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Up to $100,000
Min. credit score
Time to funding
Within 1 business day of approval
With Headway Capital, you can apply for a line of credit rather than a fixed term loan. That means you regularly have access to your revolving credit, while only paying for what you use. Headway Capital is known for fast approval and funding times, plus flexible repayment terms. And you can apply even with modest annual revenue and just 1 year in business.
A line of credit lets you access up to a certain amount of cash whenever you need it. Interest only accrues when you make a withdrawal. Our Headway Capital review lets you see how this line of credit stacks up against other small business loan options.
Headway Capital delivers funds fast. You get access to your credit line within one day of approval of your application. So whether you need near-immediate financing to handle an emergency or you have access to a time-sensitive opportunity, Headway can help you make it happen.
You can get approved for more than what you may need right now, but only accrue interest on each draw you make. Plus, once you initiate a draw from your line of credit, the funds are deposited into your account the next business day.
You won’t find the most sizable access to capital with Headway. The maximum amount for a line of credit is just $100,000. That’s certainly a lot of money for some businesses. But if you’re looking for a way to finance an expansion or major purchase like commercial real estate, then you may feel limited.
On the plus side, the minimum credit line (and draw amount) is $5,000. Smaller businesses will appreciate this lower threshold, which can still make a huge difference in funding a new project, marketing plan, or inventory purchase.
It’s important to understand how fees and interest are charged with Headway Capital, because there are two layers to consider. First, there is a 2% draw fee in most states, which is added to your repayment balance. If you draw $5,000, the draw fee amounts to $100. If you draw the maximum $100,000 at one time, that fee jumps to $2,000.
Additionally, you’ll be charged a monthly interest rate on your outstanding balance. Your interest rate depends on your application, including credit score, revenue, and more. However, if you look at Headway’s online calculator, they use a hypothetical monthly interest rate of 3.3%.
Another thing to note is that Headway Capital does not charge a prepayment penalty. You can pay off your outstanding line of credit balance in full with no extra fee.
Headway Capital’s minimum requirements are quite relaxed, particularly when it comes to revenue and time in business. You’ll need a minimum of just $4,000 per month in revenue, which equates to $48,000 per year. The minimum time in business is just one year, so it’s a good option for fairly new businesses that are ready to start scaling.
The minimum personal credit score is also relatively low at just 620. Stricter lenders are known to require a credit score of 700, so this makes qualifying with Headway easier by comparison.
Do note that a personal guarantee is required when you get a line of credit through Headway Capital. That means you’re personally responsible to repay your outstanding balance, even if your business fails.
One of the major perks of choosing Headway Capital is that you get to design your own line of credit terms with flexible repayment options. You can choose between weekly or monthly payments, as well as your preferred repayment term: 12 months, 18 months, or 24 months.
On Headway Capital’s website, you can experiment with an online calculator to see what your payments would look like with each different payment option available.
In addition to fairly competitive terms and borrower requirements, Headway Capital’s reviews on TrustPilot are excellent at 4.7 out of 5 stars.
92% of these reviews categorize Headway as either “excellent” or “great.” Customers describe the application process as quick and easy, and Headway has also built a reputation for solid customer service. Some lender reviews complain about long wait times to hear back from the company, but Headway’s team seems to have a strong response plan in place.
Compare your Headway Capital offer to other small business lenders by using Lendio.Apply today!
*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 19, 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.
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