Frequently Asked
Questions.

Most business owners complete the application in under two minutes. We ask only what is needed: your business type, monthly revenue, time in business, and desired loan amount. You will start seeing matched lenders within minutes of submitting.

Yes. After you begin, you will receive a secure email link that lets you return to your application at any time. Your progress is saved automatically so nothing is lost.

For most loan types you will typically need three to six months of business bank statements, your EIN or SSN, basic business details such as legal name and start date, and estimated monthly revenue. SBA loans require additional documentation including tax returns and a business plan.

Connecting your bank account is not required, but it dramatically speeds up the process. You can alternatively upload your last four to six months of business bank statements through our secure portal. Bank connection uses Plaid, the same technology trusted by millions of businesses, and your login credentials are never seen or stored by us.

Yes. Our system performs real-time eligibility checks during the application. If you do not meet minimum requirements, we will tell you immediately rather than waste your time. We will also indicate which criteria caused the issue so you know exactly what to address.

You can update any information before final submission. If you have already submitted, contact us directly via the platform or reach out to your matched lender advisor. Most corrections can be made before the underwriting process advances.

Yes. While our platform is designed to be fully self-service, you can request to complete your application with a member of our team for guidance. Use the contact form or reach out through the platform after starting your application.

General minimums across our lender network are six or more months in business, at least $10,000 in monthly revenue, and a personal credit score of 550 or higher. Some lenders offer more flexible criteria for established businesses. SBA loans require stricter minimums, typically two or more years in business and a score of 680 or above.

Yes. Many lenders in our network specialize in businesses with imperfect credit. Working capital loans and revenue-based financing often prioritize cash flow over credit score. A minimum score of 550 is typically the floor, though strong monthly revenue can sometimes offset a lower score.

Startups under six months old have limited options through traditional lenders. However, businesses with strong personal credit of 680 or above may qualify for certain startup-friendly products. Equipment financing and invoice financing also carry lower time-in-business thresholds when collateral is involved.

Most legal business types qualify. Some lenders exclude high-risk industries such as adult entertainment, cannabis in certain states, gambling, and speculative real estate. If you are unsure whether your industry qualifies, complete the application and our system will match you only with lenders who serve your sector.

The most impactful factors are steady monthly revenue, no recent overdrafts or NSF transactions, a business bank account clearly separate from personal finances, and clean documentation. Applying when your business does not urgently need capital, rather than during a cash crisis, also yields significantly better offers.

A working capital loan is a short-term, fast-access product typically repaid over three to eighteen months. It is ideal for operational needs, bridging cash flow gaps, or seizing a time-sensitive opportunity. A term loan is a longer structured product ranging from one to five years, best suited for planned capital expenditure, expansion, or equipment purchases. Term loans generally carry lower rates but require slower approval.

SBA loans offer the best long-term rates, often between six and nine percent, with terms of up to twenty-five years. However, they require thirty to sixty days to fund. If you need capital quickly, an SBA loan is not the right tool. If you are planning a major investment, acquisition, or long-term expansion and have time in the process, SBA is worth pursuing if you qualify.

A line of credit gives you a revolving limit, for example $200,000, that you draw from as needed. You only pay interest on what you have actually used. As you repay, funds become available again. It is ideal for businesses with variable cash flow, seasonal needs, or recurring operational expenses where a lump-sum loan would be oversized.

They are related but distinct. Invoice financing uses your outstanding invoices as collateral for a loan. You retain ownership of the invoices and collect from customers yourself. Invoice factoring involves selling your invoices to a third party who then collects directly from your customers. Both unlock immediate capital from receivables, but financing is generally less disruptive to customer relationships.

No. Business Loans IQ uses a soft credit pull to match you with lenders, which has zero impact on your credit score. A hard inquiry only occurs if a lender advances your application to the final underwriting stage, and only after you have agreed to proceed with that specific lender.

Most working capital loans, especially merchant cash advances and revenue-based financing products, do not report to personal or business credit bureaus. This means they will not build your credit score, but they also will not increase your utilization or create a derogatory mark if repayment becomes difficult. Traditional term loans and SBA loans typically do report.

Yes. Your personal credit report must not be frozen or locked so that we can complete the soft pull required for matching. You can unlock it through any of the three major bureaus, Equifax, Experian, or TransUnion, temporarily and relock once you have received your offers.

This is one of the most important things borrowers do not know. Some brokers submit your application to ten or more lenders simultaneously, each creating a separate inquiry before you have agreed to anything. Business Loans IQ matches you first, then you choose which lenders to advance with. You are in control of when and with whom a hard inquiry occurs.

