Big Think Capital offers several financial products for business owners who need working capital. Small business term loans can provide the lump sum capital you need to stay afloat or expand operations, but business loans can be difficult to qualify for. Big Think Capital has more generous requirements than many lenders, making business loans more accessible.
About Big Think Capital
Big Think Capital specializes in small business lending. It provides financing options for small business owners with good or bad credit. While you can get a lower interest rate if you have good credit, there are options available even if you have a poor credit score. Some of Big Think Capital’s loans cater to small business owners with credit scores in the 400s and 500s.
Who Is a Big Think Capital Best For?
Big Think Capital loans are well-suited to small business owners who need quick financing. They offer competitive rates for those with good credit scores and flexible options if you don’t have the best credit history. You can receive funds in as little as 24 hours, and its business-term loan requires only a 620 credit score. Other business lenders have higher credit score minimums. However, if your score is below 620, Big Think Capital still has financial products that can provide you with much-needed capital.
The Benefits of Getting a Small Business Loan with Big Think Capital
Big Think Capital provides several advantages over other lenders in the small business space:
- High loan amounts: Borrow up to $1 million for a business term loan.
- Lower credit score requirements: You only need a 620 credit score to qualify for a business term loan.
- Quick funding: Secure financing in as little as 24 hours.
- Low-interest rates: You can secure a rate as low as 7%.
- Long repayment schedule: You have up to five years to repay the loan’s principal.
- Set monthly payments: Fixed interest rates keep the payments the same, giving borrowers a predictable budget.
- Excellent customer support: Big Think Capital has a reliable staff of representatives who can help you get business financing and answer your questions.
Big Think Capital Small Business Loans Details
Getting a business loan is a significant decision. Here’s what Big Think Capital offers to small business owners seeking term loans.
Small business owners can borrow up to $1 million with a small business term loan. That’s enough capital for many small businesses and startups to fund their next projects.
You can take out a loan with a term of up to five years. Having more years on your loan term will minimize your monthly payments since you spread the principal across more intervals, but you will pay more total interest on a longer loan. Business owners who want to get out of debt sooner can opt for a shorter loan duration. However, this route will result in higher monthly payments. Business owners should consider budget constraints, cash flow objectives, and interest payments before taking out a loan.
What You Can Use the Loan Funds For
You must use the loan funds for your company, but other than that, the lender won’t impose a requirement. You don’t have to use the money for any specific business expense. You can use it on advertising, equipment, or a new hire. It’s up to you.
Qualification and Requirements
You will need a 620 credit score, two years of business experience, and $100,000 in annual revenue. Big Think Capital will ask for basic details about your business along with your bank account statements from the previous three months. Your business must be in good standing to get a small business term loan. If you don’t have the minimum credit score, business experience, or annual revenue, you can explore Big Think Capital’s other financial products. Some of those loans have more flexible requirements that make capital easier for companies to access.
Fees and Costs
There are some administrative fees for the loan. Each monthly payment will also include interest.
What Types of Small Business Loans Does Big Think Capital Offer?
Big Think Capital offers several financial solutions for its clients. Here is a list of the financial products the lender provides.
SBA loans have the best interest rates and most generous terms but are also the hardest to obtain. Business owners may have to wait over a month to receive funding, but it can be worth it for business owners who have enough time.
Commercial Real Estate Loans
Sometimes a business needs to expand. You may need to purchase a property to serve more customers or hold onto more inventory, for example. Commercial real estate loans give companies a way to acquire properties. With Big Think Capital, you can borrow up to $100 million for a commercial real estate loan, a notably high number compared to other loan maximums.
Line of Credit
A business line of credit provides you with a lump sum you can use immediately. However, you’ll only pay interest when you borrow money against the credit limit. That means you won’t accrue interest right away unless you use the funds. You can keep a line of credit in reserve in case you need extra funds. Or you can immediately use the available credit limit to grow your company and maintain operations.
Equipment financing helps you escape endless equipment lease payments. Instead, you can use your equipment as collateral and receive capital equal to a percentage of the equipment’s face value. Big Think Capital offers up to 100% face value for equipment financing, but that’s not guaranteed.
Merchant Cash Advance
This financial product uses a company’s credit card transactions to repay the loan, making it different from other financial products. These cash advances can be expensive, but they’re an option for business owners with poor credit. For example, you can get a merchant cash advance with Big Think Capital even with a credit score as low as 400.
Some companies have outstanding invoices ready to cash out. Business owners in this situation may finance a percentage of their invoice amounts instead of going into debt. Invoice financing is one of the few strategies that give you capital without monthly payments.
How to Apply for a Small Business Loan with Big Think Capital
Do you need a small business loan to maintain operations and achieve growth? Big Think Capital has provided many customers with a great experience. They have more than 2000 reviews on Trustpilot, with 98% being five stars.
With so many loan options, Big Think Capital makes it easy to find financing that suits your needs. Fill out the form to see what loan offers you qualify for. Applying for a small business loan through Big Think Capital will not impact your credit score.