FAQ
What is Backd?
Backd is an alternative lending company headquartered in Austin, TX founded by two brothers on a mission to provide financial solutions for businesses that cannot access traditional funding.
How does Backd work?
Our online application can be completed in less than 3 minutes and receive instant pre-approval. Funds are transferred within 48 hours from the time your application is approved.
What are the basic requirements to apply?
- 1 year in business minimum
- $100K annual revenue minimum
- 600+ personal FICO score
- U.S. based business
- Business bank account
- Brick + Mortar location*
How long does the approval process take?
In most cases, we provide same day decisions on completed applications.
What can I use my funding for?
Our business funding is unsecured and can be used for any business purpose needed.
How quickly can I get the funds?
Generally, funds can be deposited into your account within 24-48 hours.
How is my rate determined?
Interest rates are based on our proprietary underwriting process. Our underwriting team considers affordability, credit scores, and financial analysis.
What industries are eligible?
We are currently unable to provide capital for the following industries:
- Financial Services
- Consulting Services
- Real Estate Services
- Legal Services
- Government or Non-profit Agencies
- Flea Markets / Conventions
- Adult Entertainment
- Cannabis
- Firearms
What security do I have to provide?
Backd advances are unsecured.
