72 Hour Funding
Since underwriting in based on the value of the invoice, our approval process is very quick.
Hassle Free 1 Page Application, and proof of revenue is all that is required for approval
Bad Credit OK
Your personal credit doesn’t concern us much, as long as your customers are established businesses!
High Approval Rate
Over 90% approval rate for clients who meet revenue criteria!
Why Premium Business Credit
- FAST: Approvals take 24 – 72 hours and accounts are typically funded in approximately 5 days.
- EASY: All we need is a 2 page application and your merchant and bank statements. We use the merchant statements to determine your average processing volume and we use the bank statements to verify total income.
- HIGH APPROVAL RATE: No need to have great credit and no need to have a low debt to income ratio.
- UNSECURED: No collateral is required.
- CASH FLOW FRIENDLY PAYBACK: No fixed monthly payment; if you have a slow month, your repayment for that month is proportionally decreased.
- NO RESTRICTIONS ON USE OF FUNDING: Use the funds for advertising, renovations, expansion, working capital or whatever else you might need.
- RENEWALS: Access to more funds every 90 days and in some cases even sooner.
Common Cash Flow Financing Questions
How do Premium Business Credits programs differ from a traditional bank loan?
Our network of lenders focus on a business’s historical cash flow and performance which provides us with much more flexibility in our lending standards. This allows Premium Business Credit to focus on the business and not just a credit score, providing you the capital your business deserves.
How do cash flow financing programs work?
Approvals are a specified dollar amount based off of gross monthly revenues. Repayment is based on a small fixed percentage of your sales until the pre-determined payback amount is satisfied. Your balance decreases as your business makes sales thus helping you manage the cash flow of your business, especially during slower months.
How do I know if I'm qualified?
Our basic qualifications are that you must have a physical location, be in business for at least 12 months, and have at least $5,000 a month in gross monthly revenues. You can qualify for up to 150% of your gross monthly sales. For example if you process an average of $50,000 a month in sales you can qualify for up to $75,000.To find out how much you qualify for, simply complete the online application and provide some basic information. You will receive a free, no obligation quote from a Midwest Corporate Credit Account Executive who will review your funding options.
I have very bad credit, can I still get approved?
While credit history does have a role in underwriting, our cash flow financing options are not based on credit. We look at other factors such as type of business & length of time in business.
How much does it cost to apply?
Nothing. It costs nothing to apply and see how much you qualify for. Fee’s are based on the actual dollar amount your business is approved for. If you aren’t approved, there are no fee’s!
What are your interest rates?
Each business is unique and therefore receives a customized quote based upon its specific needs and situation. Several factors influence both the principal and interest rates of our cash flow financing options, including; business size, industry, processing history, volume, ticket size, and various other factors. To find out how much you qualify for and the associated cost, simply apply now for your free quote.
How often do I have to make payments?
You never have to write a check. Payments are made via ACH on either a daily, weekly, or bi-weekly schedule.
What can my loan from Premium Business Credit be used for?
Your capital can be used for any business purpose, including: purchasing inventory, repairing equipment, renovations, expansion, reducing debt, or emergencies expenditures. You are free to spend the money on whatever is best for your business.
How quickly can I receive the loan?
Unlike a typical bank which can take months, Premium Business Credits approval time from submission is 72 hrs. This quick and easy turnaround allows you to have the peace of mind of knowing your funds are just days away. Our entire funding process typically occurs within 5 days of submission.
I am already with another financing company providing a similar financing; Can you replace that arrangement and offer me more money?
Contact us to find out specifically how much we can offer you. We often offer larger advances than our competitors and can pay off your existing advance if it is in your best interest. Call us today to find out how much you are qualified to receive.
Is a personal guarantee required?
In most cases, yes. Our cash flow financing products do require a personal guarantee; however, we guarantee that our products will NOT REPORT TO THE PERSONAL CREDIT BUREAUS, thereby keeping the business owners personal credit separated from the business’s.
Can the daily payment percentage be increased after the account has been funded?
No. A percentage is maintained until the advanced is paid in full.