Bring people on before the revenue they create
Hiring and payroll ramp loans
Fund the first months of new hires while they train and ramp, when you can show the work they will bring in.
- Typical amount
- $20,000 to $150,000
- Typical term
- 12 to 24 months
Checking your rate is a soft credit pull and won't affect your credit score.
When this loan makes sense
A new technician, cook or account manager costs money for weeks before they bring any in. A hiring loan covers wages, training and tools during that ramp, so you can say yes to the work you are turning away today.
We look for proof of demand: a backlog, a waitlist, a new contract. If you are hiring to cover steady losses, an underwriter will say so plainly.
A good fit for
- Staffing up for a contract you have already signed
- Adding a crew when you are turning work away
- Training costs and tools for new hires
- A seasonal ramp you have done profitably before
Not the right tool for
- Payroll that is short every month
- Hiring ahead of demand you cannot point to
- Owner draws or personal expenses
Not sure? See when a loan helps, and when it doesn't.
How it works
The details that matter for this job
01
Sized to the ramp
Most owners borrow three to six months of new wages and repay over 12 to 24 months.
02
Payment you can plan
A fixed monthly ACH, never a cut of your daily card sales.
03
A person reviews it
An underwriter reads your backlog or contract, not only your score.
The cost, in dollars
A representative example, worked all the way through
Representative example
Example only
- Loan amount
- $50,000
- Term
- 18 months
- APR
- 17.6%
- Monthly payment
- $3,181
- Total interest
- $7,254
- Origination fee (3%)
- $1,500
- You receive
- $48,500
- Total cost of borrowing
- $8,754
- Total repaid
- $57,254
Illustration only, not an offer. Uses the midpoint of the Strong profile's APR range at 18 months. Your APR, payment and total cost depend on your profile, amount and term.
Example APR ranges at 18 months
The same published bands price every loan. Here is where each profile lands at this term.
-
Prime
740+ credit
10.6%–14.6% APR
-
Strong
690–739 credit
14.6%–20.6% APR
-
Established
650–689 credit
20.6%–28.6% APR
-
Building
620–649 credit
28.6%–36.6% APR
Fees on this loan
- Origination: 3% one-time, deducted from the funds you receive
- Late payment: $25 after a 10-day grace period
- Returned payment: $15 if an ACH bounces
- No application, maintenance or prepayment fees
A borrower review
Sample review
“We had a signed school-district contract and no crew to do it. The loan covered four months of wages for two new techs. The underwriter actually read the contract and asked good questions.”
Simone Baptiste
Clearwater Pest & Lawn · Greeley, CO
$70,000 · 18 months · hiring
A sample review written for this design demo, not from a real borrower.
Read more borrower reviewsQuestions about hiring and payroll loans
How much should I borrow to hire?
A common rule is enough to cover the new person's pay and costs until they bring in more than they cost, often three to six months. Run the payment in the calculator against your current monthly cash flow before you apply.
Do you need to see the contract or backlog?
It helps. A signed contract, a waitlist or months of turned-away jobs tell an underwriter the hire will pay for the loan. You can upload it after you check your rate.
Is this a payroll advance?
No. It is a term loan with an APR and fixed monthly payments. We do not offer advances repaid from daily sales.
More answers on the full FAQ, including missed payments and personal guarantees.
See your own numbers
The application opens with this loan's example already filled in. Change anything and the total cost updates as you go.