Backd Business Loans Review

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Backd

Funding amount

$10,000 to $2 million

Term

4-16 months

Min. credit score

600

Time to funding

As quickly as 24 hours

Headquartered in Austin, Texas, Backd is a dynamic financing solution designed to address the unique needs of small and medium-sized businesses looking to secure funds without the prolonged process and stringent requirements typical of traditional banks. The platform stands out for its rapid approval times and personalized customer service.

Pros

  • Flexible loan amounts and repayments.
  • Fast approvals and funding are available within 24 hours.
  • Excellent third-party reviews.

Cons

  • Not available for all industries.
  • Potentially costly factor rates.
  • Limited loan types.

Backd

Apply through Lendio How it works

Funding amount

$10,000 to $2 million

Term

4-16 months

Min. credit score

600

Time to funding

As quickly as 24 hours

Headquartered in Austin, Texas, Backd is a dynamic financing solution designed to address the unique needs of small and medium-sized businesses looking to secure funds without the prolonged process and stringent requirements typical of traditional banks. The platform stands out for its rapid approval times and personalized customer service.

Pros

  • Flexible loan amounts and repayments.
  • Fast approvals and funding are available within 24 hours.
  • Excellent third-party reviews.

Cons

  • Not available for all industries.
  • Potentially costly factor rates.
  • Limited loan types.

Financing offerings through Backd.

Backd provides a few financing products tailored to meet small and medium-sized businesses’ needs. These offerings include:

Each financing product is designed with speed and simplicity in mind, ensuring businesses can access the funds they need without unnecessary delay. The following table focuses on Backd’s working capital advance.

Backd working capital advance quick facts
Loan amount range$10,000 – $2 million
Time in business1 year
Minimum credit score600
Minimum annual revenue$100,000
Repayment scheduleAutomatic daily, weekly, or semi-monthly
Fees3%
Funding speed24 to 48 hours

See if your business is eligible for financing.

How much money are you looking for?

Things to consider.

Lenient qualification requirements.

Backd’s requirements are more lenient than those you may find with more traditional lenders like banks and credit unions. While specific requirements may vary depending on the loan product, generally, businesses should have:

Flexible repayments

Backd will help small businesses design repayment schedules that work well for their unique needs. The lender is quite flexible as you can choose from daily, weekly, or semi-monthly payments. This is a huge plus as most traditional lenders require you to adhere to a strict repayment schedule that doesn’t consider your industry, budget, or preferences.

Fast approvals and funding.

Applicants can expect a streamlined application process that, in many cases, allows for decisions to be made within hours of submission. This rapid turnaround time ensures that businesses can gain access to the funds they need quickly, often receiving funding within 24-48 hours after approval. 

Not available for all industries.

While Backd offers funding for many businesses, there are some industries that it doesn’t service. These include:

Only offers short-term loans.

Short-term loans from Backd are designed to be repaid within a few months to a year, making them a great choice for businesses that need an immediate influx of cash but don’t want to be tied down to a long repayment period. Borrowers should be mindful that while short-term loans can provide quick access to capital, they often come with higher payments due to the abbreviated repayment timeline. Businesses looking for flexible long-term financing may want to consider other lenders.

Excellent customer reviews.

Backd averages 4.7 out of 5 stars on Trustpilot. The positive customer reviews praise the lender for its professionalism and fast service. Backd is also accredited with the Better Business Business Bureau (BBB) and holds an A+ rating there.

Evaluation

Backd is best for:

Where Backd might fall short:

How to apply for financing with Backd through Lendio.

Applying for financing through Backd via Lendio is a streamlined process designed to connect your business with the funding it needs with minimal hassle. Lendio is a small business loan marketplace that will help match small businesses with loans that suit their unique needs. Here’s how you can get started:

  1. Complete Lendio’s online application form: You will need to fill out a brief online application on Lendio’s website. The form asks for basic information about your business, such as its name, how long it’s been in operation, your monthly revenue, and the amount you’re looking to borrow.
  2. Documentation submission: Alongside your application, you will be asked to submit documents that verify your business’s financial standing. These could include recent bank statements, income statements, balance sheets, and tax returns. Having these documents ready in advance can speed up the process.
  3. Review and acceptance: Once your application is submitted, Lendio will match you with potential lenders that fit your needs. If Backd is a good fit for your financing requirements, you will receive an offer outlining the terms of the loan. Review these terms carefully to ensure they align with your business goals and repayment capabilities.
  4. Finalize the deal: If you decide to proceed with Backd, you will work directly with their team to finalize the loan details. This may involve additional verification steps or documents. Once everything is in place, you can expect to receive the funds in your business bank account, typically within 24-48 hours.

The bottom line.

Backd offers a lifeline to small businesses in need of quick, flexible financing options. With an emphasis on accessibility and speed, this lender stands out in a crowded market for those who value rapid funding.

Ready to compare Backd with other financing options? Check your eligibility and get multiple financing offers for your small business in one place.

*The information contained in this page is Lendio’s opinion based on Lendio’s research, methodology, evaluation, and other factors. The information provided is accurate at the time of the initial publishing of the page (October 31, 2022). While Lendio strives to maintain this information to ensure that it is up to date, this information may be different than what you see in other contexts, including when visiting the financial information, a different service provider, or a specific product’s site. All information provided in this page is presented to you without warranty. When evaluating offers, please review the financial institution’s terms and conditions, relevant policies, contractual agreements and other applicable information. Please note that the ranges provided here are not pre-qualified offers and may be greater or less than the ranges provided based on information contained in your business financing application. Lendio may receive compensation from the financial institutions evaluated on this page in the event that you receive business financing through that financial institution.

Fueling the
American Dream

$12,000,000,000+

DOLLARS FUNDED THROUGH LENDIO

74+

LENDERS IN Lendio’s NETWORK

300,000+

LOANS FUNDED

Quickly compare loan offers from multiple lenders.

Applying is free and won’t impact your credit.

Talk to a rep at (855) 853-6346

Mon–Fri | 7:30am–5pm MST

Find the loan type best fitted for your business.