How I can qualify for an unsecured business cash advance?
You have a business that accepts CREDIT CARDS as a form of payment.
You process a minimum of $1,500 dollars a month.
You can provide 3 months of credit card processing statements.
You have been in business at least 1 year.
How easy is it to get approved by Express Funding Group?
It is a lot easier and faster than a typical bank loan. We understand the reality and the hardship of owning and operating a small- medium size business. The majority of our Executive Funding Specialists have also owned and operated their own small to mediums sizes businesses themselves.
How can I speed up my cash advance approval? You may do the following: Fax Visa/Master Card, American Express, and Discover processing statements.
Our fax number is: 800-861-1442 Attention: Marketing
How do I get started? Call a Funding Specialist at .
How does the program work? You are advanced up to $1,000,000 based on your current sales receipts. A small percentage is deducted from your ongoing Visa / MC / AMEX & DISCOVER receipts. There are no fixed payments and no fixed term time frame.
How much will a business cash advance cost? Pricing is based on the size of cash advance, the estimated time of distribution, and various other integral details of the cash advance program. This explained fully in the Cash Advance Approval sheet.
Is there a fee for providing a small business cash advance? No, there are no administration fees.
Will bad credit affect my cash advance request?
It is not necessary for you to have good credit to receive a business cash advance. A poor credit rating, including delinquencies, will not normally influence a cash advance.
How fast can I get a small business cash advance? As fast as 72 hours. If relevant documents are missing or are difficult to obtain, as long as two weeks or more.
How much of a cash advance can I receive? $1,500 to $1,000,000
How will I pay back the business cash advance? On a formula calculated based on your cash flow projections, we partner 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 is quite simple and takes no more than ten or fifteen minutes to complete. We have Funding Specialists on hand in our contact center to help you through this process.
I am already with another financing company providing similar financing. Does that mean I will get approved by Express Funding Group? 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.
Can I receive financing from Express Funding Group while the financing from another company is still outstanding?
Yes, but we must pay off any outstanding cash advances out of our first advance to you. (You receive all remaining proceeds). Depending on the particular finance company involved, there may be an exception to this policy, but most other credit card receivable companies will have to be paid off out of the first advance.
Is it going to cost me to apply for Express Funding Group financing? 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 of monies we will be able to advance you.
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 $1,500.00 of your monthly VISA / MC / AMEX / DISCOVER transactions. We custom tailor our products to suit our customers' needs all the time. Just ask!
Can the advance be renewed? When the advance balance is down to approximately 30% of the original balance, the borrower can request it. As a matter of fact, most of our customers opt to do just that.
The owner of the business can request a renewal by phone, fax, or e-mail. Renewals are usually funded in less than 24 hours of being requested.
Do I have to switch my current credit card processor? Yes. You must switch to our affiliated processors to receive funding.
Our affiliated credit card processing companies 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 by switching)
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 step-by-step instructions.
What if I am not happy with Express Funding Group affiliated credit card processor? We will try to resolve any issues right away for you. If not, we will switch you to one of our other processors. But staying with one of our processors is mandatory.
Who should I call right now with questions? Call a Funding Specialist at
What will happen when my application is approved?
You can then review the rates and terms to see if this loan is right for you.
What you need to know about Express Funding Group?
Express Funding Group is a merchant and small business loan company specializing in Unsecured Loans and Lines of Credit for all types of businesses. We offer several types of loans which cater to many types of companies in different situations. Whether you are a start-up company or a seasoned business, we have a product to match your immediate needs.
How Long does the loan process take from beginning to end? You can usually expect to see results within 48 hours of your completed application. Funding can then be received in as little as 3 days after you receive approval.
Is my information secure? Absolutely! We encrypt your forms using the latest 256 bit encryption. Look for our secure logo on all our application pages. We work hard to protect your private information.
When do I make my first payment? Your First payment is typically due after the first 45 days.
When will I find out if I pre-qualify or not? After your application is sent, our business consultants require a couple of hours (during our normal business hours) to review your application and determine how much you are able to borrow at this time.
How does this process work? You fill out a secure application either online or by phone. When we receive this information we perform a credit analysis which helps us determine how much you can borrow at this time.
What qualifications do I need for a small business loan?
Qualification is also based on your ability to repay the loan. Your credit history primarily determines your ability to repay this loan. To qualify you must have good to excellent credit.
What types of documentation do I need to provide? The documents needed to process a loan vary depending on the type of loan and amount. We strive to keep this to a minimum and to streamline the process. It is to both of our advantages to make this quick and simple.
If I have a credit history that is limited, am I eligible? We like to see three active lines of credit for at least 3 years or longer on your credit reports. However, if you have a higher income and a stable credit rating, you may qualify for a smaller amount with some of our loan programs.
