What is The Paintbrush Loan? Startup Funding for Businesses
by Fundid on May 30, 2023 8:44:07 AM
For small business owners looking to take their business off the ground, securing startup funding can feel like an uphill battle. Fortunately, there's a new startup funding option available that makes accessing funds easier and faster than ever before - the Paintbrush Loan! If you're wondering what the Paintbrush Loan is and how it can help your business succeed, you've come to the right place. In this guide, we'll cover everything from eligibility requirements to repayment details so you can decide if this financing option is right for your small business venture. Read on to learn more about taking advantage of The Paintbrush Loan and jumpstarting your dream business today!
What is The Paintbrush Loan?
The Paintbrush Loan is the fastest and earliest-stage commercial loan on the internet. The loan is $50,000 provided through their banking partner, Continental Bank, member FDIC. That’s right, $50,000 to support starting your business or taking it to the next level! The 10-minute application is automated and you could get next-day funding directly to your bank account.
Here’s the simplified summary of the Paintbrush Loan:
- $50,000: Your loan amount
- $1,178-$1,195: Your monthly commercial loan payment for the next 5 years (exact amount to be finalized when you complete your loan agreement)
- Monthly: How frequently your payments are due, starting immediately
- 1st: Date your loan payments are due each month, starting immediately
- 5 years: The life of the loan (60 months)
- 15% APR: What the interest rate rounds out to if you pay the loan back over the 5-year period according to the set schedule
- $20,790-$21,652: Total amount of interest you'll pay over the life of the loan (exact amount depends on the date you complete your loan agreement)
- $0: Origination fees, subscription fees, or any other hidden fees.
Ready to see if you qualify for the Paintbrush Loan? You can check your eligibility in less than one minute. Get started now →
What Makes The Paintbrush Loan Different From Other Lending Options?
All other business loans on the market today require months, if not years, of revenue proof, a proven product, or are not available at the idea-stage. The Paintbrush Loan can be applied the moment you incorporate your company as an LLC or Corporation, making it the earliest commercial startup funding available.
Additionally, you don’t have to have a product or a proven business model yet. Paintbrush is changing the business funding game by betting on your idea from the start. After all, it takes money to make money, and without startup funding, it can be challenging to get your business off the ground floor.
See if you qualify for the Paintbrush Loan without impacting your credit!
What Can You Use the Paintbrush Loan for?
As long as you are using your funds for business purposes, the Paintbrush Loan can provide you with the additional cash flow you need. The Paintbrush Loan can be used for any business purposes, including
- Research and development
- Purchasing inventory and equipment
- Covering insurance
- Rent or lease payments
- Software bills
- And so much more!
The best part about the Paintbrush Loan is that you don’t need an established business in order to qualify. You can use these funds to develop your business as you go or even create your minimum viable product.
What are the Requirements to Obtain a Paintbrush Loan?
You could be fit for the Paintbrush Loan if your business is actively registered as an LLC or Corporation, you have at least a 720+ personal credit score, and you have 2 years of personal income history over $100k. There is no minimum time in business requirements or business revenue requirements, making this a great funding option for those who are just starting out.
Let’s take a closer look at the personal requirements to qualify for the Paintbrush Loan:
- Make at least $100k/year
- Have a history over 2 years showing consistent income levels
- Have a credit score of 720 or higher
- Have a debt-to-income ratio of 40% or less
- Do not have any foreclosures or repossessions
- Do not have any bankruptcies in the last 7 years
- Do not have any judgments in the last 5 years adding up to more than $2,500
- Do not have any liens in the last 5 years adding up to more than $2,500
- Do not have any delinquencies greater than 60 days past due, collections, or charge-offs in the past 24 months.
What is the Interest Rate and the Repayment Terms for the Paintbrush Loan?
The team at Paintbrush prides themselves on their transparency. There are no hidden fees or surprises anywhere. The interest rate is 15%, and since all loans are $50,000, interest totals between $20,790–$21,652 (the exact amount depends on the month that you start your loan). The loan term is 5 years, and there are no prepayment penalties.
What is the Application Process like for the Paintbrush Loan?
The application process is self-serve and automated. You can find out if you qualify in just 1 minute (does not impact your credit score) and submit a full loan application in as little as 10 minutes. Upon application review, if you are approved, you’ll be able to sign your loan agreement and receive your funds in as little as one day!
Frequently Asked Questions about the Paintbrush Loan
What if I don’t need $50,000 in funding?
At the moment, all loans are $50,000. But you can get a Paintbrush Loan, use what you need and prepay your remaining balance early.
What is the average monthly payment?
Payment amounts will be between $1,178 and $1,195.
Is there an origination fee?
There is no origination fee!
Apply Today for $50,000 in Business Funding
So what are you waiting for? Get the funding you need to start or grow your business today. See if you qualify for the Paintbrush Loan now with no impact on your personal credit. Submit your application today.