could come with daily, weekly or monthly repayments. You can set up automated withdrawals so you don’t have to worry about missing a payment.
Bottom line
A Sunwise Capital small business loan is just one online option to help fund your business if you aren’t eligible for a more traditional loan with a bank or other financial institution.
Be sure to explore your other business financing options to make sure you find the best one for you.
Frequently asked questions about Sunwise Capital
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.
