Tillful Review

What are Tillful Loan

By leveraging technology and data-driven solutions, Tillful offers a range of financial products and services, including secured credit cards, term loans, equipment financing, merchant cash advances, lines of credit, and cash flow loans. With a focus on accessibility and transparency, Tillful strives to simplify the borrowing process while equipping small business owners with the tools and knowledge needed to make informed financial decisions. Tillful business credit score serves as a critical metric, reflecting the financial health and creditworthiness of a business entity. Through strategic financial management and responsible borrowing practices, small business owners can utilize tools such as secured credit cards to build business credit steadily. These secured business credit cards offer a structured approach, requiring a security deposit to mitigate risk while providing a platform to demonstrate creditworthiness to business credit bureaus.

While business credit scores are distinct from personal credit scores, they are equally vital for business owners seeking access to capital and favorable loan terms. Just as personal credit cards contribute to an individual's personal credit score, business owners can leverage secured business credit cards to build business credit effectively. By establishing a positive payment history and managing credit utilization responsibly, entrepreneurs can cultivate a strong business credit profile over time, facilitating future borrowing opportunities and fostering financial stability for their ventures.

Key Features

1. Business Credit Building. Tillful Loans provide a strategic pathway for small business owners to build and strengthen their business credit. This is a crucial aspect for establishing financial credibility and unlocking further opportunities for growth.

2. Secured Credit Cards. Tillful offers secured credit cards, such as the Tillful Business Credit Card, designed to assist business owners in building credit without the need for a hard credit check or a personal guarantee. These cards empower entrepreneurs to make essential business expenses while contributing to the development of their credit history.

3. Secured Credit Card Benefits. Tillful's secured business credit card comes with all the benefits of Mastercard, adding an extra layer of convenience and flexibility for business-related transactions.

4. Early Access Opportunities. Entrepreneurs can stay ahead by joining the waitlist for Tillful's products, ensuring they are among the first to access new features and financial tools as they become available.

5. Funding Advisory Services. Tillful offers personalized funding advisory services, connecting business owners with Lending Advisors who guide them through the application process. This tailored approach assists in matching entrepreneurs with the most suitable financing options for their unique business needs.

Pros and Cons

Pros

Cons

Reliability

Tillful's reliability is underscored by customer feedback on Trustpilot, where it holds an overall rating of 3.5 out of 5 based on 90 total reviews. The diverse range of opinions and experiences shared by users on this reputable review platform offers valuable insights into Tillful's performance and customer satisfaction. While some reviews may highlight positive aspects, others may bring attention to areas that could be further enhanced. Examining these reviews collectively provides potential users with a comprehensive understanding of Tillful's reliability, allowing them to make informed decisions regarding their engagement with the platform.

How to Apply for a Tillful Loan?

1. Create a Free Account. Start by visiting the Tillful website or downloading the Tillful app from the Android or iOS app store. Create a free account by providing basic information about yourself and your business.

2. Provide Business Information. Once your account is set up, you'll need to provide detailed information about your business, including its legal structure, industry, revenue, and time in operation. This information helps Tillful match you with the most suitable financing options.

3. Match with a Lending Advisor. After submitting your business information, Tillful's platform will match you with a dedicated Lending Advisor who will guide you through the loan application process. Your Lending Advisor will review your business profile and discuss your financing needs and options.

4. Review Loan Offers. Based on your business profile and financial needs, your Lending Advisor will present you with loan offers from Tillful's network of lending partners. Review the terms and conditions of each offer carefully, including interest rates, repayment terms, and any associated fees.

5. Choose the Best Option. After reviewing the loan offers, choose the option that best fits your business's needs and financial situation. Your Lending Advisor can provide additional guidance and clarification to help you make an informed decision.

6. Complete the Application. Once you've selected a loan offer, your Lending Advisor will assist you in completing the loan application. You may need to provide additional documentation, such as bank statements, financial statements, or proof of business ownership, depending on the lender's requirements.

7. Finalize Funding. After submitting your loan application, the lender will review your information and decide on your loan request. If approved, funds will typically be disbursed to your business bank account within a few business days, allowing you to access the financing you need to support your business's growth and success.

Conditions and Requirements

Conditions

1. Loan Amount. Lenders may offer varying loan amounts based on the borrower's financial profile, creditworthiness, and the type of loan product. Loan amounts can range from a few thousand dollars to several hundred thousand dollars, depending on the lender's policies and the borrower's needs.

