FAQ’s
Do you actually lend us the money?
No. We have a network of banks that we utilize to secure the capital for your business.
Do I need to have a business established before I can qualify for your program?
Yes. Our program targets working capital for businesses, therefore you will need to have some sort of business entity in place. Once we get you qualified for our program, your Consultant can discuss the details with you and proceed accordingly. We also provide a service that can assist you with the creation of your new entity and an EIN Number.
What type of credit lines are these?
The accounts we establish are revolving credit card accounts for use with your business. This means you will only pay interest on the balance used on each account. You will not receive a lump sum of cash and be required to immediately begin making interest payments.
How do I access cash of the lines?
All of the accounts will come with access cards that can be used for point of sale purchases. Some will provide checks that can be written out and deposited into your checking account and there are some lines that allow you to initiate a direct deposit into your business’s operating account. Your Consultant will be able to provide you with a detailed summary of each account and tailor a specific strategy based on your needs for working capital.
Is this one loan?
No. We help to establish multiple credit lines for you that will total the final amount secured. The reality today is that most banks will not lend above $30,000 to business owners without tax returns, profit & loss statements, or collateral. This is why we apply to multiple banks.
How much credit can I qualify for?
Your personal credit profile will determine how much credit your business can qualify for. We target $50,000 – $150,000 in unsecured revolving credit lines during the 1st phase of our program. Our clients on average receive $70,000 – $80,000 in cash credit within the first month on approved credit.
How many credit lines will I end up with?
It all depends on your credit profile. Most of our clients end up with 4 or 5 different accounts once we’re finished. Once you provide your CCT report for review, your assigned Consultant can go over with you what you can expect moving forward.
What are the terms of the loan?
There is no timetable to how long they can remain open. Since these lines are revolving lines, they will remain open and available as long as the banks choose to continue the relationship. As long as you make the payments on the agreed terms and conditions, the credit lines should remain open indefinitely.
What are the interest rates?
The terms vary from one lender to the next. The majority of the lines will offer a promotional period of 6 – 18 months. The promotional rates are typically 0% – 2.9% during the first 6 – 18 months. After that we’ve seen rates as low as 6% and as high as 15% again after the promotional period ends. Typically, the higher interest lines carry the longest 0% introductory period.
What will my monthly payments be?
The minimum monthly payments vary by lender. They are usually 1% – 1.5% of the principal balance used on each line. However we always suggest using 2% as the factor when estimating your minimum monthly payments. This will provide you with a cushion, it’s always better to estimate higher than expected versus the other way around.
What if I don’t need all the money now?
Again these are revolving lines therefore you only pay interest on the principal balance being used. As long as the banks continue the relationship, you will continue to have access to the remaining funds.
How long does your program take before I can begin accessing the capital?
Once we start the application process, you can expect to have approvals within 7-10 days and you will have access to some of the cash within 14-21 days. Typically the entire application process takes 3-4 weeks to obtain all of the approvals due to the fact that some banks may take longer to underwrite a file, especially if they require documentation such as your Articles of Incorporation. If your file requires “credit enhancement”, it may take up 3 weeks to complete; at that time we will begin the application process.
What is “Credit Enhancement”?
Due to the fact that we understand each bank’s specific underwriting guidelines, we know exactly what they are looking for in order to approve or deny any individual. Therefore we will make some minor adjustments to your credit, if necessary, before we begin the application process. This will ensure that our applicant’s credit profile will look as good as possible to the lenders; which will ensure that you are approved and for the maximum amount of financing available at the best possible terms.
Are you a credit repair company?
No. We use proven techniques to enhance your credit profile but we do not provide a credit repair service.
How long is the application process?
The application process typically lasts for 1-2 weeks depending on your credit profile. If Credit Enhancement is required it could lengthen the process by another 2 – 3 weeks.
How much does your program cost?
