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What is Xplor Capital and how can it help you grow your business? Xplor Capital loans provide funding that can be used to help run and grow your business. Applying doesn’t impact your credit score and doesn’t require any personal guarantees or collateral.
Unlike a traditional loan, Xplor Capital loans don’t charge interest, only a one-time fixed capital fee.
You can use an Xplor Capital loan for any business purpose - repairs, remodeling, payroll and hiring, and even expansion to new locations.
Minimum repayments are required every 30-day repayment period. Repayments are automatic, based on a fixed percentage of your sales, which count toward your minimum. If you don't reach the minimum with sales-based repayments by the end of the period we automatically deduct the difference from your bank account.
Below are some common questions and answers about Xplor Capital. If you have any further questions, be sure to visit the Xplor Capital help center by clicking the link above.
How Can I Use the Capital?
- You can use an Xplor Capital loan for any business purpose - repairs, remodeling, payroll and hiring, and even expansion to new locations. Xplor Capital loans cannot be used for any personal, family, or household expenses.
How Long Does it Take to Receive the Funds After Accepting the Loan?
- Accept your offer and get funds in as little as 1 to 2 business days. The funds will be transferred to your designated bank account via ACH transfer. Bank transfers generally take 1 to 2 business days to appear in your account. Business days are Monday through Friday, excluding bank holidays.
Do You Require Personal Guarantees or Other Collateral?
- No. Accepting a loan from Xplor Capital does not require a personal guarantee or any other collateral.
What is the Capital Fee?
- Each loan offer comes with a capital fee that varies by offer size and business performance. This transparent, fixed fee will never change during the duration of your loan. The capital fee is combined with your loan into a total owed amount. For example, a $10,000 loan may have a capital fee of $750, making the total owed $10,750. Repayments are applied to the entire outstanding balance – there isn’t a specific portion of the repayment that’s allocated to just the fee.
Does the Xplor Capital Loan Affect My Credit Score?
- No. Accepting a loan does not affect your credit score. We do not require your FICO/Credit score to apply for a loan, and we do not use your credit score in our underwriting.
What Happens if I Close or Sell My Business?
- If you're planning on selling or closing your business and you have an outstanding loan balance, you need to contact Parafin. For business sales or transfers, Parafin must be notified at least 30 days prior to when the sale or transfer occurs. If you're planning on closing your business, Parafin needs to be notified as soon as possible. In both cases, Parafin will work with you to walk you through the necessary steps to repay your loan obligations and finalize your account.
- Because of the nature of the financing we have provided and the obligations it creates, a sale or transfer of your business must also receive Parafin's consent to the sale prior to the sale taking place. Please see our Loan Agreement for more information.
What Happens if I Close My Xplor Account?
- If your business is still operating but you've decided that you intend to close your Xplor account while having an active loan, you must first pay the outstanding balance in full. Please see our Loan Agreement for more information.
Who is Parafin?
- Parafin was founded with the mission of growing small businesses.
- Started by a dedicated group of data scientists and engineers who watched small businesses get left behind during the pandemic, Parafin’s first focus is providing small businesses with fast, easy access to capital.
- Capital is critical to small businesses because it allows owners to invest in and run their businesses the way they want to. Unfortunately, today it can be difficult to access and costly. On top of that, most institutions that offer capital aren’t invested in or aligned with the growth of those they offer it to.
- Parafin offers capital through platforms that small businesses already manage their business with, like Xplor. Getting capital through a platform like Xplor means small businesses get to work with a partner that’s invested in their success and cares about their growth.