Is Accion loan legit?
Accion is a nonprofit lender whose mission is to serve certain businesses. Their focus is on helping startups and small businesses. This is evident by the fact they only lend up to $50,000 towards businesses.
How do you get approved for an Accion loan?
In general, to qualify for a loan you must:
- Have a credit score of 525 or higher or no credit score.
- Have sufficient cash flow to support monthly loan payments.
- Have not declared bankruptcy in the past 12 months or foreclosure in the past 24 months (This requirement is flexible for loans under $2,500)
Does Accion do credit check?
Good Customer Support: Customers generally appreciated the information and service they received from Accion. Improved Rates: Accion’s rates have come down since we last reviewed them. Doesn’t Require An Excellent Credit Score: Even in the more restrictive states, you can get funding with less than a 600 credit rating.
Is there a minimum credit score for Accion?
Most of Accion’s loan types require a minimum credit score of 575 or higher. Consequently, Accion is not an option for businesses that might have struggled in the past and damaged their credit. They also take into consideration all past due debt and any bankruptcies.
How does Accion make their money?
ACCION International is a nonprofit organization that finances, through partner lending organizations, small, short-term loans sought by poor people starting their own businesses. They pay interest rates that reflect the cost of lending only.
What is the maximum amount you can borrow from Accion?
Accion financing details
| Product | Min./max. loan amount | Get a loan |
|---|---|---|
| Term loan | $300/$250,000 | Apply Now |
How does Accion make money?
What are the benefits of choosing Accion for a borrower?
Accion makes it easy to ascertain the total cost of the loan by quoting the annual percentage rate (APR). We like that transparency; lenders that quote the interest rate alone aren’t including any fees associated with the loan.
How much money has Accion Lent?
Accion is different from a bank or credit union. Accion is a microfinance organization that lends with the mission of empowering business owners with access to working capital and financial education. Since 1991, we have lent more than $132 million to entrepreneur across the country.
Is there a minimum amount you can borrow from Accion?
Accion offers loans from a low $5,000 to $100,000. Its terms range anywhere from 12 months to 5 years, and you can expect an APR up to 25.99%.