BusinessLoansNewYork has set out to assist business owners with the unsecured business loan or merchant cash advance they need to succeed. In order to meet this objective,
our associates are here to answer your questions and provide you with the loan information to obtain the funding you desire. Feel free to click on some
of the most commonly asked questions below or click on our live chat icon (if online) to speak to one of our experienced representatives now How I can qualify?Qualifying is simple, you just need to:
How easy is it to get approved?BusinessLoansNewYork’s merchant cash advances or unsecured business loans are much easier and faster than obtaining a typical bank loan. We understand the reality and the hardship of owning and operating a small or medium-sized business. Many of our Executive Funding Specialists have owned and operated their own businesses and can relate to the need for quick cash advance relief. How does the program work?Your business can receive a merchant cash advance or unsecured business loan up to $1,500,000 based on your current credit card or sales receipts. Our account executives will work with you to structure a repayment plan that works for you. How much will this cash advance cost?Pricing is based on the size of cash advance, the estimated time of distribution, and various other details of the cash advance program. This will be explained by our financial specialists during your initial consultation and again in the Cash Advance Approval sheet. Is there a fee associated with the cash advance?There are no administration fees, hurray! Will bad credit affect my cash advance request?It is not necessary for you to have good credit to receive a cash advance. A poor credit rating, which could include delinquencies, will not normally influence a cash advance approval. How fast can I get a cash advance?You can receive your money within 72 hours. If relevant documents are missing or are difficult to obtain, you might wait as long as two weeks or more. How much of a cash advance can I receive?Cash advances range from $2,500 to $1,500,000. How will I pay back the cash advance?Payments are based on a formula calculated on your cash flow projections; we consult with you to determine your optimal payment. Is this a loan?No, this is not a loan; it is a purchase of future receivables. When I have repaid my first cash advance, how easy is it to apply again?If you have experienced no change in financial status, you will be approved automatically. How complicated is the paperwork?The paperwork that you will need to fill out will take no more than ten or fifteen minutes to complete. We have funding specialists on hand to help you through the process. I am already with another financing company providing similar funding. Does this mean I will get approved?Our credit underwriting standard is slightly higher than that of similar companies; however, approximately 95% of our competitors' customers who applied for our funding have been accepted. The only sure way to find out is by submitting an application. Is it going to cost me to apply?No, the application is free and there are no up-front fees charged to our customers. The sooner you get your application in, the quicker we can get back to you on the amount we can approve you for. I have high enough overall sales, but my VISA/MC volume is very low. Is there any way I could receive funding?Yes. The minimum requirement for qualification of the cash advance program is $2,500.00 of your monthly VISA/MC transactions. We will tailor our product to suit your needs. Just ask how! Can the advance be renewed?When the advance balance is down to approximately 20% of the original balance, the borrower can request renewal. Most of our customers opt to renew. You can request a renewal by phone, fax, or e-mail. Renewals are usually funded in less than 24 hours of the request. Do I have to switch my current credit card processor?Yes. You must switch to our affiliated processors to receive funding, but we promise that we will meet or beat your current credit card processing cost structure. The bottom line is that you're not going to lose money for having to switch. Most likely, you will be saving money. Do I have to get a new credit card terminal?Not usually. All you have to do is re-program your terminal, which takes only 10 minutes and it can be done over the phone. Our credit card processor will call you to give you step-by-step instructions. I’ve heard about several untrustworthy companies in the cash advance industry, any advice?Although there are many companies that you should be cautious of, you should note that BusinessLoansNewYork is proud affiliate of the National Restaurant Association, and is a member of the Better Business Bureau. We have also successfully provided loans to numerous of small- to medium-sized businesses, just see for yourself. |
