Frequently Asked Questions

Enova International (NYSE: ENVA) is a publicly traded financial services company conducting business in two countries. The Business Backer, which was founded in 2007, has been a subsidiary of Enova since 2015. Enova International has served over five million customers and issued more than $25 billion in loans to consumers and small business owners.

The two biggest differences are our application and funding processes. We'll typically give you a decision in a matter of hours instead of weeks. And, if you are approved before 6:00 PM CT, funds will be available next business day. If approved after 6:00 PM CT, funds will be available in two business days.

We understand that credit bureau information doesn't always depict the full story. That's why we never base our qualification decision on just a credit score.

Instead, we take a "whole picture" look at your business's history and needs along with other factors such as annual revenue and industry risk. If you have a low credit score or potential legal holdups, our team will work with you to determine whether or not we can provide you with financing.

We encourage you to contact a Funding Advisor at sales@businessbacker.com if you have additional questions.

It is a financial contract where The Business Backer purchases a percentage of your business’s future revenue (also known as receivables), and in return provides you funding. This product is available in all 50 states. You deliver a percentage of revenue to us until the funding amount and associated fees are delivered to us in full. If your revenue changes you can request a change in your payment deliveries.

A minimum of 1 year in business, at least $100,000 in annual revenue and a 550 credit score.

We offer funding up to $200,000. Your business’s unique characteristics, along with annual sales, industry type, time in business and overall credit performance, will determine how much funding we can provide you.

The factor rate is a simple multiplier that determines the amount of receivables you will deliver to us in return for the funding that we provide you; this is the initial cost of a purchase of receivables agreement. It ranges from 1.2 to 1.47 and averages 1.28. The actual factor rate you qualify for depends on the information in your application like annual revenue, how long you’ve been in business and your business’s financial history.

The purchase fee is a one-time fee that is deducted from your funding amount. It ranges from 0% to 3% of the funding amount depending on your business’s unique characteristics. You have the discretion to increase the purchase fee up to 8% in order to reduce the factor rate.

Funds will be available the next business day if approved before 6:00 p.m. CT. If approved after 6:00 p.m. CT, funds will be available in two business days.

Eligible customers can apply for additional funds as soon as 60 days after initial funding.

No. There are no prepayment penalties.

The small business loan is offered in: DE, IA, ID, KS, LA, MA, ME, MN, NE, NH, PA, UT, VA, WA and WY. In states where we do not offer small business loans, you may still be eligible for a purchase of receivables.

The minimum amount for our small business loan is $5,000.

A minimum of 1 year in business, at least $100,000 in annual revenue and a 550 credit score.

We offer funding up to $200,000. Your business’s unique characteristics, along with annual sales, industry type, time in business and overall credit performance will determine how much funding we can provide you.

The interest expense is the initial cost of your funding. It ranges from 1.7% to 4.3% per month and averages 2% per month. The actual interest expense you qualify for depends on the information in your application like annual revenue, how long you’ve been in business and your business’s financial history.

The origination fee is a one-time fee that is deducted from your funding amount. It ranges from 0% to 3% of the funding amount depending on your business’ unique characteristics. You have the discretion to increase the origination fee up to 8% in order to reduce the interest expense. In Iowa, the maximum origination fee is 2%.

Funds will be available the next business day if approved before 6:00 p.m. CT. If approved after 6:00 p.m. CT, funds will be available in two business days.

Eligible customers can apply for additional funds as soon as 60 days after initial funding. In addition, if you have been approved for a second loan before your first loan is paid off, the unpaid interest is forgiven and the remaining principal is rolled over to your next loan.

No. In fact, customers in good standing that pay off their small business loan early can receive a 35% discount on non-accrued interest.

Headway Capital’s line of credit customers can draw funds whenever they need, up to their available credit limit, and pay interest only on their outstanding principal.

A minimum of 6 months in business, at least $50,000 in annual sales and a 560 credit score.

Headway Capital offers business lines of credit up to $100,000. Your business’s unique characteristics, along with annual sales, industry type, time in business and overall credit performance will determine how much funding you could receive.

Headway Capital has a draw fee and charges monthly interest. Interest rates range from 3.3% to 6.0% monthly. The average monthly interest rate is 4.6%. In most states, draws from your line of credit are subject to a 2% draw fee. CO, GA, IN, NJ and OK don’t have a draw fee.

Funds will be available the next business day if approved before 6:00 p.m. CT. If approved after 6:00 p.m. CT, funds will be available in two business days.

Headway Capital’s line of credit is a true, revolving line of credit. This means that as the outstanding principal is repaid, that money becomes available to draw again, up to the available credit limit.

No. There are no prepayment penalties.