Speed depends on the loan type. Working capital loans can fund in as little as 24 hours. Lines of credit typically take one to three business days. Small business term loans usually require two to five days for underwriting and documentation. SBA loans take the longest, typically thirty to sixty days, due to government-backed compliance requirements.

Funds are deposited directly into your business bank account via ACH transfer. Most same-day or next-day products require that your bank account be connected via Plaid for instant verification, which also speeds up the disbursement itself.

Common delays include missing or incomplete documentation, bank statements uploaded in poor quality, discrepancies between stated revenue and bank records, and legal background issues flagged during underwriting. Responding quickly to lender requests is the single biggest factor in maintaining your funding timeline.

Same-day funding is possible for working capital loans if you apply early in the business day, connect your bank via Plaid for instant verification, and your profile meets approval criteria without requiring manual review. It is not guaranteed, but it does happen, particularly for established businesses with strong and consistent revenue.

Business Loans IQ is completely free for business owners. No subscription, no application fee, no consultation charge. We earn a referral fee from lenders only when a successful funding match is made, and this cost is never passed on to you.

Rates vary significantly by product and borrower profile. General ranges are: SBA loans from 6 to 9 percent APR, term loans from 8 to 25 percent APR, lines of credit from 10 to 30 percent APR, and working capital products expressed as factor rates of 1.15 to 1.45, which reflect short repayment periods rather than annualized interest. Always compare the total cost of capital, not just the stated rate.

The lending industry is full of fees that do not appear in the headline rate. Common ones to scrutinize include origination fees ranging from one to five percent of the loan amount, prepayment penalties, draw fees on lines of credit, maintenance fees, and broker commission fees if applying through a middleman. Every lender in our verified network is required to disclose all fees upfront before you sign.

A factor rate is a multiplier applied to your loan amount. A factor rate of 1.25 on a $100,000 loan means you will repay $125,000 total, regardless of how quickly you repay. Unlike APR, it does not compound. To compare against an APR-based product, calculate your cost per dollar borrowed and annualize it based on your repayment term. Our loan calculator does this automatically.

Most working capital loans and lines of credit in our network are unsecured, meaning no physical collateral is required. However, some lenders may file a UCC lien on business assets for larger amounts. Equipment financing uses the equipment itself as collateral. SBA loans may require a personal guarantee and, for larger amounts, a lien on business or personal assets.

This varies by lender and product. Many term loans in our network carry no prepayment penalties, and some even offer early payoff discounts. However, with factor-rate products such as MCAs, the full amount is owed regardless of when you repay, meaning early repayment does not reduce your total cost. Always clarify prepayment terms before signing any offer.

Repayments are typically collected via ACH debit directly from your business bank account. Working capital loans and MCAs are often collected daily or weekly as a fixed amount or percentage of daily card receipts. Term loans are usually collected monthly. Schedules are disclosed fully in your loan agreement before you sign.

Contact your lender immediately if you anticipate a missed payment. Most lenders have hardship provisions and can arrange a modified repayment schedule when notified in advance. Missed payments on term loans that report to bureaus can negatively affect your credit. With MCAs, failed ACH attempts may trigger default provisions, which makes early communication critical.

Yes. We use bank-grade AES-256 encryption for all data in transit and at rest. Strict internal access controls limit who on our team can view your information. We do not sell your data to third parties. Your information is shared only with lenders you explicitly choose to move forward with.

Plaid is a financial data platform used by millions of businesses and trusted consumer apps worldwide. When you connect your bank through Plaid, your login credentials are entered directly into Plaid's interface. Business Loans IQ never sees or stores them. Only read-only bank statement data is shared for underwriting purposes.

No. Unlike some brokers and marketplace platforms that send your application to every lender in their network, Business Loans IQ presents you with matched options first. Your detailed financial information is only shared with lenders you explicitly agree to advance with. This is core to how our platform protects borrowers.

We earn a referral fee from lenders when a successful match results in funding, paid by the lender and never by you. Critically, lenders cannot pay to appear higher in your results or to be featured over better alternatives. Our matching algorithm is based entirely on fit, considering loan type, eligibility, and terms rather than commission rate.

Every lender in our network goes through a five-point verification process covering licensing and regulatory compliance, term and fee transparency, customer complaint and review audits, product quality and borrower outcome analysis, and ongoing monitoring. Lenders are removed from the network if they fall below our standards at any point. Read more about our vetting methodology.

No. Business Loans IQ is independently owned and is not affiliated with, owned by, or funded by any bank, lender, or financial institution. This independence is what allows us to recommend the best lender for your situation rather than the one that pays us more. No lender has preferential access to our platform or influence over our matching results.