Personal Loan vs Business Loan - Which is Right for Your Business?
Dec. 15, 2024
You’re 6 Steps Away From Qualifying for a Business Loan
Dec. 15, 2024
Business Loan Options for Women-Owned Businesses
Dec. 15, 2024
This site is a free online resource that strives to offer helpful content and comparison features to our visitors. We accept advertising compensation from companies that appear on the site, which may impact the location and order in which brands (and/or their products) are presented, and may also impact the score that is assigned to it. Company listings on this page DO NOT imply endorsement. We do not feature all providers on the market. Except as expressly set forth in our Terms of Use, all representations and warranties regarding the information presented on this page are disclaimed. The information, including pricing, which appears on this site is subject to change at any time
Revenued aims to help businesses get quick and easy access to funding—but it’s not your typical business financing tool. Instead of providing a loan or a line of credit, it offers a flexible spending line paired with a business card.
Approvals and borrowing amounts are based on your business performance and finances (not credit) and, instead of an interest rate, Revenued charges you based on a factor rate every time you draw funds or use the card. In addition, there are no monthly or annual fees.
Revenued is great for businesses with questionable or even no credit history, or those who have limited financing options. This is because it uses business performance and revenue, not credit, to approve or deny applicants.
Revenued can often help low-credit companies get access to much more funding than they would get via traditional methods, too. It’s also good for businesses that need quick access to cash and don’t have the time to wait.
There are several features that help make Revenued a popular choice for businesses. Unlike a traditional loan or MCA where the entire loan is dispersed as a lump sum, Revenued gives businesses the flexibility to access funds as needed and on demand and pay for only what is used. For the business card, it has no annual or monthly fee, and no application fee. A few other features worth mentioning include the following:
Fast and easy application process
Online dashboard to visualize and manage your spending
Spending limits that grow with your business
Helpful customer service and quick response times
Your performance with Revenued is reported to business credit bureaus to help build your business credit profile build your business SBFE score
The application process is straightforward and begins with entering your email. Next, you provide some basic contact information and answer a few questions to ensure you qualify for the flex line and card. This includes making sure your business is US-based, and you have a separate business bank account.
Following that, you need to provide information about your business and its ownership. After you e-sign and connect your bank account, there may be a request for additional documentation. Once you complete the form and apply, it’s possible that you’ll receive a decision in as little as an hour, but certainly within 24 hours.
The amount of funding you can access depends on the current performance of your business, namely your business’ monthly revenue and business checking account deposit volume. As your business grows and your revenue increases, a higher spending limit may be offered by Revenued.
To qualify for a Revenued flex line and business card, you need to:
Be a US-based business
Have a separate business bank checking account
Have monthly sales of at least $20,000
Keep a daily business bank account balance of $1,000
Have been operating for at least one year
Not be a sole proprietorship
Run a business that isn’t in the financial sector
The terms and factor rate vary business by business, and unlike a credit car which offers monthly payments, Revenued’s collection of future receivables will either be done a daily or weekly basis.
When you apply, an underwriter will review your application and determine your terms, as well as your factor rate. Revenued uses this instead of an interest rate to charge its customers.
Factor rates typically range from 1.21x to 1.49x . These rates/fees are impossible to avoid, and you cannot escape them like you can with the grace period of a traditional credit card. You can , however, save on the cost of capital by utilizing Revenued’s PayNow feature by paying more in less time than agreed to.
For example, let’s say you make a $3,000 purchase on your Revenued card, and you have a factor rate of 1.2. You’ll need to repay the $3,000, as well as a charge of $600 for the purchase.
Revenued is a reputable company with its team having nearly a decade or experience in the financial technology space. It has solid customer feedback, including a rating of 4.6 out of five stars on Trustpilot (based on over 500 reviews).
Revenued takes your security seriously, using SSL encryption on its site to protect you. It also secures all sensitive data in a safe off-site environment. The company controls access to all system information and uses session time-outs to keep accounts safe.
The company also has a detailed privacy policy that goes through the type of information the company collects, what it uses it for, where and why it shares it, and more. It also covers ways that you can keep your account even more secure, such as using a strong password and watching out for phishing. The Reveneud application process has been vetted and backed by Truste.
There are several ways to reach out to Revenued for assistance. You can give the company a call at 877-662-3489, or leave a message via an online form and hear back within 24 hours. Feel free to email the support team directly at customerservice@revenued.com.
The company website also includes a helpful blog full of information about business finances, how to improve your business credit, how to choose the right business banking options, and much more.
Revenued’s approach is certainly unique, providing a helpful service for businesses with low personal credit scores that need funds fast. From the quick application process to the non-existent minimum credit score, there’s a lot to like about Revenued. The factor rates can be high, but the lack of an annual fee can help to offset this cost a little.
525 Washington Blvd Suite 3300, Jersey City, NJ 07310-2606
This review was created with information from the company website and Trustpilot reviews.
