The Business Backer Business Lines of Credit Review

The Business Backer Business Lines of Credit is offered by The Business Backer, a financial services company founded in 2007 and based in Cincinnati, OH. The Business Backer Business Lines of Credit is available in 33 states (and Washington, DC).

What APRs does The Business Backer Business Lines of Credit offer?

The Business Backer Business Lines of Credit offers a fixed APR product that starts at 3.3% APR.

Does The Business Backer Business Lines of Credit charge an origination fee?

Yes, The Business Backer Business Lines of Credit charges an origination fee of 0% to 3% of the line of credit amount. The Business Backer Business 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 The Business Backer Business Lines of Credit set on the purpose of the line of credit?

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

• Equipment Purchase
• Inventory
• Lease Improvement
• New Location
• Payroll
• Working capital

Does The Business Backer Business Lines of Credit charge prepayment fees?

No, The Business Backer 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 The Business Backer Business Lines of Credit?

Line of credit amounts start at $5,000 and go up to $100,000.

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

The Business Backer Business Lines of Credit 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 The Business Backer Business Lines of Credit?

Applicants with a credit score of at least 560 and up to 850 may be eligible for The Business Backer Business Lines of Credit. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

The Business Backer 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 The Business Backer 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.

U.S. citizens are, of course, eligible for the services offered by The Business Backer Business 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 identity

What are the business financing requirements for The Business Backer Business Lines of Credit?

To apply for The Business Backer Business Lines of Credit, the applicant needs to provide the following documentation:

• Business license
• Business bank account

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

Yes, The Business Backer Business 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 The Business Backer offer?

The Business Backer only offers unsecured lines of credit.