What are bank statement business loans? They are loans that rely on the bank statements of your business as your ticket to get approved for financing.
Why can they be good for your business?
Your can get around problems that cause declines for most requests. Does your business have revenues? Then your business has an excellent chance right now to get fast funding.
Get an offer today for the capital your business needs using just the last 3 months business bank statements. Start below with same day approvals.
Features and benefits:
- High approval rates and high approval amounts
- almost all businesses can prequalify based on their cash flow.
- Same day approvals common
- Large business loans also available
- Review options on how to get a large business loan over $100,000, 250,000 and as high as $1,000,000
- Daily, weekly and monthly repayment options available for many businesses
- No prepayment penalty for some programs
- Does your business have tax liens? We have a program that specializes in business loans with tax liens.
- Soft credit pull for some programs
- No collateral needed
Other bank statement business bank statement loan advantages:
Get up to 125% of a customer’s total monthly deposits. If your business has average monthly deposits of $100,000, then expect your approval to be up to $125,000 if there are existing loans.
How to qualify
– Provide a signed and dated application online.
– Send the last 3 months complete bank statements from the main business account along with the application.
FAQ Frequently asked questions:
Question: What is the most we can get?
Answer:The approval amount depends mostly on monthly deposits per month, the average daily balance, credit and time in business. With high deposit volume your business certainly may get a high offer.
Question: We are in Canada. Can we get funding?
Answer: Yes. This loan based on business bank statements is also available in Canada as well as Puerto Rico.
Question: How long does funding take?
Answer: Approvals are usually the same day and as fast as 2 to 4 hours. Funds can be in your business checking account that same day or next day.
Question: What are the repayment terms?
Answer: The repayment terms are between 1 Month and 24 months. Most offers are 6 to 12 months. Sometimes approvals for 12 to 24 months are available.
Question: Can my business have overdrafts and nsf’s?
Answer: Yes, the most is 7 overdrafts or 7 NSF’s per month. If your business has more than 7 overdrafts then it can still be reviewed for approval. Over 5 overdrafts or NSFs per month are considered high.
For all the reasons above, your business has an excellent chance of getting funding based on the monthly revenue it deposits. This funding is an excellent way to do that without being denied for bad credit, time in business and not having financials.
For further expert general small business assistance, visit SCORE, Counselors to America’s Small Business.