2. Interest Rates. Lenders offer interest rates based on factors such as the borrower's creditworthiness, loan term, and prevailing market conditions. Interest rates can be fixed or variable and may vary among lenders, so borrowers should carefully compare rates to find the most competitive option.

3. Repayment Terms. Lenders offer different repayment terms, including fixed or flexible repayment schedules, ranging from several months to several years. Borrowers should consider their cash flow and financial obligations when selecting a repayment term that best suits their needs.

4. Fees and Charges. Lenders may impose various fees and charges, such as origination fees, application fees, and late payment fees. Borrowers should carefully review the loan agreement to understand all associated fees and charges before accepting the loan offer.

5. Prepayment Penalties. Some lenders may charge prepayment penalties if borrowers repay the loan before the end of the loan term. Borrowers should inquire about prepayment penalties and consider whether early repayment is feasible or cost-effective.

Requirements

1. Business Information. Borrowers are typically required to provide detailed information about their business, including its legal structure, industry, annual revenue, and time in operation. This helps lenders assess the creditworthiness and viability of the business.

2. Personal Information. Borrowers may need to provide personal information, such as their name, address, Social Security number, and date of birth, to verify their identity and assess their creditworthiness.

3. Credit History. Lenders may evaluate the borrower's personal and business credit history to determine their creditworthiness and assess the risk of lending. While some lenders may consider borrowers with less-than-perfect credit, a strong credit history can increase the likelihood of approval and favorable loan terms.

4. Business Bank Account. Many lenders require borrowers to have a business bank account to facilitate loan disbursements and repayments. A business bank account also helps lenders verify the financial health and legitimacy of the business.

5. Minimum Revenue. Some lenders may have minimum revenue requirements that borrowers must meet to qualify for a loan. This ensures that the business has sufficient cash flow to repay the loan amount and associated fees.

6. Collateral or Security Deposit. Depending on the type of loan and the borrower's credit profile, lenders may require collateral or a security deposit to secure the loan. This provides reassurance to the lender in case the borrower defaults on the loan.

Ways to Receive the Money

1. Direct Deposit. Many lenders offer direct deposit as a convenient and efficient way to disburse loan funds. Once the loan is approved, the funds are electronically transferred directly into the borrower's business bank account. Direct deposit allows for quick access to funds without the need for physical checks or visits to the bank.

2. ACH Transfer. Automated Clearing House (ACH) transfers are another popular method for transferring loan funds. ACH transfers allow lenders to electronically deposit funds into the borrower's designated bank account. This method is secure, reliable, and typically faster than traditional paper checks.

3. Wire Transfer. Some lenders may offer wire transfers as an expedited option for disbursing loan funds. Wire transfers involve the electronic transfer of funds from the lender's bank account to the borrower's bank account. While wire transfers may incur additional fees, they offer a fast and secure way to receive large sums of money.

4. ACH Card Payment. Some lenders may provide borrowers with a prepaid debit card linked to the loan funds. Borrowers can use the card to make purchases or withdraw cash from ATMs, providing flexibility and convenience in accessing the loan funds.

Products

1. Term Loans (from $5,000 to $500,000 or more). Term loans provide businesses with a lump sum of capital that is repaid over a set period, usually with fixed monthly payments. These loans are ideal for financing large investments, such as equipment purchases, expansions, or working capital needs.

2. Equipment Financing (varies based on the cost of the equipment). Equipment financing allows businesses to purchase or lease equipment, machinery, or vehicles without requiring a large upfront payment. Loan amounts are typically determined based on the cost of the equipment being financed, with repayment terms aligned with the expected lifespan of the equipment.

3. Merchant Cash Advances (from $5,000 to $250,000). Merchant cash advances provide businesses with a lump sum of capital in exchange for a percentage of future credit and debit card sales. Loan amounts are based on the business's monthly card sales volume, making this option suitable for businesses with fluctuating revenue streams or seasonal fluctuations.

4. Lines of Credit (from $5,000 to $250,000). Lines of credit offer businesses a flexible source of financing that can be drawn upon as needed, up to a predetermined credit limit. Borrowers only pay interest on the amount borrowed, making lines of credit an ideal option for managing cash flow, covering unexpected expenses, or seizing growth opportunities.

5. Cash Flow Loans (varies based on the business's cash flow needs). Cash flow loans, also known as working capital loans, provide businesses with short-term financing to cover operating expenses, payroll, inventory purchases, or other day-to-day financial obligations. Loan amounts are typically determined based on the business's cash flow and repayment capacity.

