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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.
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.
In order to apply, you must make an account and supply them with your:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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I decided to write a review after seeing the other reviews here. Behalf is a loaning institution who offers short term loans for small businesses with easy payment terms. Once you are approved, you are given a credit limit. As long as your needs do not exceed the credit limit, any loans are generally available within a minute or two. One person mentioned they pull the credit report with every loan. This is not true. I have been using Behalf for nearly 2 years and they have only pulled the credit report when I was first authorized. I was given a $30,000 limit and have not seen any other inquiries on my credit since and I use them to pay for larger purchases every 2 or 3 months. Another person mentioned it was difficult to find a company who "accepts Behalf". I don't understand this because Behalf generates a single use credit card with each loan. Granted, they need to get information to the vendor you're paying, but it literally took me all of 3 minutes to set up an account for one of my vendors. That said, they do not actually have to have an account with Behalf. Since you're paying with a single use credit card, you are only restricted to vendors who accept MasterCard. I have had zero problems getting vendors to accept payments through Behalf. Another person mentioned poor customer service. I don't think that could be farther from the truth. I have had several instances where I needed to speak to someone in their offices and have always received a call back within a couple of hours. I have found them to be polite and helpful in every instance I had the occasion to speak directly to them. I have been very happy with the service I have received from Behalf and their loans have helped my company stay open on more than a couple of occasions! I'm able to set the payment terms most convenient to me and can arrange the funds to be paid directly from my bank account automatically. It's a fantastic service for business owners who make larger purchases and wish to spread the payments out a bit.
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.
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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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.
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.
They've changed there services as I do not see where to apply. This page needs to be updated.