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Last Updated: 04/18/2025

OpenLoans Small Business Loans

from OpenLoans

Last Updated: 04/18/2025
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Amount Range

Up to $350,000

APR (Fixed APR)

N/A

Loan Term (Months)

N/A

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OpenLoans Small Business Loans Review

OpenLoans Small Business Loans is a business financing offering by OpenLoans, based in Cheyenne, WY. Founded in 2002, OpenLoans offers access to small business loans in 50 states (and Washington, DC).

OpenLoans Small Business Loans FAQ

What are OpenLoans Small Business Loans rates?

OpenLoans Small Business Loans offers a fixed APR business financing product but they do not disclose their rates.

Does OpenLoans Small Business Loans charge an origination fee?

Yes, OpenLoans Small Business Loans charges a loan origination fee .

Does OpenLoans Small Business Loans charge prepayment fees?

Yes, OpenLoans Small Business Loans may charge additional fees to borrowers who pay off their small business loans sooner than anticipated. Take this into consideration when choosing a business loan product because prepayment penalties can reduce or even cancel the interest savings of repaying a business loan early.

What do you need to qualify for OpenLoans Small Business Loans?

OpenLoans Small Business Loans requires companies to be in business for at least month
OpenLoans Small Business Loans does not require or does not disclose a credit score minimum. The minimum age to be eligible is 18 or the state minimum, whichever is higher.
U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by OpenLoans Small Business Loans.
To qualify, applicants may need to provide the following documentation:
  • Bank account information
  • Business formation documents
  • Business financial statements
  • Driver's license or other government photo ID
  • Government issued photo ID
  • Proof of identity

Does OpenLoans Small Business Loans report your account activity to credit bureaus?

Yes, OpenLoans Small Business Loans reports to the following credit bureaus:
  • 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 build your credit.

Does OpenLoans perform a hard credit pull?

Yes, OpenLoans Small Business Loans performs a hard credit pull when you apply for a loan. Additionally, it doesn't provide the option to check your rates using a soft credit pull, a feature that many lenders offer.
Click here to get prequalified rates from multiple leading lenders without a hard credit pull. However, if you accept a loan offer, a hard credit pull will likely be performed.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Headquarters

1712 Pioneer Ave
Ste 2552
Cheyenne, WY 82001
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Other Services by OpenLoans

Personal Loans

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