Swift Capital Small Business Lender Review

Swift Capital Small Business Lender Review
Lauren Ward
on March 22, 2020
Read in 4 min

Swift Capital provides businesses with short-term loans based on future sales and has helped more than 16,000 clients since its inception.

Focused on companies with larger revenue streams, ‘Swift Loans’ offer flexible repayment terms while placing a particular emphasis on customer service.

That personal touch combined with top-notch technology allows this lender to offer quick funding and minimally required documentation for most loans.

You can also benefit from a variety of perks when you come back as a repeat customer.

If your company has strong revenue and is ready to get a short-term injection of working capital, then you might consider getting a loan from Swift Capital.

But before you do, read our Swift Capital review to learn everything you need to know about this online lender.

An Overview of Swift Capital Loans

Swift Capital gives you the flexibility of borrowing a broad range of money, with a minimum loan of just $5,000 and a maximum that goes all the way up to $500,000.

This is a great benefit to smaller companies who have just a temporary cash-flow issue, as well as solid companies looking to expand or make some other type of improvement.

Loan terms with Swift Capital are short, starting off at 3 months and only going as long as 12 months.

Flat fees start at 9.9%, though your exact rate depends on your business financials and other considerations.

One interesting program offered by Swift Capital is its Best Price Guarantee:

If you receive a better offer from another lender, they’ll either beat it or pay you $500!

How to Qualify

Swift Capital has a few basic minimum requirements in order to qualify for a working capital loan.

There are no geographic restrictions, however, as long as your company is located in the U.S. or even in a U.S. territory.

Experience is key, and you must have been in business for at least one year.

On top of that, your annual revenue must be $100,000 or more, so this isn’t a lender catering to businesses with smaller sales, even if your margins are strong.

In addition to your business credentials, Swift Capital also reviews your personal FICO score, with a minimum requirement of 500.

Swift reviews your business credit score as well, but there’s no minimum requirement you must meet.

Certain financial difficulties won’t automatically disqualify you from a loan.

For example, personal bankruptcy isn’t a deal-breaker as long as it has been discharged.

You might also have a chance if you have a history of non-sufficient funds, although this depends on your particular situation.

In some cases, you can even qualify if there’s a tax lien on your business.

Certain restrictions apply, including a maximum lien of $150,000 and particular revenue expectations depending on the size of the lien.

It’s also worth noting that at least 50% of your company’s ownership must sign the loan agreement in order to achieve a successful underwriting process.

How to Get Started

Getting started with Swift Capital is simple, and you can begin by filling out their pre-qualification form in five minutes.

You’ll just need to input some basic information, such as your business inception date, annual revenue, needed funding amount, and purpose of your funding.

At this stage, only a soft pull on your business credit score is performed to see whether or not you pre-qualify.

You can then review different types of loans you’re eligible for and select the one with the rate and term that best suits your business.

If you have any questions here or at any point during the process, you can reach out and talk to a Business Funding Expert.

Once you’ve selected a loan product, you can submit any required supporting documentation either by uploading them or emailing them.

For an average funding amount, you shouldn’t need to submit a substantial amount of documents.

How You Receive Your Loan Funds from Swift Capital if You’re Approved

After finalizing your request and signing a loan agreement, you may receive funds within one to two business days.

From there, you’ll start making weekly fixed payments that are automatically deducted on the due date directly from your business checking account.

Before taking out a loan from Swift Capital, make sure your business model can handle this weekly payment method.

Even successful businesses might be able to make a monthly payment but have trouble with consistent weekly payments, depending on how your cash flow works.

Something to pay extra attention to:

In most cases, Swift Capital files a UCC blanket lien after your funding takes place.

While this type of lien is common amongst many lenders, you still need to understand that it can affect your business credit and your ability to borrow additional funds before you’ve repaid your Swift loan.

You may also need to request that the lien is removed once you’ve repaid the loan in full, so be sure to monitor your business credit history continuously.

Once your loan is in place, you can use Swift Capital’s mobile app to make payments, request additional funds, and check your transaction history.

If you need more funds later, Swift Capital offers preferred pricing for repeat clients, including priority processing.

Swift Capital: The Bottom Line

Swift Capital boasts a combination of technology and personalized customer service.

Funding time can be quick as long as you’re not required to submit too much documentation, and you can receive priority service if you return to Swift as a repeat customer.

As with all loans, it’s important to read the fine print.

Make sure that in addition to your loan terms, you’re also comfortable with the potential of having a UCC-1 lien filing.

Otherwise, as long as you meet a few basic revenue or credit requirements, Swift Capital could be an option to consider.

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Lauren Ward Finance Journalist

Lauren Ward is a freelance content writer focusing on personal finance, real estate, and lending.

Her work has been featured on Huffington Post, CBS News, and Kiplinger.

She previously worked at the Federal Reserve Bank of Richmond as well as several national non-profit organizations.