Frequently Asked PBI Questions To Get Cash Now!
PBI Working Capital Business Loans – In order to compete and grow we know business owners need access to working capital fast when needed. It is our goal to keep business owners aware of the many cash advance options that may be available for their business. It’s easy to see why we should be your first and last call when looking for a business loan.
The products represented by Profit Builders Inc are Micro Business Loans. These are not consumer loans. Business Loans provided by third parties and subject to lender approval. Approval is based on a minimum one year in business and verified minimum annual revenue of $100,000 but $250,000 preferred and minimum credit score of 500+, a minimum in bank monthly balance of $3,000, and no tax liens, bankruptcy or judgments. Same day pre-approvals possible based on completed application and 3 months of complete bank statements and merchant statements. All offers are made on approved credit. All offers are subject to lender approval. No Start Ups/No Personal Loans.
Advantages: No Up Front Fees, No Application Fees, No Collateral Required and Low Credit Score OK.
Call today and see why more business owners turn to us for business loan approvals. Whether you have excellent credit, low credit scores or bad credit we can help your company get the business capital it is looking for. We are easy to work with and always treat you with respect. We know every company has a unique cash flow challenge or situation.
Why would I do business with Profit Builders Inc.?
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- We will give you more loan options
- We have access to more capital
- We are here for the long term when you need additional capital in the future
- Many clients schedule appointments to meet face to face. We welcome walk-ins
- Your credit will not be needlessly pulled multiple times
- We provide business building and profit optimization programs that help you profit and pay for the loan
- We have clients all over the USA
How can I get pre-approved for a Business Micro Loan?
- Fill out the application or call in and a Funding Coordinator will fill it out with you.
- Call us at 415-678-9965 or email firstname.lastname@example.org
- 3 months of bank statements. All pages must be included
- 3 months of merchant credit card statements. All pages must be included.
- If you do not accept credit cards then disregard the merchant statements.
1. Fill out the short online acknowledgement/authorization form.
The application process is virtually hassle free. The paperwork requires just a few minutes. Our Funding Coordinators are here to guide you through the process.
What are the basic loan qualifications?
Qualifying for a loan is simple
- At least 12 months in business
- Absolute minimum annual revenue of $100,000 but $250,000 preferred.
- Minimum bank balance $3,000
- Minimum credit score of 500+
- Free of liens, judgments or bankruptcies. If you have payment arrangements that is OK.
Do you have Express Approval
For fast 24 Hour Pre-Approval email the 3 listed documents below. Be sure all documents include all statement pages. In some cases additional documents may be requested.
- Loan Application Completed and Signed
- Profit & Loss Statement
- Bank Statements – Submit 3 months of bank statements
- Merchant Account Statements – Submit 3 months of bank statements
- If you do not take credit cards, then merchant statements are not required. Just submit your application your Profit & Loss Statement and 3 months of bank statements.
How easy is it to get my loan application approved?
Once you provide the complete documentation your approval will be fast and easy. Based on the fact you meet the minimum guideline criteria.
How does your business loan program work?
Your company can receive a business cash advance or another type of unsecured business loan of up to $250,000. No collateral is required. The type of business loans available is contingent on your company profile and cash flow. Our business micro loan programs simply require a small percentage of future sales as repayment.
What is the interest rate?
The rate will vary depending on credit, term and program. If you can get financing at your bank we recommend that as your 1st option. In most cases the banks will not lend unless you are an A+ borrower.
How long are the loan terms?
Loan terms can range from 3 months to 18 months for repayment.
Is there a fee associated with applying for a business loan?
No. We do not charge any application or upfront fees.
How will bad credit affect my application?
This is one of the greatest features of our micro business loan options. Our banks consider current and future sales receipts as the main factor for our approvals. Your credit score will have little input in the decision. In some cases even scores below 500 have an opportunity to get a basic micro loan. Once you prove your repayment capabilities you will be able to access bigger loans and more capital. This will help your long term capital business needs.
How fast can I get a merchant cash advance or small business loan?
Our business cash advance and business loan options allow for approvals within 24 hours and cash in your account as fast as 72 hours. The most important element is that all documents are received in a timely matter to ensure a fast process and faster funding.
How much financing can I receive?
We have access to capital loans up to $250,000. Each client and loan amount will vary based on your gross monthly deposits.
What are my payback options?
Your payment amounts are based on a small percentage of future revenue. Most payments are made from your daily sales Monday thru Friday.
After I repay a business cash advance how easy is the process to receive another one?
Very simple and easy. As long as there is no major change in your financial status your approval can go through automatically.
If I have a balance with another financial company will I be automatically be denied?
In most cases we can get your 1st refinanced or simply get you a 2nd with more capital.
I have high monthly gross sales but my credit card sales are much less, will I still be eligible for financing?
Yes. We offer business loan programs such as ACH loans. You do not have to accept credit cards in order to get a business loan.
Can I have my merchant cash advance or business loan renewed?
Renewal submissions are generally funded within 24 hours. In most cases we will contact you to see if you need more capital.
If I take a merchant cash advance will I have to switch my credit card processing service?
