Frequently Asked Questions

Our company was founded for small businesses to achieve their goals and become a trusted advisor so that way our customers could make the best financial decisions. By being a direct lender, we understand businesses better and provide far superior funding solutions. We also partner with national preferred lenders in order to present you with the best funding options for your business and strive in making the funding experience affordable, easy and fast.

We developed technology based solutions that allow us to provide funding in less then 24 hours. With traditional lenders, it can take as much as a month and we know our customers cannot wait that long. Also, we only request for a credit application to be completed along with 3 most recent months of banks statements in order to prequalify a customer. Our automated funding process is seamless and fast and within fast checkout we can provide the funds the same-day when the customers agrees to the terms.

Your credit score would not be affected when applying for funding. With soft credit pull, it would not even show on your report as an inquiry. We understand how vital and fragile credit score can be in order to achieve best funding options but at Creditfy it's only one measurement out of a hundred various factors. Some lenders perform a hard pull but this only occurs when you accept the terms and proceed with funding.

There are no fee's or charges when you apply with us and it this includes any product that we offer. Other lenders or brokers may charge an up-front fee but with us, it's all about building a relationship. Our fee's is our reviews and customers feedback.

We are a direct lender and offer funding option which is tailored to each business. We believe in value and if we cannot offer superior terms in-house, we ask our nationwide network of funding partners to present their options. Our strategy for both our customers and partners is to provide superior terms and ensure that each customer is satisfied.

A business line of credit provides our customers the ability to access capital when they need and only pay interest on the amount that's drawn. The line is a revolving line of credit which means when you repay the outstanding funds, your available credit replenishes. This product offer customized terms and competitive rates with an easy application process. It's an ideal product when you are anticipating large expenditures in the future and your business can be prepared for it.

Once you are approved, you would be able to draw the funds which would be deposited into your bank within couple of hours. The payments would be auto debited from your bank account on weekly or monthly basis over the extended term. The funds can we used for any legitimate business purpose, including covering short-term debt, covering expense, purchase equipment and inventory or use the funds to hire additional workers.

The main requirements to qualify the business line of credit is that your business must have been in operation for 6 or more months, have a credit score of 600 or more and generate at least $100,000 in annual revenue.

Yes, you can repay the credit line early at any time without incurring any additional fees or penalties.

We provide financing and leasing options on both new and used equipment. We specialize in both hard and soft equipment classes in the following industries: Agriculture, Automotive, Construction, Energy, Fitness, Hospitality, Industrial, Manufacturing, Media, Medical, Technology, Transportation and Waste Management. There are no restrictions on the piece of equipment that you are seeking capital for as long as your business could benefit from and the equipment holds value.

The main credit factors that would determine qualification is length of time in business, personal and business credit profile and score, type of equipment, financing references and financials. This product should not discourage borrowers with low credit score or time in business. We use tailored solutions to ensure a high approval rate when it comes to this type of product.

Equipment financing and leasing offers customized financing options where you would only need an application in order to prequalify up to $100,000. Any greater amount would require additional documents with fast credit decision and same-day funding. With this product, you could benefit from tax advantages, long term options, grace periods from making early payments, flexible credit requirements, no down payment, pre-funding while you're shopping for equipment, dedicated support team, competitive rates and funding up to $5,000,000.

Yes, depending on the type of equipment you may finance 100% of the softs costs that are associated and up to 30% of the total financing amount. Such soft costs and service fees might include delivery of equipment, installation, regular maintenance, extended warranty, sales tax and other expenses.

Yes, the payments would remain fixed for the entire term and if you choose to payoff the balance early, there are no penalty fees.

A business term loan is a loan that is taken to finance your businesses daily operations and is mostly used to cover short-term expense and businesses short-term operational needs. This product is ideal for cash management, use as cash flow bridge for late receivables, purchase inventory and negotiate better terms with vendors and cover accounts payable.

We would only require a credit application along with 3 most recent bank statements.

The payment structure is fixed, you can make daily or weekly payments over a short period of time. Since this product is considered as short-term, the balance has to be repaid within one year or less.

SBA loans offer favorable terms to borrowers with long terms, low and competitive rates with monthly payments, longer than other loan products. The advantages of securing an SBA loan is crucial to small and mid-size businesses that need long-term working capital.

The basic qualification for an SBA loan, is for business to have more than $100,000 in annual revenue and positive cash flow. Majority of the businesses that qualify for this product are healthy businesses with good credit standings that can afford to make monthly payments. For SBA 7(a) Working Capital or Debt Consolidation Loans from $30,000 to $350,000 would require: US business owned by a US citizen who is at least 21 years old and minimum 2 years in business. The customer must have no outstanding tax lines, no bankruptcies or foreclosures in the past 3 years and have good personal credit score 640+ or higher, with no recent charge-offs.

Business owners who own 20%+ or higher of the business must provide a personal guarantee to payoff the loan. If a married couple applies for an SBA loan and own 20%+ or more ownership in business, must both provide a personal guarantee.

A lien on the business assets would be required for an SBA loan, but there is no minimum requirement for the respective value of assets under the term of the agreement.

Bridge loan is a short-term loan that provides the business owner with fast exposure to funds. You can use this type of loan as short term means while you are looking for a longer-term solution or an expected influx of cash.

This product can be secured or unsecured type of financing depending on the funding amount and credit factors.

The repayment options are have a short term and could be anywhere from 2 to 6 months with daily to weekly payments that are pulled automatically from your bank account.

You choose which unpaid invoices you want to receive funding for, then you send those invoices and receive cash in as little as a day. Then, you can use the cash for business purposes without your clients holding your cash flow and later pay for those invoices.

The minimum qualifications to obtain invoice financing is business owner having a personal credit score 530+, 3+ months in business and $10,000 in monthly revenue.

We would need a credit application, more information or details about your invoices along with 3 most recent bank statements.