Behalf Review

Behalf is a business financing offering by Behalf, based in New York, NY. Founded in 2011, Behalf offers access to small business loans in 50 states (and Washington, DC).

What are Behalf’s rates?

Behalf offers a fixed APR business financing product that ranges from 0% APR up to 61% APR.

Does Behalf charge an origination fee?

No, Behalf does not charge a loan origination fee. A loan origination fee is what some lenders charge for processing, underwriting, and funding a business loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

What limitations does Behalf set on the purpose of the business loan?

Behalf considers business loan applications for business purposes, such as:

• Equipment Purchase
• New Location
• Product or Service Expansion
• Working capital

What types of small business loans does Behalf offer?

Not all small business loans are made equal. The type of business loan you choose will determine the range of interest rates and terms you receive. Behalf provides access to the following business loan types:

• Merchant Cash Advances

Does Behalf charge prepayment fees?

No, Behalf does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the business loan off early.

How much can you borrow from Behalf?

Business loan amounts start at $300 and go up to $50,000.

What is the maximum business loan term you can get with Behalf?

Behalf offers small business loans with terms ranging from 1 to 6 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What do you need to qualify for Behalf?

Behalf does not require borrowers to have been in business for a minimum number of years. Businesses don't have to meet a minimum annual revenue to be considered.

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 Behalf 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 Behalf. Permanent resident / green card holders are also eligible to apply.

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

• Proof of income
• Proof of identity

Does Behalf report your account activity to credit bureaus?

Yes, Behalf 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.