Bank statement loan
Niche bank statement loans program for your business.
– Credit scores below 500 and as low as 383 in some cases.
– Get a loan on bank statements with time in business as short as only 3 months may be available.
– This business loan using bank statements requires no collateral.
– Provide the most recent 3 months business checking account statements.
Secure DocuSign 30 Second Application here
Call us at Tel: 1-919-771-4177, or Question? Contact us here.
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. Still, they are often declined because of limited collateral or unsatisfactory personal credit. These businesses have access to capital with these programs.
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 1 to 3 business days or less. Fast closing with same day closing possible. Weekly and monthly payment programs available. See if you qualify.
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 for a loan against bank statements.
- Only 3 months bank statements requested.
- Just a short 1 page application is needed.
- Fast turnaround, one or two day approval common.
Get your business bank statement loan today. Call us now at Tel: 919-771-4177
Online closing and same day closing possible. Weekly payment programs as well as monthly payments programs for highly qualified customers.
Large business loans available. Programs for a business loan over $100,000, $150,000 and up to $1,000,000.
– Other documentation may be requested on a case by case basis.
– All programs are for U.S. and Canadian (Canada) companies only.
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. As a result, the customer uses the line and also 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 and annual or quarterly financial statements are not needed. The financing is 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 for at least 50% of ownership.
– Last 3 months complete business bank statements from main business operating
– For amounts over $250,000: The most recent 6 months business bank statements and first page of the most recent business tax return.
– Other requirements may apply.
General closing requirements for business bank statement financing:
– Valid and clear current 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:
– 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.
FAQ Frequently asked questions on bank statement loans:
What is a bank statement loan? How does this program work?
A bank statement loan is working capital for a business based on the cash flow of the business. The business provides the most recent three months business checking account statements and a one page application. Total monthly deposits are reviewed. If the business has over $5000 per month in deposits and over $1000 in average daily balances then an offer may be made.
What is the maximum we can get?
The approval amount depends heavily on the total dollar amount of deposits per month and the average daily balance. Time in business is considered and there often is no minimum credit score.
Do you have weekly and monthly payment options?
Yes. Weekly and monthly payment options are available to qualifying applicants.
How long does funding take?
Approvals are usually obtained the same day. Funds can usually be transferred into your business checking account within 24 hours of receiving completed closing documents and meeting closing conditions.
I have a federal and state tax lien on my credit. Can we still get this business funding?
Yes. Flexible programs are available for businesses that have tax liens and owners of businesses that have federal and state tax liens.
Is this a hard or soft credit pull?
Many soft pull program options are available. Some programs are a hard credit pull. However, these are excellent programs and are well worth a credit inquiry.
Do you have a no bank statement business loan? Can I get a business loan that does not require bank statements?
There are several business loan programs that do not require the most recent three months business bank statements. Programs include business loans that are based more on credit and assets such as real estate or equipment or both.
How do business bank loans work?
Business bank loans work by providing the most recent 3 months complete business checking account statements along with an application. The cash flow of the business is reviewed over that time. The amount of total monthly deposits each month from true business revenue is considered. The average of the three months is the most often used benchmark for the amount of an offer. In some cases the lowest month is used for an offer if it was the most recent month. The average daily balance for each month is also important in the review process. If an offer is made and accepted then closing documents are typically sent via docusign. The customer completes the closing documents and provides final stipulations and receives funding into their business checking account.
What callers ask for when calling in:
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.