How to Prequalify for a Business Loan

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Being a small business owner means making smart financial decisions, even during difficult times when your revenue may not be flowing as well as you need. You don’t have to struggle through these seasons, though – there’s hope! If you prequalify for a small business loan, you can have the business financing you need in time to get you past the hurdle you are facing and get back to success!

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AdvancePoint Capital makes the loan application process a simple, straightforward experience.

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Traditional loan routes like banks and Small Business Administration financing can be difficult and time consuming to be approved for. In fact, some SBA loans may even take up to a year just for the approval! If you need access to cash fast, you may need to find an alternative route, like those offered at AdvancePoint Capital.

In fact, it can take almost 30 hours to simply apply for a loan with most banks and traditional lenders, and you might not even know if you are approved for months. With an 80% rejection rate for small business owners, if you’re in the lucky 20%, you’ll still be waiting up to three months for access to your capital. It’s no wonder most small business owners turn to other avenues for their loans.

When you start the search for a small business loan, you’ll likely be inundated with offers from sketchy lenders. It’s important to weed out the loan sharks from the reputable dealers. At AdvancePoint Capital, we are Better Business Bureau accredited and approved, and you can check us out through NMLS consumer access, so you know you’re getting the best!

We offer benefits and features that you may not get with other lenders, such as:

  • Fast approval
  • Consideration of your request regardless of your credit
  • Flexible repayment options
  • A simple application process
  • Reasonable, competitive terms and
  • Speedy access to funds.

Whether you are looking for a merchant cash advance or a line of business credit, you can be prequalified for our alternative business financing options quickly.

Get Prequalified for a Business Loan

Many lenders will preapprove you for your financing. It sounds great, but for some lenders, there may actually a difference between being preapproved and prequalified.

If you are prequalified, it means the lender has taken a glance at your financials and has determined that you meet the minimum criteria to be able to qualify for their loans. No documents have exchanged hands, everything is done on a surface, possibly verbal, basis, with you letting the lender know what the loan amount you are looking for is and what your monthly and annual revenue are.

In a pre-approval situation, however, your personal credit score is run, financial documents have been reviewed, and the lender has chosen to give you up to a certain preapproved amount of financing. All that is left to work out are the terms.

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Getting prequalified for a business loan with AdvancePoint Capital simply requires you to talk to one of our live agents or fill out the secure online form to get the process started. Once you are prequalified, you may need the following documents for the final approval:

  • Your financial statements
  • Monthly bank statements
  • Your personally identifiable information such as a driver’s license
  • Your one-page application
  • Your credit score (although all credit scores are considered).

All Credit Scores are Considered

In addition to the multiple features and benefits AdvancePoint offers to small business owners, we also are proud to consider all credit scores for your financing needs. Regardless of your personal credit score, we will work with you to find a loan with terms that work for you.

Regardless of whether your credit report shows as excellent or poor, our business loans will consider your needs. Simply complete the loan applications and our agents will discuss the financing products we have that may work for you.

Fast and Easy Financing

Many business lenders will approve you, but then you have to wait weeks or months for access to your loan. At AdvancePoint Capital, our approval process is fast, and once you are approved, you will quickly get access to your funds.

The fast, convenient and straightforward way to get the business loans you need for your small business – now!

Get Your Quote Today by filling out our simple form.

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Flexible Term Options

Whether you are looking for a little extra cash flow to get you through a rough month or you need major financing for renovations, emergencies, or more, we have a financing program with flexible term options that fit your budget.

Small business loans – for financing from $10,000 to $500,000, with terms up to 36 months and fixed auto repayments from your business bank account.

Business line of credits – for flexible business working capital, similar to business credit cards, with limits up to $100,000, repaid over 12 months, giving you flexible cash when you need it.

Invoice factoring – for small or large credit lines up to $2.5 million, depending on receivables due in up to 90 days so you can free up cash that is trapped in invoices.

Business cash advances – from $10,000 to $500,000 with no term limits, repaid in a flexible repayment strategy using a percentage of your future sales.

Medical practice financing – for loans up to $1 million and long term options up to 7 years repaid in monthly payments.

Equipment leasing – for small or large purchases from $500 to $150,000. Decisions for leases under $10,000 are made in seconds and terms are up to 60 months.

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