At Skytop Business Loans, as we work to help small business owners like yourself on a daily basis there is definitely a common set of questions most people have. We’ve decided to lay them out here for you, so that we may help you better understand how our 48 Hour Business Loans work. There are many benefits to using this type of financing, such as high approval rates, and very fast turnaround time. There are some other features you may not be aware of at all yet. Here are the most common questions that callers have-
1) Can I get approved?!
In short, yes. Our approval percentage is at an all time high thanks to our revenue based programs which value cash flow over personal FICO score, and collateral. It is that we look at the big picture of the business that we are able to secure financing FAST – even for our program geared towards bad credit business loans. If you’ve been in business for at least 3 months, and have deposits of at least $8,000.00 as a monthly average we can get you approved. We do have programs for those businesses that are doing deposits in that $8,000.00 – $12,000.00 range, however it should be noted the vast majority of our clients to far more than that revenue wise on a monthly basis, and those are the clients that get the best approvals.
2) What kind of collateral do you hold?!
None. Skytop Business Loans does not hold any collateral for our programs. This is one of the main reasons we are able to go from “Approved!” to “FUNDED!” so quickly – there is no appraisal process to wait for, so far fewer “hoops” to jump through. For most approvals a personal guarantee isn’t required so much as a performance guarantee that you will run your business the way you currently do. In other words, if you are an auto repair shop, and you get approved for an Auto Repair Loan and you turn your shop into an ice cream parlor and go out of business? well, that may be a problem.
3) Is there an early pre-pay penalty?
As we offer Unsecured Business Loans, we are more than happy that you will be paying us back sooner than we originally agreed to. To answer the question, No. There is an early pre-pay DISCOUNT. This is so important to take into consideration while making your decision on funding for your business. The early prepay discount can be taken advantage often while using our fast funding program as a Bridge Loan – Allowing you to take advantage of additional funding while waiting for loans like an SBA to close which on average will take months. When the other financing closes pay us off – at a discount. It is by far one of the most popular programs we see.
4) What do I need to get started?!
Well the easiest way to get started is simply call us now at 844-323-5626 or apply at www.skytopbusinessloans.com – The application is right there for preapproval. As long as you meet our basic criteria we will start working on options. All that we require for that is a completed application which will be sent to you by your dedicated Skytop Business Loans Agent, and your three most recent months of business bank statements to show cash flow – since, that is what we underwrite on. That’s it. It is this hassle free process that allows us to fund your business in under 48 hours. Reach out today, and let us prove it.