While each file is unique, our average client usually receives approvals after being submitted to lenders within a week. Funding usually follows roughly a week after approval, but can take up to three weeks depending on the lender.
On a stated basis our best clients can apply for up to $75,000. On a full-doc basis our best clients can get access to $500,000 or more. The amount of funding depends on several factors including time in business, type of business, and strength of owner(s) personal credit history and the condition of their business credit profiles.
Interest rates are typically tied to the Prime Rate. Current expected rates for non- documented clients range from 6% to 12%. Full-document client rates range from 5% to 10%. Most terms are for three to seven years; terms vary depending on the lender. Your actual rates may be higher or lower depending on your credit history and overall business profile.
Payments on lines of credit are typically interest-only on the amount withdrawn. Assuming an interest rate of 7% on $100,000, your monthly payment would be $584 a month.
$100,000*.07= $7,000 (Total yearly payments)
$7,000/12= $583.33 Monthly payment
Clients can pay down any or all of the outstanding balance at any time without penalty. Assuming you pay the line back it reloads and you have access to the $100,000 line again.
No, currently your business must be based in the United States for us to obtain lines of credit.
TheLendingUniverse specializes in what our name suggests--getting our clients business loans. We specialize in helping clients navigate the complex bank application and funding process. We provide proprietary diagnostic tools that allow a business owner to make informed decisions and allow you to stay focused on your business. Beyond our diagnostic tools, we have teams of experts who help coach and ensure that you obtain the right product for your business requirements. Over 80% of TheLendingUniverse's clients have previously been turned down for business credit and turn to us for our expertise
To obtain the best rates, banks require several years of tax returns both personally and from the business. By providing tax information financial institutions are able to make a more informed decision regarding your business and typically provide the best possible rate. You may still obtain financing by stating your income rather than submitting tax returns, but the terms of your loan will be less favorable. There are also specially earmarked funds available for minority owned businesses and veterans. Please tell the LendingUniverse representative if you qualify for one of these categories.
The simple answer is yes. TheLendingUniverse works with a large network of national and local banks, credit unions, and non-traditional lenders to help you obtain rates and funding that meet your unique business needs. Recommending specific banks and lenders is our specialty. We talk to various banks and lenders daily in multiple markets throughout the country about current rates and promotions to ensure that our clients get the best possible rates and maximum funded amounts. We have helped match clients to lenders to obtain millions in funding in each of the last several years. Armed with recent funding data we can provide the business owners coaching and the necessary information to make an informed decision.
The quickest way to achieve your loan is to promptly complete the online loan application. During the application process we will provide you with forms specific to the type of loan you are requesting. The faster we receive the completed forms, the quicker you can receive your capital.
Your loan is generally not reported on your personal credit unless you default.
Typically a business line of credit offers greater flexibility with payback versus the fixed payment structure of a business loan. Business loans require a fixed payment and specified payback period. With a business line of credit the borrower can repay principle at any time without penalty, or make interest-only payments until cash flow improves. Once the line is paid back it reloads. This is a unique feature of the business line of credit allowing you access to the same line of credit over and over again
You may still qualify if your credit score is above 680 and you have not had: a bankruptcy within the last 10 years, unpaid collections reported on your credit, tax liens, repossessions, foreclosure, property liens, or serious late payments in the last 7 years. If your credit problems are of a more recent nature we likely would have a hard time getting your business approved.
Please understand that if you do qualify based on the above criteria you likely will not be eligible for the best rates or maximum loan amount. TheLendingUniverse offers non-traditional alternatives to clients with scores as low as 600. Contact our representatives for current options.
Yes, by nature you guarantee a business loan, but it is not secured by any real estate, asset, or collateral. Lines of credit do not show up on your personal credit because they are actually provided to your business entity. Websites which claim otherwise are inaccurate, except for the most exception of circumstances which most small business owners will not qualify.
Yes. Depending on the time horizon since the derogatory marks were put on your report, they may not impact our ability to get you credit.
Once approved, the lender will clearly state the terms and interest rates associated with the loan prior to closing on your specific loan package. Refer to your consulting agreement for additional details on consulting fees. Our consulting fee is due on all lines offered within a certain range of terms.
Sorry, but the short answer is no. A pre-approval from TheLendingUniverse means that you have met the qualification threshold that our lenders require to be considered for a business loan. Furthermore, a pre-approval from TheLendingUniverse indicates that we are willing to work with you on completing a full business client package that typically takes our processing team several hours to complete. The business client package will include information on your overall personal and business credit worthiness. The processing team will analyze the business profile data you have provided and create a profile summary to ensure that the ratios and coverage metrics of your specific business profile are in alignment with lender guidelines. If your completed business client profile looks favorable, we will move forward with your submission and work with you to get the lines of credit you need.
