$25k to $400k
To receive additional funds (up to $400k), with a rapid funding Personal
Term Loan, also send the last 30-days’ worth of Personal Pay-stubs from a job
(W-2 or 1099) from you, or your credit partner, showing 12 months of consistent
income for at least $5,000/mo.)
Overview & Eligibility
Revolving Lines of Credit
Unsecured-(no collateral), up to $150,000 total/applicant.
No proof of income necessary, 0% interest for 12 months. Receive your funding in 2 to 3 weeks. Balances won't show up on your personal credit report (while building your Business Credit).
Requires: 740 or higher, open personal credit card accounts below 50% capacity ( 4 years or older). Simply complete the loan application and upload your or your credit partner's Experian personal credit report in the application portal.
Personal Term Advance
Unsecured-(no collateral), up to $400,000 -- 6% to 13% interest.
Requirements: Personal monthly income of $5,000 -- 4 to 10-day funding. 1-year employment and residency, A credit score of 700 or higher, multiple personal credit card accounts (4 years or older). Experian Credit Report, 30-day employment Pay-Stubs or the equivalent forms.
FREQUENTLY ASKED QUESTIONS
Why would I need a Business Partner?
In order to set up business funding through banks, it is necessary for the borrower to provide a personal
guarantee (PG) for the requested debts. To provide this guarantee you must have excellent credit.
If the primary business owner’s credit is not currently sufficient to be accepted by the banks as a
guarantor, there is still good news. They can bring on a new business partner with good personal
credit and still get the business funding they need.
Who could I consider as a Business Partner?
You have a number of options when looking for a business partner. The following is a list of potential
people you can approach when seeking business partners with better credit:
The first people you should ask are your existing business partners
or company board members. Check with them and see if anyone has
sufficient credit to guarantee the funding. They have the most to gain
from your business succeeding, and thus should be most likely to
Family members are usually a good place to continue your search. In
many cases, family members will be willing to go in on the business
with you and will keep your best interests in mind as you grow.
Your close friends are a good source of people who would be interested
in working with your business.
Is It Safe?
as long as your new business partner understands what the program entails and what their
liabilities are. Businesses bring on partners all the time. Having a partner with good credit legitimizes your
business, with the added benefit being the business lines of credit do not appear on your partner’s
credit report, reducing the impact of this person helping you
NOTE: Personal credit lines, unlike business lines, will appear on your business partners' credit report).
What Are The Responsibilities Of My New Business Partner?
They have no new responsibilities or duties in the business. Anyone can be your business partner, but
what this entails is completely up to you. You both may find that your business can be more successful
more quickly with your new partner's participation and input. Your partner may want to be involved in
order to ensure that the business is run in a way that ensures the repayment of the new credit, which is
why the bank is now willing to extend you credit when previously they were not.
Will It Affect My Business Partner’s Personal Credit?
These are business lines in the business name, so they will not show up on their personal credit report
unless the lines go into default with the banks. What will appear are inquiries from when we apply for
the credit lines, but the impact of these inquires is minor and dissipates quickly (personal credit lines do
appear on your business partner's credit report).
Does My Business Partner Have To Repay Business Debts If My Company Defaults?
The Answer to this is both Yes and No.
WHY YES: If the company defaults on its obligation to repay the debt the banks will typically require the guarantor to repay the debts. To limit this risk we always tell our clients to request enough money to run their business for at least 12 months after they start so that they don’t have to worry about defaulting while they get their business up and running. An important factor is if the banks believe there was fraudulent behavior they will hold the guarantor liable, meaning they believe the money was not spent on generally accepted business expenses. To limit this risk we will show you methods on how to track major company purchases through the company to justify your purchases as business expenses.
WHY NO: If the company defaults after the business partner has left the company, and after personal guarantees have been transferred to someone else who remains in the company, your business partner is generally released from liability for those debts. We recommend that if your business partner plans to leave the business that someone else in the company has the liability transferred to them. Once the banks agree to transfer liability the previous guarantor is released from liability for the debt.