If I have bad credit or a bankruptcy, Can I still apply if I have a co-signer who does have good credit? Yes, you may have a friend or relative apply for this loan if you have had a bankruptcy in the last 10 years or less.
How much can I borrow at this time? The main factors are your credit rating and history, previous credit limits, residence status, income, and gross sales which largely determine how much you can borrow.
If I pay off my loan or line of credit early, is there a pre-payment penalty? NO! Express Funding Group only works with lenders who do not stick you with a pre-payment penalty. This allows you to keep this loan as long as it is convenient for you. Pay it off early if you choose!. Full details will be disclosed before you accept the loan.
What should I use Express Funding Group for my loan instead of applying with the lenders myself? We know the loan business well and have relationships with our lenders which can benefit you by getting the application approved the first time with the most amount of money you can qualify for. Applying to the wrong lenders the wrong way is a big mistake ... this can cost you both time and money. If you make a few mistakes and too many lenders enquire about your credit, you may disqualify yourself from getting a loan, even if you have perfect credit.
What types of interest rates can I expect on these loans? The interest rate ranges from prime to prime + 4% depending on your credit status and which company you apply with.
Which is better, a line of credit or a business loan? If you are a start-up company, you have special needs. in this case you would probably do better with a line of credit which allows lower payments and greater flexibility in paying back the loan when it's convenient for you.
Your payment on a Line of Credit will vary between 1% and 2% of the outstanding balance. For instance, if you were to borrow $100,000 your monthly payment would be between $1,000 and $2,000 with a large part of this going towards your principal.
Terms also vary between 24 to 84 months.
What qualifies as a Business Loan? Business loans require a company to be in operation for at least 24 months having average annual gross sales of at least $150,000. Loans are giving to either a single or set of business owners which comprise 90% of the ownership of that company. Guarantors must meet all the requirements for the loan and their personal credit determines if the loan is offered.
Express Funding Group offers a Start-Up loan program that funds from $10,000 to $100,000 for businesses that have not hit their 2 year anniversary and who have not achieved $150,000 in annual gross sales.
What is the largest transaction you can fund?
We can finance transactions from $5,000 to $5 million.
How does the approval process work?
The approval process has been stream lined to be as simple and fast as possible. We limit the application to one page, or just a few questions by phone which do not include financial information. You can then finance up to:
$250,000 for hard asset equipment, or
$150,000 for soft collateral equipment.
The time to process these applications is pretty quick and usually ranges from a few hours to 24 hours (not including weekends).
Once your application is approved, we then send you the prepared lease documents for your signature. After you sign the agreement, we will then issue a purchase order to the vendor for the equipment. Once you receive the equipment, Express Funding Group will then pay the vendor and your lease goes into effect.
Who can lease equipment from Express Funding Group? Any business, company, association, non-profit organization, or individual that intends to finance equipment for business or commercial use.
Why lease rather than just borrow the money? A company can only have so much credit available to them. When you borrow money to buy equipment, you use up this credit which could be used for other needs in the company. In addition to this, you can expense your payments if you structure your lease properly. Express Funding Group can help you with this process to make it most beneficial to your company.
I’ve never leased before. Is that a problem? NO! Our professional consultants can help you through your application and funding. We enjoy working with first time companies taking advantage of this process. We provide you with individual attention and help you every step of the way.
What are the up-front costs for a lease? You can typically expect about 2 months payments for your up-front costs. (First and last months payments) You may also be charged a nominal documentation and filing fee which covers processing the lease documents and filing the UCC-1 financing statements required in your state. Express Funding Group does not charge an application fee.
Can I cancel the lease? You cannot cancel the lease once it is in place. However, you can pre-pay the lease or upgrade to larger or more cutting edge equipment.
Can I add equipment to an existing lease?
Yes. You can always add more equipment to your existing lease. Typically the new equipment must cost at least $5,000.
What about sales tax? You will see sales tax added to your monthly statement added as a separate charge.
What is the typical process for commercial equipment leasing? You can either fill out a form, or provide the information by phone.
What about insurance? Insurance is required on the equipment for your protection. You can have your own insurance agent send a certificate of insurance to our office or, Express Funding Group can issue a certificate through the ELPA (Equipment Lessors Protection Association). This will be billed separately as an annual premium.
How do I determine what type of lease is best for my company?
Express Funding Group’s professional consultants can help you select the type of lease that fits your immediate needs.
Things we take into account include:
The anticipated useful life the equipment (e.g., How long will you need it? How likely is it to become obsolete?).
Is your cash flow regular and consistent?
Cost of various options which match your budget.
Tax benefits to your company. Express Funding Group and help you with information about the benefits you can get with different lease structures, however, you should discuss these options with your accountant who understands your company best.
What options would you like to keep at the end of the term of your lease?
Your Express Funding Group representative can help you through all the different lease types and payment options until you are comfortable with a lease that fits your business and situation. We pride our selves on customer service and providing a good experience to our customers.
