Whether you choose Multi Vision Financial to be your Agent of record or not, we feel it is vital that you choose a reputable broker/agent to work with. A bad experience can ruin your future chances to obtain working capital.
- Limit Credit inquiries: If your score drops too quickly it can hurt your chances of getting funded anywhere. It can also make you seem untrustworthy to the bank and they may reduce the initial loan amount offering.
- Keep the business checking account balance positive: Zero or low negative days is best. Bouncing checks or NSF’s may result in less than premier program or even a turn-down.
- Have a plan: Be prepared to explain to us how you plan to make a profit with the loan capital you receive. The underwriter wants to know you are going to make additional profits.
- No false paperwork: DO NOT manipulate or “trick” the banks with false documents- you will get caught!
- Pay your rent/mortgage: Stay current on your business rent/mortgage. If you are past due the banks may not fund your loan.
If you are pre-approved and delay signing your contract, it will expire and you may not get the initial amount approved. Based on our experience, here is what can happen if you wait too long after you are approved.
- The bank may ask for updated statements. If your income drops- you may not get funded.
- For certain industries such as contractors, construction…the winter months are more difficult to get loans funded.
- If you’re hit with severe weather in your area that can affect revenue- the banks may also reduce the funding amount or not fund you at all.
- In many cases if you need to be re-approved the loan amount may drop significantly.
- Too many inquiries can drop you from a premier program to a standard one resulting in a change of rate/terms.
Be sure to discuss timeline with your agent. Some clients have learned the hard way.
Please protect your private information
With all the loan companies “popping up” on the net, be sure to thoroughly investigate the company you are about to send your documents to. Many companies are fraudulent or unqualified. There are many promises being made that are simply not true. MVF is accredited through the better business bureau and has verified business credentials. At anytime you can click on our badges at the bottom of our home page to validate our authenticity.
Getting Funded in 24 to 48 hours
In almost all cases the banks will fund very fast. The best way to secure fast funding is by providing the documents that the bank ask for. The bank will usually fund as fast as you can provide the documents. The amount you are approved for will be wired directly into your business account.
Why Too Many Credit Inquiries Can Hurt Your Credit Score
Why Too Many Credit Inquiries Can Hurt Your Credit Score. Prospective clients can become very frustrated because, even though they may have good credit scores, too many credit inquiries are preventing them from qualifying for the business loans or lines of credit they need to fund their business. They are surprised that multiple credit inquiries can have such a negative impact on their credit scores.
Bad/Low Credit Loans
Many clients with low or bad credit looking for a business loan will sometimes get offered less money than they were originally looking for. This can happen for many reasons if you do not have an established lending relationship and/or:
- Maybe you are fresh out of a bankruptcy
- You have no established credit history /a zero credit rating
- You may have charge offs or repossessions
- You have bad credit/very low credit
If this is you, please listen closely. You must start from somewhere. We understand if you don’t accept the initial offer, as the interest rate can be very high. This is short term lending. The starting point may be lower than expected but if you get established and build up a lending relationship you should qualify, per your loan options, for the loan amounts that you were originally seeking to grow your business.
Short term loans can carry high interest, but can also be paid off quickly so you can access the larger dollar amounts on the next funding round. In most cases you may be eligible in as little as 45- 60 days.
FACT: Short term high rate loans are simple. Can you use the money now to make more money? If the answer is yes then consider the loan. Build up the relationship. YOU WILL almost always HAVE access to larger capital amounts!