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Simple Application
Our quick, and easy online pre approval application can get you matched with offers in minutes
No Minimum FICO
Problems with your credit? No worries! Our top financing options have no minimum FICO, we focus on your business's future instead
Larger Amounts
Our simple pre-approval application can get you matched with the best financing options with the highest funding amount available
Same Day Funding
Our quick and low-cost process can get you in and out of underwriting the same-day
What Do You Need To Qualify?
6+ Months in Business
You can qualify for our best funding options with as little as 6+months in business
3 Months of Bank Statements
simply provide 3 months of business bank statements
$15,000+ Monthly Revenue
Minimum revenue of $15,000 per month can get you funded quickly
Basic Business Information
Let us get to know your business. Share your vision with us and other relevant information
Basic Personal Information
Tell us a bit about yourself
How does My Loans Center work?
We’re glad you asked!
We’re excited to explain how we can help you grow your business with the right loan. Our lenders are ready to help you get the working capital or business growth you need to expand your business, and we have the expertise to make sure that you get the best possible rate and terms for your personal needs.
At My Loans Center, we know that sometimes it’s hard to find the right lender for small businesses like yours—but it doesn’t have to be. That’s why we’ve done all of the research for you so that our lenders can be confident in helping you get exactly what you need. We’ll even match up your needs with a lender who specializes in them, so you don’t have to worry about being matched with someone who doesn’t understand what your business needs are.
We know that starting a business can be tough, and sometimes it seems like you have to have a ton of money in the bank to get off the ground. That’s why we offer business loans with flexible terms, competitive interest rates, and payment options that work with your budget. Whether you’re looking for working capital, business growth, or just need some extra cash to expand your business, we can help!
We’ve created strategic partnerships with multiple lenders that are sure to offer the best rates and terms. We’re here to make sure you get the money you need as quickly as possible so that you can focus on what matters most: growing your business!
What is a business loan?
So, what is a business loan? If you’re looking to grow your business, then a business loan could be just what you need. A business loan is funding, typically in the form of a lump sum payment, that’s given to your business. It can be used for a variety of reasons; it could be used as working capital, to purchase new equipment or inventory, or to help expand your business. Here are a few:
Term Loan – Where you pay interest only on the original amount borrowed.
Equipment Financing – Where you borrow money against assets.
Accounts Receivable Financing – Where your clients pay back invoices directly to the lender instead of paying them off directly to you.
Merchant Cash Advance – Where businesses get fast cash from an MCA provider at a higher interest rate than traditional lines of credit but with less paperwork required.
Business Line of Credit – A business line of credit works just like a non-physical credit card. The owner of a business is extended a line of credit and is charged the interest-only or what is used on the line of credit.
Have Questions?
Speak with a Business Loan Advisor today!
Our Business Loan Advisors will help you find the best funding options for your business to get you more funds, better terms, and lower rates. We’re available to explain every step of the process! We are happy to help!
Requirements to Apply for Business Loans
You may also be able to use your loan to expand your existing business operations and increase profits. But if you’re planning to apply for one of these loans, there are some things you’ll need to know before signing up with any lender.
Credit Scores
Your credit score is essential to applying for a business loan. A credit score is a measure of your financial history and ability to repay loans. It’s based on the information in your credit report, which includes details like the amount you owe and how long you’ve been making payments on time.
The three major credit bureaus—Equifax, Experian, and TransUnion—use these reports to generate a number between 300 and 850 that indicates where you fit into the range of typical borrowers. The higher your score, the better: A lender will see that you’re more likely to repay them back than someone with a lower number.
The main thing to consider when applying for a business loan is your credit score. If you want to get approved for the amount you want, you will need to have good credit. While there are other factors that go into deciding whether or not someone gets approved, having good credit will increase your chances of getting approved.
Business Banking Records
If you are in the process of applying for a business loan, some banks may require you to submit a copy of your company’s banking records. This is because they want to make sure that the money you’re requesting will be used appropriately and will help grow your company’s profits in the long run.
