Bank statement loan
Niche bank statement loans program for your business.
– Credit scores as low as 500 and lower in some cases.
– Time in business as short as only 4 months may be available.
– No collateral is required.
– Provide the most recent 3 months complete business checking account statements.
Get a bank statement loan today based on your company sales. If your business has 3 months of revenue, get business bank statement funding based on sales. United States and Canadian companies only.
Many businesses have excellent cash flow and payment history. Even so, they are often declined because of limited collateral or unsatisfactory personal credit. These businesses feel they should have access to capital.
We agree. Small business loans depot can provide business bank statement financing quickly. Based on your Business revenue, we can get your business the capital it needs within 3 to 5 business days or less.
Business bank statement loans include the following features:
– The highest approval percentage of any business financing.
– Every business has cash flow, many businesses can qualify.
– Only 3 months bank statements requested.
– Just a short 1 page application is needed.
– Fast turnaround, one or two day approval common.
Get your bank statement loan today. Call us now at Tel: 919-771-4177 or Toll Free: 855-787-1113.
– Daily, weekly and monthly repayment options are available.
– Large business loans available. Programs for a business loan over $100,000, $150,000 and $250,000.
– Other documentation may be requested on a case by case basis.
Contact us today. Get your business funded. Start now.
Other bank statement loan features:
Up to 100% of a customer’s total monthly deposits may be approved. If your business has average monthly deposits of $50,000, then an approval up to $62,500 may be possible depending on other factors. If the businesses average daily balance is strong, the approval amount can be higher.
Some bank statement loan programs can be used similar to a line of credit. The customer uses the line and repays at their discretion. The customer can use the full line or part of the line amount again immediately. The line can also be left idle for months until it is needed again. This line does not require an annual pay down. Annual or quarterly financial statements are not needed for bank statement financing, also known as an ach business loan.
Provide the most recent 3 months business checking account statements. The higher the total deposits per month are, the more the bank statement loan amount may be.
Required to qualify or pre-qualify.
– Signed and dated application from 50% of ownership.
– Last 3 months complete business bank statements from main business operating
– For amounts over $150,000: The most recent 6 months business bank statements
and first page of the most recent business tax return.
– Other requirements may apply.
General requirements for loan contracts:
– Valid and clear driver’s license.
– Voided business check for approved account.
– Valid e-mail address for owners.
– Federal tax id number, or tin.
– Other documentation required on a case by case basis.
Other business bank statement loan customer benefits often available:
– New loans may be offered 60 days after closing first loan for certain programs
depending on eligibility.
– Renewals and renewal options often begin at 40% pay down of balance.
– No standard site inspection for most clients.
– Tax liens < $175,000 may be accepted.
– Bankruptcies > 1 Year usually O.K.
– Only 50% ownership required in some cases.
– Soft credit pull for certain programs.
– No personal guarantee required for some programs.
– Loans are amortized daily for certain programs.
– No prepayment penalty for certain programs, if qualified.
The newest option is an open tax lien business loan under $10,000, which may be approvable. An irs payment arrangement is not required. 3 month to 12 month terms are available if qualified. Business with an open tax lien and no payment arrangement can be financed.
Frequently asked business bank statement financing questions:
Are all these products about the same?
These products fall under one basic product type. Callers call in with many different requests. Requests from callers include a “business bank statement loan” and a “loan based on bank statements”. Other requests from callers include a “business loan using bank statements”. “bank statement loan for business”, and “bank statement financing” are also requested.
What is the maximum we can get?
The bank statement loan line size depends upon the total dollar amount of deposits per month and the average daily balance. Time in business is looked at. There is no minimum credit score.
Is this product available nationwide?
Yes. This product is available in many cities. Business owners can speak with local representatives. It is available in Canada. It is not available in Puerto Rico or other U.S. Territories.
How long does funding take under the bank statement loans program?
First submit your bank statements. If approved, approvals are usually obtained in 24 to 48 hours. Funds can be transferred into your business checking account within 24 to 48 hours of receiving completed closing documents and meeting closing conditions.
How long is the repay time?
The term of these bank statement loans are between 2-18 months. Term options depend on cash flow and time in business.