Salaryo Review

Term Loan

Salaryo offers flexible loans for startups, newer businesses, and established ventures. Here are the details.

Evaluation

If you’re in search of small business financing of up to $250,000, Salaryo is worth exploring. While you don’t need stellar credit, you will be required to connect to your bank account, so that the lender can determine whether to approve your application. Upon approval, you may collect funding that same day.

Quick To Fund

Salaryo offers businesses fast turnaround times and access to funds as soon as the same day they are approved. Terms range from 12 to 36 months.

Moderate Loan Amount Range

Salaryo will offer a term loan as small as $10,000, so it could be a good option for those who want a traditional term loan with a smaller loan amount attached. The maximum loan amount for Salaryo’s term loan is $250,000, so it may not be the right fit for those needing a larger amount of capital.

Flexible Requirements

If you’re a newer business, Salaryo could be a good option for a term loan. Salaryo offers fairly flexible loan requirements, including a lower minimum credit score of 600 and a minimum time in business of just six months. Monthly revenue requirements are also less stringent, starting at $8,000.

Interest Rate And Fees

Salaryo’s interest rates start as low as 16% APR. Origination fees are on par for the industry, ranging from 1% to 4%, depending on loan amount.

Must Connect to a Business Bank Account

When you apply for a Salaryo loan, you’ll need to connect to your business bank account via a secure platform called Plaid. This will allow the team to verify that you’re the owner of the account and make sure your finances are in a good place. Salaryo uses your bank account to determine whether you qualify for funding. But connecting to your bank account might pose security concerns.

Reports to Business Credit Bureaus

Since Salaryo reports your credit history to the business credit bureaus, its loans can help you build or improve your credit. If you’re a startup or newer venture, this can be a huge benefit, as good credit may open doors to lower rates and more favorable terms down the road. Just make sure you make your monthly payments on time every time, or your credit will take a hit. 

Ready to compare Salaryo 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.