Kiva Business Lines of Credit

Kiva Business Lines of Credit Review

Kiva Business Lines of Credit is offered by Kiva, a marketplace lending platform founded in 2005 and based in San Francisco, CA. Kiva Business Lines of Credit are available in 50 states (and Washington, DC).

Kiva Business Lines of Credit FAQ

What APRs does Kiva Business Lines of Credit offer?

Kiva Business Lines of Credit offers a fixed APR product that starts at 0% APR.

Does Kiva Business Lines of Credit charge an origination fee?

No, Kiva Business Lines of Credit does not charge an origination fee. An origination fee is what some lenders charge for processing, underwriting, and funding a business financing product. Typically fees range from 0.5% to 5% of the line of credit amount. Whenever possible, go with lenders that don’t charge origination fees.

What limitations does Kiva Business Lines of Credit set on the purpose of the line of credit?

Kiva Business Lines of Credit considers line of credit applications for business purposes, such as:

• Equipment Purchase
• Inventory
• Lease Improvement
• New Location
• Product or Service Expansion
• Working capital

Does Kiva Business Lines of Credit charge prepayment fees?

No, Kiva Business Lines of Credit does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the line of credit balance off early.

How much can you borrow from Kiva Business Lines of Credit?

Line of credit amounts start at $25 and go up to $15,000.

What is the maximum term you can get with Kiva Business Lines of Credit?

Kiva Business Lines of Credit offers business lines of credit with terms ranging from 1 to 60 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 Kiva Business Lines of Credit?

When it comes to credit scores, Kiva doesn't have a set minimum or maximum. People with all types of credit scores can apply. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Kiva Business Lines of Credit 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. APRs for the Kiva Business Lines of Credit product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

An uncommon feature is for lenders to offer their services to non-residents. Kiva is one of the few that does.

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

• Proof of income
• Recent bank statements
• Proof of identity

What is the estimated funding time for the Kiva Business Lines of Credit?

Kiva Business Lines of Credit can approve (or deny) a line of credit application within 360 hours and fund business lines of credit within 1 business day of approval.

Does Kiva Business Lines of Credit report your account activity to credit bureaus?

Yes, Kiva Business Lines of Credit reports your account activity to the following credit reporting agencies:

• Equifax
• Experian

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.