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What does Headway Capital offer?
Headway Capital offers lines of credit ranging from $5,000 to $50,000 for businesses. Once approved, your business can borrow as much money as it needs, whenever it’s needed, up to the available credit limit. With each draw, you can select the repayment schedule that best suits your needs. Depending on your state, you may have a minimum initial draw amount.
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Does my business meet the minimum criteria?
In order to be eligible to apply, your business must have been in operation for at least one year, have a minimum annual revenue of $50,000, and must be located in one of the following states: Alabama, Arizona, California, Colorado, Florida, Georgia, Illinois, Iowa, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Mississippi, Missouri, New Jersey, New Mexico, New York, North Carolina, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington or Wisconsin. To complete a Headway Capital application, you must be authorized to take out the loan on behalf of your business.
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How secure are the Headway Capital online forms?
Headway Capital uses the latest security technology to ensure that your business and personal information is safe, including Secure Socket Layer (SSL) encryption, McAfee SECURE™ and Verisign™. We scan our website daily for malware, malicious JavaScript and suspicious redirections to keep your sensitive data safe and private at all times.
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How will my funds request be evaluated?
We understand that your personal credit score isn’t necessarily representative of the health of your small business. That’s why we take a holistic view of your business, evaluating your application differently than a bank would. We incorporate a variety of factors into our decision model to determine your eligibility and credit limit. Depending on the nature of your business, you may be asked to provide some combination of the following documents for verification purposes: bank statements for your business bank account, corporate tax returns, personal tax returns, and profit and loss statements.
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Will you pull my credit report/score when checking my eligibility?
Your personal credit report is one of many factors Headway Capital when determining your eligibility for funds. Note: Headway Capital will perform a credit check after you request funds. This "soft pull" will not leave a footprint on your credit report. After you sign the contract, Headway Capital performs a "hard pull" which will leave a footprint on your credit report.
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How soon can I receive funds?
Once approved, funds will typically be deposited into your business bank account by the next business day.
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What can I use the money for?
Funds from your Headway Capital line of credit can be used for any legitimate business purpose, including making payroll, covering bills and expenses, marketing, hiring, training, and purchasing equipment and inventory.
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What are the terms of a Headway Capital line of credit?
The interest rate and credit limit you are awarded may vary based on the information provided in your application. Interest does not compound and there is no annual or monthly service fee. Draws from your line of credit are subject to a 2% draw fee, and you may be assessed a late fee for late payments. If sufficient funds are not present in your bank account at the time of a scheduled payment, your bank may charge you a non-sufficient funds (NSF) fee. There are no hidden fees with a Headway Capital line of credit.
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Will my line of credit have a minimum initial draw?
Customers in certain states may have a minimum initial draw of $5,000. Please refer to your state's Rates & Terms page to see the minimum initial draw requirements, or call us at 866.698.8494 to check whether your state has a minimum initial draw amount.
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Can I make multiple draws against my line of credit?
As long as you have available credit and your account is in good standing, you may draw money at any time up to your available credit limit (your first draw may be subject to a minimum initial draw amount in certain states). If you have an existing balance when you make a draw, that balance will be re-amortized over your new repayment term along with the principal, interest and fees of your new draw.
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How does repayment work?
When you request a draw from your line of credit, you will either be offered a choice of repayment terms or given a predetermined repayment term, depending upon the requested draw amount. Part of your principal balance is repaid with each minimum payment according to a prearranged schedule. Payments are auto-debited from your business's bank account via ACH. You can choose whether to make weekly or monthly recurring payments.
Yes, you can repay your outstanding balance at any time without incurring any additional fee.
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What should I do if I’m going to miss a payment?
If you’re unable to make a scheduled payment, call our customer service center at 866.698.8494 as soon as possible so we can discuss your payment options.
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Do you have other questions?
We’d love to answer them! Call us at 866.698.8494, or send us an email at support@headwaycapital.com.