Backd Reviews

8.2

Growing businesses

Written by Angela Mae

About Backd | Read More

LS Score

Credibility

Support

Accessibility

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Opening Hours

Mon-Fri 8am-5pm EST

Sat-Sun Closed

Contact Information

737-256-7458
Headquarters: 2101 S I-35 Frontage Rd Suite 400 Austin, TX 78741

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LS Score

Credibility

Support

Accessibility

Visit Site

Opening Hours

Mon-Fri 8am-5pm EST

Sat-Sun Closed

Contact Information

737-256-7458
Headquarters: 2101 S I-35 Frontage Rd Suite 400 Austin, TX 78741

Social Media

Backd Business Loans Review

Backd Business Funding offers lines of credit and working capital loans for small and mid-sized businesses in most industries. To qualify, you must meet certain minimum revenue and time in business requirements. However, these requirements are fairly lenient, making Backd a good choice for business owners who don’t qualify for traditional forms of financing.

Backd Business Loans Highlight

640

Min Credit Score

$10K-$2M

Loan Amount

Up to 16 months

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

None

Other Fees

3% of the loan amount

Origination Fee

None

Prepayment Fee

24 Hours

Funding Time

$100K

Annual Revenue

24+ Months

Time in Business

Pros & Cons

Large loan amounts available
Flexible repayment terms
Fast funding and approval times
Simple application process and somewhat lenient eligibility requirements

Typical APRs not listed online
3% fee on working capital loans
Financing not available for business in certain industries

Business Loan Types

Business Line of Credit
Working Capital Loans

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Backd Business Loans Terms & Requirements

Since Backd offers two types of funding solutions for businesses, the terms and requirements vary slightly based on the one you choose. However, the requirements are not as strict as you might expect with traditional lenders.

If you want a working capital loan, you’ll need the following:

At least 1 year in business
$100,000 minimum annual revenue
Active business bank account
U.S. based business in specific industries

If you’re looking for a line of credit, here’s what you’ll need:

At least 1 year in business
640 FICO score
$300,000 minimum annual revenue
Business bank account
U.S. based business in specific industries

Backd offers revenue-based financing and flexible repayment terms. Their line of credit does not expire, but you will need to make weekly payments over six to 12 months on the borrowed funds (plus interest). The working capital loan has a maximum term length of 16 months.

What is Backd best for?

Backd is a great option for growing businesses because they offer a variety of loan products that can help businesses scale and manage their finances more effectively. For example, Backd offers a working capital loan, which can be used to cover short-term expenses, such as payroll, inventory, or marketing. They also offer a business line of credit, which can be used for a variety of purposes, such as equipment purchases, growth initiatives, or unexpected expenses.

Backd also offers a number of other features that are helpful for growing businesses, such as:

Fast approval process: Backd can approve loans in as little as 24 hours, so you can get the money you need quickly.
Flexible repayment terms: Backd offers repayment terms of up to 16 months, so you can choose a repayment schedule that fits your business needs.
Competitive interest rates: Backd offers competitive interest rates, so you can save money on your loan payments.

Overall, Backd is a great option for growing businesses that are looking for a fast, flexible, and affordable loan solution.

Here are some specific examples of how Backd’s features are designed for growing businesses:

The business line of credit can be used for a variety of purposes, so businesses can have the flexibility to use the money as needed.
The fast approval process means businesses can get the money they need quickly, so they can take advantage of opportunities as they arise.
The flexible repayment terms mean businesses can choose a repayment schedule that fits their needs, so they can stay on budget.
The competitive interest rates mean businesses can save money on their loan payments and use the money they borrow to grow their business.

If you’re a growing business, Backd is probably a great option for you. Their features are designed to make getting the money you need to grow your business easy. They also offer a number of features that can help you scale your business and grow your profits.

How to Apply

If you’re ready to apply for financing through Backd, the first step is to click “Apply Now!” You’ll then need to select which type of financing you need — a line of credit or a working capital loan.

Regardless of which one you choose, you’ll be asked to provide a range of how much you need. Next, select the reason or reasons why you need funds. Examples include payroll, renovations, and equipment. The next step is to provide the approximate annual revenue your business makes.

