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Backd Business Funding Review

If you need business funding quickly, Backd can offer some of the highest borrowing limits in the industry with flexible repayment terms. The lender can provide both business lines of credit and working capital loans in as little as 24 hours for approved borrowers.

Reviews 128
Backd Business Funding Review
Backd business loans
backd business loans
Borrow up to $2 million
Flexible repayment terms
funding in 24 hours
Lindsay Frankel
Written by:Lindsay Frankel
Personal Finance Expert

Reviewed by: Sarah Brooks, Personal Finance Writer and Editor


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Expert Reviewers' Verdict

Backd is best for established small businesses that need a business line of credit up to $750,000 or a working capital loan up to $2 million. The lender makes it easy to check your rate without hurting your credit. If you can’t qualify for direct funding from Backd, the company may still work with a third-party lender to fund your loan, making loan products from Backd relatively accessible. In this Backd review, we’ll go over all the details about what makes this lender a great option for small businesses. 

Summarized Ratings

This parameter considers loan terms, repayment optionality, and loan limits. For each financing arrangement offered, each of these features was evaluated using the five-point scoring system. Then, the various scores were aggregated and averaged to establish an overall loan features score.

Backd gets a 3.8 for Loan Features. This well above average score reflects a fairly broad offering of loan terms, flexible loan limits, and accommodative repayment options.

Backd Overview

Backd is an alternative online lender that offers small business funding in amounts up to $2 million. Founded in 2018 and headquartered in Austin, Texas, the lender focuses on meeting the unique needs of individual businesses through multiple funding options and flexible repayment terms. To date, they’ve funded more than $1 billion to over 10,000 small businesses. The lender also offers faster funding times and looser requirements than traditional business lenders. 


Backd Business Funding Pros and Cons

Flexible repayment terms up to 16 months
Borrow up to $2 million
Offers both working capital loans and business lines of credit
Check your rate with a soft credit pull
Get funding in as little as 24 hours
No collateral required
Excellent customer reviews on Trustpilot
Rates not disclosed
Relatively strict revenue requirements
Funding requires a phone call with the Backd team
Not all industries will qualify

Backd Features

Backd offers higher borrowing limits than most other online lenders in the small business funding space. You can get a working capital loan between $10,000 and $2 million or a business line of credit between $10,000 and $750,000. Backd offers a choice of repayment terms between six and 12 months for lines of credit and between four and 16 months for working capital loans. Repayment begins immediately, and you can choose daily, weekly, or semi-monthly payments for working capital loans. Draws from a business line of credit are repaid in weekly installments. 

Backd Working Capital Loan Features

Term length4 to 16 months
Repayment periodImmediate
Min - Max amount$10,000 to $2 million

Backd Business Line of Credit Features

Term length6 or 12 months
Repayment periodImmediate
Min - Max amount$10,000 to $750,000

Backd Interest Rates and Fees

Some common fees that lenders sometimes charge include origination fees, maintenance fees, and late payment fees. Backd doesn’t disclose any of its fees or interest rates. The good news is, you can easily check your individual rate without hurting your credit. It only takes a few minutes and only requires a soft credit pull. Once your rates and fees are disclosed, you can decide whether or not you’d like to move forward with the loan. And like other lenders, the better your credit score, the better your rate will be.

Backd Qualification Requirements

To get a working capital loan or line of credit from Backd, you’ll need to be an established U.S. business with a brick-and-mortar address, one year of business history, and established business credit. You’ll also need $100,000 in annual revenue.

However, if you don’t meet those requirements, Backd may still work with a third-party lender to fund your loan. In that case, qualification requirements vary depending on if you’re applying for a working capital loan or line of credit. 

Additionally, there are a few restricted industries that Backd won’t work with. These include:

  • Financial Services
  • Consulting Services
  • Real Estate Services
  • Legal Services
  • Government or Non-profit Agencies
  • Flea Markets / Conventions
  • Adult Entertainment
  • Cannabis

Backd Working Capital Requirements

You’ll just need one year of business history, a business bank account, and $100,000 in minimum annual revenue to qualify for a working capital loan. 

Minimum Credit ScoreUndisclosed
Minimum Annual Revenue$100,000
Minimum Time in BusinessOne year
Other requirementsU.S.-based business with business bank account

Backd Business Line of Credit Requirements

At a minimum, you’ll need at least a 600 FICO score, one year in business, a business bank account, and $300,000 in annual revenue. 

Minimum Credit Score600
Minimum Annual Revenue$300,000
Minimum Time in BusinessOne year
Other requirementsU.S.-based business with a business bank account

Backd Business Funding Application Process

Once approved for a loan from Backd, funding can happen in as little as 24 hours. While Backd will run a hard credit check during the process, the application begins with a soft credit pull. You’ll start by checking your rate by clicking “Apply Now” from the Backd website

Next, select the type of loan you’re looking for. On the following page, you’ll select the approximate amount you’d like to borrow. And finally, Backd will ask you how you’ll use the funds. 

