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(844) 860-2288
(844) 860-2288
(844) 860-2288
Bridge loan is ideal for short-term business financing by obtaining funds fast to bridge cash flow gaps. This type of financing is easy to obtain and offers a high application approval rate. You can obtain funding in as little as 24 hours. The pre-approval could take as little as few hours and with no cost. Many businesses can obtain funding the same day. Below we would discuss benefits of a bridge loan and after other financing options.
The business line of credit offers great flexibility with a main selling point of paying interest only on the drawn funds. It offers access to fast funding and giving you more control! You can use the funds for various business liabilities. With other financing projects you might have some limitations but with business line of credit as well as bridge loan. You have a bit more freedom with this type of financing. Bridge loan and business line of credit offer simple and fast access to funds.
Another positive selling point of business line of credit is that it’s an unsecured product with majority of lenders. Bridge loan with majority of lenders is also an unsecured financing product, thus collateral is not required. With a business line of credit, you can obtain additional funds instantly when the balance is paid off or partially paid down. The funds would be drawn from your business checking account. It offers seamless payment structure and easy payment process.
Equipment loan is an excellent financing source! With equipment financing being a secured type of financing, it’s much easier for a business to qualify for. One of the major contributing factors to securing an approval is your credit score. Businesses with poor credit and poor performance struggle a bit. Typically, lenders want to see a credit score of 650+ with strong attributes. That doesn’t mean that they won’t finance someone with score a FICO score of 500 or below.
We understand the equipment financing space well. Our representatives mute the score and concentrate on the equipment more. Each business has challenges! It’s easier to obtain equipment financing vs. other financial products.
Invoice financing works by borrow against your uncollected receivables. It provides business owners with financing versus waiting 60-90 days and sometimes 120 or more to collect. This could be problematic and hurt your cash flow. When you borrow on your invoices, the lender would provide funding on the outstanding. They will provide coverage anywhere from 80-90% of your invoices value up front. Business owners can obtain financing with a high application approval rate. The funds can hit your account as fast as 24 hours. With government or municipal invoices, lenders can provide up to 100% financing.
Business term loan or short-term business loan is the fastest way to get financing. It’s the simplest and easiest form of financing available. Regardless of your cash flow or credit score, this product offers a high approval rate. You can get the funds in your account within 24-48 hours. This type of financing is very similar to merchant cash advance as well as bridge loans. The repayment terms are shorter than more traditional financing. Typically, the terms range from 3-18 months. As a result of the easy and fast application along with fast funding process these loans have higher rates.
SBA loan provides very favorable terms to those who qualify. This type of financing is highly sought after because of favorable interest rates. With flexible repayment options of monthly payments and long repayment terms. This product is also beneficial because it helps with building personal and business credit.
Majority of lenders report your repayment history to credit bureaus. This will increase your likelihood of obtaining financing in the future and get better terms with positive repayment history. This type of financing technically has no minimum credit score requirement. Lenders commonly would require a credit score of 650+ depending on the product. They also require review of financials over a certain period of times and the approval could be challenging to receive at times.
Depending on the strength of your application and the lenders requirements an SBA loan typically requires a 10%-20% down payment based on the loan amount. You’ll also need to provide collateral unless the loan amount is under $25,000. For loans over $350,000 there will be a lot of collateral required. If you don’t have enough business collateral it’s possible to use some personal collateral towards the financing.
A bridge loan might not be the best financing option. It’s designed more in need of fast and short-term working capital. This product offers a high approval rate and majority of time its unsecured. If you are looking for a secured product that comes with collateral requirement, you can still obtain funding fast with a high approval rate.
At Creditfy, we try to match you to the best available product. We spend our time trying to learn as much about you and your business as possible so we could best position you for preferred financing products. It’s essential for you to share your future plans with us or negative aspects about your business because it helps us to customize financing for you. Our technology enables us to secure fast funding for our customers in as little as 24 hours. Apply when you’re ready!