Frequently Asked Business Loan Questions

What are my business loan options?
There are over seven different business loan options available to you. These options consist of SBA loans, secured loans, unsecured loans, merchant cash advances, bridge loans, commercial loans, lines of credit, factoring, hard money loans, and purchase order financing.

How do your business loans work?
One application gives you access to every form of business financing available to the public. After you submit all requested documents, your Advance Smart funding advisor will discuss each option with you.

How do your business loans compare to a traditional bank loan?
Qualifying for alternative funding is far easier than a bank loan. The time frame from submission to approval to closing is a lot faster. Most banks will take 30 to 90 days to tell you yes or no. We would have had you funded by that time. We have programs with very similar costs and terms to the big banks. We also do offer bank loans if it is an option you would like to pursue.

How do I get details about Advance Smart’s other forms of lending?
Please see our Merchant Funding page for full details on all of our programs.

What is the cost of these loans?
Cost ranges from 4.65% for collateral-based loans to 12% for hard money to 35% for unsecured loans. It depends on what you qualify for. Here is a chart outlining the cost of all of your loan options. Business Loan Interest Rates

How long will it take to find out if I qualify?
Pre-approval usually takes place within 24 to 48 hours. Funding takes up to 7 business days from receipt of your application, depending on the amount of the transaction.

How long will it take to get the cash?
Once the agreement is signed, the money will be received as early as the next business day. The average loan from start to close takes about 4 business days.

How much can I hope to receive?
Our merchant cash advances and unsecured loans range from $5,000.00 to $1,000,000.00. Good credit merchants will receive up to 200% of their monthly credit card volume or 75% of their monthly gross sales. Other loan types can provide up to $5,000,000.00 and up to 50% LTV of collateral.

What can I use the money for?
You are free to use the money in any way you feel is best for your business. Many of our customers use it for expansion, advertising, new equipment, or increased (or seasonal) inventory. It is also frequently used for unforeseen emergencies or to buy out a partner or acquire a new location.

Will I need to change credit card processors?
You do not have to change credit card processors. We have ACH and lockbox options as well.

Will I receive the same low credit card rates if I do decide to switch my processor?
The credit card processor we use will either match or beat your current rates – no problem.

What if I have questions?
Just call 860-952-3709 to speak to an Advance Smart customer service representative 24 hours a day.

How do I get started?
To get started simply Apply For Funding and a funding specialist will get in touch with you shortly. You can also choose to call us at 860-952-3709.

Talk to an Advance Smart funding advisor by calling 860-952-3709 or you can set an appointment.
Set a convenient appointment by clicking here.