Startups and existing businesses can qualify for up to $150,000 through our Unsecured Business Financing program.
This program is designed to help your business obtain funding based upon on their personal credit only. The lenders will not ask for financials, bank statements, business plans, resumes, or any other of the documents so commonly requested with conventional bank funding.
This program is as close to a “no-doc” program as you can get with business funding.
To qualify lenders will look solely at your personal credit quality. They want to see no derogatory items on their report, a high consumer credit score of 720 or greater, a low amount of inquiries on their report, and they want your clients to have low balances on their existing credit cards now, below 30% of their current limits.
Approvals come in increments of $10,000, and you can secure up to $150,000 in total funding using these unsecured credit cards. How much you will be approved for is typically based on your existing credit card limits now, so the higher their existing credit limits are the more money you’ll be able to secure.
Most unsecured cards in this program offer very low initial intro interest rates, as low as 0% for the first 6 months. Rates typically range from 5-15% after that based on risk. Any success based fees are rolled into the transaction so there’s no out-of-pocket.
Our unsecured accounts report to the business credit reporting agencies. Ultimately, you get your the money that you need as you build your business credit profile and score. Additionally, these accounts have no effect on your personal credit utilization, helping to keep your consumer credit scores high.
This is one of our most popular programs as no business financials are required for qualification.
Approval amounts will vary based on the revenue that is reflected on their business tax returns. And your clients can secure their new credit line in about 4-6 weeks. They can then use, and reuse their credit lines paying a small payment only on the balance they owe.
This is an amazing program for any business that shows good net profit on their tax returns, and wants a high-limit open line-of-credit.