Read up on tips, how to’s and steps on how to get a small business loan.
Small business loan articles and resources. Information including tips and steps on how to get a small business loan. Find articles on different types of small business loans including asset based loans as well as loans on equipment. Other articles cover mca merchant cash advances and accounts receivables financing. Merchant cash advance information includes getting low rate cash advances and how to get out of a merchant cash advance if they are causing your business a cash flow problem.
We specialize in fast approval funding for used car dealers. Programs include small used car dealers such as buy here pay here lots. Other programs for larger car dealers and newer dealerships. Apply using the secure Docusign Application below.
How to get used car dealer loan:
Select the program and approval requirements that best matches your business profile
Ask the representative what their approval requirements are for that program. If your used car dealership meets those approval requirements, apply for funding
Complete application and provide any additional documentation requested to show business revenues, like bank statements or financial statements
Review approval terms and closing requirements. Submit the items requested. Complete closing and receive funding into your business checking account
F.A.Q. used car dealer loans
What types of car dealer loans are available?
Buy here pay here used car dealer loans, new car dealer loans , specialty car dealer loans, luxury car dealer loans, exotic car dealer loans and short time in business car dealer loans, and new used car dealer loans. Newer programs include small car dealer loans, auto sales loans, used car lot loans, and longer term used car dealer loans.
What are the rates for your used car dealer loans?
Rates depend on the time in business, the cash flow and credit. Rates start in the low teens on up
How long does our car lot have to be in business? We have only been open 5 months.
Your Dealership needs to have at least three months time in business and 3 months business checking account statements to pre-qualify.
My credit is bad. How much does credit matter?
Credit scores are a minor factor. Credit scores can be as low as 383.
We are a small used car dealer. How much can we qualify for?
The amount you can get depends mostly on the average daily deposits. Most offers are between 35% and 75% of average monthly deposits.
as an example we can calculate the following:
ABC Auto Sales has the following total monthly business checking account Deposits:
July business checking account Deposits = $30,000
June business checking account Deposits = $20,000
May business checking account Deposits = $25,000
Based on the mathematical formula first add each months deposits and get a total.
$30,000 + $20,000 + 25,000 = 75,000
So it follows that:
$75,000 % 3 = $2500.
If an offer is 50% of monthly deposits then:
$25000 X .50 = $12500.
Therefore a typical offer with these numbers would usually
be approximately $10000 – $15000.
Because this is the average offer the maximum and minimum expected offers can be calculated.
The maximum expected offer is calculated as $25000 X .65 = $12250.
The minimum expected offer is calculated as
$25000 X .35=$8750.
We sell our used car dealer notes. Does that matter?
Selling notes does not affect an offer amount because notes are future income. offers and approvals are calculated using the most recent cash flow.
If the car lot has been selling notes for some time then the recent cash flow already takes that into account.
Our dealership specializes in exotic cars. Can we still get financing?
Yes. specialty used car dealers fall into the same used car dealer business loan funding program and are not restricted.
Can we use this financing to buy more cars?
Yes. The working capital can be used to buy cars at auction or anywhere your dealership wants to buy cars from. You can also use the loan proceeds. For example, you can use the proceeds to buy cars from wholesalers and customers.
Do you have longer term used car dealer loan programs?
Yes. One used car dealer loan program offers terms up to 10 years. This program is only available in certain states. Ask if your state is in the program.
We want to buy a lot for our used car dealership. Can we use this financing for that?
Yes. This financing can be used to buy real estate as well as a building, including repairs and improvements.
How long does our car lot have to be in business? We have only been open 5 months
Your dealership needs to have at least three months time in business and 3 months business checking account statements to pre-qualify for approval.
We need a loan for our used car dealership fast. Can we get one in a day or two?
Yes, you can get a loan for your used car dealership within one or two business days. Same day funding is possible in some cases. This is also for buy here pay here lots and new car dealerships.
We hope our “How to get a used car dealer business loan” tips and direction have been helpful. Contact us with questions. Fast turn around and quick funding.
Use your cash flow or assets to get a large business loan. How to search and contact lenders and learn how to get approved. Get business loans of $50,000 and up to $1,000,000 through these programs. Fast and easy process. Little documentation and financials in many cases. Business loans over $1,000,000 available with either real estate or unsecured with strong monthly cash flow.
