Frequently asked questions FAQ: soft pull business loans
Do you offer soft credit pulls?
Many soft pull options are available. Simply make the request and a representative will review the choices with you.
What is the difference between a hard and soft pull?
Hard credit pulls can lower your credit score slightly in the short term. Credit scores that have gone down from too many inquiries usually recover within three months and are short term. Soft pulls do not affect your score but can still be used to get an approval and funding without any hard pulls.
Are there fewer options with soft pull programs?
Many hard pull programs have better terms and conditions. Rates may also be lower with longer terms and monthly payments. You may be eliminating your business from better approvals by considering only soft pull options.
Can you use a credit report I provide?
You can provide credit reports 30 days old or less. We will give you a free pre-review, after which you can move on to a full review. The analysis using your credit report will be completed before your file goes into underwriting.
Interested in using your business’ cash flow overall or company assets to get funding? Watch the video below:
Look for funding programs that have fast and easy small business loans. Other fast closing working capital includes loans against OTR Over the road trucks, semi trucks and other business vehicles, concurrent loans for business and asset based loans. Review program features on approval conditions, closing requirements and time to close.
Businesses with more than 3 months in business, credit scores over 500, and 5 or less overdrafts and nfs’s per month have an excellent chance to qualify.
Choose a program that is the best option for your business based on time in business, credit score and total revenues.
Call the funding program to confirm features and benefits.
Once you determine your business meets the general requirements, consider applying.
If you receive an approval, review the approval terms. Get remaining questions answered. Complete the transaction and receive
funding into your account.
Complete the online Business Loan application below. Paperless closing and Decision in minutes. If approved, same day funding is possible. Contact us today.
Super fast and easy same day business loans.
FAQ’s: Frequently asked fast and easy same day small business loans questions:
We need emergency cash for our business right away. Can we get it the same day or the next day?
You can get a business loan the same day or the next day. The sooner in the day you apply the more likely you can get business funding the same day or the next day. Applying after 2 pm may push funding into the next business day. Provide all of the information requested immediately. Anytime more information is requested then provide it as soon as possible to have the best chance of getting funding for your business the same day.
How long is the term?
Terms are up to 10 years. You can pay the business loan back as soon as 3 months and receive early prepayment benefit in many cases. Approvals and offers may also be for shorter terms as well. Terms as short as 60 to 180 days are available.
Is there an early pre-payment discount?
There are good pre-payment benefits on several programs. One program allows you to prepay the funding after only 3 months with no penalty. Low monthly as well as early payback are additional benefits.
Can I complete just an application without financials and tax returns?
Most of the programs only need a short online application and the most recent three months business bank statements. Business and personal tax returns are not required.
What do I have to provide for closing?
A copy of your drivers license and voided business check are usually required. Other requirements may include proof of ownership of the business. This can be a copy of a business license, articles of incorporation, K-1 schedule from the most recent tax return or a TIN tax Identification letter from the IRS.
What is the fastest we can get funding for our business?
Funding is as fast as one or two hours once all closing requirements have been satisfied. Same day funding is common and can be expected if final requirements are met by 3 PM eastern time.
What is the easiest business loan to get?
The easiest business loan to get is an mca merchant cash advance. Approvals can be obtained in one or two hours or less. Funding can be the same day or next day. If the business applies before noon then there is a chance of funding still the same day. Other easier types of business loans to get are loans against equity in commercial or residential real estate with a lot of equity. If there is a large amount of equity in real estate there are investors that will lend against that equity. These investors will lend quickly and with very few requirements and stipulations compared to a traditional commercial bank.
Our program specializes in helping your business if it needs immediate funding. Sometimes businesses run into an immediate need due to an emergency. So if your business has an emergency, we are here to help you.
Don’t spend another day with SBA Loans and regular bank loans. Get funding super fast for your business and also no long list of requirements to close. Super fast responses to your request in addition to fast business loan approvals and funding.
One of the reasons companies are declined for business loans is for too many overdrafts and NSFs. They have excessive Overdrafts and NSF’s per month and that exceed lender guidelines. It is also # 6 of the Top 9 Reasons why MCA’s are declined.
What are non sufficient funds and overdrafts? A overdraft or insufficient funds is a negative balance in a bank account caused by drawing more money than the account holds in part because of low deposit volume.
How can your business overcome being declined for a business loan or Merchant Cash Advance for having excessive Overdrafts or excessive NSFs? Here are several tips that your business can follow to get a business loan.
You will get you the best program for your business. Apply below today.
Business account overdrawn.
We assist businesses in overcoming these obstacles so they can focus on making their business prosper.
Many times a business loan that is approved falls through at the last minute and does not close if there are overdrafts and NSF’s before closing. If there are too many overdrafts and NSF’s since the beginning of the Month, or between the time of approval and closing, it may be declined just before closing. When a Bank verification is done and the Account is overdrawn, the loan may then not close and be declined.
At the time you are trying to close a loan with an overdrawn business account, make a deposit immediately before the Lender checks the bank account. If you make a deposit beforehand, you can save the approval. If it is too late and the loan is declined, ask the Lender if you can make a deposit to bring the account into the positive will they close the Loan then? Do not try to close a loan if your account is overdrawn. Wait until it is in the positive.
FAQ Too many overdrafts and nsfs
Can we get a business loan with nsfs and overdrafts?
Approvals are issued everyday to businesses with nsfs and overdrafts in their checking account. Having enough cash flow to pay the debt and only having overdrafts occasionally helps. Provide a good explanation for why the account was overdrawn when applying.
How hard will overdrafts and nfs make it to get a business loan?
Overdrafts and nfs do not always keep your business from getting approved. You may get approved for a lower amount with higher rates and shorter terms. Overdrafts in your business checking account in the last 30 days are more important, and the last 90 days are usually looked at. Rules on the maximum vary from lender to lender.
How many overdrafts and nsfs can we have?
Most business loans limit overdrafts and insufficient fund items to about 5 per month. Ask specifically for any business financing you may apply for. Some programs will not allow more than 3 recent overdrafts in the last 30 days.
Why were we declined for paid nsfs?
The lender probably declined because they felt the cash flow and average balances were not strong enough. Even when insufficient fund items are paid, they still happened and the lender may believe any new debt will be too much.
How to get approved with excessive Overdrafts or NSF’s
Talk to lenders in advance and find out if the lender has a maximum number of Overdrafts or NSF’s per month they accept. We can put your business into qualifying programs so your business can get all the Capital it needs.
Other options if declined
Too many Overdrafts or NSF’s for an MCA merchant cash advance or ACH bank loan.
Talk to the Merchant Cash Advance companies and ACH business loan lenders directly about being declined for having too many Overdrafts or NSF’s per month. Ask them if there are other programs available you may qualify for right now. Always ask if you can start out for a lower amount.
In addition, make sure your business does not have any more Overdrafts or NSF’s for a few weeks and apply at the start of the next statement month.
If you know you will not have any more Overdrafts or NSF’s the next few weeks in your business checking account, tell the Merchant Cash Advance company or ACH business loan company. If the overdrafts or NSF’s were from a single event instead of spread out throughout the months, this can make a difference. It is an isolated incident. Let the lender know they resulted from a one time event. Many decisions are automated and made quickly. Make a strong case and the lender may reconsider your request.
If the lender will still not approve it, ask how long you have to wait before your can be reconsidered. Ask what needs to be corrected to avoid being declined again.
Get other working capital loans
Your business can apply for other types of business loans if time is critical. Which ones are best depend on your company’s financing needs and situation. Choices include:
Also consider business loans based on Real Estate, Equipment Assets
that are free and clear, and Account Receivables. Monthly Term loans up to 60 months or longer with full financials.
Your business can overcome being declined for a MCA Merchant Cash Advance or ACH business loan for having too many Overdrafts and NSF’s. The SBA small business administration offers advice and workshops on business loans.