Headway Capital, found online at HeadwayCapital.com, is a new lending company that says their goal is to provide small businesses with the lines of credit they need to meet all their business’s needs.
How Does It Work?
According to their website, most people have experienced situations in which the ability to acquire extra cash quickly would make all the difference. The same is true for small businesses; unfortunately the “extra cash” often needed by small businesses are larger sums that are significantly more difficult to borrow from a friend or colleague.
In addition, attempting to get a traditional loan from a bank or other lending institution simply cannot be done quickly – the process is long and labor intensive, and no matter how much potential or promise your business has, it is still incredibly easy to be turned away.
Headway Capital wants to provide small business with fast financial solutions so they can meet their needs quickly and effectively. In order to be eligible to apply for a loan through their company, your business must be in operation for at least one year, and located in one of the twenty states where they operate: Alabama, Arizona, California, Colorado, Florida, Georgia, Illinois, Kansas, Kentucky, Louisiana, Massachusetts, Missouri, New Jersey, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, Washington or Wisconsin.
In addition, their website says that they don’t only look at your credit score when evaluation your business, but rather they try to understand the full scope of your business. Because of this, they may need additional documents, like business bank statements, corporate tax returns, personal tax returns, and profit and loss statements.
This company provides their customers with loan amounts of up to $35,000, but the specific number you will be approved for as well as the interest rate you will be charged will depend on your specific application.
Any draw on your credit line will be subject to a 2% draw fee, and if you make any late payments you will be assessed a late fee. However, outside of these fees, which will be made clear to you before you agree to your loan terms, the website promises you that there will be no “hidden” or surprise fees at any time.
Lenders and loan matching services do not provide traditional refunds. Instead, they sometimes do provide their customers with a small time limit in which to return the principal they have borrowed with no financial penalty. This is something you’ll have to speak with one of their representatives about, however.
Customer Service Contact Info
Customers who would like to speak to their Customer Service team about their questions, concerns, or complaints can do so by phone at 866-698-8494 or by email at [email protected].
Though this company does not have very many reviews available from customers, those that are available appear to be mostly positive. That being said, companies that provide quick loans without the usual roadblocks initiated by larger financial institutions are taking much larger risks than other lender, and as such, they generally charge a much higher interest rate.
Borrowers will want to take the time to walk through the calculations necessary to figure out exactly what it will cost them to borrow this money, and whether or not that financial expense will really be worth it.
Competitors and Alternatives?
There are many other companies and lenders that are willing to work with small businesses, depending on what you qualify for and what your personal needs are, including companies like Funding Circle, Swift Capital, LendVantage, LoanMe, Fundera.com, Kabbage.com, and many others.
If you have experience with this company or their products, please leave your Headway Capital reviews below.