If you have a fair credit score and need a loan for your business, you are in the right place. We all know that building a successful business, especially if it is a small business, requires a range of investments. For that, you need a high capital to expand in size and get higher revenues.
With this in mind, National Funding has come to help you, delivering two interesting financing options, with affordable rates, without taking into consideration your credit history and much less, judging you for it. With it, you can do whatever you want, from paying expenses, buying supplies, or even financing equipment.
Everything is very simple, from the application process to the payment terms. You can get up to $500,000 in loans, which can be quite useful for improving and expanding your business.
Are you ready to apply for National Funding ? Read on to learn all about this provider, as well as its advantages, cons, and how to apply.
National Funding
Minimum credit score of 600 Get cash in less than 24 hoursHow does National Funding work
There are two options for getting a loan at National Funding, which are equipment financing – where it is exclusively done and applied for to pay for equipment, as well as there are short-term loans. This is for those who need to pay for a variety of business expenses or expand their business.
In this mode, it is also important to make it clear that they do not have interest rates in the traditional sense. However, there is a fixed fee for the financing, usually a percentage of the amount borrowed. Issue terms are quick for small business loans, up to less than 24 hours and up to 72 hours for equipment financing.
No matter what your credit history is, National Funding meets other qualifying criteria that you will see below. If you apply for this loan, you will have up to 2 years to repay it (if it is equipment financing) and up to 5 years to repay it (if it is for small business loans).
Main Advantages of using National Funding
National Funding Loans can help you get the financing you need for many business purposes, and there are a few more advantages. For starters, most of their loans have unique points compared to competitors. Check out some other pros of using National Funding below:
- No guarantee required
- Early payment discounts
- Funds are disbursed quickly
- Get cash in less than 24 hours
- Minimum credit score of 600
- Low credit score requirements
- Application process is quick and easy
- Apply for loans from $5,000 to $500,000
Flexibility is the key word here. You can lend as much as you want, no matter if it is just a few thousand dollars or more than $100,000.00.
Cons from National Funding
National Funding is amazing for providing good credit to entrepreneurs who need to make their businesses bigger and better resourced. However, there are some negatives that are important to comment on before you decide.
The first downside is that if you want to apply for a short-term loan, be sure that National Funding will require daily or weekly payments. If you don’t have the cash for this, don’t do it, as it can strain your company, especially if you have been having erratic sales or depleted cash reserves.
The second downside is the high borrowing costs, which range from 15% to 30% of the loan amount, with an average borrowing cost of 26%, according to the company, plus the 1% origination fee. The costs can become high depending on the deal.
How to Qualify for a National Funding Loan
Business loan applications are approved or denied based on several factors. All lenders have their own unique underwriting requirements. See the National Funding criteria:
- Personal Credit Score – if you wish to qualify, you must have a minimum credit score of 600 in the case of small business and equipment financing.
- Length of Time in Business – to qualify, your length of time in business must be at least six months.
- Annual Sales Revenue – National Funding requires minimum annual gross sales of $250,000.
You can apply directly through the National Funding website. There you will have to fill out a form with basic information before getting an approval.
How to Apply
To get this application, the best way to apply is online through the application form made available on the official National Funding website.
Sales representatives are easy to reach, so you can probably skip the online part if you want. You will need to have three months of bank statements on hand to prove your income, a voided business check, and a copy of your driver’s license.
If all goes well, you can have your funding deposited directly into your account within one business day.
Conclusion
National Funding offers flexible and accessible financing options for business owners with fair credit. With quick disbursement of funds, no collateral requirements, and the ability to borrow up to $500,000, it is an attractive option for those needing equipment financing or short-term loans. However, the high borrowing costs and frequent repayment schedules should be carefully considered to ensure they align with your business’s cash flow and financial health. By understanding the benefits, potential drawbacks, and qualification criteria, you can determine if National Funding is the right fit for your business’s financial needs and growth plans.
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