Greenbox Capital Review

Pros

• Borrower qualifications are lower than banks
• Suitable for businesses with bad credit
• Multiple types of financing available
• The application process is fast and easy
• Funds are disbursed quickly

Cons

• Rates can be expensive
• Repayments are required frequently
• No long-term financing options available

What Is Greenbox Capital?

Greenbox Capital is a Florida-based business lender that offers multiple types of short-term business financing products, including merchant cash advances, invoice factoring, collateral loans, and more. Loans can be as fast as 24 hours. Greenbox Capital also serves businesses with bad credit.

Services Offered By Greenbox Capital

Greenbox Capital offers several different lending products for small businesses:

• Merchant Cash Advances: A merchant cash advance is a type of short-term business funding where the lender provides you with a lump sum based on your future sales, then deducts a percentage of your daily credit card sales until your balance and financing fees are repaid. Fees for this type of funding can be high, but MCAs are useful for businesses that need capital fast.
• Short-term Loans: Short-term loans are traditional term loans that you repay quickly—usually within less than a year. In addition to interest or a fixed borrowing fee called a factor rate, the loan may have an origination fee that’s deducted from the top of the loan. Fees can be high, as with MCAs, but these loans can work well for short-term working capital or one-time investments.
• Lines Of Credit: With a line of credit, a lender assigns a business a credit limit, and the business can withdraw as much or as little money as it needs up to the limit, based on its needs. This type of loan may or may not have a fixed term, and in most cases, the amount you can borrow is replenished as you repay the funds you’ve withdrawn. Lines of credit can be useful if you want to be able to borrow funds on an ongoing, as-needed basis.
• Invoice Factoring: For businesses with large unpaid invoices, invoice factoring services can be a useful way to free up cash. With invoice factoring, you sell the lender your outstanding invoices in exchange for a percentage, typically 70-90%, of the invoice’s value in cash. After your client makes payment, the lender sends you the remainder of the invoice’s value (minus a fee).
• Secured Loans: In addition to unsecured loans, Greenbox Capital also offers term loans that are secured with capital. With a secured loan, the lender may collect your collateral if you default on your loan. This reduces risk to the lender, allowing the lender to offer you a lower interest rate, or offer you a loan when you would not otherwise qualify.

Greenbox’s lending services are available in all 50 states, as well as the US territories of American Samoa, Guam, Northern Mariana Islands, Puerto Rico, and the US Virgin Islands. Funding is also available in Canada (except for Saskatchewan).

Besides offering loans directly to small businesses, Greenbox also has an ISO program in which it provides brokerages with financing services for clients.

Unfortunately, Greenbox Capital specializes in short-term lending, so borrowers looking for long-term funding options will need to look elsewhere. The lack of long-term funding lowered our score for Greenbox’s services to 3.5/5.

Greenbox Capital Borrower Requirements

Greenbox does not list all of its borrower requirements on its website, but the company notes that applicants with bad credit are eligible. This lack of total transparency primarily contributed to our score of a still-respectable 4.2/5 for Greenbox’s borrowing requirements.

Greenbox looks at your credit profile, but when considering your application, it places greater emphasis on your business credentials, such as your cash flow and length of time in business.

• Time In Business: 5 months
• Business Revenue: $7,500/month (for MCA)
• Credit Score: N/A

Regarding revenue, MCA applicants will need average monthly sales of at least $7,500 for the past 3 months. For invoice factoring, Greenbox says its services are ideal for businesses with invoices larger than $15,000 that are not more than 90 days past due.

While Greenbox financing is open to most industries, there are a few industries Greenbox will not work with, such as money services businesses. Check the Greenbox Capital website to find out if your business type is eligible for funding.

Greenbox Capital Interest Rates & Fees

Unfortunately, Greenbox Capital doesn’t disclose much in the way of terms or fees on its website. This lack of transparency contributed to our rating of 2.5/5.

The terms and borrowing amounts that are disclosed seem to be standard for the industry, with loan amounts ranging from $3,000 to $500,000, depending on the type of financing you’re applying for and your business credentials. Greenbox says most factor rates on its lending products fall between 1.1 and 1.5.

Regarding its term loans specifically, Greenbox notes that while loans can range from $3,000 to $500,000, most loans are between $20,000 and $60,000. For MCAs and invoice factoring, the amount you’re eligible for is directly related to your average sales and the value of the invoice you’re selling. Specifically, Greenbox will grant an MCA of 70-120% of your 3-month sales average with a maximum of $500,000, and between 70-90% of an invoice’s value (max. $100,000 per invoice).

Based on Greenbox Capital reviews from former customers, Greenbox short-term loans may come with an origination fee and potentially high-interest rates. Repayments are likely required daily, and one borrower noted they had a 5-month term on their loan with daily repayments. While these terms may sound punishing, they are all standard for alternative short-term lenders.

Application Process

Starting your Greenbox Capital loan application is as simple as filling out a simple web form on the company’s website. The form asks basic questions such as your industry, monthly revenue, time in business, required funding amount, and contact information.

Within an hour, a Greenbox Capital Funding Advisor will reach out to you to collect more information about your business and go over funding options.

Depending on the amount and type of financing you’re applying for, Greenbox may request information such as credit card and bank statements from the past 3 months, and an emailed or faxed photocopy of your driver’s license. For faster approval, you can also provide the Funding Advisor with secure access to your business transaction data.

Greenbox says it aims to respond to all applicants within one hour (during regular business hours) and can provide funding after approval in as little as 24 hours.

