Overview

Backd is an online lender specializing in providing entrepreneurs with the funding they need for their businesses to thrive. Borrowers can choose from a working capital loan or a line of credit loan, depending on their needs.

Backd online application is a breeze to complete, offering quick funding for loans ranging from $10,000 to $2 million. A business loan with Backd can be used for a variety of purposes, such as expanding an existing business or purchasing equipment. Backd also offers flexible repayment terms and competitive interest rates.

So whether you're looking for long-term or short-term financial support, Backd has options for you and your business.

Features

When taking out a business loan with Backd, borrowers can expect the following general features:

• No collateral required
• No prepayment penalties
• Funds can be used for virtually any purpose
• Interest rates are fixed and competitive
• Loans from $10,000 to $2 million

As Backd offers two types of business loans, here are the specific features of a working capital loan:

No matter what affects finances, working capital allows you to quickly and easily bridge a cashflow gap. Enjoy these features with a working capital loan from Bakd:

24-hour turnarounds- After approval, you can receive funding as soon as the next day with a working capital loan from Backd.

Loan amount- Loans start from $10,00 and go upto $2 million

Repayment term- Term lengths for a working capital loan range up to 16 months

Payment options- With a working capital loan, you can choose automatic daily, weekly, or semi-monthly payments.

Features for a line of credit loan:

For small-business owners who require short-term funding to cover payroll, equipment purchases, etc., business lines of credit can be useful. Unlike a traditional loan, a business line of credit provides access to funds whenever needed, as long as the credit limit is not exceeded. An APR is also added to the withdrawn funds. Enjoy these features with a line of credit loan from Bakd:

• Draw funds at any time- Your funds are available to you at any time and can be used in any way you wish
• Loan amount- Loans start from $10,00 and go up to $750K
• Loan terms and rates- With a line of credit loan with Backd, you can enjoy unlimited terms and competitive rates
• Soft credit pull- Backd will run a soft credit check that won't impact your credit score
• Flexible repayment terms- You can choose to repay weekly in either a 6-month or 12-month period.

Application Process

Applying for a business loan with Backd is quick and easy. On the official Backd website, you will find the online application, which takes less than three minutes to complete.

Applicants will need to provide basic information about themselves and their businesses, such as contact information, financial information, and credit history. Once the application is submitted, you will receive pre-approval immediately.

If you are approved, you can expect to see the funds in your business account in as little as 24 hours. It really is as simple as that!

Loan Terms

Loan terms apply to all business loans with Backd. Depending on which loan option you choose, the following eligibility requirements apply:

For working capital, applications must have:

• One year in business minimum
• $100K annual revenue minimum
• A business bank account
• A U.S.-based business
• For a line of credit, applications must have:
• One year in business minimum
• 600+ FICO score
• $300K annual revenue minimum
• A business bank account
• A U.S.-based business

For a line of credit, applications must have:

• One year in business
• minimum 600+ FICO score
• $300K annual revenue minimum
• A business bank account
• A U.S.-based business

Repayment Terms

Backd offers flexible repayment terms so that borrowers can choose the option that best fits their budget. Payments are made on a monthly basis and can be automated for convenience.

For a working capital loan, applicants have up to 16 months to repay their loan.

For a line of credit loan, applicants can pay over a 6-month or 12-month period.

Customer Support

Backd has a team of financial experts available to deliver personalized customer service. You may contact these specialists for more information on a new loan, an existing loan, or any technical issues you may be having. If you wish to reach out and connect, you can do so by phone or online contact form. Operating hours are Monday to Friday, 8 am to 5 pm, and closed weekends.