Stated, Streamlined 4506, and Fully Documented Programs
UNSECURED LINE OF CREDIT IS THE IDEAL WAY FOR YOUR BUSINESS TO GROWInterest Only PaymentsIn most cases.No Collateral RequiredLine of credit is unsecuredLow Interest RatesLower than a credit card, range start at PRIME + 1%FlexibleMore flexibility than a loan.UNSECURED LINE OF CREDIT IS THE PERFECT SOLUTIONWith a sensible interest rate and the flexibility to access the money you need – when you need it – an Unsecured Business Line of Credit is the perfect resource for handling routine and unexpected expenses. Plus, upon approval, an Unsecured Business Line of Credit makes it easy for you to borrow, as often as you want, without high rates and hefty fees ... and you can use it in addition to whatever current financing you may have in place.
IT IS AS FLEXIBLE AS A CREDIT CARD, GET THE CASH THE DAY YOU WANT ITIt's a challenge every business owner faces ... the need for extra cash right now. Fortunately, an Unsecured Business Line of Credit provides instant access to funds with your checks at a rate of interest far lower than with most credit cards – all on the same day you want it.
IT IS NOT LIKE A LOAN, BORROW AS OFTEN AS YOU WANTIf you are like most small businesses, you need a convenient way to access large amounts of money. Unfortunately, a loan restricts when and how you can access funds, and many credit cards charge fees and access penalties.
APPLY TO BORROW AS MUCH AS YOU NEEDYou could qualify for Unsecured Business Lines of Credit totaling over $350,000. But, unlike a loan, you do not have to borrow it until you decide you need it. And, unlike most credit cards, you will not pay balance transfer or cash advance fees. What's more, with an Unsecured Business Line of Credit, you can borrow as often as you like up to the limit of you Line.
WHO IS ELIGIBLE?Self Employed (1099), Sole Proprietors, Partnerships, LLCs and Corporations are eligible for these programs.
STATED UNSECURED LINE OF CREDIT PROGRAMHighlights1. No income documentation required. No P&L, statements or collateral2. Maximum loan amount per line of credit varies between $50K and $100K 3. Loan amount is restricted to percentage of stated gross sales. Some lenders also restrict to percentage of stated annual income. 4. More than one lender offers this program, so total combined loan amounts can exceed $300K 5. Line of credit is unsecured, and personally guaranteed 6. Interest rates are credit score driven and range from PRIME + 1% to PRIME + 4% in most cases 7. Interest only payments in most cases 8. 1 year renewable loan term and renewable if borrower is in good standing with the lending institution, in most cases 9. Closes in 5 to 10 business days in most cases 10. Lender charges additional annual fees ranging from $100 to $250
Requirements1. FICO score of 660 or better is required to qualify2. Applicant must be in business for at least two years (some flexibility with business history) 3. Sole proprietors (1099 employees) are eligible for this program 4. Lender will consider the amount of personal consumer debt for approval 5. Simple two page application is all that we require. All fields on the application form are required to be completed. Individual lenders may need other documentation for proof of ownership. 6. Legal formation documents (Articles of Incorporation, etc.)
LOW DOC UNSECURED LINE OF CREDIT PROGRAMHighlights1. No need to pull your own tax returns (lender will do it for you), P&L, statements or collateral.2. Maximum loan amount per line of credit varies between $50K and $100K 3. Loan amount is restricted to percentage of stated gross sales. Some lenders also restrict to percentage of stated annual income. 4. More than one lender offers this program, so total combined loan amounts can exceed $300K 5. Line of credit is unsecured, and personally guaranteed 6. Interest rates are credit score driven and range from PRIME + 1% to PRIME + 4% in most cases 7. Interest only payments in some cases 8. 1 year renewable loan term and renewable if borrower is in good standing with the lending institution, in most cases 9. Closes in 10 business days in most cases 10. Lender charges additional annual fees ranging from $100 to $250
Requirements1. FICO score of 660 or better is required to qualify2. Applicant must be in business for at least two years (some flexibility with business history) 3. Sole proprietors (1099 employees) are eligible for this program 4. Lender will consider the amount of personal consumer debt for approval 5. Simple two page application is all we require. All fields on the application form are required to be completed. Individual lenders may need other documentation for proof of ownership. 6. Legal formation documents (Articles of Incorporation, etc.)
FULLY DOCUMENTED LINE OF CREDIT PROGRAMHighlights1. Income documentation required (see below)2. Loan amount is restricted to percentage of gross sales and can not exceed $200K 3. More than one lender offers this program, so total combined loan amounts can exceed $450K 4. Line of credit is unsecured, and personally guaranteed 5. Interest rates are credit score driven and range from PRIME + 1% to PRIME + 4% in most cases 6. Some loans are 7 year term loan with interest only payments for first three years, then amortizes over the following four years. 7. Closes in 30 days in most cases. 8. Some lenders have a 1% SBA fee for this loan and an annual $250 fee
Requirements1. FICO score of 640 or better. A higher loan amount is available for 680 or better2. Applicant must be in business for at least one year (two years to get over $100,000) 3. Sole proprietors (1099) employees) are eligible for this program 4. Lender will consider the amount of personal consumer debt for approval
Required Documents1. Credit application filled out completely2. Last 2 years business income tax returns 3. last 2 years personal income tax returns for all guarantors (anyone with 20% or more ownership) 4. Legal formation documents (Articles on Incorporation, etc.) 5. 3 months of bank statements for the business 6. Year to date financial statements for the business
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