Overview

Where does OQUITY do business?

OQUITY is a direct lender based in Garden City, NY. It was founded in 2013 and offers access to business loans in 50 states (and Washington, DC)..

Does OQUITY charge an origination fee?

Yes, OQUITY charges a loan origination fee. 

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

Some lenders only provide business loans for certain purposes. OQUITY offers considers loan applications for the following reasons:

• Equipment purchase
• New location
• Product or service expansion
• Working capital
• Business debt refinance

What types of business loans does OQUITY offer?

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

• Merchant cash advances

Does OQUITY charge a late fee?

No, OQUITY will not charge you a late fee. Yes, OQUITY charges borrowers with a late payment fee.

Does OQUITY charge prepayment fees?

Yes, OQUITY 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.

How much can you borrow from OQUITY?

Loan amounts start at $5,000 and go up to $1,000,000.

What do you need to qualify for a loan with OQUITY?

Applicants with a credit score of at least 300 can apply for a loan via OQUITY.

OQUITY requires businesses to be in business for at least 6 months in business. Active duty servicemembers and their covered dependents cannot apply for a loan via OQUITY. The Military Lending Act prohibits lenders from charging servicemembers more than a 36% APR.

What is the estimated funding time for a business loan via OQUITY?

OQUITY can provide a credit approval decision in less than an hour and fund the loan within 1 business day.

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