Business loans are different from personal loans, so it’s important to make sure you’re getting one for the reasons you need it. The benefits of getting a business loan from a trustworthy lender include fast problem-solving, speedy achievement and financial success, and goals met quicker.
We take a look at one of the most popular and reliable small business loan services online. BFS Capital has been serving small businesses for years and has delivered more than $1.75 billion to small businesses all over American. Why are they so beloved through the nation?
An Introduction To BFS Capital & Their Services
BFS Capital represents their ability to provide businesses with financial services. They do this in the form of small, unsecured business loans and merchant cash advances. On their website, they boast of being the “champions of small business”.
Is BFS Capital really all they claim to be? They have an A+ rating with the better business bureau and high customer reviews on some of the biggest rating platforms, but this review will break the business down and look closer at their features.
Which Businesses Benefit From BFS Capital Loans?
The businesses that BFS Capital works with, are diverse, and nearly anyone can qualify. From automotive to veterinary clinics, they are there for you. However, if you have a “non-preferred” business like trucking or construction that has high-risk variables, you may need to agree to have higher rates.
On their website and in the reviews happy customers have left, it also is important to note that BFS Capital has a history of working with businesses that struggle with their credit. This can be a great option for newer businesses or ones recovering from a financial mishap in the past.
What Kind Of Loans Does BFS Capital Give?
You have two options when getting a loan with BFS Capital. Businesses may choose a classic unsecured loan or a merchant cash advance.
Merchant cash advances are best for newer companies, or ones struggling currently. Unlike the small loans, credit cards can be used with a merchant loan, and the requirements for approval are lower. You also can take out a smaller amount.
The downside to merchant cash advances is the increase in fees and percentages. Small loans with BFS Capital are fixed repayments, so you know what to expect. With merchant cash advances, they’re variable and could cost much more than a small loan.
What Do These Loans Look Like?
Exact details of your loan will vary from business to business, depending on their needs and history as well as the kind of loan they choose. While this review can’t give a guarantee of your specific loan rates and term, we can give you a quick glance to know what to expect.
- Loan amounts can range from $5,000 to $500,000
- Very few requirements for approval
- Attention customer service
- Repayment terms are usually between 4-18 months
- Funds are available in 2 business days
- Fast, instant application processing
- Fees include: origination fee, early payoff fee, documentation fees
- Renewal policy for adding more money to your account
How To Qualify & Apply For BFS Capital Financial Assistance
It’s actually pretty easy to get approved for a small business loan with BFS Capital. They cater to just about anyone on the credit spectrum. To save yourself time, review these requirements and make sure your business meets the criteria:
- 2 years of being in business (for small loans)
- 9 months of being in business (merchant cash advances)
- $1,500 average bank balance at a minimum
- A credit score of 550 minimum
- $80,000-$100,000 revenue needed
If you feel confident you meet these needs and can provide documentation, you’re ready to continue onto the application. It’s an easy one, which is great for businesses that need help fast.
Fill out your basic information on their website first to bring up the pre-approval page. If it’s all good, you can continue on to the official application next. This is the full version of it that will require more personal, sensitive information about your business.
Such things they’ll need to know will include:
- Why you need the funds and how they’ll be used
- Tax ID number
- Monthly and annual gross sales
- Current balances with other lenders you have credit with
Can BFS Capital Help You?
Ready to grow and expand your business with the help of extra capital from a trusted lender? Consider BFS Capital as the service you choose to trust and let take you further in your career.Visit BFS Capital