Last Updated: 04/18/2025
Newtek Revolving Lines of Credit
Unaffiliated
in Business Lines of Credit from Newtek
Last Updated: 04/18/2025
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Highlights
APR (Fixed APR)
N/A
Credit Score Range
640 - 850
Amount Range
$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 are available in states.
Newtek Revolving Lines of Credit FAQ
What APRs does Newtek Revolving Lines of Credit offer?
Newtek Revolving Lines of Credit offers an APR , 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.
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.
U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Newtek Revolving Lines of Credit.
To qualify, applicants may need to provide the following documentation:
- Proof of income
- Bank account information
- 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 to the following credit bureaus:
- 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 build your credit.
Does Newtek perform a hard credit pull?
Yes, Newtek Revolving Lines of Credit performs a hard credit pull when you apply for a loan. Additionally, it doesn't provide the option to check your rates using a soft credit pull, a feature that many lenders offer.
Click here to get prequalified rates from multiple leading lenders without a hard credit pull. However, if you accept a loan offer, a hard credit pull will likely be performed.
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.
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