Are you preparing to expand your own enterprise with more working capital or with the purchase of new equipment? In that case, a business loan can certainly come in handy. But most options are quite limited, as low as $35,000 or $100,000, which may not be enough.
This is why National Funding is a great option. With it in hand you can get up to $500,000 with affordable interest rates and unique advantages. There are two options for getting a loan at National Funding, which are equipment financing – where it is done and applied for exclusively 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 rate for the financing, usually a percentage of the amount borrowed.
The terms of issue 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.
Pros and Cons 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
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:
The first point is personal credit score which must have a minimum credit score of 600 in the case of small business and equipment financing. In addition, time in business is also checked, which must be at least six months.
And finally, the annual sales revenue will be checked, where you will need to have the value in annual gross sales of at least $250,000.
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.
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