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About My Fast Biz Funding
Our Mission
At My Fast Biz Funding, we aim to provide quick and reliable funding solutions for small, medium and large businesses. We understand the challenges entrepreneurs face and are committed to helping them succeed.
Frequently Asked Questions
My Fast Biz Funding offers a wide range of loan products for all sizes of Business large and small.
Minimum Requirements:
Instant Same Day Funding from $400 up to $10,000
· 4 months minimum in business
· $3,000 or more per month average for the last 3 months
· Funding amount from 25% - 75% of monthly deposits
· Typically 3 - 6 month terms
· Weekly repayment through connected bank account
· Personal and Business Checking Accounts considered
· Minimal NSF or Negative Balances required
· Not available in New York, California, and Oregon
· Minimum 550 Credit Score and requires a Hard Pull at closing
24 - 48 Hour Bigger Funding from $10,000 up to $2.2 Million
· Minimum 4 - 6 months in Business
· A business checking account in the same name as the entity applying for funding. (personal accounts do not qualify).
· Business revenue of $15,000+ per month for the last three months.
(verified through bank statements)
· Funding amount from 50% - 200% of monthly deposits
· 550 Minimum FICO Score
· Minimal days with a zero balance and limited NSF occurrences in the last month
** Our process is designed to approve businesses faster and more often than banks, with no collateral required and a simple online application.
· The amount you can qualify for is typically between 50% and 200% of your Total Monthly Business Revenue.
Ex: If your business does a 3 month average of $50,000/month in monthly sales, you may qualify for $25,000 to $100,000. (.5 to 2X)
· These are short-term advances and loans, so lenders evaluate your current monthly sales and average daily bank balance to determine a daily or weekly payment your business can afford. From there, they work backwards to calculate your approval amount.
** Keep in mind that if you already have existing loans or advances with other lenders in this space, the amount that you qualify for may be reduced to help offset these additional financial responsibilities.
· Repayment terms can range from 4 to 18 months, with the average term being around 9 months. Terms may be extended as a result of the loan amount and qualifications determined during the discovery call with your Account Executive.
** This ONLY applies to the Larger Fundings of $20K or more.
· Lenders look at your current sales and bank activity to determine what is affordable. Shorter terms and payment amounts are based on what the lender believes your business can handle - even if your sales stay the same.
The main objective or goal of the funded amount is to provide the business with an influx of capital to help increase their sales and performance, making repayment even easier over time.
** In many cases the client may become eligible for additional fundings, once they have made consistent and timely payments. This can occur even before the initial advance is still being paid off. Clients can ask for a new loan for a larger amount and pay of the existing loan at the time of funding creating a new influx of fresh capital.
Unlike traditional Credit Cards or Commercial Bank Loans, Alternative Funding uses a flat “Cost of Capital” equation when calculating the amount to be charged.
· The Cost of Capital typically ranges from 1.18 to 1.5 times the amount advanced.
** Each loan rate amount is calculated during the approval process and can be higher than the rate used in this example as a result of the business performance and credit profile of the borrower.
Ex: If your business receives $30,000 as the funded amount, your total repayment can range from $35,400 to $45,000 over 6 to 18 months.
The time it takes to receive funding can vary depending on the lender and the specifics of each application. Generally, funds from an Alternative Funding approval can be available in as little as 24-48 hours in most cases.
** There are several contributing factors in the time it takes from the beginning of the Application Process, through Approval and Discovery and varies from lender to lender.
** Completing and submitting the application for approval requires the borrower to upload Bank Statements, Driver’s Licenses and a voided check to prove ownership.
· A Traditional Bank Loan at 12% APR over 5 years would cost about 1.34 times the borrowed amount, meaning a $30,000 loan would result in a $40,200 repayment.
** A Typical Alternative Funding Loan for $30,000 will range from $35,400 to $45,000 with a much shorter timeframe for repayment allowing you to pay it off sooner!
· Traditional Bank Loans are becoming more and more challenging for the average business owner to secure due to continually increasing restrictions and requirements set forth by the Banking Industry.
· Traditional Bank Loans can take 30 - 90 days or longer to get approved or denied.
· Traditional Bank Loans require High Credit Scores, (often 750 and above), Long and Proven Track Records of Success in Business, Collateral, and more.
** These are just a few of the reasons that so many Businesses across America are in the market for Alternative Funding vs. Traditional Banking. Our streamline application and fast approval and funding will get you the funds you need in a flash!
The answer is NO! There are No Restrictions on how you use the funds. While most business funding is acquired to increase revenue and profits, such as purchasing inventory at a discount, expanding operations, or covering unexpected expenses,
You decide how to use the capital based on your Business needs.
These advances are designed to provide flexibility for the borrower, whether you are looking to scale, stabilize cash flow, or seize a time-sensitive opportunity.
** This is yet another reason that Alternative Funding is growing at an exponential rate and so many Business owners are taking advantage of its’ flexibility.
The majority of Alternative Funding Loans offered by Capital K Funding DO NOT require a “Hard” Credit pull. Typically, receiving a funding advance does not directly impact your credit score because providers usually do not require a hard credit check that would appear on your credit report. In a lower funding situation where Credit Score or Business performance is a concern it may be necessary to pull credit for funding.
Contact Us 954-249-2658
Contact Us 954-249-2658
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