FAQ
How much money can you get me?
Typically we can secure anywhere from $25,000-$250,000 for your business depending of several different factors. We will need to develop a Funding range Report to determine your businesses fundability.
What is the first step in the funding process?
We will need to see a copy of your personal credit report. We have our clients visit www.creditchecktotal.com generate a report, and send in a PDF version of the report to us. From there our underwriters will develop the Funding Range Report that will give us an accurate description of where you stand for funding. At this point one of our Funding Advisors will be in touch with you to go over the results and to start the process.
Do you fund startup businesses?
Yes, we are one of the few organizations that can fund startup businesses. We have the capabilities to secure your business financing as soon as you are set up as an entity and have an EIN number
What type of documents will I need to provide in order to get funded?
All of our funding is considered low documentation, meaning we won’t need tax returns bank statements or proof of revenue. The only documents we will need are those providing proof of businesses and identity.
In order to get funding will you need to look at my revenue?
Since all of our funding is unsecured and uncollaterized we won’t need any documents providing proof of revenue.
Will going through the funding process hurt my credit?
Initially when we go through the funding process your scores will take a hit due to credit inquiries. However, once the inquiries season on your credit report after 90 days you should see your credit scores improve. Typically our client’s credit scores jump higher than they were before they started the funding process due to the new lines of credit we open.
Why do I need to provide a personal guarantee?
Ever since the market crash in 2008 banks just aren’t lending like they used to. Without a personal guarantee many businesses can’t get loans. A personal guarantee gives the bank the security and confidence they need to lend money to your business.
What type of funding does Average Joe offer?
We work with thousands of banks nationally regionally and locally, who supply an array of different lines of credit. We will tailor a custom funding strategy to get your business the funding it needs with the lender who suits your business best.
How long is the funding process?
Typically the funding process ranges anywhere from 2-3 weeks. In some cases the banks will take additional time to review the applications and this can cause the funding to take up to 6 weeks.
Why do you need to look at my personal credit?
Since all of our funding is unsecured and uncollateralized we will need a personal guarantor. The banks will need to see your personal credit to justify if you are credit worthy of making a personal guarantee.
What do my credit scores need to look like in order to get funding?
Typically we look for credit scores over 680, however we work with our clients to improve and build their credit profiles no matter we they stand. Our goal is to achieve your business maximum funding.
Where does the money come from?
We have a network of over 4,000 lenders that we will compare your businesses needs to. The lender who fits your business funding profile best, is where we will secure the financing from.
Can I add additional principles to secure more financing?
Yes, many of our clients will bring in a partner or a spouse to go through the funding process with them. Generally we can generate $25,000-$250,000 in funding per principle.
Do you help people with bad credit?
Many of our past clients have been credit challenged. We are willing to take the necessary steps to rebuilding your credit and securing you financing. Whether it’s derogatory marks, debt to income ratio or inquiries. We will guide you through the necessary steps to funding.
What if I have high revolving credit balances?
High balances are one contingency we see on many of our clients initial Funding Range Reports. We have developed countless strategies to help our clients make pay downs without money coming out of their pockets.
How many times can I go through the funding process?
Typically we can take you through the funding process once a year. Our clients that continue to use our service year after year, are those saving most.
Will this help my business credit scores?
Yes! Our main goal is to help you build and improve your business credit scores by developing strong relationships with different banks. This makes it possible to one day separate your businesses assets from your personal assets.
What if I have no business credit?
No business credit is needed to go through the funding process. Many business owners hit roadblocks when seeking funding with no business credit, but we know what lenders to turn to.
Do I need to provide collateral?
All of our lending is unsecured and uncollateralized, meaning you won’t have to borrow against your home or any other personal assets in order to obtain funding.
How is Average Joe so successful?
Working with over 4,000 banks, lenders and having access to thousands of credit profiles gives us the knowledge we need to develop a custom funding strategy for any business. We put in the effort and do the due diligence that is required to get our clients maximum funding.
How can Average Joe save me money?
Taking advantage of introductory rates is how we help our clients save thousands. We also will provide you with the tools and knowledge you will need to continue saving as long and you have a need for capital.
What does unsecured funding mean?
Unsecured debt is the opposite of secured debt, and, like its name, it requires no security for the loan. Lenders issue funds in an unsecured loan based solely on the borrower's creditworthiness and promise to repay.
What type of interest rates do you offer?
The whole goal of our program is to avoid paying interest. Once we take you through the funding process your credit lines will have 0% APR for 9-24 months. At the end of the introductory period is when we can take you back through the funding process. If you do not wish to go through the funding process again, the average APR our clients see is 15.79%
What is lender compliance?
Lender compliance is a set of guidelines banks look at in order to make an accurate decisions on who to lend to. The banks will need to see you have a business address, your entity is set up, a valid EIN number, and your secretary of state is in good standing before they will be will to lend your business money.
