Frequently Asked Questions

Gallop Growth is a revolutionary lending platform that provides eCommerce business owners with up to a $200,000 bank line of credit in under 2 minutes.

We believe there’s a better way for eCommerce business owners like you to get your hands on transparent and low-cost capital which is why we built Gallop Growth. It's time to say goodbye to traditional lending headaches and say hello to a new era of hassle-free financing.

Think of a line of credit as a pool of cash at your fingertips that you can use whenever, wherever, and however you’d like to grow your business. You can choose to pay back what you've used right away or gradually over time – it's basically a flexible loan offered by banks or financial institutions.

With a line of credit, you’re in full control.You have the freedom to borrow money only when you actually need it, pay it back on your own terms, and then borrow again in the future without needing to re-apply. Plus, you only pay interest on the amount you actually borrow, and you never pay back a mandatory percentage of sales.

Term loans on the other hand, can get a bit rigid. From day one, you're paying both the principal and interest, even if you don't use the whole loan amount right away.

Another neat thing about a line of credit – there's no set maturity date. It's like having a loan that never ages.

An MCA is like getting a quick injection of cash. It's an advance on your future sales, where you repay the amount borrowed plus fees by deducting a percentage from your daily sales.

As tempting as MCAs may seem, their fixed repayment schedule and fees often result in a sky-high Annual Percentage Rate (APR) which not only limits your financial flexibility but also means you're paying an exorbitant interest rate on the entire MCA amount for a long time. To make matters worse, you also have no control over when you incur costs - repayment starts immediately, even if you didn't need the cash right away.

On the other hand, a line of credit is more like having a financial safety net. It's a predefined amount of money that you can tap into as needed, with the freedom to repay and reuse it as you wish. You have the flexibility to pay interest only on what you borrow.

A personal guarantee is essentially a legal promise to Gallop Growth, your lender, that you are personally responsible for your company’s debt in case your loan goes into default.

At Gallop Growth, we're all about supporting and empowering eCommerce merchants, no matter what industry. So, if you're a United States citizen with an Amazon or Shopify account and you've been in business for over 2 years (annual sales considered), we encourage you to apply! We're here to fuel your entrepreneurial journey.

Our application process takes less than 2 minutes to complete. All you need to do is select your eCommerce platform (Amazon or Shopify), give us some basic personal and business details, connect to your eCommerce selling platform, and you'll receive your offer in minutes.

Your privacy matters to us, and we take it seriously. The information you share on the application is treated with the utmost confidentiality, security, and integrity. We follow the privacy policy of First Citizen Community Bank, to learn more click here.

Once you're approved, we set you up with a Line of Credit account, connected to a Checking Account. Think of your Checking Account as a middle-man. You can easily transfer funds from your Line of Credit to your Checking Account internally. From there, you can initiate an ACH fund transfer to an external checking account right from your online banking portal. It's a seamless process to get your funds where they need to be so you can use the loan as you see fit.

APR stands for Annual Percentage Rate, and it's a term used to describe the overall cost of borrowing money over a year. It takes into account not just the interest rate, but also any additional fees or charges associated with the loan.

Gallop Growth’s APR tends to be between 11.25-15% – significantly less than what most eCommerce merchants pay for MCAs or other predatory loan products.

There are no fees until the loan is actually utilized, and you don’t get penalized for not using it.

With a line of credit you have the freedom to repay your loan whenever it suits you, and you only need to pay the monthly interest due!

If you want to make things even more hassle-free, you can sign up for AutoPay. This allows you to set up automatic payments from your external Business Checking Account, and takes care of making the minimum monthly interest payment on your behalf, putting your loan on autopilot.

Our minimum loan amount is $25K, and the current maximum is $200K. For qualified sellers, the line of credit can be increased to $5M+.

Once you've repaid your loan, it's like hitting the refresh button. You'll have the freedom to borrow again whenever you need it, without the hassle of reapplying. It's a straightforward process to keep your business moving forward and your finances in check.

Interested in learning more about Gallop Growth?

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