Banks may require you to submit a copy of your company’s banking records. This is because they want to make sure that the money you’re requesting will be used appropriately and will help grow your company’s profits.
You will need to provide the following records in order to complete your business loan application:
Current bank statements. The bank you’re currently working with will be able to pull up these records. You should also include recent credit card statements and monthly payments from any other sources of income like investment accounts or pensions.
- Business credit card statements
Remember that the bank will consider a few important factors when determining your rating and the size of the loan. Lenders want to take a broad approach, thus they will require monthly figures for the following in addition to annual gross sales data:
- Cash Flow
- Gross Margin
- Debt to equity ratio
- Earnings
- Accounts payable and accounts receivable
Monthly Sales Volume or List of Collateral and Assets
While some lenders need collateral, others do not. The majority of lenders, however, require you to declare corporate assets on the application. In the event that you are unable to repay the loan, they want to know what could take care of your commitments. As an alternative, you can demonstrate that you have made enough deposits into your company’s bank account to show the lender that loan payments can be made.
Benefits of Business Funding
When you’re running a business, you have to be creative with your resources. You’ll need capital to help you grow and expand your customer base, but you may not have access to it. That’s where we come in.
We offer a variety of financing options that can help your business get the money it needs for short-term loans for leasehold renovations, new or extra inventory purchases, and equipment purchases. We also provide longer-term loans for expansion projects and growth.
Our lines of credit allow you to make purchases as needed, pay payroll when necessary, or finance accounts receivable that are due within 30 days but not yet collected.
Despite the choices for business loans, 29 percent of enterprises failed because they ran out of money, according to CB Insights .
Business funding can be a lifesaver.
You may need capital to help your business grow, but you don’t have time to wait for the money to trickle in. With business funding, you can get what you need right away, and use it however you want. If you’re a small business owner, being able to fund your business can be a big challenge. That’s why we’ve made it our mission to help you get the funding you need. If you’re a small business owner, being able to fund your business can be a big challenge. That’s why we’ve made it our mission to help you get the funding you need.
If you’re a business owner, being able to fund your business can be a big challenge. That’s why we’ve made it our mission to help you get the funding you need.
Quick, and easy pre-approval Business Loan Application
After completing this simple application, we’ll pair you with a dedicated Business Loan Advisor to choose the best financing options for your business!
Learn More About Getting a Small Business Loan
Gather required documents needed for funding
Getting a business loan can be a complex process, but the first step is simple: fill out a form. Getting a business loan can be daunting, but it doesn’t have to be! Here’s a step-by-step guide on how to get your business off the ground with the help of a loan.
Having these documents accessible will expedite lender approval:
- Tax filings Profit/loss statement, balance sheet, bank statements
- Business licenses and filings
- Social Security number or Tax ID
Understand Different Funding Options
When you’re in the market for a business loan, there’s a lot to think about. There are many different types of funding options available, and it’s important to understand each one before making the decision that’s right for you.
Traditional Bank Loans: A traditional bank loan is when a financial institution agrees to lend money to your business based on the value of your collateral—usually personal property like real estate or equipment—and your credit history. The lender will charge interest on this loan, which may be paid back over time or at once when the loan is repaid in full.
Revolving Lines of Credit: A revolving line of credit is an agreement between a financial institution and its customer where the customer can borrow against their credit limit whenever they need money up to that amount. The borrower doesn’t have to pay back all of their balance at once; they can just pay back whatever amount they need and then borrow more later when they run out again.
BA Loan: BA loans (Business Acquisition Loans) are exactly what they sound like: loans that are used for acquiring businesses, whether buying them outright or taking them over as part of an acquisition deal.
Apply
Take the leap, explore your funding options and make sure you leave no stone unturned. Submit the form, get your funds, and get back to business.
Your search is over
Still in doubt? Give us the opportunity to serve you.
We’re here to help with all your business funding needs.
Our loan advisors are standing by to answer any questions or concerns you may have.