eProdigy Financial Business Loans Review

eProdigy is a business financing offering by eProdigy Financial, based in New York, NY. Founded in 2014, eProdigy Financial offers access to small business loans in 50 states (and Washington, DC).

What are eProdigy’s rates?

eProdigy offers a business financing product that ranges from 10% APR up to 99% APR.

Does eProdigy charge an origination fee?

Yes, eProdigy charges a loan origination fee.

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

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

• Business Debt Refinance
• Equipment Purchase
• Hiring
• Inventory
• Lease Improvement
• New Location
• Payroll
• Product or Service Expansion
• Technology Investment
• Working capital

What types of small business loans does eProdigy 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. eProdigy provides access to the following business loan types:

• Unsecured Term Business Loans
• Merchant Cash Advances
• ACH Cash Flow Loans

Does eProdigy charge prepayment fees?

Yes, eProdigy charges additional fees to borrowers who pay off their small business 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 business loan early.

What do you need to qualify for eProdigy Financial Business Loans?

eProdigy Financial Business Loans 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 Business Loans 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 Business Loans 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 Business Loans. 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