If you own a small or medium-sized business, you likely know how challenging it is to get approved for business loans. Unfortunately, many traditional banks and credit unions have stringent eligibility requirements and economic conditions, which have made it even tougher to qualify for funding. Luckily, platforms like Advance Funds Network exist to take the guesswork out of finding a lender that’s willing to work with you.
What is Advance Funds Network?
Founded in 2007, Advance Funds Network is an online lending marketplace. It connects small- to medium-sized businesses with lenders to help them secure funding. The platform is accessible to companies in all 50 states and Canada, and there are no upfront fees to use the service.
What Does Advance Funds Network Offer?
Business owners have several funding options to choose from.
Business Term Loans
Business term loans do not come with minimum credit scores or collateral requirements. You’re free to use the funds however you see fit to cover business-related expenses, and it’s payable in equal monthly installments.
Business Line of Credit
A business line of credit gives you access to a pool of funds to draw from as needed during a set period. It operates like a credit card, and you can re-use the funds as you make payments. You can also choose to remit payments daily, weekly or monthly.
Equipment Leasing and Financing
If you use equipment in your business, you understand the importance of using the best options available to operate efficiently. However, the equipment can be rather costly and drain your reserves. But with equipment leasing or financing, you can purchase the equipment you need and make payments over time that won’t place a dent in your company’s reserves or negatively affect cash flow.
Bad Credit Business Loans
If you’ve been turned away by other lenders due to your credit rating, you could be in luck with a bad credit business loan. There are lenders in the Advance Funds Network that specialize in providing capital to credit-challenged business owners.
Merchant Cash Advance
Merchant cash advances are also ideal for credit-challenged business owners. They allow you to access cash now based on your future sales. Even better, repayment is determined by your sales volume. The merchant cash advance company deducts a percentage of daily or weekly sales, or you can make set payments until the balance is paid in full.
How Do You Qualify for an Advance Funds Network Business Loan?
It depends on the loan product you select. Each lender also has its own set of requirements. Still, Advance Funds Network evaluates your company’s location along with the industry you operate in, your cash flow history, your time in business and your credit rating.
Below are some general eligibility criteria guidelines:
- Three months in business
- $20,000 or more in monthly sales (as reflected by deposit activity)
Fees and Costs Associated with an Advance Funds Network Loan
Borrowing costs and fees vary by program and the product you select. Inquire about funding opportunities that may be available to your company to learn more.
Is Advance Funds Network Right for Your Business?
If you want the benefit of gauging your eligibility for business loans in one sitting, consider Advance Funds Network. You can view no-obligation loan offers at the tap of a fingertip, and it’s free to get started. Plus, the platform makes it easy to compare your options to find the best fit.
How to Get Started with Advance Funds Network
Fill out the simple form to get a free loan quote. It’s a simple process, and if there’s a match, you’ll be provided with potential loan offers to compare. You can also choose to move forward with a formal loan application or search elsewhere for lenders to meet your unique funding needs. Most loan requests are approved in around 60 minutes.
