Behalf

Behalf Logo

Behalf

  • Soft Credit Pull
  • Protection
  • Limited Funds
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    Founded by entrepreneurs similar to you, Behalf's objective is to ease the process of borrowing money. It is quite different than your typical alternative lender in that they designed their service in a way which allows you to build and maintain relationships. Consumers that choose Behalf should remember that they must have a credit score of 550 or higher.

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    The Good

    • Soft Credit Pull
    • Process
    • Free Credit Line
    • Few Limitations
    • Protection

    Soft Credit Pull

    Because this process has been made simple, they do not regularly use your credit score against you. Since you must provide them with your social security number, you might be afraid that they will damage your score. However, they make sure that they do not risk your credit score, as they perform a soft credit pull as opposed to a hard one. During the application process, they might scan your company's social media pages or your credit score in order to determine how risky it would be to loan you capital. Sometimes, they make the decision based solely on other factors, but they need your social security number for identification purposes regardless. 

    Process

    In order to apply, you must make an account and supply them with your:

    • Full name
    • Home address
    • Business name
    • Business address
    • Social security number

    Immediately after filling in this straightforward application, they give you an idea of which credit line you would be eligible for. This offers you a quick overview of the capital that you will be able to obtain, the interest rates, and how long you will have to pay it back.

    Free Credit Line

    You get up to $50,000 without building up a credit line with them. Once you start paying them back consistently, they provide you with more capital in your quest to build a more successful business. This is an opportunity that their competitors normally don't offer; alternative lenders typically base your capital loan on your original credit report.

    Few Limitations

    Behalf is not going to attempt to control every purchase you make with the capital they lend you. If you need to buy supplies for your business, invest on your website, or even pay for an occasional legal service, they will not stop you, so long as you find the way to pay them back within the allotted time period.

    Protection

    The website claims that they use high levels of protection in order to keep your personal information from leaking or being stolen. They also do not share your personal information without your sole discretion.

    The Bad

    • Low Acceptance Rate
    • Limited Funds
    • Repayment Period
    • They Report on Your Behalf
    • Not for Personal Use
    • Fee

    Low Acceptance Rate

    Although it seems as though 40 percent is high in comparison to many companies, it is actually two percentage points above the average six-month loan. However, at an average of 38 percent, alternative lending institutions normally use your credit score as their main incentive to accept or reject your application. Their well-rounded approach is what makes a Behalf loan a convenient option.

    Limited Funds

    If you are looking to expand your business drastically, or your business is already large and you need extensive supply coverage, the maximum amount that you can borrow at any given time is $50,000, which is only convenient for minor expenses or businesses that simply need polishing.

    Repayment Period

    Like Kabbage, you are able to pay back your loan in a time period of up to six months. Many competitors offer this same repayment period. This might be difficult, depending on your company's success rate, so it might be something to consider before accepting a loan from them in the first place.

    They Report on Your Behalf

    Behalf reports directly to the business credit bureaus. This is only beneficial if you actually manage to meet your dates. Although this might seem to have a purely negative connotation, it could also be a good thing. If you feel as though your credit report should improve, and you show Behalf that you are capable of responsibly paying back the loan, they are able to report positively, thus improving your actual credit score. They claim that they do not yet report to personal credit bureaus, but that their business credit bureaus include D&B, Experian, and Equifax.

    Not for Personal Use

    The website clearly states that the money cannot be used for personal gain. This means that you cannot use their loan to pay for personal debt, including your payroll, credit card bill, your bank loan, your rent, or yourself.

    Fee

    If you wish to change your repayment plan (in the case that you simply cannot make a certain payment on time) there is a $20 fee imposed.

    Find Term Business Loans

    The Bottom Line

    Because Behalf performs a soft credit pull, and because they are quick in generating a response, you should be able to apply and determine for yourself whether you believe that they are compatible with you. Behalf is a company that truly aims to make a difference in your life and business. If you are in the process of starting or slightly expanding your small business, and believe that you can meet the repayment amounts and dates, this might be the perfect match for you. In our opinion, Behalf's positive attributes overpower the negative ones, and if their loan plan makes sense for you and fits your business, we definitely recommend them. They are a personable lending institution, aiming to reduce the tensions involved in such a process, and willing to give you the flexibility and benefit of the doubt. We concluded that they are credible, reliable, and offer a variety of different payment and repayment options, making it suitable for many different industries. Compare to Top Company

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    User Reviews

    2.6

    5 Reviews

    Your trust is our top priority, so we check all reviews for accuracy and relevance. Additionally, we do not allow companies to alter or remove reviews. Learn more

    Sort by:
    Richard Fallon
    May 22nd, 2018 Greenwood, MO DETAILS
    Value for your money
    Quality of product or service
    Customer service
    Company trustworthiness

    Easy straight forward financing although not the easiest interface and finding wholesalers or companies that accept behalf is a real task. If they had an easier way to select vendors it would be 5 stars.

    Helpful?
    David Levin
    May 15th, 2018 Spring Valley, NY DETAILS
    Value for your money
    Quality of product or service
    Customer service
    Company trustworthiness

    This company is horrible for one friken reason it makes you excited you are approved for $10,000 -50,000 dollars and you get excited here it comes thay pull a hard inquiry on your credit after thay hearted your credit report thay will just make a new credit pull every time you use it and wont even except you!!!!!! So subtotal=thay hearted my credit and no money note: i raed a review before and i didn't believe the review BUT NOW I DO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    Helpful?
    Oliver
    January 29th, 2018 Chicago, IL DETAILS
    Value for your money
    Quality of product or service
    Customer service
    Company trustworthiness

    The worst customer service I've ever experienced. It is true they will initially approve your limit and then retract that approval in an instant. Best of luck trying to call a customer account representative mine was named Ari S. no returned calls. I was able to leave messages but none of my calls were returned.... just very disappointing and poor service period.

    Helpful?
    Peter Nyiri
    April 17th, 2017 Jacksonville, FL

    It is great for a starting small business if you have a plan to double the money. They approve you instantly or within hours. On your first payment they may ask you for emailing your ID for verification. We got a $4,500 limit and 2% monthly fee, even though we are a brand new business. This also depends on your personal credit score, e.g. my wife got a higher limit than I did as her score is better. We need to pay back in 3 months, the same amount debited every week. This way we were able to buy 2 pallets of merchandise for eBay and Amazon resale.

    Helpful?
    Eddie
    April 3rd, 2017 Philadelphia, PA

    They've changed there services as I do not see where to apply. This page needs to be updated.

    Helpful?