Frequently Asked Questions
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.
How does Shield Funding’s business loan program work?
Your company can receive a merchant cash advance or another type of unsecured business loan of up to $1,000,000. There are no personal guarantees or collateral required. The type of business loan available is dependent on your company profile but generally we offer business financing based on future sales receipts that is why if you have a bad credit history you can still get approved. Our business loans or merchant cash advances simply require a small percentage of future sales until the funding is paid back.
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 2 months of sales receipts OR accept credit cards as a payment option.
- Processing at least $5,000 in sales in 3 recent monthly periods (for credit cards) or $10,000 in monthly deposits without cc sales.
- 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 2 months, even if you have bad credit or have been denied in the past. Our bad credit business loans are tailored for business owners with bad credit. 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 are all unsecured and can be transferred to your account in as little as 72 hours.
How do I repay the funded amount?
It really depends on the type of funding you receive. If you apply and receive a merchant cash advance we deduct a portion of each credit card sale as it is generated. We determine a comfortable percentage for your business before we initiate the funding. If you do not process credit cards we can ACH your business bank account on a predetermined schedule that we arrange with you. Each funding option has different terms and can be thoroughly explained before any agreements are made.
Can I apply for a business loan or merchant cash advance if I have one already?
We receive applications all the time from people who have been funded by other companies but are not getting the service they expect. We have an ‘A’ rating for the excellent way we service our client’s accounts and look forward to hearing from you.
How much money can I apply for?
Each business is different but a general guideline for approval amounts is based on monthly revenues. We can give you anywhere from 50% to 150% or more of your monthly revenues depending on the consistency of your monthly revenue.
If I take a merchant cash advance do I have to switch processors?
The answer is NO. However, we do offer some of the best credit card processing options and do manage a large percentage of our clients accounts. Our clients understand that we are concerned with long term business relationships and the potential of funding larger deals as the business relationship moves forwards, and we are not here to make money off of a client’s processing accounts. It is for this reason we feature the most competitive rates in the industry and why many of our clients choose to switch. The choice is yours and we are here to answer any of your questions or concerns.
If I apply how long before I receive the actual wire?
Although each case is different depending on the speed in which we receive the documentation we require, we have funded business owners in the same week that they applied. The process is very quick at Shield Funding when our clients are responsive.
Are there restrictions on how I use the money?
That is the beauty of Shield Funding’s business loans. The money can be used to pay down debt, buy equipment or inventory, marketing purposes, or anything that you see fit. We believe business owners know how to distribute the capital for their own business.
How much will a merchant 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 applying for a merchant cash advance?
We do not charge any application fees or any costly 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 merchant 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. We also do not require collateral for any of our funding programs, they are no collateral business loans. Additionally, your credit score will have very little input in our approval decision and a major reason why we provide bad credit business loans.
How fast can I get a merchant cash advance or small business loan?
Our merchant cash advance or other business loan options allow for approvals within 24 hours for some clients 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 $1,000,000. There are always exceptions based on particular requests but this is a general guideline.
What is the structure for paying back a merchant cash advance or business loan?
Your payment amounts are determined based on a small percentage of future revenue or determining a comfortable payment plan that work for your business. You have the option if you go through a slow revenue cycle where your payments will adjust downward. We will determine the best payback rate according to the details you provide.
What is the difference between a merchant cash advance and a business loan?
A merchant cash advance is an exchange of cash now for a percentage of future receivables. There are other types of business loans which are structured with payments at a set percentage amount or time, and occasionally other variables like balloon payments etc.
After I repay a merchant 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 small business loan application?
The application process is virtually hassle free. The paperwork requires just a few minutes, an initial one minute form online, or you can simple call us to avoid that process, and then we follow with a one page application by email or fax. 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 business loans are approved. The one way you can find out is simply filling out our easy to use online business loan application.
Are there any costs to apply for a business loan or merchant 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 business loan programs such as ACH loans 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.
Can you transfer a merchant cash advance or receive more than one with multiple companies?
The answer is yes. Part 1, we have many clients who come to us because the terms of their merchant cash advance are unreasonable or they are just unsatisfied with the service of their provider. There are several ways to transfer your account and we will be more than happy to discuss the options available to you. Part 2, there are occasions where you have 2 or 3 merchant cash advances out and there are complex structures that we can discuss with you if you find yourself in any of the mentioned positions. We look forward to hearing from you and walking you through the process.
Does Shield Funding have a business loan referral program?
The answer is yes. We offer interested individuals or organizations the opportunity to receive referral fees by introducing borrowers to our service. If you are interested you can learn more here.
Additional Business Loan or Merchant Cash Advance Questions
We would be happy to answer any question that are not listed. You are welcome to call or email us at any time with your questions. Call (888) 882-6117 or visit our contact page for additional questions. We appreciate your interest in our company and look forward to hearing from you.