Frequently Asked Questions
Here are some common questions.
A fixed-term business loan often called a term loan, or short-term business loan is a loan made to a business based on short-term need. These loans can range in repayment from 6 months to two years. Some banks offer small business loans, as does the Federal Small Business Administration office. However, these institutions usually have extensive audits and requirements for business loans. Lenders like Commerce Capital Funding can actually offer short-term business loans quicker through an understanding of a given business and its cash flow. This means that businesses looking for a quick loan to handle immediate needs can look to Commerce Capital Funding for a loan.
You should be able to find a loan that will work for immediate needs, in terms of the amount of money, the term of the loan, and the regular payment requirements. We recommend that you use a lender that allows you flexibility based on your cash flow, and that has a flexible payment schedule. We offer daily, weekly, bi-weekly, and monthly payment plans over 6 months to 24 months. We also offer term loan repayment options ranging from 3-4 years for qualifying candidates.
A Merchant Cash Advance (MCA) is a cash advance made against a percentage of daily credit and debit card transactions. It’s typically easier to get an MCA as the money will be guaranteed against that revenue.
This entirely depends on your situation. There can be immediate emergencies or cash needs that will supersede the time required to land a loan. What’s more, if your business doesn’t have a strong enough credit rating to secure a line of business credit then it might be hard to land quick cash.
Businesses can accrue significant debt from short- or long-term loans. With a business consolidation loan, you can collect these debts into a single loan with a single monthly payment and a single interest rate. This eases managing your company’s debt while potentially saving it money in interest payments.
The best consolidation loan for your business depends on a number of factors, including the type of debt you have, your industry, and your immediate and long-term cash needs. If you are wondering about the best consolidation loan for your business, then call us to find out more information on what is right for you.
Personal credit is only one of the factors we consider during an application process. We also determine qualification based on business credit, cash flow, time in business, business type and a host of other criteria that can be beneficial to business owners
You can use loan money for any associated business expense. This includes marketing, payroll, repair operations, or emergency expenses.