Replace costlier debt, only when it saves you money

Refinancing loans

Pay off an expensive business loan or advance with one fixed monthly payment, when the numbers show a lower total cost.

Typical amount: $10,000 to $350,000
Typical term: 12 to 36 months

Checking your rate is a soft credit pull and won't affect your credit score.

A business owner at her desk comparing loan statements line by line with a pen

When this loan makes sense

Many owners come to us carrying a short-term advance with daily payments and a factor rate. Refinancing into a term loan can mean one monthly payment and a lower total cost, but not always.

We put the old cost and the new cost side by side, in dollars, before you decide. If refinancing does not lower your total cost of borrowing, we will tell you and decline to do it.

A good fit for

Replacing a daily-debit advance with one monthly payment
Paying off a higher-APR business loan
Combining two business loans into one payment that costs less
Ending an expensive equipment lease early, when the math works

Not the right tool for

Refinancing that lowers the payment but raises the total cost
Adding new debt on top of two or more open advances
Paying off personal credit cards

Not sure? See when a loan helps, and when it doesn't.

How it works

The details that matter for this job

Side-by-side in dollars

Your offer shows the remaining cost of the old debt next to the full cost of the new loan.

We pay it, you confirm it

Payoffs are confirmed with you in writing before any funds move.

No stacking, ever

We will not add a third payment to two open advances. If refinancing all of them would help, we will look at that.

The cost, in dollars

A representative example, worked all the way through

Representative example

Example only

Loan amount: $80,000
Term: 24 months
APR: 18.4%
Monthly payment: $4,009
Total interest: $16,226
Origination fee (3%): $2,400
You receive: $77,600
Total cost of borrowing: $18,626
Total repaid: $96,226

Illustration only, not an offer. Uses the midpoint of the Strong profile's APR range at 24 months. Your APR, payment and total cost depend on your profile, amount and term.

Example APR ranges at 24 months

The same published bands price every loan. Here is where each profile lands at this term.

Prime

740+ credit

11.4%–15.4% APR
Strong

690–739 credit

15.4%–21.4% APR
Established

650–689 credit

21.4%–29.4% APR
Building

620–649 credit

Terms up to 18 months

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

See the full rate and fee table

Sample review

“I came in with an advance taking money out of my account every day. They put what I still owed on it next to the full cost of their loan, in dollars, and the loan came out ahead. Now it's one payment a month.”

Gary Lindqvist

Lindqvist Auto Glass · Lakewood, CO

$48,000 · 24 months · refinancing

A sample review written for this design demo, not from a real borrower.

Questions about refinancing loans

How do you compare the old debt with the new loan?

We ask for your current payoff statement and remaining payment schedule, then show the dollars left to pay on the old debt next to the total cost of the new loan, including our 3% origination fee.

What if my current advance has a fixed fee I owe no matter what?

Then paying it off early may not save much, because the fee is owed either way. We will show that in the comparison and tell you if waiting is the better move.

Will refinancing lower my monthly payment?

Often, especially when it replaces daily debits. But a lower payment is not the goal. A lower total cost is. We do not refinance just to stretch the payment.

More answers on the full FAQ, including missed payments and personal guarantees.

Other jobs the same loan can do

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.

Check your rate