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Frequently Asked Questions
What exactly is BusinessCreditSource.net?
We are a nationwide Business Financing Consultant specializing in Unsecured Loans and Lines of Credit for Small Business Owners. We work only with seasoned businesses (Minimum 2 Years in Business), and help you avoid costly and financially deadly mistakes by structuring your Application Package correctly and sending it to the Lenders that we know from experience are most likely to approve your request. We offer a much higher level of certainty and convenience than going at it alone.
What types of Financing does BusinessCreditSource.net offer?
We do ONLY Unsecured Loans, Lines of Credit, and Credit Cards - That's it. That is our specialty and we are very good at what we do.
What is the difference between using BusinessCreditSource.net and going at it alone and applying with Lenders myself?
Apart from saving you time and being more convenient, BusinessCreditSource.net will help you avoid the MAJOR problem with going at it alone, which is applying with the wrong Lenders, the wrong way, and then getting too many inquiries on your Credit Report so that NO OTHER LENDER will Approve you, even if your Credit is perfect, because you have applied and been denied too many times! If you do this you will kill you chances of getting the financing you need for at least 3 months and probably 6 months, depending on how many times you applied and were denied.
Knowing which Lenders to apply with and how to structure the Application correctly is not easy, and it takes a lot of work to build and maintain an accurate and up to date database of Lenders and their Loan Programs, as well as personal experiences with each Lender. BusinessCreditSource.net has done all that work for you, so that your Applications get approved the first time, and you get the most money you can qualify for.
Do not take chances with your Business! Let BusinessCreditSource.net help you do things the right way.
What fees do you charge?
We do not charge any upfront fees of any kind, so there is no risk to you. The only fee we charge is a one-time Approval Fee for each line of credit or loan once you are approved and receive your funds, which we will explain to you in writing once your Application has been accepted.
After I sign-up with BusinessCreditSource.net, can I apply for financing myself as well?
No, not for 60 Days. The main reason for hiring BusinessCreditSource.net is to AVOID the mistakes you can and probably will make if you apply to Lenders by yourself. For that reason, we do NOT allow you to apply for any financing yourself for 45 days, so that we have control over your Credit Applications and can assure you the best results possible.
We instituted this Rule after having Clients apply to other Lenders without our knowledge, get denied, and then having our Lenders deny the Applications we submitted because of the Client having applied and being denied by the other Lenders, so do NOT do it!
If I sign-up with BusinessCreditSource.net and then change my mind, can I cancel our Agreement?
Yes, if you change your mind you may cancel our Agreement at any time by giving us 5 Days advance notice by e-mail or fax. There is never any penalty to cancel. At that time we will stop working on your behalf and you are on your own, however, any applications we have already submitted for you prior to your cancellation will still be due a Approval Fee if they are Approved.
How much money can I borrow?
The amount of money your can borrow will depend mostly on the strength of your Credit History, but will also take into account the amount of time you have been in business, and whether or not you can show Income and Asset Documentation.
If you have been in business for more than 2 years, you may be able to borrow up to $350,000 under our No Doc Program, and up to $1,000,000 (or more) under our Full Doc Program.
What interest rate should I expect to pay?
The interest rate varies depending on your Credit History and the Lender we place your financing with. Usually the rate is around Prime + 1% to Prime + 6%, but can in some cases go up to Prime + 9.9%. In the end, the better your Credit History, the better the rate you will get.
What are the repayment terms of the Loans and Lines of Credit?
Most Clients will end up getting a Line of Credit instead of a Loan because the payments are lower and it gives them more flexibility to charge and pay back as they please. Monthly Payments on Lines of Credit will be 1% to 3% of the outstanding balance, so if you borrow $50,000 your monthly payments would be between $500 and $1,500 per month, a good part of which will be principal, and another part interest, depending on your interest rate.
Monthly payments on Loans will vary depending on the Term of the Loan, which can vary from 24 months to 84 months, so if you borrow $50,000 at 12% interest (for example) your monthly payments would be between $882 and $2,353 for 84 and 24 month terms, respectively.
Are there any pre-payment penalties for paying my Loan or Line of Credit off early?
No, usually not. If you Loan or Line of Credit is for more than $250,000 however, there may be a Pre-Payment penalty, although it is very rare.
How long does it take to get Approved and Funded?
If you are doing a No Doc Loan or Line of Credit, it will typically take 1 to 3 Days to get an Approval, which will tell you how much you are approved for and what the rate and terms will be. From the date you are approved, it then takes from 3 days to 14 days, depending on the Lender, to actually have the money in your checking account. If you are doing a Full Doc Loan or Line of Credit, it will usually take 3 to 5 days longer to receive an approval, since there is more paperwork to process and the loan amount will usually be much higher.
Is there a way to speed up the process?
Yes, you can speed up the process by providing any documents we need as quickly as possible and returning our phone calls and e-mails in a timely manner.
Do I have to apply online?
We prefer you apply online, but you may also apply over the phone by calling our offices Monday thru Friday 8am-6pm est at (336) 616-0851 .
If I have Bad Credit but have a co-signer with Excellent Credit, can I still get Approved?
If you have a Co-Signer with Excellent Credit, we will do the financing in the name of your Co-Signer, and assuming your co-signer qualifies, the Loan or Line of Credit should be approved.
I have a short and/or limited Credit History, can I still be Approved?
That depends on how short and/or limited your Credit History really is. If you do not have at least 4 Credit Accounts that have been open for the last 24 months, we may still be able to help you, but the amount you will be able to borrow will be limited.
I have had some credit problems in the past, can I still be Approved?
As long as you have not had any Bankruptcies in the last 10 years, or any Re-Possessions, Foreclosures, etc. in the last 7 years, then you may be approved assuming you meet the normal qualification criteria everyone else would have to meet. If your credit problems are more recent than that, then you probably will not be approved.
If your credit problems actually consist of incorrect information being reported on your Credit Report, such as an old Collection you paid but never showed as paid, etc, then we may still be able to help you, but you first need to get the incorrect information out of your Credit Report, which we can help you accomplish as long as you can qualify for the financing once your Credit is repaired.
When you say No Doc, do you really mean I do not need ANY documentation to be Approved?
YES! In most cases you can be approved with no documentation whatsoever. Sometimes, however, a Lender may ask for verification that your business exists, or your Driver License to verify your identity, or a Phone Bill to verify your address, or something of this nature. These are simple documents you should have available at your fingertips.
If you Pre-Approve me, does that mean I am actually Approved and will be Funded?
No. A Pre-Approval simply means that you have met the minimum qualification criteria and that you are very likely to be Approved and Funded by the Lenders we submit your Application Package to. When we Pre-Approve you, it means we have decided that it is worth our time to work with you, and that we are willing to spend several hours doing what needs to be done to get you Approved and Funded. For this reason we only Pre-Approve you if we believe you are likely to be Approved and Funded by our Lenders.
I was Approved and Funded but still need more money, when can I apply again?
Assuming you have made all payments on time and you still have Excellent Credit, you can apply again after 3 months and we will be happy to get you the extra money you need as quickly as possible.
I already have some relatively high credit limits on my Credit Cards and/or Lines of Credit. Can BusinessCreditSource.net help me get those credit limits increased to the maximum?
Yes, that is definitely something we can help you accomplish and we often do that every 3 to 6 months for our existing Clients that need increasing amounts of financing to grow and operate their businesses.
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