Construction is one of the largest, if not the largest industry in America. With over 3.7 million construction businesses in America, contractors are looking for fast funding to expand. We offer contractors several loan options, with no collateral needed, bad credit ok, and funding in as little as the same day. Here’s our best Construction Business Loans Online.
Why Use Construction Business Loans Online
Construction is growing at an annualized rate of 3.3% in the last 5 years, and is predicted to produce a GDP of around $675 Billion by 2023. However, getting funds for your construction business from traditional banking is getting harder and harder. In fact, banks are only approving 13% of businesses right now for loans.
We, on the other hand, work with businesses that cannot get approved for a bank loan, or don’t have the time to jump through weeks or months of hoops to get working capital.
We offer several programs, most notably our same day $25,000 advance, up to our $2 million business funding within 1 to 3 days – no collateral and lower FICO scores accepted.
Overview of Our Construction Business Loans Online
Over the past 6 years we have helped hundreds of contractors get fast working capital. We are not a big corporation that treats you like just a number – we are hard working Americans just like you, running a family-owned business out of Michigan.
We have 17 in-house lenders along with 70 other lenders to give you the best terms and highest allowed capital for your construction needs. Our application is fully automated and online – simply answer a few questions on the online application and you will be redirected to the best loan/advance program that fits your revenue/credit profile.
We offer three main construction loan programs:
One) Instant Cash Advance – up to $5,000 in 10 minutes. Need to be doing $3,000 a month with your business and making (4) business deposits per month)
Two) Same Day Advance up to $25,000. Need to be doing at least $5,000 per month with your business for the last 6 months and need at least a 550 FICO and a business checking account.
Three) Up to $2 Million Business Capital. Need at least a 500 FICO, four months in business, and doing a minimum of $15,000 per month.
Again, our loan will automatically direct you to the right program. We have a team of underwriters waiting for your application and you will work with a dedicated account manager to help you throughout the loan process. We make business funding as quick and as simple as possible.
Construction Business Loans Online Rates and Repayment
We use typical MCA and business cash advance rates, which are called factor rates. Our rates are 1.19 to 1.60. The quicker you pay off the loan or advance the more money you save. These rates are indicative of high risk or bad credit businesses and will be lower the more creditworthy your business is.
Terms are 8 weeks to 24 months depending on the size of your loan. Terms are extended with additional fundings or higher credit scores. The loan or advance is paid back through ACH through the checking account you connected the loan advance to.
How to Apply for Construction Business Loans Online
Most business is conducted online these days, and getting construction business loans online is no different. If you are looking for the fastest working capital online, we are the lender for you.
To speed up the application process, have 3 months of bank statements ready (1 year’s worth for loan amounts greater than $100k), a voided business check (not needed for instant cash advance) and your driver’s license.
If you are happy with the pre-approved loan amount, you will be asked to connect your checking account. Depending on the loan type, you can get funds within 10 minutes to 8 hours for loans under $25k, and 1 to 3 days for loans larger than $25,000.
We hope we can serve you! Click apply now to start the pre-qualification process and good luck with your construction business!
(instant cash advance not available in California or New York)
Erik C. Johnson