It is simple to be considered for business financing from us, you just need to:
Show a proof of being in operation for a period of least 3 months
Provide sales receipts
Accept credit cards as a payment option
Process a fixed amount as sales for at least 3 recent months for payments through credit cards or more in monthly deposits without cc sales.
Provide bank statements for at least 3 months to validate your details
How easy is it to get my loan application approved?
New Age Business Loans have an easy application process for securing the benefits of its business cash advance program and other business financing solutions. Getting loans approved is easy. The approval rate for our loans is very high. All we need is proof of business to show that they are in operations for at least a span of 3 months. For those with bad credit history or those that have been denied of credit in the past can also approach us for business loans. We have designed the bad credit business loans as the best financing solution for business owners with bad credit records. Interested candidates need to fill out an online application and provide a basic profile. There is minimum paperwork involved in application process and approvals for loans are decided quickly. We can transfer business loans or business cash advances to your account in as little as 72 hours.
How does New Age Business Loans cash advance programs work?
We provide business owners with a business cash advance or any another type of unsecured business loan of up to $500,000. You do not have to pledge guarantees or put up collateral for getting a loan. We decide the type of business loan to be facilitated depending on the company profile. Extending of the business financing is also based on future sales receipts and this is one of the reasons that we do not take into account why your credit history. Companies with a bad credit history can also get approval for their loans. We require a small percentage of future sales as repayment for granting business cash advances.
What are the repayment costs of a business cash advance?
Repayment expense for a business cash advance is determined on the exact amount of loan extended as well as the time period allotted for repaying it. There are a few other factors that influence the repayment costs of a business loan. You can get detailed explanation of all the financing options from a financial specialist shortly after we receive a duly filled out online form from you.
Is there a fee associated with applying for a business cash advance?
There are no application fees or any costly set-up fees that goes with our loan programs. Hence our lending options are different from other financial institutions. We are a highly rated financing provider and a trustworthy name in the industry because of the ways in which we service our clients.
Will bad credit or no collateral affect my business financing application
One of the most advantageous features of our business loan options is that it does not take into account credit history of a company. Decision to provide business loans are generally determined on current and future sales receipts. We do not take into consideration the credit rating or history of a company for giving our approvals on loan requests. You can rest your concerns about bad credit as credit score will have very negligible impact on our approval decision. We understand that even companies with good potential can have poor credit scores and hence we provide bad credit business loans.
How fast can I get a business cash advance or business loan?
Our business financing options allow for approvals to be sent in less than 24 hours for some applicants and funds are wired to your account as fast as 72 hours. For early approvals, candidates are required to furnish all relevant documents in a timely manner to help us speed up the approval process.
How much financing can I receive?
Under our business cash advance, we provide loans ranging from $5,000 to $500,000. We have some exceptions to this loan limit as based on particular requests but this is the general loan guideline that we follow.
What is the structure for paying back a business cash advance or business loan?
The repayment amount for the loan taken from us is decided based on a small fraction of future revenue. We work out a comfortable payment plan that is best suited for your business. We provide borrowers with the choice to adjust their repayments downward in case they go through a slow revenue cycle. The best payback rates are determined depending on the basic profile you provide us.
What is the difference between a business cash advance and a business loan?
A business cash advance is designed for business owners to help them receive an upfront bulk payment in exchange of a percentage of future receivables. We have a range of business loans which require payments to be made at a set percentage amount or a fixed time.
Once I repay business loan taken earlier from you, how easy is the process to receive another one?
Once we establish a business relationship with you, it will be easy for you to apply for a second business cash advance. The approval process will happen automatically and quickly as long as there is no major change in your financial status.
Are there lengthy and complicated paperwork required for a loan application?
The application process for our loan is simple and easy. Filling out the paperwork requires will take only a few minutes. Our finance specialists will help you go through the process.
Will my application for loan get automatically approve if I have a similar loan with another financial company?
There are different standards adopted by different financing company. We hold good records of offering approvals for majority of our clients who place a loan application with an already existing business loans are approved. You can learn from your own experience by simply filling out our easy to use online business loan application.
Do you charge any costs to apply for a business loan or business cash advance?
Unlike other lending companies, we have no application fees and no up-front fees for our customers. When seeking loan from us, you can rest your concerns as all the work and cost factors associated with securing financing for your business will be taken care.
Will I be eligible for financing if I have substantial monthly gross sales but less credit card sales?
Yes you can qualify for receiving loan from us even when you have less credit card sales. Business loan programs such as ACH loans are decided on the overall monthly sales. We can provide you with a business loan that meets your financial requirements.
Can I have my business cash advance or business loan renewed?
A borrower can seek a loan renewal when the outstanding cash advanced reaches 20% of the outstanding balance. A lot of our clients renew their advance programs. Submissions for the renewal are generally met with approval within 24 hours and your request can be made by phone or email.
Do I need to switch my credit card processing service for taking a business cash advance?
NO. You can find some of the best credit card processing options provided by us. We do look after a large percentage of our clients’ accounts. However, we are not here to make easy money off of a client’s processing accounts but to establish a fulfilling and long-term business relationship. We want to make funding available for potentially larger deals and take the business association forward. This is the key reason that we offer loans at reasonable rates and why most clients like to switch to us for credit card processing. You are free to make your choice and we are here to help you get any of your queries or concerns resolved.
Is it okay to transfer a merchant cash advance or receive more than one with multiple companies?
Yes it is fine to do so. A lot of clients approach us as they find the terms of their merchant cash advance pretty unreasonable or they feel dissatisfied with the service of their provider. You will be provided several ways to transfer your account and we will be more than glad to help you out in this regard. You may have 2 or 3 merchant cash advances out and may have complex structures but our finance specialists can discuss with you to help you come out of any of the dissatisfactory positions.