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Answers To Your Most Frequent Questions
How do I qualify for a commercial loan?
Banks look at three main things: cash flow, character, and collateral. Strong cash flow indicates you’ll be able to repay the loan. Business and personal credit history is researched. Collateral helps secure the repayment of the loan.
What can be used as collateral to secure a commercial loan?
Collateral can include real estate, equipment, machinery, vehicles, accounts receivable, and more.
Do I need perfect credit to get a business loan?
No, however, a better credit history often results in better terms being offered. Maintaining current payments tells a bank you are likely to repay their loan. Other factors such as business performance, time in business, and strength of cash flow can help get you approved.
Is the interest rate the most important factor to think about?
Interest is an expression of the cost of the loan and is an important aspect of the loan. However, other terms such as repayment period, if there is a balloon payment due, payment amount, and others can be just as important. Consider all terms to determine what is most important to your business.
What information do you need to submit an application?
You’ll need some basic business and personal information including the Tax ID and SS#. Other information includes the address, number of employees, and nature of business will also be needed. Lastly, financial information will need to be accessed. We make this part really easy by linking securely with your bank for easy transmission of information. Where applicable, specific information about assets you aim to finance.
Once I am approved, how soon can I expect to receive the funds?
Timelines can vary depending on loan and collateral type. However, in most situations, funds can be received within 48 hours of signing the contract.
Am I able to start my application and finish it at another time?
Absolutely, your time is yours and we will be here ready to help!
How is my interest rate determined?
Your unique credit worthiness, loan amount, and terms all play a role in determining your qualified interest rate.
Can I finance equipment for my healthcare practice?
Yes, medical, dental, and veterinary equipment loans can be quickly and efficiently approved all from the comfort of your home or office.
Who is eligible?
You must be 18 years old and either a U.S. citizen or resident alien. Active business in good standing in operation for a minimum of 2 years.
Still have questions?
Reach out to one of bankcda’s loan experts. You can reach us by phone at 888.422.2636 or you can email us info@bankcdaloans.com. We are happy to assist!