The act of obtaining a small business loan is relatively easy to achieve at the end of the day. It is easy and quick to apply for a small business loan when using EZ advance. Thus, it will be easier to do if one has the needed documentation on hand all the time. The four primary documents required are a government-issued ID, proof of access to the business bank account or statement of your business’s bank for three months, the business account number, and the routing number. Other  information may be required in some cases. Depending on the processes that are being undertaken, additional information may be needed. In case of approval, working capital will be directly deposited into the specified business operation account. Want more information? Visit the blog to get a comprehensive answer to the question of how to get a small business loan.

The majority of the business alternative funders seek information such as time in business, the number of business revenues, business bank account, and identification, which are common types of information, including a driver’s license or a passport. Now, this is not a definitive list; it is the most widespread general request when applying for working capital.

Credit is one of the aspects that both conventional and non conventional funders focus on when seeking to curtain a business. However, it is not the only criterion that determines such a decision. Other sources of financing prefer to focus on the performance of a small business in general. This means such things as revenue streams, the age of the business, the receivables, and the credit score of the business concern. I  encourage you to read our blog on how to get a small business loan with low credit for more information.

As is already indicated, the categorization of a small business loan could be both a shortterm loan and a long-term loan, depending on the business’s needs. EZ advance gives loan terms of at least 3 months with a possible maximum period of 60 months*. Long-term loans are useful if the business requires a large amount of additional working capital and does not intend to repay the instrument too early. However, if a business wants a longer repayment period, it could be eligible for a long-term business loan if the funder intervenes and offers long-term loans. Clearly, numerous conditions come into play when defining loan terms. The best thing to do is convey your business requirements to our team so they can come up with the optimum solution for your business.

The ultimate decision on getting a secured or an unsecured small business loan depends on the current requirements of a business and the ability to repay depending on the financier’s approach. A secured business loan refers to the kind of loan where the business assets act as security for the loan to be given; usually, it involves the filing of a UCC financing statement. UCC financing statement is sent to the Secretary of State, who provides the green light on the placing of the lien on the business collateral for the loan. The UCC is filed where your business is located or where the business has an interest in an asset. When the small business loan is fully repaid and without any other credit from the lender, the giving lender will discharge the UCC. Thus, for an unsecured business loan, the business lender does not ask for a security interest in the asset and does not record a UCC financing statement. An unsecured loan leads to the enlargement of potential dangers to the loan. However, quite often, an unsecured loan is not offered with such liberal terms and conditions. For most enterprises, secured loans are usually preferable, as they help cut the costs of funds while increasing financing. One should also note that it is possible to finance even more by using specific collateral, which may include real estate, inventories, or any other particular assets. In this regard, secured loans from EZ advance are suitable for small businesses since the processes followed when issuing the loans are fast.

EZ advance has a small business financing calculator that can be used to change other business details, including the working capital amount, estimated credit score, and monthly sales. This lets you get a big picture of what your small business may be eligible for and helps start your research. To get a general idea of what you may qualify for, you are advised to fill out the form on our website or give us a call.