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Funding amount
$5,000 to $100,000
Term
12, 18, or 24 months
Min. credit score
625
Time to funding
Within 1 business day after approval
Headway Capital is an online lender that offers flexible lines of credit to small businesses. What makes them particularly appealing is their transparent pricing and repayment terms, which aim to avoid the usual headaches associated with securing business finance. Plus, with online applications and fast funding, they make the process as smooth and hassle-free as possible.
What is Headway Capital?
Headway Capital offers lines of credit to small businesses. Instead of a traditional loan, a line of credit from Headway Capital grants small businesses the flexibility to withdraw funds up to their limit as needed, making it a superb option for managing cash flow or handling unexpected expenses.
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One of the standout features of Headway Capital is its quick funding time. Once your application is approved, funds can be available in your account in just one business day. This speed is particularly beneficial for small businesses that need immediate access to cash to take advantage of a time-sensitive opportunity or to address unexpected financial needs.
While Headway Capital’s maximum loan amount of $100,000 might be sufficient for many small businesses, it’s important to consider that some enterprises might require larger sums of money to achieve their goals. Whether it’s for significant expansions, large-scale inventory purchases, or extensive marketing campaigns, companies seeking higher funding amounts may need to explore additional financing options.
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.
When assessing Headway Capital’s offering, it’s crucial to keep in mind the fees attached to their lines of credit, including a 2% draw fee that applies each time you withdraw funds. Although these fees can increase the overall cost of borrowing, they are typically clearly outlined in your agreement, ensuring there are no surprises down the line.
Interest rates are also a vital aspect to consider. They can vary based on your business’s creditworthiness and financial strength, so it’s essential to understand how they impact your total repayment amount. Headway Capital offers a simple interest rate that compounds daily. There are no prepayment penalties.
Headway Capital sets itself apart with borrower-friendly requirements for obtaining a line of credit, making financial support more accessible for a diverse range of small businesses. Applicants need a minimum credit score of 625 and a minimum time in business of at least one year, which are relatively low compared to many other lenders that tend to set the bar higher. This inclusivity extends to the minimal operational history requirement of just one year, which opens doors for relatively new businesses that might still be in the early stages of their growth trajectory but require funding to take the next step.
One of the most appealing aspects of Headway Capital’s lines of credit is the flexible repayment options available to borrowers. Businesses can choose from 12, 18, or 24-month terms, depending on their specific needs and financial situation. This level of flexibility ensures that businesses can plan their finances effectively, with predictable weekly or monthly payments that can be easily integrated into their budgeting processes.
Regrettably, Headway Capital does not offer its services in all 50 states. Ineligible states are Arkansas, Connecticut, Michigan, Montana, North Dakota, Nevada, Rhode Island, South Dakota, and Vermont. This limitation means that some businesses might not be able to access Headway Capital’s financial products, depending on their location. If you’re considering applying for a line of credit with Headway Capital, it’s essential to first check if they operate in your state. This can be easily done through their website, where they list the states where their services are 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.
93% 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.
Headway Capital, with its combination of flexibility, speed, and accessibility, provides a compelling option for small businesses navigating the often complex terrain of financial services. It stands out for offering quick funding solutions, accommodating borrowing requirements, and flexible repayment terms, all of which are critical factors for small businesses looking for responsive and adaptive financial resources.
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Founded in 2014, Headway Capital is a financial institution that helps small businesses get the funding they need to operate successfully. The lender has a 4.7 star rating on Trustpilot. With over 1,500 customers sharing their satisfaction with the company.
You should have a credit score of at least 625 to qualify for a small business loan from Headway Capital.
No, Headway Capital is not a bank. Instead, it is a direct online lender that offers financing solutions to small businesses.
*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 (May 28, 2024). 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.