As a business owner, you may seek financing to expand your company, prepare for busy seasons, maintain operations, or take advantage of opportunities. When such a need arises, Big Think Capital is a small business lender that offers various options to help you reach your business goals.
Who is Big Think Capital?
Big Think Capital is a small business lender that provides financial products to small business owners. You don’t need good credit to get a loan, and most borrowers receive funds within 24 hours. If you have a high credit score, you may qualify for lower interest rates, but Big Think Capital’s flexible credit score requirements make their financial products more accessible for business owners with bad credit.
For example, you can get most of Big Think Capital’s small business loans with a credit score of 620. Some of their loans are accessible to borrowers with credit scores in the low 500s. They even have financing options that don’t require you to provide a credit score.
How Does Big Think Capital Work?
Big Think Capital gives loans to business owners based on their creditworthiness, revenue, and years of experience. It will ask for basic details about you and your company, including recent bank statements. And, of course, your business must be in good standing.
Is Big Think Capital a Legitimate Company?
Big Think Capital is a legitimate company. The company has helped business owners get the necessary financing to grow their companies during good times and stay afloat during challenging times. The company holds an A+ rating on the Better Business Bureau and has more than 2,000 Trustpilot reviews, 98% of which are five stars.
The Typical Application Timeline and Process with Big Think Capital
Big Think Capital can help you secure capital quickly. The application timelines vary for each loan, but most applicants get a decision within 24 hours. After getting approved, a business owner can expect to receive their funds within 24 hours for most of Big Think Capital’s loans. Some exceptions apply, such as commercial real estate loans and SBA loans.
How Much Can You Borrow with a Small Business Loan from Big Think Capital?
Big Think Capital’s maximum loan amount depends on the type of loan you want. For example, you can borrow up to $1 million for a business term loan and up to $100 million for a commercial real estate loan.
What Business Financing Does Big Think Capital Provide?
Big Think Capital provides several business loan options, giving you more flexibility. You can apply for the following loans through Big Think Capital:
SBA loans are the most challenging business loans to obtain due to their higher standards. However, these loans have the most competitive interest rates and offer flexible terms. If you apply for an SBA loan with Big Think Capital, you can borrow up to $5.5 million and get an interest rate as low as 6% over a 25-year term.
Business term loans provide a lump sum. You’ll then make fixed monthly payments until the loan is paid off. You can also choose a variable-rate term loan, which can be advantageous if interest rates fall in the future. If you apply for a term loan with Big Think Capital, you can borrow up to $1 million. Your repayment period can be as long as 60 months. Interest rates on term loans are as low as 7%. After applying, can expect to receive a quick decision and then funding within 24 hours of that decision.
Commercial Real Estate Loans
These loans let companies acquire properties they can use as a new business location, for store inventory, or to fulfill another purpose. You can borrow up to $100 million with a Big Think Capital Commercial Real Estate loan. Terms range up to 30 years and feature “extremely competitive” rates. Applicants can receive a decision in as little as 72 hours.
Line of Credit
A business line of credit gives you access to extra cash when you need it. You do not pay interest on a line of credit until you borrow against it. This distinction provides you more time to figure out how to use funds, and you don’t have to pay interest on any excess capital you don’t use. A business line of credit with Big Think Capital ranges from $10,000 to $1 million with up to 5 years on the term. The interest rate is variable and can be as low as 7%. You can receive a decision about your application within 24 hours.
Equipment financing lets you purchase equipment instead of getting stuck with monthly equipment lease payments, the equivalent of rent. Big Think Capital offers equipment loans of up to 100% of the equipment’s value with an interest rate as low as 8%. You can get a term of up to 10 years and receive a decision on your application in as little as 24 hours.
Merchant Cash Advances
Merchant cash advances are a good funding option for business owners with bad credit. These loans let you repay the debt through a percentage of each credit card transaction your business generates. You can take out a Merchant Cash Advance loan of up to $2 million with an interest rate as low as 12%, and you can receive funding in as little as 24 hours. You only need a credit score of 400 to get accepted for a merchant cash advance. You also need five months of business experience and $75,000 in annual revenue. These requirements are easier to meet than Big Think Capital’s other loans.
Invoice financing lets you turn your outstanding invoices into immediate capital for your business. This is one of the few financing strategies that does not involve carrying debt and making monthly payments to repay a loan. There’s also no minimum credit score required. Big Think Capital offers invoice financing equal to up to 90% of the invoice’s value. You can get a decision on your application in as little as 24 hours.
Employee Retention Credit
The Employee Retention Credit is a federal grant giving businesses a refund on their 2020 and 2021 payroll. Applying with Big Think Capital is free, and you can receive up to $26,000 per employee. Filing time takes two to three weeks. Your company can save money on its tax bill by applying for these credits.
What are the Requirements to Apply for Big Think Capital Company Financing?
Each loan has different requirements ranging from 2+ years of experience, a 620+ credit score, and $100,000+ in annual revenue to secure a business term loan to 6+ months of experience, a 500+ credit score, and $50,000+ in annual revenue for a short-term loan. You must also provide basic information about yourself and your company and recent bank statements for any loan. Most of Big Think Capital’s loans are more flexible than many other options on the market.
Are There Any Fees Associated with a Business Loan from Big Think Capital?
Big Think Capital has fees for its loans. The fees depend on the type of loan you apply for.
How to Get Started with Big Think Capital
Big Think Capital makes it easy for business owners to apply; simply fill out a simple form to get started. You can browse the types of loans, find the loan you want, and fill in the form. Big Think Capital walks you through the process and will email you after you apply.