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FAQ
Shield Funding has set out to assist business owners with business loans or the merchant cash advance they need to succeed. In order to meet this objective, our associates are here to answer your questions and provide you with the loan information you require. Feel free to read about some of the most commonly asked questions below or click on our live chat icon (if online) to speak to one of our experienced representatives now.
Do I qualify for a merchant cash advance or another type of business loan?
Qualifying for a loan is simple, you just need to:
- Have at least 3 months of sales receipts OR accept credit cards as a payment option.
- Processing at least $2,000 in sales in 3 recent monthly periods.
- The ability to provide statements for at least 3 months validating your details.
How easy is it to get my loan application approved?
Shield Funding’s merchant cash advance program and other business loan solutions are easy to apply for and get approved. We have a very high approval rate for any business operating for at least 3 months, even if you have bad credit or have been denied in the past. All you have to do is fill out an online application with a basic profile. The paperwork is minimal and approvals are determined almost immediately. Our business loans or merchant cash advances can be transferred to your account in as little as 72 hours.
How does Shield Funding’s business loan program work?
Your company can receive a merchant cash advance or another type of business loan of up to $500,000. There are no personal guarantees or collateral required. The type of loan available is dependent on your company profile but generally we offer business financing based on future sales receipts that is why credit history is not as important. Our business loans or cash advances simply require a small percentage of future sales as repayment.
How much will a business cash advance cost to repay?
The cost to repay a merchant cash advance is based on the amount advanced as well as time period to repay and several other details. A Financial specialist can explain the exact details of the options available to your business shortly after you fill out the online form.
Is there a fee associated with the cash advance?
We do not charge any application fees or set-up fees which can be very different from other financial companies. We have an A rating with the Better Business Bureau because of the way we service our clients.
How will bad credit or no collateral affect my cash advance application?
This is one of the greatest features of our business loan options. Because we consider current and future sales receipts as the main deciding factor for our approvals we rely much less on your credit rating or history. Your credit score will have very little input in our approval decision.
How fast can I get a cash advance or business loan?
Our cash advance or other business loan options allow for approvals within 24 hours and cash in your account as fast as 72 hours. The most important element of time is that all relevant documents are received in a timely matter to ensure a fast process.
How much financing can I receive?
Generally our merchant cash advance or other business loans range from $5,000 to $500,000. There are always exceptions based on particular requests but this is a general guideline.
What is the structure for paying back a cash advance or business loan?
Your payment amounts are determined based on a small percentage of future revenue. This way if you go through a slow revenue cycle your payments will generally adjust downward. We will determine the best payback rate according to the details you provide.
What is the difference between a cash advance and a business loan?
A merchant cash advance is an exchange of cash now for a percentage of future receivable. There are other types of business loans which are structured with payments at a set amount of time, and occasionally other variables like balloon payments etc.
After I repay a cash advance how easy is the process to receive another one?
Because we have established a business relationship with you the process to apply again is very simple. As long as there is no major change in your financial status your approval will go through automatically.
How complicated is filling out the paperwork for a loan application?
The application process is virtually hassle free. The paperwork requires just a few minutes. Our account specialists are here to guide you through the process.
If I have a similar loan with another financial company will I be automatically approved?
Although every financing company has different standards, based on our experience over 90% of our clients who apply with existing loans are approved. The one way you can find out is simply filling out our easy to use online loan application.
Are there any costs to apply for a business loan or cash advance?
Although other companies charge application fees we do not charge our customers any up-front fees. We take care of all the work and costs associated with securing financing for your company.
I have monthly gross sales that are substantial but my credit card sales are much less, will I still be eligible for financing?
The answer is Yes. We have loan programs that consider your overall monthly sales. We can structure a business loan that meets your financial needs.
Can I have my merchant cash advance or business loan renewed?
If the outstanding cash advanced reaches 20% of the outstanding balance the borrower can submit a renewal. Many of our clients renew their advance. Our renewal submissions are generally funded within 24 hours and your request can easily be done by phone or email.
If I take a business cash advance will I have to switch my credit card processing service?
Each business financing option we offer is different so it depends on how we structure your cash advance. One of our funding specialist can discuss the details with you after you apply. However, our credit card processing services feature some of the lowest rates in the industry so you would only gain from working with our service.