Down the road, cash advance customers can apply for a second advance, usually for a higher amount, after paying down the first cash advance by 50%.

The overall ease of the application process, fast processing times, and quick funding are why we rated Greenbox Capital 4.5/5 in this category.

Sales & Advertising Transparency

Greenbox has a professional-looking website that does a good job of describing its services and what types of businesses each type of financing is suited for.

While the lender doesn’t disclose too much about specific terms, there isn’t anything spammy or deceptive about the website. There is also an FAQ section to answer common questions about Greenbox financing. If you do apply for and receive a loan offer, make sure you read your agreement closely to understand the terms and fees and ask questions if you are unsure about something.

The company also has a social media presence, although updates are infrequent. This factor — along with the lack of transparency surrounding specific terms — led to our rating of 3.4/5.

Customer Service & Technical Support

Greenbox offers phone and email support from its Miami Gardens, Florida-based offices Monday through Friday, 9 AM to 6 PM EST.

Greenbox also has a regularly updated blog and resources section on its website, as well as social media presence on Facebook, YouTube, LinkedIn, and Instagram. GreenBox says it responds to all queries within one hour during normal business hours. Generally, customers have positive things to say about the quality of customer services and support resources provided.

The company does lack a knowledgebase and doesn’t have extended hours, which is why we’ve given an above-average score of 3.5/5 for Greenbox’s customer service and tech support.

User Reviews

Greenbox Capital has been BBB-accredited since 2014 and has an A+ rating, with nine complaints closed in the last three years. The company also has an “Excellent” reputation on Trustpilot, with a 4.7/5 rating based on 550+ reviews and many positive reviews posted on Facebook as well.

Not all reviews are positive, of course, but for an online lender, Greenbox has a better-than-average public reputation. For this reason, we’ve given Greenbox Capital a 4.5/5.

Negative Reviews & Complaints

Some Greenbox Capital reviews have the following negative things to say about the company:

• Surprise origination fee: More than one Greenbox Capital review states that the lender charged them an origination fee that the salesperson had originally promised would be waived. Greenbox, for its part, has responded to all of these claims, acknowledging that the fee was a mistake and promising to issue a refund to correct its mistake.
• High interest rates: Greenbox Capital has high interest rates, according to some borrowers. One reviewer on Trustpilot said the company charged them $5,500 in interest on a $15,500 loan, in addition to a $620 origination fee. This equates to a 35% interest rate and a 4% origination fee.
• Payments debited after payoff: Several customers state that daily ACH payments continued to be debited from their accounts after their loan was repaid. In some cases, the issue seemed to be that the final loan payment hadn’t cleared yet. Greenbox has responded to some of these complaints, acknowledging its error and promising a refund.
• Too many phone calls: Some borrowers complain that they receive too many sales phone calls from Greenbox soliciting for them to renew their loan or MCA.

Positive Reviews & Testimonials

The vast majority of Greenbox Capital reviews on Trustpilot and Facebook are positive (note that the testimonials on Greenbox’s website are pulled from its Trustpilot profile). Here are some trends I noticed:

• Excellent customer service: Numerous reviewers praise the quality of Greenbox’s customer service and compliment many of the Funding Advisors by name. Words like “friendly,” “caring,” and “professional” stand out.
• Affordable fees: Though some past clients complain about high fees, others assert that Greenbox’s fees are reasonable and competitive, particularly for a company that offers financing to businesses that aren’t able to obtain financing elsewhere.
• Fast & easy: Some more words that stand out in Greenbox Capital reviews are “fast” and “easy.” Happy customers describe a quick and streamlined application process, with the money hitting their account in 24 – 48 hours.

Final Verdict

With its relaxed borrower requirements, easy application, and quick time-to-funding, Greenbox Capital could be a good bet for small businesses that need quick capital but don’t qualify for traditional business financing. What’s more, is that Greenbox Capital reviews from users of the service are quite positive.

With all that said, Greenbox Capital may not be the best small business loan for your particular business. Though a good choice for short-term loans, the potentially high rates and lack of long-term financing led to our overall score of 3.6/5.

Short-term financing can be expensive in general and is usually not suited to businesses with strong credentials (excellent credit, multiple years in business, etc.) that could qualify for a bank loan or SBA loan.

But if you have bad credit or need financing right away — and are prepared to repay your loan within months rather than years — an alternative lender like Greenbox Capital could be a good bet.

Business Loan & Funding Products Review Methodology

Merchant Maverick has been researching and reviewing business lenders since 2015. Our writers have tested over a hundred different funding products, including traditional term loans, online loans, lines of credit, start-up loans, merchant cash advances, and equipment financing. In each review, we evaluate rates and fees, services, eligibility requirements, application process, sales and advertising transparency, customer service, and user reviews.

Read more about how we rate business loans and funding products.

When comparing different lenders and loan products, we consider many data points, including the ease and transparency of the application process, interest rates, repayment structure, sales ethics, time to funding, revenue and time in business qualifications, and credit score requirements. Our lists of the best funding products include only those we’ve deemed worthwhile from multiple vantage points, and often share qualities such as widespread accessibility across fifty states, low rates, flexible requirements, and competitive borrowing amounts.

We spend an average of 10-15 hours researching and updating each one of our lists, making sure the loans and funding products included meet our internal standards for quality and reputation.

The Merchant Maverick Seal of Approval 🏆

Greenbox Capital	Apply Now

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Greenbox Capital for yourself.

The Merchant Maverick Seal of Approval 🏆

Greenbox Capital	Apply Now

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Greenbox Capital for yourself.

Sources