What Loans Headway Capital offers
Headway only offers a simple line of credit business loan, and claims this allows it to provide a faster service than more traditional loans offered by rivals.
How Headway Capital works
Headway’s line of credit loans act in a very similar way to a credit card. You’ll have a maximum borrowing amount that you’ll draw from as and when needed. This can be anywhere between $5,000 and $100,000. You’ll then only have to pay interest on any funds you draw from this pot.
However, interest rates are quite high, starting at 40% APR and hitting as high as 80% for some customers. Bear in mind, though, that you’ll also be charged 2% of the total draw amount every time you dip into your line of credit. So, if you decided to draw down $10,000 of your pot, you’d be subject to a $200 charge.
How do I qualify for Headway Capital?
- You’ll need a minimum credit score of 550
- Your business must have at least $50,000 turnover per year
- You must have been trading for at least 12 months