Because this is an unsecured transaction, the underwriter will need to be able to establish a history of deposits that can show consistency. By providing 3-6 months of business bank statements, we’ll be able to see how often you are making deposits into your business account and your average daily account balance. Most underwriters need to see at least 8-10 deposits per month as well as a minimum of $10,000 in total deposits each month for a 3-6 month period.
The underwriter needs to see how much revenue you receive from your customers that pay with a credit or debit card. With your processing statements, the underwriter can establish a base for the amount of money you can be advanced and repay comfortably. Remember, this is a cash advance which means it is advanced to you based on your future earnings predictions. The predictions are based on the revenue generated via credit card sales over the course of a 3-6 month period.
Your identity must be established or there can be no transaction. The underwriter will need to know who you are.
The voided check is used to deposit funds into your business bank account.
The underwriter needs to establish that your reported business address is a real, physical location.
Please note that you must be current on your rent or mortgage payments to be approved for a cash advance or ACH Loan.