eCapital

About Company

eCapital offers a range of financial solutions, including factoring and business loans, to meet the diverse needs of businesses. Factoring, such as freight and invoice factoring, allows businesses to convert outstanding invoices into immediate cash, improving cash flow. On the other hand, business loans provide businesses with access to capital for various purposes, offering flexibility in managing their financial requirements. The combination of factoring and business loans in eCapital's offerings reflects its commitment to providing comprehensive financial solutions to support businesses across different industries.

Features

1. Diverse Industry Support. eCapital caters to a broad spectrum of industries, demonstrating its versatility and ability to serve the unique financial needs of different businesses. The company's expertise extends to supporting companies in various sectors, offering a wide-reaching impact on the business community.

2. Advanced Online Tools. eCapital leverages cutting-edge technology to enhance its services. The online tools provided by the company include calculators and credit check tools, empowering clients to make informed financial decisions.

3. Rapid Funding Turnaround. One of the standout features of eCapital is its commitment to providing quick and efficient funding solutions. Businesses facing urgent financial needs can benefit from eCapital's ability to deliver funding in just a few days.

4. Comprehensive Financial Solutions. eCapital goes beyond traditional lending by offering both lending and factoring services. This dual approach provides businesses with a range of financial solutions to choose from, allowing them to select the option that best aligns with their specific needs.

Pros and Cons

Pros

Cons

How to Get an eCapital Loan?

1. Visit the Website. Start by navigating to the eCapital website. You can do this by entering the official website address into your web browser.

2. Select the Required Product. Once on the website, explore the available financial products and services offered by eCapital. Choose the specific product that aligns with your business needs, whether it's factoring, lending, or another financial solution.

3. Complete a Short Form. Locate and fill out a short form on the website. This form typically requires essential information, including your name, company name, phone number, email address, and the industry in which your business operates. Ensure that you provide accurate and up-to-date information.

4. Submit the Form. After entering the required details, submit the form electronically through the website. This initiates the application process for an eCapital loan.

5. Expect a Phone Call. Following the submission of your information, anticipate a phone call from an eCapital representative. They will likely contact you to discuss your financial needs, gather additional details, and guide you through the next steps of the loan application process.

Requirements and Conditions

Requirements

1. Asset-Based Lending. For asset-based lending, eCapital's website specifies a requirement of at least two years in business. Additionally, there is a minimum annual revenue criterion of at least $20 million.

2. Underwriting Criteria. While the website mentions revenue and time in business as criteria, eCapital may consider other underwriting factors beyond just revenue and credit score. The lender is particularly interested in businesses with established revenue, and the specific time in business requirements can vary based on the industry of the business.

3. Established Revenue. eCapital places a significant emphasis on businesses with established revenue. This indicates that the lender is likely looking for a track record of consistent income, contributing to the overall financial stability of the business.

4. Time in Business. The time in business requirements can differ based on the industry in which the business operates. It can take six months to a year to meet the established revenue criteria that eCapital is seeking.

Conditions

1. Loan Amount. eCapital provides loans within a substantial range, spanning from $250,000 to $50 million. This broad spectrum allows businesses to access varying amounts of capital based on their specific financial needs.

2. Interest Rate. Unfortunately, eCapital does not explicitly state the interest rates associated with their loans. Borrowers are advised to directly inquire with eCapital or consult with their representatives to obtain detailed information on interest rates.

3. Term Lengths. The specific term lengths for eCapital loans are not explicitly mentioned. The duration of the loan, or the time within which the borrowed funds are expected to be repaid, is a crucial aspect of any loan agreement.

Products

1. Freight Factoring. eCapital provides freight factoring services, allowing businesses in the transportation industry to receive immediate cash by selling their accounts receivable.

2. Invoice Factoring. Through invoice factoring, eCapital assists businesses in converting outstanding invoices into immediate cash, providing improved cash flow.

3. Payroll Funding. eCapital offers payroll funding solutions to help businesses ensure timely and consistent payment of employee salaries and related expenses.

4. Asset-Based Lending. Businesses seeking capital can benefit from eCapital's asset-based lending, utilizing their assets as collateral to secure financing.

5. Equipment Refinancing. eCapital provides equipment refinancing options, allowing businesses to optimize their equipment investments and access additional capital.

6. Lines of Credit. eCapital offers lines of credit, providing businesses with flexible access to funds as needed to support their ongoing operations.

7. Visa Commercial Cards. eCapital provides Visa commercial cards, offering businesses a convenient and efficient way to manage their expenses and transactions.

8. Fuel Discount Program. eCapital's fuel discount program provides businesses in the transportation sector with cost-saving opportunities on fuel expenses.

9. Load Board. eCapital offers a load board, providing businesses in the transportation industry with a platform to find and secure freight loads.

10. Dispatch Software. eCapital provides dispatch software solutions, aiding businesses in managing and optimizing their dispatch operations.

Other Loans

• Best Business Loans

Ways to Receive the Money

Once your loan application is approved by eCapital, you will typically receive the borrowed amount through a method specified in your agreement. This could involve a direct deposit to your business bank account or another agreed-upon disbursement method outlined in the terms of the loan. The exact process and timeline for receiving the funds will be communicated to you by eCapital's representatives during the loan approval and disbursement process.

Things to Pay Attention To

1. Specialty Finance Focus. eCapital is distinguished among specialty finance companies, focusing providing unique financial solutions.

2. eCapital Management Team. The effectiveness of eCapital's strategies is driven by the expertise and leadership of its management team, ensuring a forward-looking approach for the organization's future.

