Headway Capital comes under Enova International, which is a financial services company headquartered in Chicago. The company provides financial assistance to businesses in the form of lines of credit. They provide assistance to businesses that do not have access to the less expensive forms of financing. The annual percentage rate (APR) offered by the company ranges from 40% to 80%. The credit line caps at $50K, and they require businesses to have been involved for at least 1 year. They do not require users to have a specific credit score, but you need to have at least $50K per year in revenue. Headway Capital currently offers assistance to companies in 36 states.
This firm does not have a hard cut off for credit scores. Instead, it runs a check of your business and personal credit and is concerned more about factors other than the credit score when deciding whether to lend. It allows the term length to be 12, 18, or 24 months. Besides, it charges an interest of 3.33% – 6% per month, and there is also a draw fee charged, which ranges from 0% to 2% depending upon the state of operation. They always request a personal guarantee with regard to collateral.