Bank Statement Financing Made Easy
If you are an established business looking for working capital, you may have already realized how difficult it can be to find a small business loan, especially if your credit is not pristine. Even if your business is going strong, and you have more than enough revenue to cover the monthly payment on a new loan, it can be tricky getting approved in today's economic climate.
Fortunately, there is a great alternative to traditional bank financing that is designed specifically for businesses in search of working capital. Unlike traditional small business loans, bank statement financing is not approved based on credit, but instead the financial strength of your company. Bank statement loans are offered to borrowers with all credit types, have a fast approval process, and provide flexible payment terms.
To learn more about bank statement financing and the lenders offering this great business loan option, read more below, or use the big orange button to submit your information. We'll be happy to answer all your questions and discuss the working capital loans you have to consider, including bank statement financing.
Bank Statement Financing Requirements
Even through bank statement loans are easily obtainable for most thriving businesses, there are certain requires you'll need to meet to qualify. As with most traditional loan programs, bank statement financing loan providers need to know your business is stable. Because of this, in order to qualify you'll need to be in business for at least six months. You will also need to have at least one hundred thousand in yearly revenue. The more revenue you have, the higher the approval amount you'll receive.
Although this loan is primarily based on your company's average daily bank deposits and overall revenue, bank statement lenders will still review your credit history. The good news is that a credit score of 500 and above is all that is needed to qualify. When applying for this type of loan, you will need to submit at least three-to-six months bank statement. and a one page application. Approvals are normally granted within twenty-four hours of apply, and funding can be as early as the next day.
Bank Statement Loan Terms
Bank statement loans can be obtained from a few thousand dollars to as much as a couple hundred thousand. Repayment terms can range from a few months to a couple of years. Bank statement financing loans can be used for any purpose, but are most commonly used for business working capital.
Benefits of Bank Statement Loans
Bank statement loans are considered unsecured and therefore do not require collateral for approval. This business loan type also does not require a personal guarantee. Beyond this being purely a business loan in the business name, bank statement financing will help you build business credit.
Small Business Loans with The Help of Life House Financial
Life House Financial is here to help you take your business to the next level. We can help you compare your small business loan options side by side to ensure you end up in the best loan possible. While bank statement financing can be a great option for most business types, there may be even better options for you to consider.
Helping people find business working capital is what we do best. Our services are free and there is never any obligation to proceed if you are not completely satisfied with the business loan rates and terms you receive. To get started, simply tell us about your business loan needs using the big orange button below. Our experts are standing by eager to answer all your questions and can help you understand bank statement financing in greater detail.