After that, it’s time to fill out your personal, business, and financial details. This part of the application process won’t affect your credit score. Once you officially submit your application, there may be a hard credit check, however.

Once Backd receives your application, they’ll review it and make a lending decision. If approved, you could receive funds within 48 hours.

Qualification Requirements

In general, you’ll need to meet the following criteria to take out a business loan or line of credit with Backd:

640+ FICO credit score
1+ years in business
$100,000 (working capital loan) or $300,000 minimum annual revenue (line of credit)
Be within a specific industry Backd supports
Be 18+ years of age
Have a business bank account
Have a business based in the U.S.

Required Information

To begin the application process for Backd financing, you’ll need to provide certain personal, financial, and business information. You may also need to upload supporting documents. You can complete the entire process online, but you can also contact Backd via phone or contact form for additional support.

Commonly required information and documents include:

Proof of identity (ex. full legal name, date of birth)
Phone number
Valid address
Social Security number / EIN
Business bank account information
Proof of business revenues
Desired amount to borrow
Loan or line of credit purpose

Application Steps & Time Frames

Backd’s application process is simple and only takes a few minutes to complete. Here’s what you can typically expect:

Comple the online application and submit it.
Backd will review your information and, if necessary, request additional details or documents. This typically takes under 24 hours.
If approved, you’ll receive funds within 24 to 48 hours. This is an overall quick process.

State Availability

- Available in all states

Written by Angela Mae

Angela Mae is a personal finance writer specializing in loans, debt management, investing, retirement planning, and financial literacy. She comes from a journalistic background and pulls from hands-on experience and deep-dive research to breathe life into her stories. Her goal is to help others achieve financial stability and independence. When not writing, she can be found traveling, honing her yoga skills, hiking, or exploring new means of healthy, sustainable living.

FAQ’s

What types of financial products does Backd offer?

Backd provides two types of funding solutions: lines of credit and working capital loans. Once the funds are disbursed, you can use them for any business-related purpose.

How quickly can you get approved for business financing?

With Backd, you can typically expect to receive the funds within 24 to 48 hours of approval. Backd often approves applications the same day they receive them.

Does Backd provide funding for all industries?

Backd offers financing for most industries but not all. Businesses in the following industries are not eligible for funds through Backd: consulting services, financial services, legal services, real estate services, nonprofit or government agencies, adult entertainment, flea markets/conventions, and cannabis.

Customer Support

Backd is committed to helping businesses succeed. As part of this goal, they offer professional, helpful customer service. They also have several convenient ways for those who need to contact them. This includes phone and an online contact form.

If you use the contact form, you’ll typically receive a response from an employee within one to two business days. As for phone communication, the wait time is usually brief. And if you call outside of business hours, you can leave a phone number and they will usually call you back.

The lender also has positive reviews online. On Trustpilot, they have a 4.7-star rating. Most of these reviews praise the company for their professionalism and reliable, quick service. Backd is also BBB accredited and has an A+ rating with no current complaints.

Privacy & Security

As a digital fintech company, Backd — dba Austin Business Finance, LLC — uses safeguards to protect your personal, confidential information online. This information is further shielded behind data encryption, firewalls, and physical office security measures. Like other online companies, however, Backd does not guarantee the absolute privacy of your data.

Backd also has privacy and security policies related to their users’ data. For example, they do not knowingly collect information from minors accessing their site. They also adhere to the California Consumer Privacy Act of 2018.

Finally, Backd may collect certain data when you access and use their site. This includes your name, contact information, employment details, bank account information, and other financial details. The company primarily gets this information from you when you apply for financing or provide it through a third-party source. There are ways to opt out of data collection and sharing.

In Conclusion

Backd Business Funding is a lender that specializes in providing financing for small and medium-sized businesses. Based in Texas, the company has overwhelmingly positive customer reviews online for their professionalism and helpfulness. Their loan products have flexible repayment options and come with quick approval and funding times.

Although Backd is a solid option for business financing, they do have a few limitations. To receive financing, your business must make at least $25,000 a month (or $100,000 a year) in annual revenues. Backd also doesn’t offer loan products to businesses in certain industries. This includes nonprofits, insurance and legal services, home-based companies, and financial services.

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