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$feed_html += 'CREDIT NEEDED
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$feed_html += 'N/A';
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Credit Strong For Business
Multiple different product options with different loan amounts and terms to help you:
- Build credit as cheaply as possible (Biz $2,500)
- Build credit & savings simultaneously (Biz $5,000)
- Build a large amount of credit (Biz $10,000)
Anyone is eligible, as long as we can verify your identity and business. Perfect for people with thin or no credit, since there is no credit check and no minimum credit score
Business requirements, the company must:
- Have a registered EIN (Employer Identification Number issued by the IRS
- Be at least 3 months old
- Be a LLC, partnership, or Corporation
- Be located in the United States and have a physical US address place of business
Individual requirements:
- Own at least 25% of the business
- Have no co-owner(s) that individually own 25% or more of the business
- Be at least 18 years old and be a permanent US resident
- Have a physical US residence
- Have a valid SSN or ITIN
- Have a valid identification document (Drivers license, State ID, Passport, Permanent Resident Card)
Impacts 90% of the factors used to calculate your credit score
- Payment history (35%)
- Amount of credit (30%)
- Length/age of credit (15%)
- Credit Mix (10%)
- New Credit (10%)
We’ll report loan payments each month. Making on-time payments are a positive signal to credit bureaus and help your score.
- All credit products are designed to give customers the ability (but not requirement) to demonstrate good financial behavior. The reverse is also true - Late payments are also reported!
The account is reported and will appear on a customer’s credit profile within 30-60 days after the first loan payment due date
- The first payment is due 30 days from account opening date and due on the same day each month
How CreditStrong Business works:
A secured loan is issued to you, and deposited in a locked savings account in your name held at Austin Capital Bank, the 5* rated community bank that powers CreditStrong
Each month, you make monthly payments towards the secured loan which pay down the loan balance
Each payment is split into 2 portions
Interest: Cost for keeping the account open, account maintenance, reporting, etc. Think of this as the money you pay CreditStrong to build your credit.
Principle: this goes towards the loan balance and principal payments will be available for withdrawal on completion of your loan. Think of this as money you pay to yourself each month for future use.
Each month, we report payment behavior to Equifax, PayNet, and SBFA. (remember:
make complete, on-time payments so we’re reporting GOOD credit behavior!)
What happens when the loan is paid off?
- Once the loan is paid off, the secured savings account is unlocked
- The funds in the unlocked savings account can then be withdrawn
- Once the account is paid off, it will be reported to credit bureaus as “Paid in full with a $0 balance” / ”Paid off”
Canceling:
- You can choose to cancel early with no prepayment or early termination fees.
- If you cancel early, the difference is unlocked, and the funds in your saving account (if any) can be accessed and transferred to your payment method on file with no fees or penalties
- If you have already made the admin fee payment and 1 or more loan payment (It will be closed out and reported as “Paid in full with a $0 balance” / ”Paid off” (which is the same as if you were to pay it off fully – there is no difference in reporting))
- If you have not made any payments or have made the admin fee payment but not a loan payment. It will not be reported and will not show on your credit report o If you have made more than 1 loan payment and want to cancel early. We use your secured savings to pay off the remaining loan balance