Other Loans

• Best Business Loans

Reasons for Getting Rejected for a Tillful Loan

1. Insufficient Credit History. Lenders may require a minimum credit history to assess the borrower's creditworthiness. A limited or poor credit history, especially for newer businesses or individuals with past credit issues, could result in rejection.

2. Low Business Revenue. Lenders often consider a business's revenue as a key indicator of its ability to repay the loan. If the business generates insufficient revenue or has inconsistent cash flow, it may be deemed too risky for a loan.

3. Unsatisfactory Business Performance. Lenders may assess the business's performance and financial health, including factors such as profitability, cash flow, and industry trends. A history of poor performance, declining revenue, or economic instability could raise concerns and result in rejection.

4. Insufficient Collateral. Some loans require collateral to secure the financing, assuring the lender in case of default. If the borrower lacks sufficient collateral or offers assets of insufficient value, the loan application may be rejected.

How to Repay a Tillful Loan?

1. Review Loan Agreement. Start by reviewing the terms and conditions outlined in your loan agreement provided by Tillful. Pay close attention to details such as the loan amount, interest rate, repayment schedule, and any associated fees or penalties.

2. Understand Repayment Terms. Familiarize yourself with the repayment terms specified in the loan agreement. This includes the frequency of payments (e.g., monthly, biweekly), the amount of each payment, and the due date for each installment.

3. Set Up Automatic Payments. Consider setting up automatic payments through your business bank account to ensure timely and consistent repayment. Many lenders offer the option to automate loan payments, which can help you avoid late fees and penalties.

4. Monitor Your Bank Account. Keep track of your business bank account to ensure that there are sufficient funds available to cover loan payments. Set reminders or alerts to notify you of upcoming payment due dates and account balances.

5. Make Timely Payments. Make timely payments according to the repayment schedule outlined in your loan agreement. Late or missed payments can result in additional fees, penalties, and damage to your credit score.

6. Consider Early Repayment. If your business finances allow, consider making early or additional payments to pay off the loan sooner and reduce overall interest costs. Check with Tillful to ensure that there are no prepayment penalties or restrictions.

7. Communicate with Tillful. If you encounter any difficulties or anticipate challenges in making loan payments, communicate with Tillful as soon as possible. They may be able to offer assistance, such as modifying the repayment schedule or exploring alternative solutions.

8. Keep Records. Maintain accurate records of all loan payments, including payment dates, amounts, and confirmation numbers. This documentation can serve as proof of payment and help resolve any discrepancies or issues that may arise.

Alternatives

Wells Fargo's line of credit provides competitive rates tailored for businesses with a minimum of two years in operation. With a maximum loan amount of $150,000 and a minimum credit score requirement of 680, this option offers flexibility for established businesses seeking financing for various purposes. The estimated APR ranges from 10.25% to 18.25%, making it a viable choice for businesses looking to manage cash flow, fund expansions, or consolidate debt.

Funding Circle caters to established businesses seeking financing for expansion or debt refinancing, offering loan amounts of up to $500,000. While the minimum credit score requirement is 660, the estimated APR ranges from 15.22% to 45.00%. This platform provides an alternative funding option for businesses that may not qualify for traditional bank financing, providing access to capital for growth initiatives or strategic investments.

Fora Financial serves as a suitable option for borrowers who may not meet the criteria for traditional bank financing or young but established small businesses in need of expedited funding. With a maximum loan amount of $1,500,000 and no specified minimum credit score requirement, Fora Financial offers flexibility in accessing capital. The estimated APR varies based on factors such as creditworthiness and loan terms, providing businesses with competitive rates tailored to their financial needs.

Triton Capital specializes in fast equipment loans, offering financing solutions of up to $250,000 for businesses operating across diverse industries. With a minimum credit score requirement of 575, Triton Capital provides accessible financing options for businesses with varying credit profiles. The estimated APR ranges from 5.99% to 34.99%, allowing businesses to secure essential equipment and machinery efficiently.

Editorial Opinion

Tillful loans offer small business owners a diverse range of financial solutions tailored to their unique needs, providing access to capital and resources to support business growth. With a focus on transparency, Tillful aims to empower entrepreneurs by offering valuable insights into their financial health and facilitating informed decision-making. While Tillful's products and services can be beneficial for businesses seeking financing options, it's essential for borrowers to carefully review the terms and conditions of any loan agreement to ensure it aligns with their financial goals and capabilities.

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

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

Sources

• Tillful
• Tillful Reviews
• Small-Business Loans: Compare and Apply