Search and contact lenders that offer a big business loan and review their approval criteria
If your business generates more than $50,000 per month in gross revenue, or your personal credit score is over 700, then your business has a good chance to be approved.
Identify the program that best matches your business profile
Ask the representative what their approval guidelines are for that program
Complete an application for funding and provide any supporting documentation requested to show business revenues such as bank statements or tax returns
Once approved, verify closing terms and conditions. Provide required items. Complete transaction and receive funding.
Businesses that have revenues over $50000 per month with credit scores over 600 and time in business over 1 year may qualify for a larger business loan. The higher the average bank balances or average daily balance the more your business can qualify for.
Do we need to provide more financial information to get higher amounts?
For amounts over $250000 more financial information may be required. This can include the most recent years business tax returns and interim financial statements.
How many months bank statements do you need?
Between 3 and 12 months of the most recent business checking account statements are needed.
We are a startup business. Can we get a higher amount for a business loan as a start up?
A start up can get large business funding amounts if they have had significant revenue in the first few months of operation. Another requirement is the business will need to have been operating and generating significant revenue for at least three 3 months.
Our business will keep needing higher amounts of business funding in the future. Can we use this like a business line of credit?
yes. When the business pays the balance down to 50% or more it may qualify for more funding immediately. Programs are available that allow businesses to draw funds after every 30 days of repayment.
Do larger business loans take longer to close?
They often do not take any longer than smaller business loans to close. the repayment will be based on the cash flow of the business so most of the same information is reviewed.
Will Real estate and other assets be required?
Real Estate is not required but it may allow for an approval and a higher approval amount. Most businesses take the maximum they qualify for without involving real estate or their other assets.
We filed an extension and do not have the most recent business tax return available yet. Will this be a problem?
amounts less than $100000 do not require a tax return in most cases. Amounts over $100,000 may require the most recent tax return.
What are the main reasons businesses are declined for a larger business loan?
The main reasons are low business revenues as well as very low credit scores and a short time in business.
My business partner has very bad credit. Will that keep us from getting a larger business loan?
Business owners with bad credit that have less than 20% ownership should not cause a decline. over 50% ownership percentage may cause a lower approval amount or a decline of the request.
Can we get a big business loan with a month repayment and longer term?
Yes. monthly and weekly repayment business loans are also available for larger business loans and may be up to 36 months or longer.
For other financing options, please review other alternate financing programs that may better match your business needs, below:
Get the best merchant cash advance renewal terms your business will qualify for. Terms as long as 12, 16, and 18 months and lower rates. In some cases, 24 months and low rate factors.
How to get the best merchant cash advance renewal terms, lower rates and longer terms. How to Direction:
Step 1 Talk with a representative at your current mca company. Give them your most recent three months business checking account statements and ask them to review your file in advance of their underwriting reviewing your request.
Step 2 Ask the representative to estimate the renewal amount, the number of months and rates. Ask for a better rate on a renewal.
How to Tip: If a renewal offer is made, ask for at least a 2% lower rate on each renewal. Some cash advance companies will not pre-review your file. If they won’t, let underwriting process your file.
Step 3 Tell your current cash advance company that you are shopping for a better offer and are comparing their offer to others.
Step 4 Apply with one or two competitors. If they beat your current mca cash advance companies rate and terms, take their approval offer and ask your current cash advance company to beat that offer. Review the funding stipulations to make sure you can provide everything needed to close.
Step 5 Decide on the best of the offer terms, complete the transaction and receive funding.
In most cases, the cash advance renewal term will be the same as the one you originally took out. You must ask for a longer term.
If you have had a good pay history or your credit score has gone up, then the funder may give you a longer term on a renewal, but only if you request it.
Do not expect the funder to offer you longer terms on their own. MCA Companies want to put you in the shortest term possible and the shortest term you will accept.
Many businesses believe that if they had an excellent repayment history on their first cash advance, then they should get a much longer term and much better rates on all renewals. Your business may qualify for a longer term on a renewal. Request that immediately when you request the renewal.
What if my company’s situation has gotten worse since I took out the advance? Should I even apply for a renewal of my cash advance?
Contact your representative before you apply for a renewal and ask them, “what would prevent my company from getting another cash advance renewal?”
Listen to what the Representative says. Ask him what are the most common reasons companies are declined for a renewal. If he does not mention decline reasons that your company has, then you have already gone through a partial pre-review.
