FAQs

Many businesses face financing rejections due to their insufficient credit scores or limited credit history. Financial institutions and lenders rely on these scores to assess the creditworthiness of a business.

If you’re looking to revamp your living space or manage your finances better, a line of credit is an ideal solution. With this financial tool, you have the freedom to withdraw funds up to your credit limit and pay them back at your own pace, as long as you meet the minimum monthly payments.

It’s important to understand that paying your past-due balance doesn’t erase the late payment from your credit history. Your payment history’s effect on your credit scores is contingent on the credit scoring model used. Keep in mind that late payments can have a detrimental impact on your credit score.

While merchant cash advances do not fall under the category of loans and do not accumulate interest, it is important to note that they are not eligible for tax deductions. On the other hand, entrepreneurs may have the opportunity to claim the expenses linked to the advance as a business expense.

1. Ensure that your bank transactions are for business purposes only.
2. Keep track of the transactions between you and your clients.
3. Aim to have at least 8 transactions per month.
4. Avoid having a negative balance as it could negatively impact your loan eligibility.

Your business needs to have the following characteristics:

Minimum one year in business.

Minimum of $10,000 in monthly revenue.

Minimum 600 FICO score for business.

Business checking account.

Our financial products offer the benefit of not requiring any collateral. This means that even if you don’t have any assets to put up, you can still access our Business Loans.

Completing the application process for our loan service will only take 10-15 minutes of your time. The accuracy and speed with which we can process your request will depend on the quality and completeness of the information and documents you provide. Our lenders are committed to making the process as straightforward as possible.

Once you have submitted a complete application with all necessary documents, you can expect to receive a response within 3 to 5 hours depending on the loan type.

To help you grow your business, it’s important to have the necessary resources and peace of mind. Refinancing your loan becomes a possibility once you’ve paid off at least 50-60% of your current loan.

This way, you can focus on expanding your business without worrying about loan payments.

When applying for a loan, there are certain things lenders look for to determine approval. Having a business website, social media presence (such as Facebook and Instagram), a business telephone number, and a physical business address can all work in your favor. Essentially, the more professional and established your company appears, the greater your chances of being approved for a loan.

In the event that your request for a Small Business Loan, Merchant Cash Advance, or Line of Credit was not approved. You must wait 30 days before you resubmit the application to a new Financial institution.

Yes, you may be able to obtain a business loan from an alternative lender with a 500 credit score, depending on your business’s revenue and cash flow.

Alternative lending includes financing outside of traditional banks and credit unions, such as microloans, crowdfunding, and private direct lending. It can provide small businesses with more financing and help them avoid some traditional bank fees.