UNSECURED LOAN PRODUCTS
Cash Flow Loan
Benefits: Perfect credit not required.
Drawbacks: Higher cost, Automatic payment.
1 year tax return
4 months bank statements
4 months credit card processing statements.
Business Credit Card
Benefits: 0% intro APR's, Spending Rewards.
Drawbacks: Variable rate, Possible annual fee.
3 years tax returns.
4 months bank statements.
4 months credit card processing statements.
Line of Credit
Benefits: Only pay interest on funds drawn, Credit is available when you need it, It is suitable for the majority of business needs.
Drawbacks: May require collateral in some cases, Higher interest rates if you have a low credit score, There is a personal guarantee.
3 years personal tax returns
Term Loan
Benefits: Loans are approved quickly, No collateral may be needed, Little paperwork, Lower rate.
Drawbacks: Excellent personal credit is required, Shorter repayment term than bank loans.
1 year tax return
6 months business ban statements
4 months credit card processing statements
Year-to-date Financials (P&L and BS)
Merchant Cash Advance
Benefits: Short time to funding, No collateral required, Repayment adjusts to how well business is doing.
Drawbacks: Higher cost depending on qualifications, Revenue and sales history required.
3 years tax returns.
4 months bank statements.
4 months credit card processing statements.