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Forbes Advisor’s 2023 Review of Backed Business Loans


Sep 13, 2023

Backd is a platform that provides unsecured short-term loans for various business needs. Instead of publishing interest rates online, Backd uses its own underwriting process to determine rates based on factors like affordability, credit score, and financial analysis. They offer three alternative financing options for small businesses.

One option is the Backd Working Capital Advance, which gives small businesses between $10,000 and $2 million to cover cash flow gaps caused by seasonal downturns, inventory needs, and other operating expenses. The terms for this loan are short, ranging from 4 to 16 months, and payments are automatically deducted on a daily, weekly, or semi-monthly basis. To qualify, businesses must have been operating for at least one year, have annual revenue of at least $100,000, and have a business bank account. The application process is quick and easy, taking less than three minutes to complete, and it won’t impact your credit score.

Another option is a Business Line of Credit, which provides access to cash as needed for your business operations. Credit limits for this line of credit range from $10,000 to $750,000, and payments are made weekly over 6 or 12 month terms. Approval decisions are made within 24 hours, and once you’ve paid off your balance, you can continue to access your funds. To qualify for a business line of credit, you must have been in business for at least one year and have a personal credit score of at least 600. Additionally, there is a minimum annual revenue requirement of $300,000.

In addition to these financing options, Backd also offers BackdPay, a buy now, pay later service for businesses. By becoming a partner and using BackdPay, you can help your customers finance their purchases over a 12-month period. Backd claims that this service can increase order value by 150%.

By Editor

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