Behalf is a lender that offers short-term loans with flexible options to small businesses. As its name suggests, Behalf pays vendors on behalf of small businesses for purchases made or services rendered. In this article, we cover Behalf reviews and fees. Ready to get started with Behalf? Visit its website.
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Behalf pricing and fees are based on the business’ creditworthiness, and payment may be made weekly or monthly. Financing options range from $300 to $50,000, and fees range from 1% to 3% of the loan amount every 30 days. The company offers a range of loans for business purposes like equipment purchase, new location, and working capital.
|Payment Fee||1%-3% of loan amount for every 30 days you borrow|
|Annual Percentage Rate||30%-35% (depending on loan amount)|
|Repayment Terms||1 month to 6 months|
|Borrowing Amount||$300 to $50,000|
Ready to get started with Behalf? Visit its website.
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Summary of Positive Behalf Reviews
Users who gave Behalf a positive review said that provides businesses with an inexpensive and flexible financing option for their expenses. They shared that it helps them improve their cash flow, as well as make important large purchases and pay for them in small weekly or monthly increments.
One user who gave Behalf a positive review on TrustPilot said that the system is easy to use. He added that it allows small businesses to pay vendors while having plenty of payment term options from which to choose. He noted that vendors also benefit from the system because the payment goes straight into their bank account.
Summary of Negative Behalf Reviews
Users who gave Behalf negative reviews said that the company is quick to reject applications of qualified borrowers with no explanation. They also cited its poor customer support and lack of transparency in the actual rates charged to borrowers.
One user who gave Behalf a negative review on TrustPilot complained that he did not receive any response to his multiple emails to the company. He added that he had difficulty getting in touch with a customer representative after he completed his loan process. He also said that he was charged more than the 1.5% fee that Behalf charges, making the actual rate a lot higher than what it was supposed to be.
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Check out the list below of some of Behalf’s features:
- Free application
- Simple fixed rates
- No annual membership fees
- No variable rates
- No prepayment fees
- No maintenance fees
- And more
Does Behalf charge an origination fee?
Behalf does not charge a loan origination fee. While other lenders charge fees that range from 0.5% to 5% of the loan amount, Behalf does not charge any fee for processing, underwriting, and funding a loan.
What are the requirements to qualify for a loan from Behalf?
To qualify for a loan, applicants must be a United States citizen and a permanent resident. They should also have a credit score of at least 560. Businesses, on the other hand, don’t have to meet a minimum annual revenue to be considered.
Applicants will also need to provide proof of identity and proof of income in order to qualify for a loan via Behalf.
Here is a list of some of Behalf’s popular integrations: