Startup-friendly business term loans starting at with minimal eligibility requirements.

When you’re starting a new business or have a large one-time expense, Northwest Federal Credit Union (FCU) could help you get the funding you need. There are no limits to how much your business can borrow and no minimum requirements for revenue or time in business. But with loans starting at , it might not be the best stop for small projects.

Details

Product Name Northwest FCU Business Term Loans
Min. Credit Score 680
APR Up to 18%
Requirements Be a business member of Northwest FCU and have a credit score of at least 680.

Application Criteria

  • Be a business member of Northwest FCU.
  • Have a credit score of at least 680.

First, do I qualify?

To be eligible for a business loan, you must:

  • Be a business member of Northwest FCU.
  • Have a credit score of at least 680.

What is Northwest FCU?

Northwest FCU is one of a handful of credit unions that offers financing to businesses nationwide. Its unsecured and secured business term loans can be used for things like buying a car or stocking up on inventory. Term loans start at and go as high as you need, as long as you qualify. Though, it usually requires collateral on loans over $100,000.

Most term loans range from 36 to 72 months, though there’s also no fixed minimum or maximum term. Interest rates are fixed and can be Up to 18% — the maximum rate federal credit unions are allowed to charge. On top of this, Northwest charges an application fee, typically around $250.

What makes Northwest FCU business loans unique?

Northwest FCU offers what could be one of most affordable business loan options out there for startups and entrepreneurs, since it can’t charge more than 18% in interest.

There are no requirements for how long you’ve been in business or how much you make each month, so it could also be a viable choice for small business struggling to turn a profit. But to qualify, you’ll need a good credit score of 680 or higher.

What are the benefits of Northwest FCU business loans?

  • Startup-friendly. New and young businesses might be eligible for financing from Northwest FCU.
  • Flexible funding. Your business can use its Northwest FCU loan for any legitimate business purpose.
  • No minimum revenue. Struggling businesses might also find affordable financing with Northwest FCU.
  • No maximum amounts. Your business can potentially borrow as much as it needs.

What to watch out for

  • Good credit required. Business owners must have a credit score of at least 680 to be eligible for a Northwest FCU loan.
  • No online application. You have to pick up the phone to apply for a term loan from Northwest FCU. Other types of financing under $50,000 have online applications.
  • Little information online. Northwest FCU doesn’t provide any information about rates, terms or credit requirements on its site, which can be difficult to navigate.
  • Poor reviews. It gets a D- from the Better Business Bureau (BBB) for failing to respond to customer complaints.

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