Concept Small Loans and Best Business Cash Advances, and excellent candidates because they usually accept credit cards and the cardholders are physically present at the point of sale. Unfortunately, most home-based and internet-based businesses don’t qualify. You have to process at least $5,000 per month in credit card sales, and underwriting also likes to see that you settle transactions at least 10 – 12 times every month. Personal credit is not a big factor; the only stipulation ist that the owner’s FICO score is above 500 and there are no open bankruptcies. The application process is very simple. A one page application is filled out and signed by the business owner. The application contains basic administrative data about the business and the owner(s) and usually also lists a few trade references. The signature authorizes the cash advance provider to obtain a copies of the applicant’s business and personal credit reports. Pre-approvals can be given within 24 hours of the application being submitted along with the business’s 4 most recent credit card processing statements.
At lease one, if not all, of the statements must be complete (i.e. all pages submitted) so underwriting can review them completely, looking at credit card processing activity, transaction count, average ticket size, batch frequency and rate analysis. The pre-approval will consist of a few different funding options based on the statements you submitted, along with a list of additional paperwork you’ll need to submit prior to approval. This can vary slightly on a case by case basis, but here’s a complete list of paperwork that’s generally required: