Frequently Asked Questions
Helpful Information To Get Started
What documents are needed?
You’ll provide, at minimum, the last 4 months of business bank statements as a pdf, as well as the completed 1-page funding application providing as much information as possible.
What is the rate?
Rates depend on the underwriters’ findings. The funding is unsecured, so expect rates similar to that of a credit card.
Underwriters look at the bank statements and the one page funding application to determine the “risk” level and the cost of the funding.
How much can my business qualify for?
Businesses qualify for a funding amount of 1X to 2 X the average monthly bank deposit volume.
Is there an application fee?
No
Are there any programs for new businesses/start-ups?
No, the business must have been in operation for at least 6 months.
What is the payback term?
Payback terms range from 6 months to 18 months.
How long does the process take from application to receiving funds?
Pre-Approvals take one business day, and funds can be in your account in as little as 3 business days.
Is there a penalty for paying off early?
There is no penalty for early payoff, and also no discount.
Can I get more funding later?
Yes, once the balance is paid down to half, you are eligible for a “renewal” of additional funding.
What can I use the funds for?
Funds can be used for anything for the business. Some common uses include marketing, payroll, inventory, equipment, payroll taxes, and working capital.
Does this affect my credit score?
No, these programs are a “sale of future receivables” and not conventional credit. These funding programs will not appear your credit report.
Do approvals expire?
No, as long as the deposits to the business bank statements stay the same or increase, approvals can be refreshed with updated bank statements.
Still have a question?
If you have any other queries, feel free to reach out to us. Our knowledgeable team is here to help!