What can I do myself to get a better offer for my mca cash advance renewal?
Review your most recent 3 months business checking account statements yourself.
If the numbers are better than they were when you received your first advance and your credit is the same or better, then you have a good chance to qualify to get a better renewal offer from your current mca cash advance company, or a competitor.
What is interest on interest on an mca cash advance?
Interest on interest on a cash advance is when you renew your cash advance before it is paid off but you still pay interest or finance charges on the amount you have not paid yet. Even though the old contract is ending the interest on that old contract is not forgiven and it is rolled into the new mca contract. Some funders will forgive the remaining amount owed but most will not.
Make a list of this specific information. Discuss it in advance of applying with all cash advance companies you want to talk to. You may be able to either pre-approve yourself or pre-decline yourself before applying. It is better to know you will likely be declined before applying, rather than applying and being declined.
If the cash advance company is not willing to seriously pre-review your file, you can choose to apply anyway. Your goal is to get as many cash advance companies to pre-assess your file as possible. Do not demand they do in order to apply. If you demand that the cash advance company pre-reviews your file, you may be eliminating yourself from the best option available.
Representatives service the following cities in the Western Region and can be contacted.
Alaska, Hawaii and California
In Anaheim, CA and Anchorage, AK. Bakersfield, CA and also in Carlsbad, CA. Chula Vista and also Fontana, CA. Fremont, CA and in Fresno, CA. Hayward, CA and Honolulu HI. Irvine, CA and in Madera, CA. Modesto, CA and also Merced, CA. Oakland, CA and in Ontario, CA. Oxnard, CA and Riverside, CA. Roseville, CA and in San Francisco, CA. San Jose, CA and also San Diego, CA. Santa Ana, CA and in Santa Clara, CA. Santa Rosa, CA and Sacramento, CA. Salinas, CA and in San Bernardino, CA. In Santa Barbara, CA and also Santa Maria, CA. Sunnyvale, CA and in Stockton, CA. Thousand Oaks, CA and Vallejo, CA. Ventura, CA and also in Visalia, CA.West Region:
Representatives in the following cities may also be contacted:
Nevada, Oregon and Washington:
In Bellevue, Washington and Eugene, OR. Everett, WA and in Henderson, NV. Kent, Washington in addition to Las Vegas, NV. Olympia, WA and also Portland. Reno, NV and Seattle, WA. Olympia, WA and in Paradise, NV. Portland, OR in Renton, Washington. Salem, OR and in Seattle, WA. Sparks, NV as well as Spokane, WA. Tacoma, WA, Vancouver, Washington and Yakima, Washington.
Arizona and Utah:
Albuquerque, AZ and Avondale, AZ. Chandler, AZ and in Flagstaff, AZ. Gilbert, AZ and in Glendale, AZ. Goodyear, AZ and also Mesa, AZ. Nogales, AZ as well as Ogden, UT. Phoenix, AZ and in Peoria, AZ. Provo, UT and Scottsdale, AZ. Salt Lake City, UT and also Scottsdale, AZ. Surprise, AZ and also in Tempe, Arizona. Tucson, AZ, Yuma, AZ and San Tan Valley, AZ.
Colorado, Idaho, Montana, New Mexico and Wyoming:
In Albuquerque, NM, Aurora, CO. Boise, ID and in Cheyenne, WY. Colorado Springs, CO as well as Denver, CO. Helena, MT and Lakewood, CO as well as Santa Fe, NM.
Consultants in the following cities can be called to schedule a same day appointment
or call: 919-771-4177
Kentucky, Virginia, Washington, D.C., and West Virginia: In Alexandria, VA and Arlington, VA. Chesapeake, VA and in Hampton, VA. Huntington, WV and also in Kenner, VA and Lexington, KY. Louisville, KY as well as Lynchburg, Virginia. Newport News, VA and in Norfolk, VA. Petersburg, VA and also in Portsmouth, Virginia. Richmond, VA and Roanoke, Virginia. In Suffolk, Virginia and also Virginia Beach, VA.
