Question 1

What are SMB Compass Business Loans rates?

Accepted Answer

SMB Compass Business Loans offers a variable APR business financing product that ranges from 6.99% APR up to 29.99% APR.

Question 2

Does SMB Compass Business Loans charge an origination fee?

Accepted Answer

Yes, SMB Compass Business Loans charges a loan origination fee of 1% to 3% of the business loan amount . SMB Compass Business Loans deducts the fee directly from your business loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to... Learn More at SuperMoney.com

Question 3

Does SMB Compass Business Loans charge prepayment fees?

Accepted Answer

No, SMB Compass Business Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the business loan off early.

Question 4

How much can you borrow from SMB Compass Business Loans?

Accepted Answer

Business loan amounts start at $10,000 and go up to $5,000,000.

Question 5

What is the maximum business loan term you can get with SMB Compass Business Loans?

Accepted Answer

SMB Compass Business Loans offers small business loans with terms ranging from 6 to 300 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.

Question 6

What do you need to qualify for SMB Compass Business Loans?

Accepted Answer

SMB Compass Business Loans requires companies to be in business for at least 12 months. Businesses must have a minimum annual revenue of $250,000 to be considered. Applicants with a credit score that ranges above 550 may be eligible for SMB Compass Business Loans. U.S. citizens and permanent... Learn More at SuperMoney.com

Question 7

What is the estimated funding time for a business loan via SMB Compass Business Loans?

Accepted Answer

SMB Compass Business Loans can fund small business loans within 2 business days.

Question 8

Does SMB Compass Business Loans report your account activity to credit bureaus?

Accepted Answer

Yes, SMB Compass Business Loans reports to the following credit bureaus: Equifax, Experian, TransUnion, and Dun and Bradstreet 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.

Question 9

Does SMB Compass LLC perform a hard credit pull?

Accepted Answer

As is the case with most providers, a hard credit pull will likely occur if you accept an offer after checking your rates. SMB Compass Business Loans allows you to check your rates with a soft credit pull.

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