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FAQ - Applying for a loan

Is there any cost or obligation when I apply?

Is there any cost or obligation when I apply?

Is there any cost or obligation when I apply?

 

There is no obligation and no cost whatsoever when you apply for funding from Prime.

How much can I get?

Is there any cost or obligation when I apply?

Is there any cost or obligation when I apply?

 The amount of funding available to your business will depend on a variety of factors. Our offer will be tailored to your specific situation. Based upon your needs, finances and business revenue, we’ll work together to create a package that works best for your business. 

How much funding can I expect to qualify for?

How long does it take to get approved and receive my funds?

How long does it take to get approved and receive my funds?

 A reasonable expectation is between 6-15% of your gross annual sales. Contact us today to determine exactly how much you’re qualified to receive. 

How long does it take to get approved and receive my funds?

How long does it take to get approved and receive my funds?

How long does it take to get approved and receive my funds?

 Not only is the application process quick and easy, our approval process normally completes within a few hours. Funds are typically delivered the next business day after approval.

 

Qualifying for a loan

Do I qualify for more working capital?

Does my credit score affect my eligibility for a business loan?

Does my credit score affect my eligibility for a business loan?

 You may qualify for one of our financing options if your business has:
– Been in business for at least 3 mos.
– At least $120,000 in revenue over the last 12 months
– 3 months of business banking statements
– No open bankruptcies

Does my credit score affect my eligibility for a business loan?

Does my credit score affect my eligibility for a business loan?

Does my credit score affect my eligibility for a business loan?

 Your credit score is only one of many factors Prime Merchant Funding uses to determine your eligibility for funds. It is NOT the primary decision criteria for loan approval. And, perfect credit is not required. 

Do you require collateral?

Do you require collateral?

Do you require collateral?

 

We do NOT require any of your assets to be assigned as collateral.

Will you pull my credit?

Do you require collateral?

Do you require collateral?

 We perform a “soft pull” credit check after you apply for funding. This process will not leave a footprint on your credit report. 

Terms of a loan

What is the typical length of a business loan?

Are there restrictions on how I can use my funds?

Are there restrictions on how I can use my funds?

 Time frames are determined on an individual basis. They normally range from 6 to 36 months, but can go up to 60 months.

Are there restrictions on how I can use my funds?

Are there restrictions on how I can use my funds?

Are there restrictions on how I can use my funds?

 Unlike a bank loan, you are free to use the funds for any business purpose. At Prime, we believe you know your business needs best.

How does my repayment work?

Can I pay my loan off early?

Can I pay my loan off early?

 Repayment consists of a small daily or weekly fixed payment. You’ll never need to worry about coming up with a large monthly payment. Small daily or weekly ACH payments ensure you won’t need to be concerned about sending in checks or missing due dates.

Can I pay my loan off early?

Can I pay my loan off early?

Can I pay my loan off early?

 

You can repay your outstanding balance at any time without incurring any new charges.

There are no pre-payment penalties. 

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