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Headway Capital Review

The mission of Headway Capital LLC is to provide access to the credit business’s need to launch, run and support operations.

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A premier feature of working with Headway Capital is that you can apply for funds far more simply and quickly than you can when working with a bank. Featuring a straightforward application process, Headway offers speedy approval times that lead to fast funding. This expedited process allows for funds to be credited to your account as soon as the next business day.

Headway Capital doesn’t have minimum credit requirements, opting instead to assess the overall health of an applicant’s business. Headway Capital has a long and respected tenure in the small business lending industry. The brand is synonymous with straightforward lending practices and terms.

Consider Headway Capital if you:

  • Need quick capital to take care of an urgent matter in your organization
  • Had trouble securing capital elsewhere
  • Are looking for straightforward terms

Headway Capital Line of Credit

Headway Capital offers business lines of credit. This flexible form of financing means that you can choose when and how you want and need to spend your funds. Once your application has been approved, withdraw funds as you need to, up to your available credit limit. After you have made your withdrawal, make monthly or weekly repayments.

Headway Capital Interest Rate

Headway Capital’s interest rates start at 3.3% monthly, which translates to 40% when annualized. Those rates are for businesses with top-tier credit profiles, but the rates can climb as high as 80% annually. While these interest rates are high when compared to those of banks, they are comparable to other alternative lenders.

Headway Capital True Line of Credit at a glance:

  • Credit line up to $100,000
  • Repayment terms of 12, 18 or 24 hours
  • Weekly or monthly repayment frequency
  • 40% to 80% APR
  • 2% draw fee, no other fees

The Pros of Headway Capital

  • Excellent customer service via telephone or email, available Monday through Friday, from 8:30 AM-6:00 PM CT
  • Fast application and approval process
  • Transparent terms and no hidden fees
  • Your choice of a weekly or monthly repayment frequency
  • No minimum credit requirement

The Cons of Headway Capital

  • High APRs
  • Lower maximum loan limits
  • Available to customers in only 34 states (Not available in AK, AR, CT, DE, HI, MI, MT, NE, NV, ND, OH, OR, RI, SD, VT or WV).

Headway Capital Requirements

Headway Capital takes a holistic view of your business, evaluating your application somewhat differently than a traditional bank would. There are two requirements you must meet to qualify for a loan from Headway Capital:

  • Annual Revenue $50,000+
  • Time in Business 1+ Years

What You Need to Apply

To apply for a line of credit with Headway Capital, fill out an application on the website. You’ll be required to provide information about you, your business and your bank. The company will then run a soft credit check that has no bearing on your credit score to determine your eligibility. If Headway Capital approves your application, you’ll need to submit the following documentation:

  • 3 most recent business bank statements
  • Your online bank login information
  • Corporate and personal tax returns
  • Profit and loss statements

Headway Capital: Approval of Loan Applications and After

If your loan is approved, you’ll receive an instant pre-qualified offer to review and select your desired repayment terms and the initial amount for withdrawal. Once signing the contract, you’ll need to supply 3 recent months of business bank statements for underwriting purposes.

Finally, you’re ready to draw the initial amount of funds to be deposited into your bank account, and you’re welcome to draw funds up to the maximum amount of your available credit limit right away. Since your funds replenish as you make payments, that money becomes available again as soon as you pay against your outstanding principal balance.

Every time you take out funds, you can select a new repayment term, and Headway will re-amortize your full outstanding balance, so you’re only paying interest on funds drawn.

Final Say on Headway Capital LLC

Headway Capital offers reliable options for businesses and borrowers with less than stellar credit. With the low eligibility requirements and flexible repayment schedules and loan terms, the company allows startups and small businesses to grow and thrive without sacrificing operational needs due to tight cash flows.

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