FAQ
Here are some answers to frequently asked questions. Fill out the form to the right and we can answer any other questions you may have.
Does a bankruptcy (BK), short-sale, foreclosure prevent me from getting approved?
- Easy answer is NO
- Depends on how many years it has been from the date of discharged
- Depends on if the occurrence was an isolated incidence, not reoccurring
- What have you done since to repair your credit
- Need to be able to easily write a paragraph explaining the situation, also known as a letter of explanation (LOE)
How fast can I get the money? - The faster that you need or want the money will depend on how much you want to pay to get the money.
For example; traditional underwriting takes 30-90 days to get money in hand from a bank or a small business lending institution. If your business needs the money within 1-3 weeks, then the cost of getting that money increases tremendously from 5% to 30% to even over 100%
Is being approved and funded the same thing? No. A lending institution can theoretically approve you within one week due to understanding their underwriting guidelines and looking at your credit report.
- Funding can take anywhere from 30-90 days
- Funding depends on several different factors
What does my Credit Score have to be & how do I find out what it is?
- You can pull a free credit report on www.CreditKarma.com
- Depending on the lending platform that is best for your business, your credit score may or may not matter.
For Example: if invoice financing is best for you, then the factoring company will pay more attention to the credit worthiness of who you do business with rather than your credit
Using your residence, commercial property or bare land for your business as collateral doesn’t require a high credit score
traditional bank lending go as low as 620-640+
credit card financing requires credit score of 660+
non-profit based lenders go as low as 600