Running an online business is no easy task, At Financing Your Way we make getting a loan for e-commerce simple!
Here a few things you need to know about the process of loans for e-commerce businesses:
You must have 1 year in business
E-commerce businesses that are fairly new are not excluded from getting business capital. If you have been in business for a least a year, chances are you’ve found your footing as a have established a customer base. A business loan can help you step confidently into your second year of business.
A fair credit score
Even though the loan will be in the name of your business, as the business owner will need to be the personal guarantor for the loan. Guarantors with a higher credit score can qualify for better rates, but bad credit won’t jeopardize your ability to get a loan for your business.
We offer bad credit loans, but keep in mind due to added risk, the terms may not be as favorable. As you pay back the loan, your credit will improve and in the near future you will qualify for better terms for your ecommerce business loan.
Merchant and bank statements will be required
Our underwriting team will want to review your bank statements to ensure that you are receiving regular income deposits. The bank statements will be securely stored and only shared with our lending partners and underwriters.
Funding is fast and convenient
Once you are approved for funding you will receive your funds within a few days. The funds will be deposited directly into your merchant account. These can be used for all manner of expenses, including payroll, new or upgraded equipment, etc.
Payback is simple
We offer simplified payback options. No need to write checks and keep track of complex balances and interest. Payments can also be deducted as your online store earns money through its online sales.