There are two primary types of loans. The first type is and application-only loan. For this type of loan, the lender doesn’t need to do a deep check of your financials. Instead, the lender will look at your time in business, which typically requires a minimum of a year. Next, the lender will look at your personal credit score and your business credit score. Since this is as an application-only loan, the lender uses these few pieces of information only to decide whether or not to approve you for a loan. This is why it is incredibly important to keep your business and personal credit up to par. Time in business is clearly not something that can be controlled, but lenders are still looking for some sort of time frame with which they can see previous payment history, and things of that nature.
One of the great things about us is that our one-page, application-only loans can secure you up to $150,000 for equipment financing. Most lender’s application-only loans only go up to $50,000. Our application is below, so you can see just how short it really is. In five minutes, you could fill out our application and have an answer back within 48 hours of an approval for up to $150,000. How easy is that?
On the other hand, the other type of equipment loan requires a basic financia
l package. This is still pretty quick and easy, but it does require a little more depth into your company’s financials. The good news with this is that lenders can help you with a much larger loan by looking at this financial information.