To qualify, you will need to be in business at least 3 months and have monthly deposits of at least $9,000.
Each loan is considered based on your bank statements, cash flow, and partially on your credit. If you have better credit you may qualify for lower rates, however if you have no credit or poor credit you will still be able to get funding. Each rate is calculated based on the risk factors that we derive from your bank statements.
Once you fill out our application, you will need to submit 3 months of bank statements for our lenders to determine how much they can lend you and at what rates.
Our paperless application is simple and can be completed in just a couple minutes. Once that is complete and bank statements have been submitted, you will begin to receive offers from funders as early as within the next hour! After you choose an offer and sign a contract, the funds are wired to your account in under 24 hours.
Once you sign a funding contract and complete the paperwork, the funds are wired to your account within 24 hours.
There are several setups, depending on your preferences, business type and setup: daily, weekly and monthly ACH payment options, as well as credit card split and lockbox options. One of the more common method is paying back over time by taking a portion from the credit card payments that you process. In that way, there is no pressure at the end of each month, and you can pay back over time from the money that your business makes.
We generally do not offer collateral-based loans at this time.
Fundomate is unique in that one application and one credit pull will get you multiple offers from our lenders. It gives you the greatest flexibility with little impact on your credit score.
Fundomate is a broker. That means that we share your application with multiple lenders so we can present you with multiple funding offers.
As a broker, we can ensure that your credit score is as safe as possible. Additionally, we can obtain multiple offers for you - which in a sense makes the lenders compete for your business and drives your rates down. Lastly, we offer an individual approach with the customer’s best interests in mind. We tailor each deal to meet the client’s needs, industry and setup for the best rates and deals.