Frequently Asked Questions
1
What are the basic requirements?
+1 Minute Application
+3 Business Bank Statements
+1 Photo ID, Government Issued
+1 Voided Check or Business Account & Routing #
2
How long does it typically take to get funding?
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The Application process takes 1 Minute.
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Approvals usually take about 6-12 hours.
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Funds are wired into your account within 24-72 hours.
3
Are you a direct lender?
No, and this is a huge benefit for you. Direct lenders are by nature, are only able to offer one product…THEIR OWN. These lenders specialize in just one product, but it may not be what you need or what you qualify for. By dealing with our firm, we are able to obtain exactly what you need from one of our nationally recognized lenders and obtain your approval promptly so that you can move forward with your business objective. We walk you through the entire process from start to finish and because we are working directly with the lender, we do not charge any additional broker fees otherwise known as PSF’s (Professional Service Fees). We put your application right in front of the Lender.
4
Do you base my approval on my personal credit score or that of my business?
Your personal credit score is just one of the determining factors in the approval process, but it is not the only one. In most cases the standard items that are looked at are.:
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Business performance
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Type of industry
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Monthly and annual revenue
Each file is unique, and will be judged on its own individual merits while each lender is also unique in their underwriting guidelines. If you have no major negative remarks on your personal credit, then you will have nothing to worry about.
5
Why should I use your financial firm & network of lenders rather than my bank?
With the nature of today’s economy, banks are not lending as easily nor as efficiently as the business owner needs.
It has become increasingly difficult for a company of any size to get approved for the funding amount that they need to scale & capture market share of their respective industry.
Our lenders are able to underwrite and approve 10K-10MM dollars worth of funding within a 24-72hrs directly wiring the money into your business bank account.
6
How long are the funding terms?
On average the lenders will usually offer a 5-8 month term for a medium scoring application.
Individuals with a much larger business and revenue, along with a higher FICO score will normally see terms of 12-18 months.
Terms can always be negotiated to a level which is comfortable and conducive for both the customer and the Lender.
7
What is the cost/ rate of the funding?
The cost/ payback of the funding depends upon a few different factors. Some are based on the following:
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your time in business
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your particular industry
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credit score
The cost/ payback of the funding is also based upon your ability to repay in part by noting your past business performance.
8
What are the payback methods?
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For unsecured business funding, the lender withdraws a small pre-agreed upon amount from your business checking account on a daily or weekly schedule.
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As another example, there are also other such programs which are called "Credit Card" splits, in which the lender will take a holdback percentage of your daily credit card sales to pay back the funding amount.
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Some lenders implement a monthly payment structure for qualified applicants, and if they are approved to do so in your state.
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There are many options available to all business owners, we help you find the right one and get your business funded between 24-72 hours.
9
What is the interest rate?
Each product/ solution is unique. Merchant cash advances for example as well as in the case of general small-short term business funding, there actually is no interest rate. The lenders use what is known as a 'Factor Rate'. This is a one time cost on the money that is funded to you. Items such as FICO score, negative days in your checking account, bounced payments, extreme low balances at the beginning and end of every month all play a role in the Factor Rate that you receive. These items normally do not cause a decline or a non-approval, but will have an effect on the Factor Rate that the lender feels is sufficient for each individual file.