What Is A Revenue Based Business Loan?
A Revenue Based Business loan is a type of business loan where the approvals are primarily based on the monthly or yearly revenue of the business. Revenue based business loans can be a great option for businesses that do not meet traditional bank underwriting criteria. Whether it is a newer business, a Business Owner with bad credit, or just a situation where you need to access capital quickly, a revenue based business loan might be a great fit.
Different types of revenue based loans:
Which Revenue Based Loan Should I Choose?
Depending on the qualifications of the business, and the use of funds, one program may make more sense than the others. In most cases it is a similar, if not the same, application process for each program. If approved for multiple programs, you can compare the terms, and decide which option works best for your situation. There are also certain situations where you can combine these offers, which can help you get approved for a larger funding amount, and provide more flexibility.
How To Get Approved For a Revenue Based Business Loan
To apply for most of these programs, you just need to provide the 3 most recent months of business bank statements, and complete an easy online application. Some Lenders may also require that you provide the most recent merchant processing statements.
If approved, you may need to provide some additional documentation to verify your ownership, and banking information. The funding stipulations are typically very little, which can make the loans much easier to get approved for, and an overall faster funding process.
In Conclusion
So, if you have had a tough time getting funding for your business, either because of bad personal credit or because of the qualifications of the business, then you may want to try applying for a revenue based business loan.
You can use the link below to complete our easy online application, and get approved in minutes. If the terms make sense, we can get you funded today.
