Idea Financial Review

ByTop10 StaffFeb. 16, 2020

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In a Nutshell

Idea Financial is an innovative online business lender offering lines of credit, case loans for lawyers, and business loans. It’s application will not affect your personal credit, and with no origination fees and low rates, it’s a cost effective choice.


  • Prequalification
  • Next day loan access
  • No hidden fees


  • No upfront cost information on the website
  • Not long in the financing business
  • Front-loaded interest when you draw cash

Idea Financial at a Glance

Loan typesLine of credit, legal case financing
Loan amountUp to $150,000
Repayment terms12 or 18 months
Min APR11.99%
Best forEntirely online borrowing


Idea Financial offers a cutting-edge way for businesses to borrow money. The process is completely streamlined and online, and you can get your money as soon as the next business day. A bit of a warrior for the underdog, Idea Financial likes working with small, local community stores, giving these small and medium businesses an edge on the larger, more corporate businesses.

Idea Financial doesn’t just stop when you receive your money. Instead, one of the primary goals of this innovative company is to help businesses succeed by giving them a better understanding of finances via helpful educational tools and valuable resources. Customers can learn about how to mitigate business risk, what to do with investments, and how to increase their returns.

Best For?

Idea Financial is the ideal solution for any business looking to grow, whether it’s a small business looking to invest more capital in the company or a medium-sized business that desires to branch out and cover more ground. It touts an online application process, making it easy to get funds quickly. 

Loan Features

Idea Financial has a lot to offer the modern business owner,with flexible terms, an easy online application process, and fair repayment policies. Its real-life approach to lending money makes Idea Financial approachable, easy to work with, and a popular choice for fresh startups as well as more seasoned businesses looking for a lender with a human touch. You're able to use your line of credit to invest in equipment, purchase more inventory, launch a new product or line, hire more employees, or cover payroll during a slow period. What’s even more refreshing about this company is that, unlike traditional businesses loans, Idea Financial lines of credit only require you to pay for the amount of credit you use, making it easier to pay back and more cost-effective too. Here are a few of the benefits you’ll receive from working with Idea Financial:

  • No prepayment penalty
  • Only pay for the money you use from a line of credit
  • Autopay
  • Cash flow monitoring for all customers
  • Personal business advisors on hand

The Application Process

The online application form takes minutes to fill out, and you can be approved the same day. Here’s what it looks like:

  • Contact information including company name, address, email, and phone number
  • Information about your business including tax ID number, industry, years in business, and total annual sales
  • A bit more personal information such as your credit score, social security number, home address, and what percentage ownership of the company you hold

Once you fill out the online application form, you’ll automatically get pre-qualified. This will tell you what types of APR you can expect to get and whether or not you're likely to be approved for the loan.  Prequalification does not affect your credit score in any way, a plus for Idea Financial.

If you like the offers you’re seeing, you can go to the next step. This requires more information and a hard credit pull, but it leads to the final stage of actually getting your money. The good news is that Idea Financial loans can be in your bank account as early as the following business day. So, from application form to spending the money is often a 24-hour process. Best of all, Idea Financial charges no origination fees or annual fees to become a member, so you are really only paying for the money you are taking out.

How Much Can You Borrow?

Idea Financial has refreshingly flexible loan terms, offering businesses of every size loans and lines of credit up to $150,000. That’s a lot more than most business loans competitors, and is on par with some of the major players in the industry, like SoFi.

In order to apply (and be approved) for an Idea Financial loan, you’ll need to meet the following requirements:

  • Legal owner of the business
  • American citizen
  • At least 18 years of age
  • Legally authorized to sign a binding contract with Idea Financial
  • Legally eligible to use Idea Financial services

Repayment Terms

Idea Financial lets you choose between 12- and 18-month repayment plans for your line of credit and loans. As mentioned previously, you won’t have to pay for the entire line of credit as you would with traditional business loans. Instead, Idea Financial only charges you for the amount of money you spend during that time. Here’s an example to help clarify:

You calculate your business expenses to be $100,000 for the fiscal period and request a line of credit for that amount. You are approved by Idea Financial, receive the money, and start purchasing equipment, inventory, and supplies to get your business going. During the process, you realize that you don’t require as much capital as you thought, so you only spend $75,000 of the $100,000 line of credit you took out. Idea Financial will only make you pay for the $75,000 you used, rather than the full $100,000. This is a huge saving and makes a tremendous difference, particularly for small and mid-sized businesses that are in the growing stage.

Idea Financial offers APRs starting from 11.99%, an industry average for business loans.

How Safe Is It? 

Safety is imperative when it comes to business financing, and Idea Financial takes that security seriously. The website uses McAfee Secure to secure all pages on the website and is certified as being phishing-, malware-, and malicious-link-free.

Help & Support

Idea Financial customer support is convenient to locate and offers helpful assistance for customers and potential customers alike. You can call, email, or even fax in your questions, and get a response (generally within 24 hours depending on the time of day and contact method). You can also use the online contact form that’s found directly on the contact us page. Finally, people can reach out to Idea Financial via its social media handles including Facebook, Twitter, LinkedIn, and Instagram.


In short, Idea Financial offers a refreshing take on the more traditional, turgid business loan process. With an intuitive, clean website that works quickly and gets you your money faster, fair loan terms, and reasonable repayment terms, Idea Financial wins a lot of points. The financial education that Idea Financial provides gives this feel-good company an even stronger edge on the competition, making it clear that Idea Financial is there for the consumer. Finally, overwhelmingly positive online reviews show that Idea Financial is a first-rate lender and a great choice for business loans in 2020.

Physical Address

200 SE 1st Street

Miami, FL 33131

Idea Financial