in Business Loans from eProdigy FinancialUnaffiliated
|APR||10% - 99%|
|Loan Term (Months)||N/A|
eProdigy Financial Review
eProdigy Financial is a business financing offering by eProdigy Financial, based in New York, NY. Founded in 2014, eProdigy Financial offers access to business loans in 50 states (and Washington, DC).
What are eProdigy Financial’s rates?
eProdigy Financial offers a business financing product that ranges from 10% APR up to 99% APR.
Does eProdigy Financial charge an origination fee?
Yes, eProdigy Financial charges a loan origination fee.
What limitations does eProdigy Financial set on the purpose of the loan?
eProdigy Financial considers loan applications for business purposes, such as:
- Business Debt Refinance
- Equipment Purchase
- Lease Improvement
- New Location
- Product or Service Expansion
- Technology Investment
- Working capital
What types of business loans does eProdigy Financial offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. eProdigy Financial provides access to the following business loan types:
- Unsecured term loans
- Merchant Cash Advances
- ACH Cashflow Loans
Does eProdigy Financial charge prepayment fees?Yes, eProdigy Financial charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a loan early.
What do you need to qualify for eProdigy Financial?
eProdigy Financial 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.eProdigy Financial does not require or does not disclose a credit score minimum.
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 eProdigy Financial 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 eProdigy Financial. 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
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
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