Good Loans LLC provides merchant cash advances and working capital loans to small businesses nationwide, approving applicants quickly with flexible repayment terms.
Editorially reviewed by Harvey Brooks
Good Loans LLC has operated since 2014, positioning itself as an alternative small business lender for entrepreneurs and business owners who may not qualify for traditional bank financing. The company claims to have delivered over $1 billion in funding across thousands of industries and maintains a 95% customer satisfaction rating. They serve a wide range of industries including healthcare, e-commerce, retail, consulting, solar, and agriculture. The company's primary offerings are merchant cash advances and working capital loans, supplemented by credit card processing services and a small business resource center. What distinguishes Good Loans LLC is their stated willingness to approve applicants with less-than-perfect credit when banks decline them, their rapid decision turnaround (decisions in minutes, funding in 24 hours), and their assignment of dedicated account managers to each client. The company emphasizes customized financing solutions and flexible repayment options designed to match business cash flow patterns rather than rigid schedules. However, the website provides minimal transparency regarding actual interest rates, APR ranges, loan terms, or fee structures—information critical for comparing this type of financing. The testimonials, while positive, reference merchant cash advances and do not disclose the true cost of capital or factor rates. As an alternative lender focusing on merchant cash advances (which typically carry factor rates of 1.2 to 1.5x), borrowers should understand that this financing is more expensive than traditional bank loans and SBA programs.
Yes. Good Loans LLC is a registered company headquartered in 2351 W 3rd St #202, Los Angeles, CA 90057. They hold a NR rating with the Better Business Bureau.
CreditDoc Diagnosis
Good Loans LLC is best for established small business owners with revenue-based sales (retail, food service, e-commerce) who have been declined by banks and need capital quickly, even at higher cost. The critical caveat is that merchant cash advances are significantly more expensive than bank loans or SBA programs; borrowers must request full pricing before committing and understand they are paying a premium for speed and lenient credit requirements.
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Read guide →New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Lenders must show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the cheapest loan.
Example
You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
The percentage a lender charges you for borrowing their money, calculated on the amount you still owe. It's the lender's profit for taking the risk of lending to you.
Even a 1% difference in interest rate can cost you thousands over a loan's life. Lower rates mean less money out of your pocket.
Example
On a $20,000 car loan for 5 years: at 5% you pay $2,645 in interest. At 8% you pay $4,332. That 3% difference costs you $1,687 extra.
The original amount of money you borrowed, before any interest or fees are added. It's the 'real' amount of your debt.
Your interest is calculated on the principal. Paying extra toward principal (not just interest) is the fastest way to reduce your total cost and pay off a loan early.
Example
You borrow $25,000 for a car. That $25,000 is your principal. Your first payment of $450 might split as $150 toward interest and $300 toward principal, bringing your balance to $24,700.
How long you have to repay the loan, measured in months or years. A shorter term means higher monthly payments but less total interest paid.
Longer terms feel more affordable monthly but cost much more overall. A 30-year mortgage costs almost double in interest compared to a 15-year mortgage on the same amount.
Example
Borrowing $200,000 at 6.5%: A 15-year term costs $1,742/month ($113,561 total interest). A 30-year term costs $1,264/month ($255,088 total interest). You save $141,527 with the shorter term.
A one-time fee the lender charges to process and set up your loan. It covers their costs for underwriting, verifying your information, and preparing paperwork.
Origination fees are usually 1-8% of the loan amount and are often deducted from your loan proceeds — so you receive less than you borrowed.
Example
You're approved for a $10,000 personal loan with a 5% origination fee. The lender deducts $500 upfront, so you receive $9,500 in your bank account but owe $10,000 plus interest.
A person who agrees to repay your loan if you can't. They're equally responsible for the debt, and their credit is affected by your payment behavior.
Cosigning helps people with thin credit get approved or get better rates. But it's a huge risk for the cosigner — they're on the hook for the full amount if you default.
Example
A parent cosigns their child's $30,000 student loan. The child stops paying after 6 months. The parent is now legally required to make the payments or face collections, lawsuits, and credit damage.
The process where a lender evaluates your finances — income, debts, credit history, assets — to decide whether to approve your loan and at what rate.
Understanding what underwriters look for helps you prepare a stronger application. They check your DTI ratio, employment stability, credit score, and the asset's value.
Example
You apply for a mortgage. The underwriter reviews your pay stubs (income), bank statements (savings), credit report (history), and orders an appraisal (home value). This takes 2-4 weeks.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
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