LQD Business Finance is an online lending company founded by CEO George Souri in 2010 in Chicago, Illinois. LQD has developed its own proprietary risk management platform to assist small business owners with comprehensive financing and offers a wide variety of lending options. Small business owners will need to have excellent credit histories and at least one year in business in order to be approved.
Typical borrowers through LQD Business Finance have excellent credit histories along with at least two years of consistent business income. These borrowers generally need fast access to working capital for a variety of business needs. The minimum accepted credit score in order to qualify for a small business loan is 560; however, even higher scores help borrowers qualify for larger funding amounts and lower interest rates.
Small business loans from LQD Business Finance are typically used for location acquisition or expansion, working capital, purchase orders, account receivables, and refinancing.
- Two Years in Business
- 560 Credit Score
- Required Personal and Business Collateral
LQD provides small business that are relatively new in terms of operation with the financial assistance they need to launch new services or products. Benefits of the LQD Business Finance platform include the following:
Pros of LQD Business Finance Small Business Loans
- Fast Approval
- Funds within Ten Days
- Several Lending Choices
- Short and Long Term Options
- Customized Financing Solutions
Several Available Lending Options
LQD Business Finance offers a wide variety of lending choices for small business owners to choose from. The finance services company offers traditional loans, short-term loans, equipment financing, merchant cash advances, and more. Interest rates range from 15 percent to 25 percent with origination fees ranging from 0.5 percent to five percent. Borrowers are able to calculate potential monthly payments and have access to educational articles featuring tips and resources directly on the company’s website.
Positive Customer Feedback
LQD Business Finance has not received any complaints from dissatisfied customers within the last three years. Online customer reviews are mainly positive in regards to the company’s customer service experience. The company also features several case studies from satisfied customers on its website.
While LQD Business Finance can help small businesses obtain a loan, there is some missing information prospective borrowers should be aware of. This includes the following items:
Undisclosed Amounts of Capital
The company does not disclose any limitations regarding how much financing can be applied for on its corporate website. Potential funding may be not enough working capital for some business types. Also, startup business owners are not eligible for funding, because the company requires at least two years of consistent business income.
The company does not disclose certain fees to the general public on its corporate website. There is no information regarding prepayment penalties or closing fees. Average interest rates are for borrowers with excellent credit histories, and those without great credit may be charged higher rates. This makes it hard for potential borrowers to determine if the offered lending options from the financial services company are the best available choices.
Time to Funding
Small business owners typically receive funding within 7–10 days, which is not suitable for small business owners needing fast cash for emergency situations. Many other online lenders offer access to funds within one to three days or less.
Frequently Asked Questions
How long will it take to receive funds from LQD Business Finance?
The company is able to have funds available for use within approximately 7–10 days.
Does LQD Business Finance require collateral with its loans?
The company does require some form of business and personal collateral in order to receive a loan.
Does LQD Business Finance have prepayment penalties?
The company does not disclose any prepayment penalties on its website.
Does LQD Business Finance charge origination fees?
The company charge origination fee ranging from 0.5 to 5 percent.
Does LQD Business Finance charge closing fees?
The company does not disclose closing fees on its website.
How can I contact LQD Business Finance?
Consumers may contact the company by phone at 1-855-402-2077.
Types of Loans Offered
- Traditional Term Loans
- Short-Term Loans
- Equipment Financing
- Lines of Credit
- Merchant Cash Advances
- Peer-to-Peer Lending
6-month to 4-year terms
The Borrowing Process
Small business owners will need to fill out a short pre-qualification form online with some basic business information. Borrowers that meet the finance services company’s criteria for pre-approval will then meet with a loan specialist by phone to discuss potential options. Borrowers will be asked to submit business income documentation and provide collateral in order to obtain a loan through the company and must meet credit history requirements. Once approved, acquired funds can be transferred to a business bank account owned by the borrower within seven to ten business days.
How to Apply
In order to apply for a small business loan, small business owners must complete a pre-qualification form located on the company’s website. This form only takes a couple of minutes to complete and asks for some basic business information in order to determine eligibility. The applicant will then be contacted by an LQD Business Finance company representative to discuss potential loan options.
In order to be fully approved, the borrower will need to submit income documentation and collateral. Borrowers should be prepared to show proof of business income as well as personal tax documents for two years. The company may also need to see any assets or liabilities held by the business and borrowers must also have a minimum 560 credit score in order to qualify. Higher credit scores will typically generate lower interest rates and other fees. Acquired funding can be received in the borrower’s business bank account within seven to ten business days.