Headway Capital Merchant Cash Advance Review 2023
Loan Amount
Factor Rate
Terms
Min Credit
Time to Fund
Company Profile
Headway Capital is a financial institution that provides credit solutions to small businesses. The company believes in the power of small businesses and understands that traditional banks may not always be a viable option for them. Headway Capital aims to make accessing capital easy and clear, and they pride themselves on being a trustworthy partner for businesses. They are part of a publicly traded company, Enova International, and they use cutting-edge analytics technology to make real-time decisions. They also prioritize privacy and security, using bank-level encryption to protect their clients' information.
Headway Capital differentiates itself by offering business lines of credit, one of the most sought-after small business loans. Their True Line of Credit™ is designed to provide businesses with quick access to cash when they need it most. Once approved, funds are sent to the business's bank account by the next business day. The company offers flexible payment options, with repayment periods ranging from 12 to 24 months, and businesses can choose between weekly or monthly repayment options.
Products & Services
Headway Capital offers a business line of credit with no hidden fees as a substitute for a merchant advance. The credit limit can go up to $100,000, and the repayment term can be 12, 18, or 24 months. The company offers clear payment terms, and interest does not compound. There is also no penalty for early payoff. The application process is quick and can be completed online in minutes. If eligible, businesses receive an instant pre-qualified offer to review and select their desired repayment term and initial draw amount. Once approved, the initial draw amount is deposited into the business's bank account, and businesses can draw funds up to their available credit limit right away.
The company also provides different types of business loans, including SBA Loans, Merchant Cash Advance, Term Loans, Invoice Factoring, and Business Lines of Credit. Each type of loan has its own set of advantages and is designed to meet different business needs.
Pros and Cons
Pros:
1. Fast and flexible access to credit.
2. Clear and transparent payment terms with no compounded interest or early repayment penalty.
3. High credit limit up to $100,000.
4. Part of a publicly traded company, providing a sense of security and trust.
5. Dedicated, U.S.-based customer service team.
Cons:
1. Specific information about the pros and cons of the company is not directly available from the provided links. For a comprehensive list of cons, it would be best to refer to customer reviews and feedback on other platforms.
Ideal Customer
The right type of customer for Headway Capital is a small business owner who needs fast and flexible access to credit. This could be a business that needs to manage cash flow, cover unexpected expenses, or invest in growth opportunities. The company's products are particularly suitable for businesses that may not be able to obtain credit from traditional banks.
Required Documentation
The specific documentation required to get funding from Headway Capital is not directly mentioned in the provided links. However, typically, lenders like Headway Capital may require business and personal tax returns, bank statements, business financial statements, and legal documents like business licenses and articles of incorporation.
Industries and Restrictions
Headway Capital provides small business loans to a wide variety of industries, including construction, scientific & technical services, finance, accounting & insurance, transportation & warehousing, real estate, retail trade, accommodation & food services, marketing, media & advertising, legal services, and healthcare & social services. There is no mention of any industry restrictions in the provided links.
State of Operations
Headway Capital offers lines of credit in several states. However, the specific states in which the company operates or any state restrictions are not directly mentioned in the provided links.
Basic Qualifications
To qualify for funding from Headway Capital, a business must have been in operation for at least one year. The business must also have a revenue of $50,000 or greater.
Collateral or Guarantees
The specific information about the type of collateral or guarantees required for Headway Capital's products is not directly mentioned in the provided links. However, lines of credit often do not require specific collateral but may require a general lien on business assets.
Alternatives
Headway Capital's Small Business Center offers a variety of financial resources designed with the small business owner in mind. These resources provide information about small business loans, brand building, customer service, and more. They also provide information about different types of small business funding, which can serve as alternative options for businesses. These include SBA loans, merchant cash advances, term loans, invoice factoring, and business lines of credit.