Almost always the answer is No. In some rare cases it may be necessary.
Can you call me after hours to get my process started?
Absolutely! We will be happy to assist you even on weekends. Contact us and let us know the best time to reach you.
Are there Any Disclaimers?
The products represented by Profit Builders Inc are Micro Business Loans. These are not consumer loans. Business Loans provided by third parties and subject to lender approval. *95% Approval based on a minimum one year in business and verified minimum annual revenue of $100,000 but $250,000 preferred and minimum credit score of 500+, minimum in bank monthly balance of $3,000, and no tax liens, bankruptcy or judgments. Same day pre-approvals possible based on completed application and 3 months of complete bank statements and merchant statements. All offers on approved credit. All offers are subject to lender approval. No Start Ups/No Personal Loans.
PBI Business Loan Tips to Get Cash Now!
Whether you choose Profit Builders Inc to be your Agent of record or not, we feel it is vital that you choose a reputable broker/agent to work with. A bad experience can ruin your future chances to obtain working capital.
1. Limit Credit inquiries. If score drops too quickly it can hurt your chances of getting funded anywhere.
2. Keep bank balance positive. Zero or low negative days is best.
3. Have a plan to make a profit with the loan capital you receive.
4. DO NOT manipulate or “trick” the banks with false paperwork you will get caught!
5. Stay current on your business rent/mortgage.
6. If you are pre-approved and delay your contract completion and your income drops you may not get funded. Discuss your capital time line with your adviser.
Why Too Many Credit Inquiries Can Hurt Your Credit Score.
Why Too Many Credit Inquiries Can Hurt Your Credit Score. Prospective clients can become very frustrated because, even though they may have good credit scores, too many credit inquiries are preventing them from qualifying for the business loans or lines of credit they need to fund their business. They are surprised that multiple credit inquiries can have such a negative impact on their credit scores.
What is a Credit Inquiry?
Whenever you apply for credit from any lender, retailer, auto dealership, mortgage lender, etc., you are authorizing the lender to ask (or inquire) for a copy of your credit report from one or all of the credit bureaus. Later, you may notice these credit inquiries listed on your credit report. There may also be businesses or lenders listed on your credit report that you do not know or did not directly give permission to receive a copy of your credit report. However, the only credit inquiries that count toward your Fair Isaac Corporation (FICO) scores are the ones that result from your applications for new credit.
Are There Different Types of Credit Inquiries?
Yes, there are two types of credit inquiries: hard and soft inquiries. A hard credit inquiry is when you are applying for new credit. A soft inquiry is when a lender pulls your FICO Score for marketing or other purposes, such as when a landlord or potential employer might pull your credit. Fortunately, soft credit inquiries have no impact on your FICO Score. Hard inquiries, on the other hand, only hurt your score if there are several in a short amount of time.
Why Does It Matter How Many Credit Inquiries I Have?
To lenders, if you have applied for or opened several credit accounts in a short period of time, you may represent a greater credit risk and the lender may be less likely to extend you a loan or line of credit. They may assume that you will be unable to repay these credit accounts and will eventually default, or that you have some type of financial hardship, such as health problems or a job loss that will make it more difficult to repay the loan.
Why Hard Inquiries Hurt Your Credit Score?
While hard inquiries are necessary for certain financial actions such as applying for a loan or credit card, hard inquiries should be minimized as much as possible. Your credit score is penalized for multiple hard inquiries to encourage consumers not to apply for too much credit at one time. Applying for too much credit may indicate that you are desperate for credit, or that you aren’t able to qualify for credit. While one hard inquiry will knock a few points off your credit score, multiple hard inquiries in a short amount of time can cause significant damage to your score.
Keep your hard inquiries to one or two a year. Data shows that on average, consumers with lower numbers of hard credit inquiries have higher credit scores.
Will Only One Credit Inquiry Affect My Credit Score?
The effect of applying for credit varies based on an applicant’s individual credit history. Typically, for most applicants, one credit inquiry will take less than five points off the applicant’s FICO score. Credit inquiries can have a greater impact if the applicant is a young person with a shorter credit history, or if the applicant simply does not have a lot of credit experience. Large numbers of credit inquiries, however, means greater risk for the lender. Some studies have shown that people with six or more credit inquiries on their credit reports are more likely to declare personal bankruptcy than people with no inquiries.
What Can I Do to Limit the Impact of Credit Inquiries on My Credit Report?
If you need a loan or line of credit, make sure you do your rate-shopping within a short period of time. FICO scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur. Also, do not give permission for a lender to obtain a copy of your credit report if you are not yet ready to make a purchase.
Credit inquiries are only a small measure of your overall creditworthiness, but still very important. People with high FICO Scores regularly pay their bills on time, keep their credit utilization (debt-to-credit ratio) low on credit cards and other revolving credit lines and apply for (and open) new credit accounts only when needed.
What Can You Do to Protect Your Private Information?
With all the loan companies “popping up” on the net, be sure to thoroughly investigate the company you are about to send your documents to. Many companies are fraudulent or unqualified. There are many promises being made that are simply not true. Profit Builders Inc. and its associates have verified business credentials.