A Bank Statement Loan is available now by Small Business Loans Depot.
New bank statement loan program can be source of business capital for your business.
- Credit scores as low as 500 and lower
- Time in business as short as only 9 months
- No Collateral required
Get a bank statement loan today based on the sales your company already has. If your company has sales, it can get funding.
Click on the “Contact Us” link above, complete the Mini “Contact Us” app or Call now Toll Free at: 855-787-1113 and get your business bank statement loan today!
Many businesses often wonder if they have excellent cash flow and have demonstrated a lengthy past history of being able to amortize a long term debt, then why should they be declined based on limited collateral or unsatisfactory personal credit when they have satisfactory business cash flow?
We agree! Small business loans depot can provide a bank statement loan with approval and funding within 3 to 5 business days. Based on your Businesses revenue, we can assist you in getting money quickly.
Bank Statement loan features:
– Among the highest approval percentage of any business financing
– Only 3 months bank statements requested
– Short 1 page Mini-App
– Fast turnaround, one or two day approval common
- Every business has Cash flow
Get your Bank Statement Loan today. Call us today Toll Free at: 855-787-1113
Up to 125% of a customer’s total monthly deposits can be approved. If your business has average monthly deposits of $50,000, then up to $62,500 can be approved. If the businesses average daily balance, beginning balances and ending balances are strong, the approval amount can be higher.
This bank statement loan is used in effect, as a line of credit. The customer uses the line and repays. The customer can use the full line again immediately, or part of the line again immediately. The customer can also simply leave the line idle and not use it at their discretion for many months or longer. Unlike traditional bank lines of credit, this line does not require an annual pay down and it does not require annual or quarterly financial statements.
If the business owner has more than one significant business checking account, they can use multiple accounts to qualify for a higher line size. A bank statement dating back six months is submitted for each account. The higher the balances, the more the bank statement loan will be.
F.A.Q – Frequently asked Questions:
How much of a line size can I get?
The bank statement loan line size depends upon several factors. Average daily balance, amount of monthly deposits, number of monthly deposits, beginning balance, and ending balance are the primary factors. Time in business and to some extent, credit score are also considered.
How long does it take?
Once the business bank statement or statements are received, in most cases approvals are obtained in 24 to 48 hours. The customer receives funds into their business checking account.
How long is the term?
The term of these bank statement loans are between 3-18 months depending upon the time in business and the average daily balance and average daily collected balance.
Will this show up on my credit?
This transaction will not show up at all on the credit bureau at all or as a trade line with satisfactory repayment. The signer’s debt to income ratio will not increase. In addition, the owner will not appear to be more debt heavy in total. Another factor few know which lowers credit score short term is new credit and debt lines and additional credit and debt lines. Scores often go down because there is a new account on an individuals credit bureau, and the combined factor that it is an additional account, which adds to the total number of accounts with balances for that individual credit file.
Do I have to reapply to borrow again?
No! When the line has been repaid, at the customer’s discretion, they can leave the line idle, or re-borrow. The customer can obtain a bank statement loan again without a formal application by merely providing updated statements, the funding is wired into the customer’s account again. This can be repeated over and over.
What if I want a higher line size?
You not only do not have to submit another formal application, in many cases, the line size is automatically increased. There is no better customer than a repeat customer. We do not punish existing repeat customers by giving new clients a better deal than you received. We reward existing repeat customers with higher line sizes upon renewal.
What do you look at to decide if we qualify?
Average Daily balance – The average daily balance, or the average daily collected balance the customer has in their business bank statement is reviewed and a factor in any approval amount. The higher the average daily balance of the business bank statement, the more higher the approved amount tends to be.
Amount and number of Monthly deposits – The number of deposits and the dollar amount of the deposits the customer makes on a daily basis is reviewed. A minimum of at least 5 deposits per month and $15,000 per month total deposits are preferred.
Beginning and Ending Balances – The customer’s beginning and ending balances are reviewed. Due to month end expenses, many business customers have lower business bank statement balances at the end and beginning of every month. Balances should not be too low in order to service the transaction.
Overdrafts and Insufficient Funds occurrences. The customer can have overdraft and insufficient funds occurrences. No more than three per month are preferred.
Sample Bank Statement Loan:
Verdi Management Company, a Freight management company in business for 1.5 years is requesting $40,000 to $60,000. They apply for a bank statement loan by providing their most recent 6 months business checking account statements. Upon credit review, Verdi Management is approved for $50,000. Upon Verdi’s request for funding, funding documents are E-Mailed to Verdi Management. The customer Faxes back the completed bank statement loan documents.
Upon receipt, the completed documents are reviewed. Ensuing, closing paperwork goes into funding. The customer is contacted by phone for a final verbal confirmation. The customer confirms the transaction and the deal is funded. After the verbal verification funds are wired into the customer’s account within 1 to 2 business days.
If our resources here cannot assist your business in meeting it’s financing goals, we
recommend you visit other sites, below
SBA.gov The small business administration is dedicated to helping small businesses obtain funding. Please review the sba resources for updates to programs.
Business Bank Statement Loans Resources:
SBA Community Blog and Forum – Blog and Forums by the SBA, Small business administration. Questions can be asked and answers provided.
U.S. Department of Commerce – Helps american businesses become more innovative at home and competitive abroad.
Thank you for visiting our business Bank Statement Loan resource page!