Frequently Asked Questions About Our Small Business Loans.
Call Us Today So We Can Answer These And Any Other Question You May Have.
What are the benefits of getting a merchant cash advance?
Are loans available for businesses in Florida?
Florida is one of the biggest States we serve. This question comes up because many business lenders have left the state in light of the recent destruction caused by Hurricanes. We are still doing Florida Business Loans
Do I need to have a credit card merchant account in order to do a loan with you?
Short Answer: We only need you to have a credit card merchant account if you are trying to apply for a merchant cash advance loan. None of our other programs will require a merchant account.
Detailed Answer: Some lenders will want to include merchant account for other loan types in an effort to trick businesses into switching out their merchant account. This switch will allow the loan officer or broker to earn additional fees by moving you to a more expensive processor unnecessarily.
More information: Merchant cash advance loans require merchant account info in order to get a true measure of your businesses cash flow.
Our Recommendation: We recommend not switching merchant processors unless your loan is specifically a merchant cash advance. Do not fall for lenders who try to trick you into making a switch that has nothing to do with your loan.
What Rate Factor Do You Charge?
Rate factors are only used in a merchant cash advance. They start at 1.15 to 1.50 and are determined by strength of the business and credit of the individual applying. If the business owner has bad credit they will still get approved but will typically have a higher rate factor.
Will My Interest Be Tax Deductible?
Generally any expense that is used with the purpose of growing and/or expanding your business is tax deductible. We recommend speaking to you accountant and/or tax representative to be sure.
How Often Will I Be Making Payments?
It depends on the loan type.
- Payments on a Merchant Cash Advance are usually made M-F
- Small business loan payments are due once a week.
- Line of credit payments only made when money is drawn and payments are typically due monthly.
How Do I Apply?
The best way to start the application process is to call our office or fill out our quicky loan application.
Is There An Application Fee?
Short Answer: We do not charge any loan application fees on any of our loan products
Detailed Answer: This is a very good question as many competing small business loan companies do charge an application fee or some other sort of upfront fee, they do this because they know that the majority of their applicants will not qualify for their loans and for some reason they feel they should earn an income for reviewing an application. Our policy is to NEVER charge an application fee as we have decided that it would allow our clients to apply for a loan without risk or obligation. Once we get you funded we are compensated by the lender.
Additional Information: Typical loan application fees are charged by the loan officer or loan broker in an effort to cover the expense of credit checks as well as some administration costs. This fee is almost always optional and many lenders will waive this fee in an effort to earn your business.
Our recommendation: We feel you should avoid lenders that charge application fees unless they are fully refundable if you don’t qualify for the loan.
Do You Do SBA Loans?
Yes, we are proud to say we now offer SBA Loans.
What is the Difference Between a Line of Credit and a Regular Business Loan?
Business Loan Is one time, whereas, a line of credit can be used more than one time as needed. Business loans have a weekly payment and line of credit has no payment until money is drawn then they’re monthly payments.
How Much Can I Borrow?
How much a business can borrow depends on credit and strength of business. Call us and we will be able to let you know in less than 5 minutes.
What Kind of Rate Can I Expect?
Every business will be different but you should know that we strive to give every business we deal with the very best rates possible as the bulk of our business is reliant on your referrals.
Do I Need to Develop Business Credit?
A business should have some business credit like paying suppliers, etc.
What If I Have Credit Issues?
If a business has credit issues it is best to get it fixed. If business owner can’t wait to fix credit and needs money now then the only option is to apply for an extremely flexible merchant cash advance.
What is the Minimum Score That I Need?
For a small business loan a credit score in the 600s is needed. For a merchant cash advance 500+ is preferred. For line of credit 600+ is needed to qualify.
What if I Have a Bankruptcy?
The owner may apply as long as the bankruptcy has been discharged
What if I Have a Tax Lien?
If a business owner has a tax lien it will be very difficult to get them a loan. It’s best to make an agreement with the IRS or State and work out a payment arrangement.
How Many Inquiries Can I Have?
Does My Business Need to Be Incorporated?
All businesses must be incorporated.
Can I Use a Cosigner in My Business?
Yes a business can have a cosigner for a business loan.
Do I Have To Have Collateral?
No collateral needed for most of our financial products, equipment loans will typically use the equipment being financed as collateral.
Can I Get Equipment Loans?
Yes, we offer equipment loans for almost any type of business.
Do You Do Real Estate Loans for Businesses?
At this time we do not offer real estate loans, however many businesses will use proceeds from other loans to expand their real estate portfolio.
Do I Need To Have a Business Office or Physical Location?
At this time a business office or location is necessary for all of our financial products.
Do You Do Loans for New Business?
We are happy to say that we are one of the few businesses to offer loans to startup businesses.
How Many Years Must I Be in Business?
In order to be considered for our non startup loans you must have been in business for over 1 year
How is The Age of My Business Determined?
Age of business is determined by the amount of time that business has been operating at that same location.
How Long Does it Take to Get Approved?
Pre-Qualify in minutes, Full Approval from underwriting with terms and conditions within 24 hours.
How Long to Get Funded?
It takes 7- 10 days after approval and acceptance to receive funding for most loans.
For Merchant Cash Advances – pre-qualify in minutes, pre-approved in 24 hours, funded in 3-7 days.
What Information is Needed to Apply?
Start by filling out our quicky loan application