North Carolina, South Carolina:
In Anderson, SC and Asheville, NC. Cary, North Carolina and also in Chapel Hill, NC. Charleston, SC and in Charlotte, NC. Chattanooga, TN as well as Columbia, SC. Concord, NC and Davidson, TN. Dunn, NC, Durham, NC and Fayetteville, NC. Franklin, TN, Gastonia, NC. as also in Greensboro, NC. Greenville, SC, Henderson, NC as well as Hickory, NC. High Point, NC, Kingsport, TN and Knoxville, TN. In Maudlin, SC, Memphis, TN and also Morristown, TN. Murfreesboro, TN, Myrtle Beach, SC and Nashville, TN. North Charleston, South Carolina as well as Raleigh, NC. Sanford, NC, Lenoir City, TN and in Shelbyville, TN. Spartanburg, SC, Wilmington, North Carolina and Winston-Salem, NC.
In Cape Coral, FL, Clearwater, FL and Daytona Beach, FL. In Jupiter, FL, Fort Myers, FL as well as Ft. Lauderdale, FL. Hialeah, FL, Jacksonville, FL and Lakeland, FL. Melbourne, FL, Miami, FL and Ocala, FL. Pensacola, FL, Kissimmee, FL as well as Naples, FL. Orlando, FL, Ormond Beach, FL and also in Palatka, FL. In Palm Bay, FL, Pensacola, FL and also Port St. Lucie, FL. Saint Petersburg, FL, Sanford, FL and Tallahassee, FL. In Tampa, FL, West Palm Beach, FL as well as Winter Haven, FL.
Alabama, Georgia, and Mississippi:
In Atlanta, GA, Augusta, GA and Birmingham, AL. Gulfport, MS, Hoover, AL and also Huntsville, AL. Jackson, MS, Mobile, AL as well as Montgomery, AL. Savannah, GA, St. Mary’s GA and also in Talladegha, AL.
Arkansas and Louisiana:
In Baton Rouge, LA and Fayetteville, AR. Forrest City, AR, Lafayette, LA and Little Rock, AR. Metairie, LA and New Orleans, Louisiana. Baton Rouge, Louisiana, Shreveport, Louisiana and also Lafayette, Louisiana.
Oklahoma and Texas:
In Arlington, TX and Austin, TX. Bartlesville, OK, Beaumont, TX and in Corpus Christi, TX. Dallas, TX, Edinburg, TX and in El Paso, TX. Ft. Worth, TX, Houston, TX as well as Killeen, TX. Lafayette, LA, Mission, TX and Muskogee, OK. Oklahoma City, OK, McAllen, TX and also in New Braunfels, TX. Round Rock, TX, San Antonio, TX, as well as Shawnee, OK. Sugarland, TX, and The Woodlands, TX as well as Tulsa, OK.
Representatives in the following Midwest cities can be contacted:
Illinois, Indiana, Wisconsin:
In Anderson, IN, Carmel, IN, and Aurora, Illinois. Chicago, Illinois, Elgin, Illinois as well as Rockford, Illinois. Joliet, Illinois, Lee’s Summit, Missouri and in Naperville, Illinois. Springfield, Illinois, Peoria, Illinois and also in Elgin, Illinois. Waukegan, Illinois, Cicero Town, Illinois as well as Champaign, Illinois. Bloomington, Illinois, Decatur, Illinois and Eau Claire, WI. Fort Wayne, IN, Gary, IN and in Indianapolis, IN. Madison, WI, Milwaukee, WI and Naperville, IL. Green Bay, Wisconsin, Kenosha, Wisconsin, and Peoria, IL. Racine, WI, Springfield, IL and also Waukesha, WI.
Michigan and Ohio:
In Akron, OH, Ann Arbor, MI and Canton, OH. Cincinnati, OH, Cleveland, OH and also Columbus, OH. Dayton, OH, Dearborn, MI and in Detroit, MI. Flint, MI, Grand Rapids, MI as well as Marion, OH. Maysville, OH, Muskegon, MI and Parma, Ohio. Toledo, OH, Wilmington, OH, Wyoming, MI and also Youngstown, OH.
Kansas, Nebraska, North Dakota and South Dakota:
In Council Bluffs, NE and Kansas City, MO. Lawrence, KS, Omaha, NE as well as Wichita, KS.
Iowa, Minnesota, and Missouri:
In Bloomington, MN and Columbia, MO. Davenport, IA, and also Des Moines, IA. Duluth, MN and also Independence, Missouri. Kansas City, Missouri and Minneapolis, MN. Overland Park, MO as well as Rochester, Minnesota. Springfield, MO, St. Charles, MO as well as St. Joseph, MO. Springfield, Missouri and St. Louis, Missouri. St. Paul, Minnesota and St. Cloud, MN.