The next step is to tell Backd about how much revenue your business earns so they can match you with the right loan. 

You’ll enter your personal information, including your name, address, date-of-birth, and social security number. By proceeding, you’re opting in to receiving communications from Backd. 

You’ll then enter your business details and financial information before viewing your individual rate. If you choose to proceed with your application, you’ll enter the compliance and verification stage. You may be asked to upload additional documents, such as tax returns for your business. At a minimum, you’ll need to provide three months’ worth of bank statements and proof of ownership during the application process. 

Finally, you’ll have a funding call with a member of Backd’s team before receiving your payout. 

Backd Customer Support

Backd customer support is only available during business hours. You can reach a Backd representative at 737-256-7458 on weekdays between 8am and 5pm ET. You can also reach Backd through the lender’s online form. Email communications from the team will come from

Backd Online Reviews

Backd has glowing customer reviews on Trustpilot and is also an accredited business with an A+ rating and great reviews with the Better Business Bureau. Many customers call out Backd representatives by name and report that they are friendly, professional, and communicative. Customers also say the loan process is quick and efficient and the pricing is excellent. However, one reviewer mentioned payment processing problems that created headaches. 

The positive reviews are related toThe negative reviews are related to 
Friendly and professional customer service teamPayment processing issues
Quick and efficient application process 
Excellent pricing 

Backd Perks and Bonuses


Backd offers flexible payment terms for working capital loans, allowing you to choose whether you make the payments daily, weekly, or semi-monthly. However, unlike some other lenders, Backd does not offer payment deferrals in the event of financial hardship. The lender also doesn’t offer any discounts or rewards to borrowers.


Though the information available on the Backd website is clear and easy to understand, important details are missing, such as the lender’s range of APRs and schedule of fees. But Backd doesn’t have any history of complaints regarding poor sales practices. In fact, borrowers have great things to say about the company and the team on third-party websites. 


While Backd offers an online application, a phone call is still required to receive funding. Furthermore, the lender doesn’t offer a mobile app, and it’s unclear whether borrowers can manage their loans online or enroll in Autopay. 

Backd Alternatives

American Express® Business Line of Credit

American Express Business Line of Credit offers lower limits than Backd, with only one funding option — a business line of credit up to $250,000. However, the revenue requirements are more lenient. Lines of credit are offered to businesses with at least $3,000 in average monthly revenue. Like Backd, American Express® Business Line of Credit offers flexible repayment terms. You can choose a six-month term with an APR between 3% and 9%, a 12-month loan with an APR between 6% and 18%, or an 18-month term with an APR between 9% and 27%. Many borrowers will get an instant decision, and funding happens quickly in most cases. 


Fundbox offers business lines of credit for a variety of purposes, but limits are capped at $150,000. The lender offers the same fast funding as Backd, with funds available as soon as the next business day. You’ll need a 600+ FICO score, just like with Backd, but you’ll only need $100,000 in annual revenue to qualify. Rates start at just 4.66% for Fundbox lines of credit, but the lender offers shorter repayment terms than Backd. You can select a 12 or 24-week repayment term. 

Final Thoughts

Since Backd offers relatively high limits and has stricter revenue requirements than other companies, the lender is best for large small businesses with high borrowing needs. The lender offers many benefits, including fast funding, flexible repayment terms, and great customer service. However, you need to provide your personal information to get an estimate of the borrowing cost, since the lender doesn’t disclose the APR range or fee schedule for either of its loan products. Still, since it won’t hurt your credit, it’s worth checking your rate with Backd, especially if other lenders can’t offer the amount you need. 

top10's Score

our expert rate this provider


Loan Features

This parameter considers loan terms, repayment optionality, and loan limits.


Interest Rates and Fees

Industry best factor rate for Merchant Cash Advance


Qualification Leniency

This parameter considers minimum credit score, annual revenue, and business history requirements.


Application Process

This parameter considers the invasiveness of application information requirements, and funding time.


Soft-Pull Impact

Backd does not perform a hard credit pull for applications


Customer Support

This parameter considers a platform’s accessibility to customer support


User Reviews

Excellent reviews on Truspilot and Better Business Bureau


Persk Bonus

Backd provides exceptional service offerings for small businesses.


About the Authors

LIndsay Frankel

Written by: Lindsay Frankel

Personal Finance Expert

Personal finance expert with 3 years experience specializing in researching, writing, and editing insurance, loans, and credit cards content

More about me
Sarah Brooks

Reviewed by: Sarah Brooks

Personal Finance Writer and Editor

Sarah Brooks is a personal finance writer and editor with more than 10 years of experience. She specializes in personal and business loans, mortgages, auto loans, and credit cards.

More about me