The Funding Frog
Securing a Line of Credit is a great way to have extra cash available. Only pay interest on what you spend. We have business and personal lines of credit available as well as traditional and alternative options.
Apply Now
-Minimum credit score is a 650
-Must show positive income on Tax Returns
-Completed application
-Copy of your credit score/report
-Copy of your most recent Tax Return
-Copy of your Drivers License
*3 Months of business bank statements and a voided business check is required
if going for an alternative business line of credit.
A Line of Credit is a fund that you can pull from and pay interest monthly on. It works like a credit card, you get a spending limit and you can spend any amount under your limit with the capital becoming available after you pay it back. This type of financing is heavily dependent on your credit score, utilization and income. You may be approved with a lower credit score if you show income in either a business through bank statements or personally through a tax return.
Have access to extra cash flow with low rates and monthly payments. Flexibility is the main advantage of a line of credit. Only use what you want to, just a little bit or the whole amount. Lines of credit were designed for short term funding in times of fluctuating cashflow. Maybe you need more money because the business is seasonal, or you could use some extra cash to market one of your new products. You constantly have access to funds, so there's no need to reapply to get more money. A Line of Credit is also a good way to build your credit score if used properly.
Interest rates are either fixed or variable, and are range from 4.25% - 8% monthly depending on the program you are matched with. Interest rates are typically lower than other programs, and with true revolving lines available, the terms can be endless.
Unsecured working capital is a way for businesses to get money without having to put up any asset, collateral or personal guarantee. Instead, there is a business performance guarantee because you are selling your future receivables at a fixed cost with a flat payback.
Apply Now
-Been in business for more than 6 months*
-Consistently producing over $10,000 a month in revenue*
*We have limited options for new businesses doing low but consistent revenue
-Completed application
-Minimum three months of business bank statements*
-Copy of your Drivers License
-Copy of a voided check for the business
Unsecured working capital loans are based on the health of your business, the appropriateness of the requested loan amount (lenders don’t want you borrowing more than you need), and how your business is on track for growth. Because of this, you won’t be turned away if you have bad credit. A few months of business bank statements is all that is needed to get a full overview on the business and see if the relationship is going to work. You should expect to see approvals anywhere from 50% - 125% of your average monthly revenue.
With these type of loans you get money based on your business, not your borrowing history which is a benefit for some. These are alternative financing options and because of that there is a lot more flexibility. You can receive Funding multiple times per year with short term options, you can refinance your loan half way through and get more capital at better rates, or take advantage of early payback discounts offered by a majority of our lenders. You can also take multiple positions from different lenders. This is called "stacking". Lenders will willingly come in as a second or third position if your business is doing well with the capital. You can also have money in your account in as little as 3 hours! If you're looking for fast cash unsecured working capital is a good choice for you.
The rates are fixed over the course of the term and range from 8% to 55% depending on the business and how many outstanding loans you have. First positions will be lower rates and every time you stack another position the rates will go up. Your rate is based off of many things including, your average daily balances, how many deposits you have monthly, how much revenue you are producing, or past payment history with other lenders. A majority of our lenders offer early payback discounts effectively lowering the rate if you pay the balance off before the agreed term.
The terms range from 30 days up to 18 months. These types of loans are meant to be short term because they are targeted at business who make quick returns on the capital.
Equipment Financing is a way to secure new equipment that you need to run your business. With monthly payments and lower rates than our other programs, this is a good option for those with good credit.
Apply Now
-Been in business for more than 2 years*
-Minimum credit score is a 580
*We have options for new businesses but they may include increased rates
-Completed application
-Copy of your credit score/report
-Invoice/quote for the equipment you are looking at
-Minimum three months of business bank statements*
-Copy of your Drivers License
-Copy of a voided check for the business
*Not required but will help secure offers
Equipment financing can be used to purchase any equipment that is necessary for your business. You can get all types of equipment from a new truck and trailer, to medical supplies. We have lenders that specialize in restaurants, transportation, dental/medical, energy, communication and other industries. The process works like this, you pick out the equipment you want and it will be purchased from the manufacturer by the lending company. After that you receive the equipment to start working and pay it off. This type of loan is heavily dependent on your credit score. Clients with lower credit should take a look at Unsecured Working Capital Loans (mentioned above).
Finance the necessary equipment to run your business with low rates and monthly payments. Have extra cashflow for your business by not having to purchase expensive equipment effectively raising your ROI and keeping costs down. No Down Payment. Most clients do not require a down payment on the equipment really saving upfront costs. Start making money before you spend any. Equipment loans are also generally executed a lot quicker to traditional options so if you're looking for speed this may be the option for you.
The rates are fixed over the course of the term and range from 3% to 22% depending on the business and your credit score. The best rates are given to business with consistent revenue and good credit history. If you company has good business credit (Paydex score) better rates may be available to you. The terms are one of our longer options, ranging from 5 months to 5 years. This program is targeted at businesses who need expensive equipment soon and want a long time to pay it back.