In Albany, NY, Batavia, NY and Buffalo, NY. Cheektowaga, NY, New York City, NY as well as Niagara Falls, NY. Rochester, NY, Schenectady, NY, Seneca Falls, NY and Syracuse, NY.
Maine, Vermont, New Hampshire and Massachusetts:
In Bangor, ME and Boston, MA. Burlington, VT, Cambridge, MA and Concord, NH. Montpelier, VT, Newton, MA as well as Portland, ME. Providence, MA and Springfield, MA. In Warwick, MA as well as Worcester, MA.
Pennsylvania, Maryland and Delaware:
In Allentown, PA and Baltimore, MD. Bethlehem, PA, Columbia, MD and Dover, DE. Harrisburg, PA, Lancaster, PA and in Lansing, MI. Lebanon, PA, Manchester, PA as well as New Castle, PA. Philadelphia, PA, Pittsburgh, PA and also Reading, PA. In Salisbury, MD, Scranton, PA and Towson, MD. In Weirton, PA, Wilmington, DE and also in York, PA.
Connecticut, New Jersey and Rhode Island:
In Bridgeport, CT and Camden, NJ. Hartford, CT, Jersey City, NJ as well as Milford, CT. New Haven, CT, New London, CT and Newark, NJ. Norwalk, CT and Norwich, CT. Providence, RI, Stamford, CT and also in Trenton, NJ.
If your business was turned down for a business loan for having low deposit volume, programs are now available to get approved for business funding. Your business can get approved with deposits of less than $10,000 per month. Your business can even get funding with deposits as low as $7,500 per month and as low as $5,000 per month.
How to get a business loan with low deposit volume
Look at your last 3 months business checking account statements and document your total deposits.
Search for a business loan program that specializes in funding with average deposits of less than $10,000 per month.
Review approval requirements and terms and conditions as much as you are able prior to applying
If satisfied, apply for funding. When you are approved, review approval terms. If you want to close the transaction, request and complete closing documents.
People also ask, F.A.Q., Frequently asked Questions
My business deposit volume is less than $10,000 per month. Can I get business funding with deposit volume that low?
Yes. Your business can get funding with monthly revenues as low as $7,500. In some cases, low business revenue can be as low as $5,000 per month and your business can still get funding.
Why do most lenders require $10,000 per month in deposits?
Many funders believe that after a business deducts basic expenses such as lease rental payments, utilities, insurance and inventory, they will not have enough revenue to repay any loans or advances of any kind. They also believe a business has to have at least $10,000 to $15,000 or more per month in gross revenues to be able to handle any kind of funding.
Lenders think if revenues are less than that, a business will get behind on payments and go into default.
How much can I get if my deposits are minimal?
It depends on how low the deposits are, your personal credit score, average daily balances, time in business and some other approval requirements. In most cases, if your average monthly deposits are between $5,000 and $10,000 per month, an approval offer will in the $2,500 to $5,000 range. It is not as likely to get approvals in the $10,000 or higher range.
My business needs more than what we were approved for. The approval amount was too low and we need more. Can we get more funding for our business?
Your business may be able to get more funding. If your business needs more funding than the approval amount, you can either get a 2nd position fundingor another type of funding. Bank statement loans often allow for a supplemental funding. Consider other funding programs. Your business may be a good fit for other options that are based on Accounts Receivables or Real Estate and others.
Our deposit volume is under $5,000 per month and we had some overdrafts. Can we still get funding?
There are other programs your business may qualify for. If your credit score is high enough, or your business has accounts receivables or other assets, you may be able to qualify for these other programs. Contact us to discuss and review.
Our deposit volume includes a month with less than $10000 in deposits due to a family illness. It was a one time exception. The other months were over $15,000 per month. Can we still get a larger amount?
You can still get a larger funding offer for your business with a low deposit month. Provide the most recent 6 months or 12 months business statements to show that one month was an exception and your business deposits are usually much higher. Provide the explanation of the low month when you apply
Do you need to lower daily mca merchant cash advance payments immediately? Is your account overdrawn because the mca companies keep debiting the daily payment? Do you have multiple advances and do not know what to do? What can you do? Apply for one of several options below that do not involve settlements, closing your bank account, being declared in default, nor having a cash advance company file a coj certificate of judgement against you.
