Salaryo Review

Pros and cons.

Pros

• Flexible payment options
• Same-day funding available

Cons

• Must connect to your business bank account
• Not available in California or Nevada

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Loan offerings through Salaryo.

Salaryo’s primary offering is unsecured business term loans, which do not require collateral and offer flexibility in terms of usage, from bridging cash flow gaps to financing new equipment purchases. Salaryo structures its loan products with small businesses in mind, featuring straightforward application processes, fast funding times, and flexible repayment terms.

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for financing through Lendio.

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Things to consider.

Quick to fund.

Salaryo offers funding on the same day as application submission, which sets it apart from traditional lenders, where the process can take weeks or even months. However, applicants should thoroughly review the terms and conditions of the loan to ensure it meets their financial needs and repayment capacity. Quick access to funds should not be the sole criterion for selecting a loan product, but rather one of several factors considered when securing financing for your business.

Moderate loan amount range.

Salaryo’s loan amount range offers flexibility for many business needs, starting from as low as $5,000 to as much as $500,000. This range is designed to accommodate both small-scale projects and more significant investments, making it suitable for businesses at different stages of growth. However, it’s crucial for business owners to carefully assess the amount they need to borrow in relation to their repayment capacity and the projected return on investment (ROI) from using the loan. Over-borrowing can lead to financial strain, while under-borrowing might only partially address the business’s needs.

Flexible payment terms.

Salaryo offers flexible payment terms for business financing. Businesses can choose loan durations ranging from 6 to 36 months to align with their cash flow and financial planning. Additionally, Salaryo provides grace periods and deferred payment options to help businesses navigate unpredictable market conditions. This level of flexibility is valuable for small businesses and startups with variable revenue streams that require adaptable financing solutions.

Interest rate and fees.

While the initial APR of 16% per year can be attractive, especially compared to some high-interest credit options, borrowers must understand the full scope of potential rates and fees associated with Salaryo’s loans. The costs can vary widely based on creditworthiness, the amount borrowed, and the term length chosen. Additional fees, such as origination fees, processing fees, or prepayment penalties, should also be considered as they can significantly affect the overall cost of borrowing.

Must connect to a business bank account.

One of the prerequisites for obtaining a loan from Salaryo is connecting your business bank account via a secure platform called Plaid. This allows Salaryo to analyze your business’s financial activity and health, ensuring that funding decisions are made swiftly and with an understanding of your business’s ability to repay the loan. While this can expedite the application process and facilitate same-day funding, it also means sharing sensitive financial data. Businesses should ensure their bank accounts are in good standing and be prepared for this level of transparency.

Evaluation

Salaryo is best for:

• Businesses seeking quick funding. Ideal for businesses requiring immediate financial support to cover unexpected expenses or capitalize on opportunities. Salaryo’s same-day funding process is a significant advantage in such scenarios.
• Businesses without collateral. Since Salaryo offers unsecured business term loans, businesses that lack physical assets for collateral can still access funding.
• Owners with strong personal credit. Given the minimum credit score requirement of 680, Salaryo is most suited for business owners with good to excellent personal credit histories.

Where Salaryo might fall short:

• Geographical limitations. Not being available in California or Nevada limits access for businesses in two of the most populous and economically vibrant states.
• Requirement for bank account connection. The necessity to connect a business bank account through Plaid may raise privacy concerns for some business owners wary of sharing financial data.
• Moderate funding amounts. Enterprises needing more than $500,000 will find Salaryo’s maximum funding amount insufficient for their needs.
• Absence of physical branches. Businesses preferring in-person interactions for financial service might find the exclusively online nature of Salaryo’s services less appealing.

How to apply for financing from Salaryo through Lendio.

Applying for financing through Salaryo 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 with multiple lenders 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 Salaryo 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 Salaryo, you will work directly with their team to finalize the loan details. This may involve additional verification steps or documents.

The bottom line.

Salaryo offers fast and flexible financing options for small businesses without collateral requirements. Their financing solutions cater well to the needs of small businesses in unpredictable business environments. However, businesses should consider the cost implications and weigh them against the benefits. Salaryo is suitable for businesses with a clear plan for fund utilization that generates a return on investment, making borrowing costs worthwhile.Ready to compare Salaryo with other financing options? Check your eligibility and get multiple financing offers for your small business in one place.

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