We have several different programs and services that we offer. Our programs range from $500 – $5,000 and the program you qualify for will be based upon the strength of your overall credit profile and any additional services you would like to pursue. Once we’ve had a chance to review your credit profile we will determine the amount of financing we can secure on your behalf and the cost of the program will be discussed with you at that time by one of our Senior Consultants.
What is your minimum guarantee?
Once we’ve reviewed your CCT report, a minimum amount of financing will be determined, which can range from 25k up to 100k depending on the strength of the credit profile. If we are unable to secure the minimum amount of cash credit guaranteed, you will not be charged for our service.
How does your program work and how do I qualify?
Our network of banks will utilize the personal credit of the business owner to determine whether or not they wish to grant additional credit to the individual and their business. We understand the guidelines of the banks so the first thing that needs to happen is for you to send me a copy of your CCT report for evaluation by one of our experienced underwriters.
What is the minimum credit score required?
Today’s banks perform an in depth review of the entire credit report. We don’t have a minimum score requirement, however it’s very difficult to secure credit for applicants with scores below 680. In some cases we can enhance the credit through various strategies to increase credit scores up to 150 points. Typically, client’s with credit scores higher than 730 have the best results.
What if I don’t have the credit required to qualify?
Any officer of the company is eligible to cosign for your business as long as their credit profile is qualified by our underwriting department. It is recommended that the cosigner be on the articles of organization and live in the same vicinity of the business.
Will these credit lines report to my personal credit?
Most of the banks we apply to will not report to your personal credit. However there are a few lenders that have decided to report their lines onto the personal credit of the co-signor.
Do I have to submit the applications myself?
No. We will submit the majority of the applications on your behalf. We do have a few lenders that only accept applications by phone. If your bank list includes any of these banks you will be required to speak with a representative in order to complete the application process with our assistance.
How will your program affect my personal credit rating?
Each bank must review your credit in order to underwrite your application. We strive to limit the number of inquiries that occur during our application process through our proven surgical process. We usually will see a decrease of 5-15 points on the credit score. However, your score will gradually improve each month as you continue to make timely payments and once the initial inquiries have seasoned 6 months. In some cases we will consult you to payoff existing debt reporting your personal credit; this will actually increase your scores more than you had before you started in our program. Some clients have even come out of our program with a 100 point increase in their scores compared to before they started.
What makes your program different from other similar programs?
It’s our commitment to Customer Service and attention to detail that makes us better than anyone else in our industry. We endlessly research new programs and strategies to make sure our client’s have the newest information and techniques possible. Our Consultants work hand in hand with each Client to ensure their experience in our program is as great as possible. We go the extra mile to help our client’s navigate the often confusing world of Business Credit.
How do we get started once I have been approved?
A Senior Consultant will be assigned to your file once you have been approved through our underwriting department. Within 24 hours of submitting your CCT, your assigned Consultant will contact you to go over a few things and will send you an enrollment packet via email. They will walk you through each step to ensure you fully understand everything and the paperwork is filled out correctly.
What if I don’t have a business established yet?
Once under contract, our Consultants can walk you through the process of filing for your entity with your Secretary of State, as well as help you obtain your EIN Number through the IRS. We do not charge for this service if you are going through our program. The only fee(s) you will need to pay are what is required from your Secretary of State or other governing body that establishes business entities.
What type of entity is acceptable for your program?
Our program requires that you have some sort of entity, whether it is an LLC, C-Corp, S-Corp, or a Sole Proprietor with an EIN Number through the IRS. If you have an entity but do not have an EIN, we will obtain one for you free of charge.
Minimum Criteria for Qualification:
720+ FICO Score (750+ is preferred)
Low Inquiries in Last 6 months (no more than 2 per bureau)
Low Revolving Debt Owed (No more than 50% owed per line)
No Derogatories, Lates, Collections, Liens, Judgments
No Bankruptcy within last 10 years
At least one Revolving Credit Line with a 5k limit that’s at least 3 years old
A Business Entity with an EIN Number (Sole Prop, S-Corp, C-Corp, LLC)