How to lower daily mca merchant cash advance payments
FAQ, Frequently asked Questions on how to lower daily mca merchant cash advance payments
Can I get a monthly payment loan to pay these off?
Yes. One of the ways to lower your daily mca merchant cash advance payments is to get an alternative loan to pay off the mca cash advances. By doing so, you will be lowering the payment because your monthly payment on the loan to pay off the mca’s will be much lower than the monthly amount you were paying on the daily cash advances.
Usually, you will be paying 50% to 75% less if you are successful in securing a monthly loan to pay the mca’s off.
What if the cash advance companies do not want to lower the payments?
You may have to push hard to get a concession. If your business had a true hardship, such as a hurricane or another type of hardship, make that known.
If that fails, read the mca merchant cash advance contract in detail.
Make sure you know exactly what can happen if you do not pay. It may be advisable to seek legal advice through an attorney if you know you cannot repay the advances.
If you know in advance your business will not be able to repay the advances, you can use the time in advance to:
– Determine what your options are
– Know what actions you can legally take
I cannot pay my advance. What can I do?
Check your state laws to find out if your state has special protections and laws. Some laws vary by state. Negotiate with the cash advance company either directly final options may include bankruptcy.
Should I get my Attorney to contact the mca merchant cash advance companies?
Whether you should get an Attorney involved in talking with the cash advance companies varies on a case by case basis. In some cases, having your Attorney contact and negotiate with the cash advance companies is a good idea. If you are offering to work with the merchant cash advance companies and they are not working with you, this may be a good situation in which your attorney contacts them.Some mca merchant cash advance companies are more willing to work with customers than others.
If you do not feel comfortable negotiating or discussing your past due debt with mca merchant advance companies, this may be another reason to involve an Attorney.
Close my business account to stop a mca merchant cash advance? If you are considering it, it is usually the worst way to get out of a merchant cash advance.
Some companies such as debt settlement companies recommend doing so as part of their settlement process. Business owners should know that intentionally closing your business checking account is considered a default by many merchant cash advance companies and lenders.
Don’t close your account. Choose an alternative below now. Complete the Secure DocuSign Secure DocuSign 30 Second Application here.
Or call us at Tel: 1-919-771-4177, or Question?
The following is what many debt settlement companies tell customers to do.
Sign a contract with the debt settlement company. The contract often allows the debt settlement company to represent your business in communications with lenders and mca merchant cash advance companies.
Pay the debt settlement company to start the process.
Close your business checking account per the instructions or advice of the debt settlement company
Allow the debt settlement company to continue to represent you in settlement talks.
There are several problems and possible severe consequences to closing your business checking account to stop paying cash advances or loans and signing a contract with a debt settlement company.
The lender can also consider this an intentional default or fraud.
The lender or mca company can file a certificate of judgement and may also be able to debit funds in other accounts you may have at the same bank or other banks
You may not be able to talk to the lenders or cash advance companies directly any more even if you want to. Language in the contract may not allow you to talk contact the funder directly
You may not have influence over the final settlement agreement.
The contract you sign take power and decisions out of your hands and puts much of it in the hands of the debt settlement companies.
Other options and alternatives to contracting with debt settlement companies and closing your business checking account
Contact the lenders directly and try to discuss your financial situation and reach an agreement with the lenders yourself.
Payoff the merchant cash advances with other loans if the balances are low enough
Discuss your financial situation with a business attorney
The advantage of some of these options in general is that they either show you are sincerely trying to work with your lenders to settle your debt, are forming a coherent strategy to do so, or have officially determined that you cannot pay. These also have advantages over closing your account.
FAQ Frequently asked questions on closing my business checking account to stop an mca merchant cash advance
I don’t have the money. The merchant cash advance companies will overdraw my account. I have to close my account. Why can’t I close my account?
Closing your account will be considered a default. The mca cash advance company may consider this an intentional default. Consider all other alternatives first. There are cases when the mca merchant cash advance companies or other lenders may overdraw your account too much in a few days. You feel this is a reason you have to do something and it is a very valid concern. Anticipate several days ahead of time when the daily payment will overdraw your account. If it is too late and you know the daily payment will overdraw the account and close your business, consider contacting your bank to discuss not paying the daily payments once they overdraw your account.
Step 1 Search online for lenders that allow you to leverage the strengths of your business when you apply for a small business loan. Consider your revenues and type of business as well as credit and time in business.
