If you are a merchant looking to get a loan for your business needs, then here is what you should know. It can be advantageous to apply for a working Capital loan instead for a bank loan, and here’s why.
With a bank, you need to provide a lot of paperwork, go through a very lengthy underwriting process, provide a particular reason for the loan; you must meet their stringent requirements and then you must use the loan for the actual reason provided. If for example, you want funds for both a new truck for your business and funds for a new location, you have to apply for two different loans with the bank.
With a working Capital loan, you provide just a minimal list of paperwork, a reason for the loan, fast approval process, and meet simple qualifying criteria. Whereas a bank has a list of (ever-changing) stringent eligibility requirements, and the qualifying criteria are different from bank to bank. A number of working Capital loan solutions have some of the simplest qualifying criteria in the marketplace. Below is an example:
- the business located in the US
- at least $1,500 in Visa/MasterCard processing per month
- six months in business
For Example, if you want both a new truck for your business and to receive funds for opening a new location, you only have to apply for one loan with us as opposed to applying for two loans from a bank. In addition, since most working capital loans do not require a personal guarantee your credit remains intact.
A working Capital loan also lets you know quickly upon approval upfront how much you have to pay; there are no hidden fees and no late fees. You pay what you agree to upfront, and this is a fixed amount based on your requested loan amount.
From the time you apply and throughout the approval process, the working Capital loan is geared towards you, the merchant, instead of towards the bank. The underwriting process is fast and streamlined so that a decision is reached quickly, in 1-5 business days, and friendly customer service is provided throughout and after the approval process.