Idea Financial

About Idea Financial

Idea Financial is a direct business lender that provides revolving lines of credit, term loans, and a unique hybrid “Bundle” loan product to help small business owners address their short-term capital needs. The firm uses cutting-edge technology to facilitate a fast and paperless application and funding process, and has been one of the few small business lenders actively funding throughout the COVID-19 pandemic. Idea Financial has a laser focused commitment to the success of its clients, which is reflected in its “Excellent” 4.5/5-Star Trustpilot rating.

The firm is headquartered in Miami, FL and since its inception in 2017 has funded in excess of $115 million to thousands of small businesses nationwide.

Idea Financial is the Rhino: independent, strong, intelligent, loyal, courageous, and aggressive. Small businesses need and deserve a financial partner with all these qualities and our mission is to be, and embody, all that the Rhinoceros is and strives to be.

Justin Leto, Co-Founder & CEO

Contact Idea Financial:

  • Visit Idea Financial’s Website
  • Call Idea Financial: 1 (855) 731 -1112

Loan Programs

Idea Financial specializes in delivering financing to a variety of small businesses, and can fund up to $250,000 in as little as one day. Loan proceeds can be used for any business purpose, and borrowers can easily access and repay loan proceeds from their online dashboard. Idea Financial prides itself on having no origination fees, no line of credit prepayment penalties, affordable rates, a simple and fast process, and a dedicated support team.

Below is a sampling of reasons why a borrower would seek financing from Idea Financial:

  • To establish a business line of credit for immediate access to funding, and for near-term and unforeseen capital expenditures
  • When fast and affordable small business capital is needed, but the borrower is ineligible for conventional business financing, or doesn’t desire a prohibitively expensive merchant cash advance
  • When both business term financing and a line of credit is needed, and the borrower doesn’t wish to apply through separate institutions, or go through two different qualification processes
  • If the business requires a larger line of credit than what competitor products can offer
Visit Idea Financial

Line of Credit Highlights / Guidelines

A business line of credit works differently from a lump-sum loan in that once approved, the funds are available for you to access only when you need them, and you pay nothing to have the line of credit in place. If you desire working capital for future business needs, want cash-on-hand in the event of a business emergency, need advertising funds or wish to grow your business but aren’t sure how yet; then a business line of credit through Idea Financial is the right option for you (Read: What is a Business Credit Line?).

Loan sizes from $10,000 to $250,000

  • 9 to 18 month financing terms
  • Each time you draw funds from your line of credit, your balance re-amortizes, and the repayment term restarts
  • Most businesses are eligible for financing except transportation, residential construction or remodeling, real estate, used cars and vehicles (other restrictions may apply)
  • Funding is available nationwide except in NV, VT, SD, & ND
  • Financing for any business purpose
  • No early repayment fees or prepayment penalties
  • No collateral required
  • Monthly and weekly loan payments available
  • Interest rates start at 1% per month
  • Zero loan origination or line maintenance fees (line of credit draw fees may apply)
  • Receive funding in as little as 1 day
  • Apply online and receive a decision within 3 hours, there are no upfront fees, and applying won’t affect your credit
  • Online application, underwriting, and draw process easily navigated through your own borrower dashboard

Term Loan Highlights / Guidelines

A business term loan is a lump-sum financing that is usually amortized over a shorter period of time when compared to real estate collateralized loans. Term loan funds can be used for most business capital needs, but tend to be less than 10 years in length and can even be as short as 3 months. Usually term loans will carry an interest rate that is fixed for the same length as the amortization of the loan. For example, if your loan is amortized for five years, your rate will usually be fixed for five years (Read: What is a Business Term Loan?).

