1. SBA Loans Get a 12% approval rate and some times takes up to 60 days to fund. Although this really comes down to the best type of unsecured funding a business can receive online, the chances of being approved in a timely manner are slim.

    2. The type of funding you receive is really determined by three things. Time in business, Credit rating, and monthly deposits. Any owner with a credit score less than 660 (but really 680) is almost limited to short term cash advances.

    3. Personal Loans usually have better rates and terms compared to the average business loan  or cash advance you find online.  Credit score of 700 is usually the sweet spot to qualify, Did I mention, the amount of funding with personal loans are usually higher than cash advances depending on your situation.

    4. Collateral based loans will always have better interest rates than unsecured funding and its the reason some people choose to do a cash out refinance on a commercial property over unsecured funding.  These type of deals do take longer and require more paperwork to get the deal done.  It also usually requires a score of 660 and higher as well.

    5. Cash advances do have their advantages. They have the shortest turn around time.  Usually you can have the money deposited into your business bank account within 24 hours of applying.  Credit score is really not an issue. Monthly Revenue is king with this type of funding. But never wait until things get really bad to pull the trigger.  A Common denial reason is declining revenue even if the revenue meets the advertised requirements.

    6, Most business funding lenders will require that you submit at least 3 months of prior bank statements, an application from your broker, and sometimes a copy of your driver’s license.

    7. Origination and Success Fees. There are lenders and brokers who offer loans and funding without origination fees but there interest rates are usually higher. If there is a success fee, the interest rates are usually significantly lower.

    8. There’s really no such things as the perfect business loan for the client unless you’re able to go to your local bank and get the funding you need in a timely manner.  Always have Return on Investment on your mind. I rarely recommend funding options if its just for survival.