3. Acquisition History. An essential aspect to learn about eCapital is its acquisition history, shedding light on the company's growth and evolution within the financial sector.

4. Online Presence and Review. Explore eCapital's online presence, including its official page, to learn more about the company's offerings and services. Additionally, consider reviews from other businesses to gain insights into the real-world impact of eCapital's strategies.

5. Adaptability and Results. Pay attention to eCapital's adaptability to industry changes and its ability to deliver positive results. Assess how the organization follows through on its mission and strategies, ultimately driving change in the financial landscape.

How to Repay an eCapital Loan?

1. Access Online Account. Log in to your eCapital online account, providing a user-friendly interface to manage your loan.

2. Review Repayment Details. Explore the repayment section to review your outstanding balance, due dates, and any additional information related to your loan.

3. Select Repayment Method. Choose your preferred repayment method, which may include options like bank transfers or automated payments.

4. Initiate Repayment. Initiate the repayment process by following the specified steps on the platform, ensuring timely and accurate transactions.

5. Monitor Repayment Status. Regularly monitor your repayment status through your online account, staying informed about successful transactions and maintaining financial responsibility.

Reasons for Getting Rejected for an eCapital Loan

1. Insufficient Revenue. If a business does not meet the minimum revenue requirements specified by eCapital, it may lead to a loan rejection.

2. Limited Time in Business. eCapital may have a requirement for a minimum number of years in business, and businesses that fall short of this criterion could face rejection.

3. Creditworthiness. A poor credit history or low credit score may be a factor in loan rejection, as it reflects the borrower's creditworthiness.

4. Inadequate Documentation. Failure to provide necessary documents or incomplete paperwork during the application process can result in rejection.

5. Unsuitable Industry. Some lenders, including eCapital, may have preferences or restrictions related to the industries they serve. If a business operates in an industry not supported by eCapital, it could lead to rejection.

Alternatives

• AltLINE is a financing solution that specializes in invoice factoring. It provides businesses with the option to convert their outstanding invoices into immediate cash, helping to improve cash flow.

• FundThrough is another invoice financing platform that enables businesses to access funds tied up in their outstanding invoices. It provides a quick and flexible solution for managing working capital.

• RTS Financial offers a range of financial services, including factoring and working capital solutions. It caters to businesses in various industries, providing funding options to support their financial needs.

• BlueVine is a fintech company that offers various financing solutions, including invoice factoring and business lines of credit. It focuses on providing quick and accessible funding to small and medium-sized businesses.

Loans like eCapital

OnDeck

OnDeck stands out as an excellent choice for short-term business loans, offering the flexibility of borrowing substantial amounts, even for businesses with a minimum credit score. What makes OnDeck particularly attractive is its ability to provide funds swiftly, with same-day approval and disbursement for qualifying applicants. Moreover, OnDeck emphasizes the opportunity to build and strengthen business credit by consistently making on-time payments. The loan terms range from 18 to 24 months, with loan amounts spanning from $5,000 to $250,000. While the starting interest rate is 35.40% for a portion of customers, the accessibility and speed of funding make OnDeck a notable player in the short-term business loan landscape.

Funding Circle

Funding Circle distinguishes itself in the realm of long-term business loans by offering competitive rates, extended repayment terms, and a lack of prepayment penalties. This lending option caters to businesses seeking larger loan amounts, ranging from $25,000 to $500,000, with a reasonable starting interest rate of 11.29%. Beyond financial support, Funding Circle prioritizes efficiency, enabling businesses to access funds in as little as two business days. Notably, Funding Circle also showcases its commitment to diversity by providing funding options specifically tailored for women-owned businesses and minority entrepreneurs. The loan terms extend from 6 to 84 months, making Funding Circle a favorable choice for businesses with a more extended financial horizon.

Credibly

Credibly positions itself as a reliable source for working capital loans, particularly for businesses requiring quick funding to address immediate operational needs like payroll or inventory expenses. Notably, Credibly's working capital loans boast a rapid approval process, often providing funds in less than 24 hours. The lender exhibits flexibility by considering applicants with a minimum credit score of 500 and a willingness to look beyond a less-than-perfect credit history, provided there is a healthy annual revenue. Beyond working capital loans, Credibly collaborates with a network of lenders to offer a diverse range of financing options, including merchant cash advances, business lines of credit, equipment financing, SBA loans, and invoice factoring.

Fundbox

For startups in need of swift financing, Fundbox presents an appealing option with its business line of credit, offering up to $150,000. What sets Fundbox apart is its relatively lenient eligibility criteria, allowing new companies to qualify after just six months of operation and a minimum annual revenue of $100,000. The business line of credit provides the flexibility to withdraw funds as needed, and businesses only pay interest on the amount utilized. Additionally, Fundbox offers perks such as up to 20% off fees through its Fundbox Plus upgrade. With competitive starting interest rates ranging from 4.66% for 3-month terms to 8.99% for 6-month terms, Fundbox addresses the financial needs of emerging businesses seeking quick and accessible startup loans.

Editorial Opinion

Important

How to Choose a Lender

1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

3. Carefully review all the terms and conditions of your payday loan contract.

4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 50 business lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional Resources

• eCapital Account Review
• How to Apply for eCapital Loan
• How to PayOff eCapital Loan
• eCapital Mobile Apps
• eCapital Reviews

Sources

• eCapital

• eCapital Freight Factoring Corp. | Better Business Bureau® Profile