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  Newtek Revolving Lines of Credit

Newtek Revolving Lines of Credit

in Business Lines of Credit from Newtek

Unaffiliated

Newtek Revolving Lines of Credit

Unaffiliated

in Business Lines of Credit from Newtek

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Highlights
APR  (Fixed APR) N/A
Credit Score Range 640 - 850
Loan Amount $50,000 - $1,500,000

Newtek Revolving Lines of Credit Review

Newtek Revolving Lines of Credit is offered by Newtek, a financial services company founded in 1998 and based in Lake Success, NY. Newtek Revolving Lines of Credit is available in 50 states (and Washington, DC).

Newtek Revolving Lines of Credit FAQ

What APRs does Newtek Revolving Lines of Credit offer?

Newtek Revolving Lines of Credit offers a fixed APR product, but they do not disclose their rates.

Does Newtek Revolving Lines of Credit charge an origination fee?

Yes, Newtek Revolving Lines of Credit charges an origination fee starting at 0% of the line of credit amount. Newtek Revolving Lines of Credit 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 Newtek Revolving Lines of Credit set on the purpose of the line of credit?

Newtek Revolving Lines of Credit 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 Newtek Revolving Lines of Credit charge prepayment fees?

No, Newtek Revolving 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 Newtek Revolving Lines of Credit?

Line of credit amounts start at $50,000 and go up to $1,500,000.

What is the maximum term you can get with Newtek Revolving Lines of Credit?

Newtek Revolving Lines of Credit offers business lines of credit with a maximum term of 12 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 Newtek Revolving Lines of Credit?

Applicants with a credit score of at least 640 and up to 850 may be eligible for Newtek Revolving Lines of Credit. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Newtek Revolving 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 Newtek Revolving 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.

U.S. citizens are, of course, eligible for the services offered by Newtek Revolving Lines of Credit. 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 insurance

What are the business financing requirements for Newtek Revolving Lines of Credit?

To apply for Newtek Revolving Lines of Credit, the applicant needs to provide the following documentation:

  • Business license
  • Business bank account

Does Newtek Revolving Lines of Credit report your account activity to credit bureaus?

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

  • Equifax
  • Experian
  • Transunion

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 Newtek offer?

Newtek offers both secured and unsecured lines of credit. Secured lines of credit are typically secured by a blanket lien on your assets or a certificate of deposit.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

  • Headquarters
  •   1981 Marcus Ave
    Suite 130
    Lake Success, NY 11042
  •   Visit Site

Other Services by Newtek

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Prepayment Fee
Origination Fee (%) Starting at 0%
Business Financing Requirements
  • Business License
  • Business Bank Account
Credit Score Range 640 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Non-Military
  • Veterans
Minimum Age 18
Minimum Months in Business 24
Verification Documents Required
  • Proof of Income
  • Proof of Insurance
  • Business Formation Documents
  • Recent Bank Statements
  • Social Security Number
  • Business Tax Return
  • Employer Identification Number
Collateral Requirement
  • Secured
  • Unsecured
Intended Use of Funds
  • Equipment Purchase
  • Lease Improvements
  • New Location
  • Product or Service Expansion
  • Working Capital
  • Business Debt Refinance
  • Inventory
  • Payroll
  • Hiring
  • Other (All)
Approval Speed 48 hours
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Funding Time Range Up to 14 days
Payment Frequency Monthly
Payment Options
  • Automatic Payments
  • Bank Transfer
Loan Amount $50,000 - $1,500,000
Loan Term Up to 12 months

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