Business Loans FAQ's

 (Please click on questions below for the answers)

1. How can I qualify for an unsecured business cash advance?

• You have a business that accepts CREDIT CARDS as a form of payment. • You process a minimum of $1,500 dollars a month. • You can provide 3-6 months of credit card processing statements. • You have been in business at least 1 year.

2. How easy is it to get approved by Velocity Cash Advance Corp.?

It is easier and faster than other types of capital, such as a typical bank loan or taking on a partner. We understand the reality and the variable cash flow of a typical small- medium size business. The cash advance is designed to work within your cash flow as a variable cost for payback

3. How can I speed up my cash advance approval?

You may do the following: Fax Visa/Master Card, American Express, and Discover processing statements. Our fax number is: Attention: Approval Dept.

4. How do I get started?

Call a Funding Specialist or email us your contact information click here:

5. How does the program work?

You are advanced from 5000.00 up to $1,000,000 based on your current sales receipts. A percentage is deducted from your ongoing Visa / MC / AMEX & DISCOVER receipts. There are no fixed payments and no fixed term time frame. The remit back to Velocity Cash Advance Corp. is set up to work within your cash flow as a variable cost for payback

6. How much will a business cash advance cost?

Your future receipts are purchased at a discount, based on the size of cash advance, the estimated time of distribution, and various other integral details of the cash advance program. This explained fully in the Cash Advance Approval sheet. You are getting an advance now based on your future business receipts.

7. Will bad credit affect my cash advance request?

Sometimes, however, it is not necessary for you to have good credit to receive a business cash advance. A poor credit rating, including delinquencies, will not normally prevent a cash advance. The approval is given based on your cash flow and operating history at the business.

8. How fast can I get a small business cash advance?

As fast as 72 hours upon receipt of all requested documents. The faster you get them to us, the faster you will get a decision.

9. How much of a cash advance can I receive?

Up to 150% of your average monthly credit card receipts.

10. How will I pay back the business cash advance?

On a formula calculated based on your cash flow projections, we partner with you to determine your optimal payment. It is a variable payback based on the amount of your monthly credit card volume.

11. Is this a loan?

No. This is not a loan. It is a purchase of future receivables at a discount. The advantage to you is that the payback on this advance varies with your business receipts.

12. When I have repaid my first cash advance, How easy is it to apply again?

If you have experienced no change in financial status you will be approved automatically and usually funded within 48 hours.

13. How complicated is the paperwork?

The paperwork that you will need to fill out is quite simple and takes no more than ten or fifteen minutes to complete. We have Funding Specialists on hand in our contact center to help you through this process.

14. I am already with another financing company providing similar financing. Does that mean I will get approved by Velocity Cash Advance Corp.?

Not necessarily, our credit & underwriting standards are slightly higher than that of similar companies; however, approximately 96% of our competitors’ customers who have applied for our funding have been approved. The only sure way to find out is by submitting an application.

15. Can I receive financing from Velocity Cash Advance Corp. while the financing from another company is still outstanding?

Yes, but we must pay off any outstanding cash advances out of our first advance to you. (You receive all remaining proceeds). Depending on the particular finance company involved, there may be an exception to this policy, but most other funding companies will have to be paid off as part of your advance.

16. Is it going to cost me to apply for Velocity Cash Advance Corp. financing?

No — Unlike other firms, the application is free and there are no up-front fees charged to our customers. The sooner you get your application in, the quicker we can get back to you on the amount of monies we will be able to advance you.

17. I have high enough overall sales, but my VISA/MC volume is very low. Is there any way I could receive funding?

Yes. The minimum requirement for qualification of the cash advance program is $1,500.00 of your monthly VISA / MC / AMEX / DISCOVER transactions. We custom tailor our products to suit our customers’ needs all the time. We also can provide funding against total deposits (cash and credit card sales) through a bank ACH program. For more details about this program, ask your funding specialist.

18. Can the advance be renewed?

When the advance balance is down to approximately 30% of the original balance, the borrower can request it. As a matter of fact, many of our customers opt to do just that. The owner of the business can request a renewal by phone, fax, or e-mail. Renewals are usually funded in less than 24 hours of being requested.

19. Do I have to switch my current credit card processor?

Yes. You must switch to our affiliated processors to receive funding. This will usually save you money on processing as well. Our affiliated credit card processing companies will meet or beat your current credit card processing cost structure. The bottom line is that you’re not going to lose money for having to switch. (Most likely, you will be saving money by switching)

20. Do I have to get a new credit card terminal?

Not usually. All you have to do is re-program your terminal, which takes only 10 minutes and it can be done over the phone. Our credit card processor will call you to give step-by-step instructions.

21. What if I am not happy with Velocity Cash Advance Corp.'s affiliated credit card processor?

We will try to resolve any issues right away for you. If not, we will switch you to one of our other processors. But staying with one of our processors is mandatory.

22. Who should I call right now with questions?

Call a Funding Specialist at: 631-627-6600