Backd (GetBackd) Review

Revenue-Based Financing

With revenue-based financing from Backd, you can cover everyday expenses quickly and easily. It’s worth considering if you’d like to avoid cash flow shortages and keep your finances in check during slow seasons.

Evaluation

Overall, Backd is a flexible lender with revenue-based financing. You don’t need the best credit to qualify and can choose a daily, weekly, or semi-monthly repayment schedule to meet your specific needs. Its loans go up to $2 million, and you may apply online and get approved within 24 hours. However, its loans are only available for select industries. Here’s how Backd compares to some of the other best business loans out there.

Typical Requirements

Minimum requirements for revenue-based financing through GetBackd include that you must be in business for at least one year, earn a minimum monthly revenue of $25,000 or annual revenue of $100,000, and have a business bank account. Fortunately, its requirements are more lenient than those you may find at banks and credit unions. 

Flexible Repayments

Backd states that it will help you design a repayment schedule that works well for your unique business. The company 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

With Backd, you won’t have to wait weeks or months for approval and funding. You can get approved that same day and receive your funding within 24 to 48 hours. If you’d like fast funds to cover emergency expenses, a Backd loan may make sense. 

Not Available for All Industries

While Backd offers funding for many businesses, there are some industries that it doesn’t service. These include nonprofits, financial services, towing companies, legal services, insurance, real estate, consulting services, and home-based businesses. You’ll need to look elsewhere for financing if your venture falls into one of these categories.

Excellent Customer Reviews

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

Ready to compare GetBackd with other lender options? Check your eligibility on Lendio 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.