Below is a chart of loan products and requirements.
Business Profile | Cash Advance | Traditional | Alternative | Bank Only | Express |
---|---|---|---|---|---|
Time in Business | N/A | 1 Year + | 2 Years + | 2 Years + | 1 Year + |
Credit Cards Accepted | 3 Month Minimum | 3 month minimum | Not requried | Not requried | Not requried |
% Ownership Required | 51% | 80% minimum | 50% minimum | 50% minimum | 50% minimum |
Owner(s) Personal Credit | 580 + | 600 + | 500 + | 620 + | 500 + |
Cash Flow Profile | |||||
Estimated Year Revenue | $150k + | $150k + | $300k + | $150k + | $100k + |
Minimum Avg. Bank Balance/Month | N/A | $5k | $3k | $3k | $1k |
Minimium Ending Bank Balance (Current Month) | N/A | $5k | $0 | $3k | $0 |
# of Negative Days Accepted | N/A | Up to 3/month; up to 6 in 3 consecutive Months | Up to 6/month; up to 10 in 3 consecutive Months | Up to 3/month; up to 6 in 3 consecutive Months | Up to 3/month |
Number of Insufficient Funds Incurred | N/A | Up to 5/month; Up to 10 in 3 consecutive months | Up to 10/Months; Up to 20 in 3 consecutive months | Up to 5/months, Up to 10 in 3 Consecutive months | Up to 10/Month |
Required Transactions/Avg. Month Volume | 20 CC Swipes/$3K | 20 CC Swipes/$3K | 100 CC Swipes & $10k or 5 Bank Deposits | 5 Bank Deposits | 5 Bank Deposits |
Deal Maximum | |||||
Maximum Loan Amount | $350,000 | $150,000 | $75,000 | $100,000 | $35,000 |
Maximum Terms | 18 Months | 18 Months | 9 Months | 12Months | 6 Months |
Equity Loans | |
---|---|
Maximum Loan Amount | $1,000,000 |
Maximum Term | 3 Years |
Minimum Loan Amount | $50k |
Minimum Term | 6 Months |
Click here to learn more about Building Business Credit & Personal Credit Repair.