Loan sizes from $10,000 to $250,000 (up to 12% of annual revenue)

  • 6 to 18 month loan terms
  • Most businesses are eligible for financing except transportation, residential construction or remodeling, real estate, used cars and vehicles (other restrictions may apply)
  • Funding is available nationwide except in NV, VT, SD, & ND
  • Financing for any business purpose
  • Payoff discount of 50% on remaining interest owed
  • No collateral required
  • Weekly loan payments available
  • Interest rates start at 1% per month
  • Zero loan origination fees
  • Receive funding in as little as 1 day
  • Apply online and receive a decision within 3 hours, there are no upfront fees, and applying won’t affect your credit
  • Online application, underwriting, and draw process easily navigated through your own borrower dashboard

The Loan Process

LendVer did not shadow the application or loan process for Idea Financial but its website offers information about how to get started and an overview of the loan process. Applicants are encouraged to fill out a short online loan application or call Idea Financial directly at 1 (855) 731-1112 to get started. Submitting a loan application to Idea Financial is free, will not affect your credit, and you’ll receive a credit decision in as little as 3 hours. If approved for financing through Idea Financial you will be presented with an option for a line of credit, a term loan financing, and a “Bundle” financing option that includes both a line of credit and term loan.

Visit Idea Financial

Below are underwriting requirements you should know before applying:

  • Minimum time in business (TIB) of 2+ years
  • Minimum personal credit score of 650+
  • Minimum business revenue of $180,000 / year or $15,000 / month, with an average of 8 deposits / month and a $5,000 average monthly balance
  • No bankruptcies or foreclosures in the last 3 years
  • No more than 2 existing merchant cash advances
  • At least 6 months of bank statement history will be required
  • Applicant must own >/= 50% of the business and sole-proprietors and not-for profits are ineligible

Assuming the application information provided to Idea Financial is amenable, a credit decision will usually be reached within 3 hours with next-day funding if approved. Idea Financial has in-house underwriting, processing, funding, and servicing which helps expedite the loan process and foster a cohesive client relationship. The entire loan process can be conducted and monitored through your borrower dashboard.

Idea Financial is just like each of our customers: a small business.  With humble beginnings, founded in a small office conference room, we have worked hard to build something special that each of us can be proud of.  Idea has always understood what it means to be a small business owner. We have had to recruit talent with only a hope and a dream to offer our employees. We have had to raise money without a track record. We have had to work tirelessly to prove ourselves. We have celebrated achievements. We have suffered tough times. We have built a culture that is a work-family and this has translated into financing for small businesses that is honest, fair, affordable and quick. Idea Financial acts as your small business advisor. We get your small business the money needed so you can focus on growing the business and making your business dream a reality.

Idea Financial is America: a diverse melting pot with team members from all over the world.  From Argentina, Cuba, Russia, China, Venezuela, Philippines, Montenegro, Canada, Colombia, France, the United Kingdom, Jamaica, and the Ukraine, the Idea team members bring experiences and cultures from all over the world to strengthen our culture and truly represent what makes America special.

Justin Leto, Co-Founder & CEO

Pros

  • Idea Financial can fund up to $250,000 which exceeds the $100,000 limit in place for most business line of credit lenders.
  • Idea Financial is actively lending during the COVID-19 pandemic and can provide affordable working capital to eligible business owners in as little as one day.
  • Idea Financial offers a unique “Bundle” loan product which combines both a line of credit and term loan option at the same time.
  • There is no cost to setup a line of credit with Idea Financial, there are no origination fees, no line of credit maintenance fees, no line of credit early repayment fees or prepayment penalties, and you only pay for the funds used.

Cons

  • Larger loans in excess of $250,000 are not available through Idea Financial.
  • Idea Financial does not presently lend in NV, VT, SD, & ND.

Why Idea Financial is the Best

Idea Financial is one of the newest members of the alternative business loan industry, but its innovative platform, premier client service, and unique product offerings have enabled it to fund over $115 million thus far; and, continue funding through the COVID-19 pandemic. Idea Financial offers enticing products with affordable rates starting at 1% per month, larger line of credit sizes than its competitors, and a “Bundle” product that offers unique financing flexibility to its borrowers. The firm’s fast and automated application process enables business owners to obtain a credit decision in less than 3 hours, and receive funding (if approved) the next day. Idea Financial’s line of credit has no origination fees and no maintenance fees, making it a wise option for any business owner in today’s times.

Tags: ,