GROUNDFLOOR Review

Where does GROUNDFLOOR do business?

GROUNDFLOOR is a business financing offering by GROUNDFLOOR, a financial services company based in Atlanta, GA. Founded in 2013, GROUNDFLOOR offers access to business loans in 24 states (and Washington, DC).

What are GROUNDFLOOR’s rates?

GROUNDFLOOR offers a fixed APR business financing product that ranges from 5% APR up to 26% APR.

Does GROUNDFLOOR charge an origination fee?

Yes, GROUNDFLOOR charges a loan origination fee of 2% to 6% of the loan amount. GROUNDFLOOR deducts the fee directly from your loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.

What limitations does GROUNDFLOOR set on the purpose of the loan?

GROUNDFLOOR considers loan applications for business purposes, such as:

• Working capital

Does GROUNDFLOOR charge prepayment fees?

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

How much can you borrow from GROUNDFLOOR?

Loan amounts start at $50,000 and go up to $2,000,000.

What is the maximum loan term you can get with GROUNDFLOOR?

GROUNDFLOOR offers business loans with terms ranging from 6 to 12 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 a loan with GROUNDFLOOR?

Applicants with a credit score of at least 640 can apply for a loan via GROUNDFLOOR. GROUNDFLOOR 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

Only U.S. citizens and permanent residents can apply for a loan. To qualify, applicants may need to provide the following documentation:

• Proof of Identity
• Proof of Income

Does GROUNDFLOOR report loan payments to credit bureaus?

GROUNDFLOOR may report credit data to the following credit reporting agencies:

• Equifax
• Experian