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Daily Interest Rate (LOC)
Minimum of .0658%
Up to $250,000
Up to 18 months
Min. credit score
Time to funding
Based in Miami, Florida, Idea Financial is a digital lending company that offers fast and flexible business term loans and lines of credit. It believes business owners shouldn’t have to go through the slow, rigid funding processes that are widely seen at banks. Its goal is to provide your small business with the capital you need to “charge your business forward.”
Idea Financial’s term loans offer a lump sum of money up front. Once you receive it, you’ll repay what you borrowed over time via fixed monthly payments. You can use the funds to cover just about any business expense. Here are the details.
Idea Financial’s line of credit grants you access to cash when you need it, and you’ll pay interest only against the funds you actually borrow. Here are the details.
Idea Financial offers fast and flexible financing to businesses across the U.S. Its term loans and lines of credit cap out at $250,000. The lender’s business advisors can help you choose the financing options that will steer you toward success. You may get funded the same day you are approved and lock in a prepayment discount for paying off your loan early. But you will need to earn at least $15,000 per month to qualify and won’t be eligible if you’re a sole proprietor or nonprofit. Here’s how Idea Financial compares to some of the other best business loans out there.
You can choose from a traditional business term loan or line of credit of up to $250,000. With the term loan, you’ll receive a large sum of money at once and repay it over time via fixed monthly payments. A line of credit is more flexible as you can borrow funds as much or as little as you’d like, up to a set credit limit, which is usually based on your credit and other factors.
To qualify for a loan from Idea Financial, you must be in business for at least two years and earn a minimum of $15,000 in annual revenue. The lender also prefers a credit score of at least 650. If you’re a startup or a newer business, it can be difficult to meet these criteria.
Idea Financial prides itself on its quick approvals and funding. As long as your application is complete and accurate, you may get approved that same day. Upon approval, you can receive your funds almost immediately. You won’t have to wait weeks or months, like you might with other lenders, like banks or credit unions.
Some lenders charge prepayment penalties to borrowers who pay their loan off early. Idea Financial, however, does the opposite. It offers a prepayment discount. If you prepay your loan in full at any time, you’ll receive a 50% discount on any unpaid interest. You can log onto your Idea account whenever you’d like to repay it.
Once you become an Idea Financial borrower, you’ll receive access to a dedicated business advisor. This advisor can help you determine the ideal loan for your unique needs. Plus, you may count on them for basic business advice so you meet (or even exceed) your business goals. This type of individualized service definitely makes the company stand out.
Idea Financial earned a 4.7 rating on TrustPilot. The positive reviews praise the quick and easy process as well as its borrowing flexibility.
Ready to Idea Financial 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.
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