InterNex Capital Velocity LOC Review

InterNex Capital Velocity LOC is offered by InterNex Capital, a direct lender founded in 2015 and based in New York, NY. InterNex Capital Velocity LOC is available in 46 states (and Washington, DC).

What APRs does InterNex Capital Velocity LOC offer?

InterNex Capital Velocity LOC offers a fixed APR product that ranges from 9.99% APR.

Does InterNex Capital Velocity LOC charge an origination fee?

Yes, InterNex Capital Velocity LOC charges an origination fee of 2.25% to 4% of the line of credit amount. InterNex Capital Velocity LOC deducts the fee directly from your line of credit amount before disbursing the fund, so make sure you take this fee into account when deciding how much you need to borrow.

What limitations does InterNex Capital Velocity LOC set on the purpose of the line of credit?

InterNex Capital Velocity LOC considers line of credit applications for business purposes, such as:

• Business Debt Refinance
• Equipment Purchase
• Hiring
• Inventory
• Lease Improvement
• New Location
• Payroll
• Product or Service Expansion
• Working capital

Does InterNex Capital Velocity LOC charge prepayment fees?

Yes, InterNex Capital Velocity LOC charges additional fees to borrowers who pay off their lines of credit sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a line of credit early.

How much can you borrow from InterNex Capital Velocity LOC?

Line of credit amounts start at $250,000 and go up to $10,000,000.

What is the maximum term you can get with InterNex Capital Velocity LOC?

InterNex Capital Velocity LOC offers business lines of credit with terms ranging from 12 to 24 months. Having the option of longer terms allows borrowers to take on larger line of credit amounts while keeping monthly payments more affordable. However, the longer the term of the amounts you borrow, the more interest you will pay.

What do you need to qualify for InterNex Capital Velocity LOC?

InterNex Capital Velocity LOC does not require or does not disclose a credit score minimum. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

InterNex Capital Velocity LOC does not have or does not disclose a minimum annual income eligibility requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via InterNex Capital Velocity LOC. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by InterNex Capital Velocity LOC. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Proof of income
• Recent bank statements
• Business formation documents
• Proof of identity

What is the estimated funding time for the InterNex Capital Velocity LOC?

InterNex Capital Velocity LOC can approve (or deny) a line of credit application within 72 hours and fund business lines of credit within 4 business days of approval.

What are the business financing requirements for InterNex Capital Velocity LOC?

To apply for InterNex Capital Velocity LOC, the applicant needs to provide the following documentation:

• Business license
• Business bank account

Does InterNex Capital Velocity LOC report your account activity to credit bureaus?

Yes, InterNex Capital Velocity LOC reports your account activity to the following credit reporting agencies:

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

What types of business lines of credit does InterNex Capital offer?