Finance & Lending

 

01 12 2015

The Loan Approval Process Can Take Time

01 12 2015

Understanding The Loan Approval Process

In a perfect world, you’d be able to visit a lender and obtain all the working capital your business needs in one quick trip. However, for many business owners, getting the funding they need means dealing with long wait times.

This is because traditional business loans have to go through complicated approval processes.

The loan approval cycle

There are many moving parts in the loan approval process.

First, you must submit your business loan application. Next, lenders will likely request certain documentation, such as credit reports and cash flow projections, if they haven’t already been provided.

Then comes the review of your application. Traditional lenders will take numerous factors into account, chief among them your ability to repay the loan. This is just one area where lenders may rely on your credit history to determine your trustworthiness as a borrower.

The time it takes for a loan application to be approved will vary from person to person, but it can take weeks in some cases. If your loan is approved, documents will be drawn up for you to sign. Once the lender ensures all paperwork has been filled out correctly, you will finally receive your funding.

Even if you’re approved for a business loan, the length of time it takes to obtain your money can lead to complications, especially if you needed the funds for a time-sensitive debt obligation or growth opportunity.

Fortunately, there are ways to get the money you need much faster.

Speeding up the loan process

Experts agree there are various ways to streamline the loan approval process. Most important is knowing what information is expected of you and having it available for loan officers. If you don’t have the proper paperwork ready to go, it will definitely slow down the cycle and lead to a longer wait time for your money.

However, an even simpler way to speed up the process is utilizing the services of an alternative lender like National Funding.

As a direct lender, National Funding cuts down on the time it takes to provide money to borrowers. Our no-obligation applications are straightforward and easy to use, allowing you to get approval of your small business loan and receive cash in as few as 24 hours.

For business owners who need funding quickly, borrowing from an alternative lender can make all the difference.

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Terms & Conditions

General Acceptance

Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.

 

US Patriot Act:

To help the United States Government fight terrorism and money laundering, Federal law requires us to obtain, verify, and record information that identifies each person that opens an account. What this means for you: when you open an account, we will ask for your name, a street address, date of birth, and an identification number, such as a Social Security number, that Federal law requires us to obtain. We may also ask to see your driver's license or other identifying documents that will allow us to identify you.

 

For Loan/Merchant Services:

The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.

 

For Equipment Services:

I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121.  Funding amount and credit approval is subject to a full credit profile review.