OQUITY Review

OQUITY is a business financing offering by OQUITY, based in Garden City, NY. Founded in 2013, OQUITY offers access to small business loans in 50 states (and Washington, DC).

What are OQUITY’s rates?

OQUITY offers a business financing product that ranges from 20% APR up to 150% APR.

Does OQUITY charge an origination fee?

Yes, OQUITY charges a loan origination fee.

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

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

• Business Debt Refinance
• Equipment Purchase
• Lease Improvement
• New Location
• Product or Service Expansion
• Working capital

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

• Merchant Cash Advances
• ACH Cash Flow Loans

Does OQUITY charge prepayment fees?

Yes, OQUITY 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.

How much can you borrow from OQUITY?

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

What do you need to qualify for OQUITY?

OQUITY requires companies to be in business for at least 6 months. Businesses must have a minimum annual revenue of $10,000 to be considered.

When it comes to credit scores, OQUITY doesn't have a set minimum or maximum. People with all types of credit scores can apply.

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 OQUITY 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 OQUITY. 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

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 business loan within 1 business day.