Frequently asked questions
The things operators ask most before they book a call. If yours isn’t here, raise it on the call and we’ll walk through it.
Will checking my options affect my credit score?
Reviewing potential options typically uses a soft inquiry, which does not affect your credit score. If you choose to move forward with a specific offer, the funding partner may run a hard credit inquiry and request documentation before funding.
Is LendUp Marketplace a lender?
No. We are a funding marketplace and referral service. We connect businesses with third-party funding partners; we are not a bank or direct funding source. Any financing is offered, underwritten, and funded by a partner under their own terms.
How quickly can funding happen?
Timelines vary by product, partner, and business profile, so we don’t quote a fixed turnaround. Some approved businesses receive funds quickly after final approval and acceptance, but speed is never guaranteed.
What documents are usually needed?
Commonly requested items include a government-issued ID, recent business bank statements, and basic business details. A funding partner may request additional documentation during review.
What are the general guidelines to qualify?
As a starting point, partners often look for several months in business, consistent revenue, and an active business checking account. Meeting general guidelines does not guarantee approval, and some industries may be restricted.
Are there prepayment penalties?
That depends on the specific product and offer. Applicable fees and any early-payoff terms are disclosed by the funding partner before you sign.
Which type of funding is right for me?
It depends on whether your need is a defined one-time amount (a business loan), an ongoing cushion (a line of credit), or something that should flex with sales (revenue-based financing). On a quick call we can compare the tradeoffs for your situation.
Still have questions? Book a quick call.
Start with a quick conversation. Checking your options is a soft inquiry that won't affect your credit score.