Step 2 TIP: Picking a program that matches your business strengths will go a long way towards getting approved.
Step 3 Review the criteria from different lenders needed for approval. Make a list of the top two or three funders and their best matching programs.
Step 4 Contact lenders online and by phone. Review as much approval criteria as you can with a representative. Try to get the best idea possible how closely your business profile matches the requirements for approval.
Step 5 Settle on the best match between business loan programs and your business strengths. Also consider your business requirements and time for funding. Apply for those programs that are the best match.
Step 6 Read the terms and conditions on any approval to make sure your business can make the payments and meet all the requirements. Complete closing requirements to fund the transaction.
Need to get approved for a small business loan? Apply now below:
FAQ Frequently asked questions on how to get approved for a small business loan:
Question: How do I qualify for a small business loan?
Answer: Know what your business strengths and weaknesses are. Look up funders that appear to best match your business strengths. Contact funders that your business appears to qualify with. Apply for those programs that are the best match.
Question: I do not like the business loan programs my business qualifies for. How can I get a business loan with terms and rates I want?
Answer: Your profile determines the business loan programs your business qualifies for. Evaluate and make a list of the programs your business is most likely to get approved for based on the company strengths and weaknesses. Pick a program from that list. The programs you want may not be the programs you qualify for.
Question: My business did not get approved for enough money. How can I get more money or how can I get it increased?
Answer: Ask the lender to increase the approval amount. The funder will sometimes increase the approval amount slightly just by asking. Your business may have strengths that were not known at the time of application. Give the lender any information that makes your application and request stronger. This includes the previous years bank statements and also tax returns or additional owner credit and new worth information. Other strengths include providing information on existing contracts and accounts receivables your business has. This proves revenue you expect to generate in the future.
Question: I was declined for a small business loan. How do I get approved?
Answer: Follow the steps listed in the how to section to increase your chances of being approved after your business was declined. Contact us to review best tips when applying. We will review your profile with you and also discuss the best programs your business is most likely to get approved for.
Question: How much can I get approved for?
Answer: The amount you can get for a business loan depends on several factors. The main things that are looked at is business revenues and credit. Other important factors are time in business as well as the type of business and the assets of the business.
Information on how to get a soft pull business loan. Soft pull merchant cash advances also available.
What is a soft pull business loan? Definition of a soft pull: In general, a soft pull is when personal credit is pulled and checked but does not show as a credit inquiry and does not lower your credit score.
How to get a soft pull business loan
Step 1 When applying for any type of credit or funding, review the website to see if credit pulls will be a soft pull or hard pull. If it does not state such and you are interested in the service, call a representative and ask.
Step 2 Once credit will be pulled, ask if it will be a soft credit pull or a hard credit pull.
Step 3 Some lenders will review your information and can pre-approve you or make a pre-assessment without any credit being pulled. Ask for a pre-application review.
Step 4 When it is a soft credit pull and the lenders criteria matches your need, consider applying.
Step 5 If approved, review final terms and conditions. If acceptable, complete transaction.
F.A.Q.’s, Frequently asked questions, comments and requests.
I need a soft pull. Can you do that?
This will be a soft pull. When you apply tell the representative that you want to have a soft pull.
I have a recent credit report already. Can I just provide you a copy of my credit report and get a decision using the report I already have?
When your credit report is less than 30 days old, it can be used. We will get back to you with an assessment or pre-approval, after which you can decide to proceed with a full review and a soft pull can be done to try to make an offer.
I have to have a soft pull. The last company I used pulled my credit so many times. They were a broker. Can I get approved with just a soft pull?
You can get approved with just a soft credit check. We will make sure it is a soft pull and not a hard pull. Tell us immediately you only want a soft pull and we can arrange for the credit pull to not affect or lower your credit score.
If a previous company ran your credit 5, 10 or more times, then we will keep help you keep your credit from taking more hits.
We will work with you step by step to make sure the process has the minimal affect on your credit and credit score.
Can you review my file before you pull credit or before you do a soft pull?
Yes. We will review your file before credit is pulled and respond to you with either a pre-approval or assessment of your file. After the review, processing can be completed to try to make an offer or give an approval.
A free detailed review can be discussed with you before your file goes into underwriting.
Am I limiting my options by not allowing a hard credit pull?
You may be denying yourself better rates and longer terms when applying for a small business loan if you do not allow a hard credit pull.
