At Mulligan Funding, we have the pleasure and privilege of speaking with small and mid-sized business owners each day.
And we aren’t just saying “pleasure and privilege” because it sounds nice (or because we like alliteration…or would that be appreciate alliteration?). It’s because we truly enjoy educating business owners on the benefits of a business working capital loan.
So with this in mind, and because you may be reading this at 3am and our team has left for the day (hey, even the industry’s best Funding Specialists need sleep!), we thought it would be helpful to highlight 12 facts that you may not know about a business working capital loan:
What You Need to Know About Business Working Capital Loans
- Compared to conventional bank loans, approval rates are very high.
- The business working capital loan application is completely online, one page in length, and usually takes about 10 minutes to complete.
- Reviewing an application takes 48 hours or less, and upon approval the funds will be in your account within days.
- You don’t need perfect or even good credit – dinged or bad credit is generally OK.
- You don’t need 2+ years of credit history. Usually, 2-3 months is fine, which is particularly good news if you’ve just launched a start-up.
- There is no collateral of any kind. Zero. Zilch. Nada. (You get the idea.)
- Instead of a large monthly lump some payments, your business working capital loan is paid back through small fixed daily amounts.
- Your business working capital loan is paid back automatically, so you don’t have to worry about missing a payment.
- If you wish, you can pay your business working capital loan back ahead of time to save interest. However, this isn’t required.
- A past bankruptcy won’t typically disqualify your application. We only require that the bankruptcy be legally discharged at the time of application.
- If you need more funds, you can apply for a second business working capital loan while your first is active. If approved, the funds from the second loan won’t be used to pay down the amount owing on your first loan – therefore leaving you with less cash-on-hand than you need or expect.
- You can call or email your designated Funding Specialist anytime to inquire about your business working capital loan, or ask our advice or insight on anything within our area of expertise.
If you’re like most of our customers, some of the above won’t be new to you – but at least a few will be, and one or two should be “wow”-inducing. Call Mulligan Funding at 855-326-3564 to discuss your financing options today!