As far as business loans go, the bank approval is only 15%. Alright, so if you’re looking for a business loan, do not go through the banks. Not only do they want you to have a perfect FICO score and higher revenue and put up collateral, you could wait weeks or months to get the money. Today we’re going to talk about the elusive $1 million business cash advance you can get in three to five days with a FICO of only 500.
$1 Million Business Cash Advance in 3 to 5 Days – Bad Credit Okay 2023
So let’s dive right in. Okay, so here we go. We can actually lend you up to $2 million. But for this video, we’re going to do a $1 million business and fans hit that subscribe button if you’re new here. Let’s get into it. So the approval amount, how can you get $1 million for your business?
Well, our rule of thumb is we can loan you from one to two times your monthly revenue. So if you’re doing 500,000 a month with your business the last three months, your cash flow looks good, and you don’t have any negative days in the last 90 days, then you could probably get up to a million dollars. If you’re doing 500,000 with your business. There’s no reason why you can’t get up to a million dollar business advance.
$1 Million Business Cash Advance in 3 to 5 Days Requirements
So let’s go over the requirements really fast. You need a business checking account for this loan. You need an online banking account. I use Chase, you know, high you know a mainstream bank is good for months or longer in business. So that’s really short. If you went through the banks, they would want a year to two years of you being in business.
Our revenue minimum requirements. This is not for the million dollars, but this is the minimum to get up to 30,000 in a day is our $15,000 a month minimum requirement.
Your FICO has to be 500 or higher if you go through the banks, you’re looking at 700 or 740 Fico. Alright, minimal negative days in the bank can be more than five negative days in the last three months.
If you want more than $100,000, you might have to provide additional documentation. You might have to provide last year’s taxes, you might have to provide a one year business profit loss statement, okay.
Repayment 1.18 to 1.49 factor rate so example you, you get a $60,000 advance, you probably pay back 71,000 to 89,000. Our terms are four to 24 months. This is automatically going to come out of your checking account through ACH you’re not going to have to worry about sending in a payment to the banks. It’s going to come out automatically daily through ACH, you can also request to have weekly payments.
So that is it. That is how you get a $1 million business loan with bad credit, no collateral, no high credit score, no higher revenue. It’s as easy as that. We also have two other funding programs.
We have a same day up to $25,000 business advance and we have an instant cash advance up to $5,000 for people that only have a personal checking account for their business. They have to be doing four business deposits a month. So if you’re just doing DoorDash and only getting to two deposits a month that’s not going to work you have to have four but this application is completely automated and will redirect you to the right loan program, depending on your answers on the application. So click the link under this video/article. Thank you for watching/reading and God Bless.
Erik C. Johnson