How much do hard credit pulls hurt versus a soft pull?
Hard credit pulls hurt your credit score little and for only a short amount of time. Credit scores going down from too many inquiries pulled in the span of a few weeks will recover within two or three months. The impact from inquiries is short term.
Description: How to get a soft pull business loan when applying for any type of business credit or funding. Review the lenders programs to see if credit pulls will be a soft or hard pull. If it does not state which and you are interested in the program call a representative to discuss. Once credit will be pulled ask if it will be a soft or a hard credit pull. Some lenders will review your information in advance and can pre approve you and make an assessment without any credit check. Ask for such a review in advance of an application. When it is a soft credit pull and the lenders criteria matches your business need then consider applying. If approved review the final terms and conditions. If the closing terms are acceptable complete the transaction
F.A.Q.’s, Frequently asked questions, comments and requests.
“Need an mca merchant cash advance renewal with better rates”.
Also frequently requested:
“I want an mca merchant cash advance renewal with lower rates and better terms.”
Answer: Your business can get an mca merchant cash advance renewal with lower rates and longer terms by choosing one of several programs available here.
The same programs also offer mca merchant cash advance renewals with rates as low as 12% to 15% and up rate factors and longer terms if your business qualifies.
Click above to complete 15 second request form.
How low of a rate can I get?
The lowest rates Start at approximately 8% to 12% rate factor for the best credit, longest time in business and strongest cash flow. For most businesses, rates in the low teens and higher are the lowest rates for merchant cash advances.
My mca merchant cash advance rate is super high. How can I lower my rate right immediately? I need to get a lower payment today or by the end of the week.
Lower your mca merchant cash advance rate right now by paying it off with a lower rate advance. Use the funds from your lower rate advance to payoff the remaining balance on your new advance. This works especially well when the balance of your existing advance is low.
There are some merchant cash advances that are similar to and work like a line of credit. Your business can borrow, repay, and re-borrow over and over. With these programs, your business can repay before the financing is paid off. By repaying before your balance is $0 (zero), you are able to use the product like a business line of credit.
Can we get a business loan instead of an mca merchant cash advance?
Yes, for many program options, your business can get a business loan instead of an mca merchant cash advance. Business loans will require a higher personal credit bureau score, usually around 575 to 600 or higher. A regular business loan may also require a longer time in business of longer than 1 year or longer than 2 years.
Yes, your business can get a business loan instead of a merchant cash advance if you qualify. Like the line of credit option, a regular business loan usually requires at least 1 year or more time in business and at least a 575 – 600 credit bureau score. Contact us for details.
Decide how much money your business needs. Then calculate how much the business can afford to pay each day. For a 3rd position advance, figure out how much is the maximum you can afford per day and the total your business can pay for cash advances overall.
Apply for the cash advance program that best matches your business cash flow.
If approved, review all closing documentation and requirements. If needed have a specialist review the contracts and return completed contracts and all documentation for funding. Complete merchant funding call with the funder.
Funds are deposited into your business checking account the same day or next day.
F.A.Q.’s, Frequently asked questions on getting a 3rd position
My business needs more capital and we already have 2 merchant cash advances. Can we get another cash advance? We need a third position.
Your business can get a third position merchant cash advance. We will also assist you in making sure your business has the cash flow to handle and pay a 3rd position. If you can handle it, your business will be made an offer.
What is the longest term we can get?
Payments and terms can be between 60 and 180 days. The terms offered will depend on your business cash flow and ability to handle the debt and payment.
Will I be declined because I already have 2 advances?
The funder will not decline your business because you already have more than one advance. Your cash flow will determine how much more funding your business can handle.
I want the maximum. How do I know if the lender is offering the most I qualify for?
Your business will always get the highest offer it qualifies for. Whatever the maximum is your business profile can be approved for, your business will receive that offer for funding. There are not any limitations on the program. Final offers will depend on the cash advance company guidelines
Accounts Receivables Financing is a type of financing through which your business can get paid now on invoices for payment that have already been sent. This works especially well if your business often has to wait 20, 30 or more days to get paid.
The cash flow of millions of businesses suffer because they are paid 2 to 6 weeks after issuing an invoice for payment instead of immediately after an invoice has been sent.
Real Estate Leaseback
Funding based on the real estate you own, commercial or residential. Take the equity out of Real Estate and also get a tax write off in many cases.