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Reckon’s business loan is powered by small business lender Prospa. They offer business loans from $5,000 up to $500,000, with terms from 3 months to 3 years. For funds up to $150,000 no security is required, but you will have to provide security for larger loan amounts. Costs, terms and borrowing amounts will depend on the risk profile of your business. Reckon will take into account your industry, how long you’ve been in business and the overall health of your cashflow. Based on these factors, they will offer you a customised loan. Apart from interest charges, which will be based on your risk profile, they also charge an origination fee, which will be stated on your loan contract.
upon application
Upfront Fee
$500,000
Max. Loan Amount
3 months to 3 years
Loan Term
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Product Name | Reckon Business Loan |
---|---|
Min. Loan Amount | $5,000 |
Max. Loan Amount | $500,000 |
Loan Security | Secured |
Upfront Fee | upon application |
Loan Term | 3 months to 3 years |
You can apply for a minimum of $5,000 up to a maximum of $500,000. The loan is designed to be repaid over a term from 3 months to 3 years and the repayments are cash flow friendly. You can make the repayments daily or weekly.
After you apply, you can receive a response in as little as an hour if you apply within standard business hours and let Reckon verify your bank information online. If you apply before 4pm, you will receive the funds in your account that business day. However, if you apply later than 4pm, you will receive the funds in your account the next business day.
The following are some of the features associated with this business loan:
You will need to pay the following fees with this loan:
There are no additional fees, such as a monthly fee, and there are no penalties for early repayments.
In order to be eligible for this loan, click on "Go to Site" and provide the following information.
For loans of $250,000, you need the following:
For loans over $250,000, you need the following:
You also need to enter basic personal information and business information so it can be analysed by Reckon. Upon completing the online application process, you will know whether you are approved by the next business day and will have your funds that same day.
Reckon can help you grow your business to new heights. However, compare business loans and ensure that they meet your needs before making a final decision.