More and more small business owners rely on Qourtosas Financial for their financing needs. The simple application process for Qourtosas, the rapid financing time and the lower amount of requirements compared to traditional banks, make this alternative lender an attractive option for communities with limited access to traditional banking resources. Here we will compare the loan requirements of Qourtosas Financial with those of traditional lenders, to show that this online company really fulfills its motto: “We do not close the doors to any business.”
Compare the loan requirements of Qourtosas Financial with traditional lenders
Keep in mind that the requirements you must meet to be approved for a commercial loan vary greatly from one lender to another, but the following table will give you a general idea:
- Age of the business: Most lenders require a minimum of 2 years in operations, however, with Qourtosas Financial you only have to take a minimum of 9 months in charge of your business. They understand the challenges associated with young companies and are willing to work with you to provide you with funds just when you need it. However, if you have just started with your business or plan to open it, we advise you not to apply for a loan: it is advisable to establish solid income first or, otherwise, the liability of your debt can be a difficult burden to maintain. If your company is totally new, we recommend you look for alternative forms of financing .
- Type of industry: Qourtosas Financial has very few restrictions in terms of the type of industry in which you operate, and your small business is likely to qualify for a loan considering your category. For example, many of the Qourtosas members are restaurant owners, an industry often rejected by traditional lenders due to their high failure rate. However, keep in mind that Qourtosas cannot finance nonprofit organizations or that operate in the following industries:
- Real estate
- Investment or financial processing (for example, changing checks and remittances)
- Direct or multilevel marketing
- Car dealers
- Adult entertainment
- Loan Amount: Qourtosas Financial loans vary between $ 5,000 and $ 75,000 for microcredits and between $ 10,000 and $ 400,000 for commercial loans, adapting to any of your business needs. They will ensure that you are assigned the fair loan amount that can meet your needs without forcing your finances with each monthly payment. Also keep in mind that, after 9 months of making payments on time, you can move on to a second loan for a larger amount and with a lower interest rate.
- Use of funds: You can use your loan funds for multiple purposes: buy equipment, upgrade your technology, renovate your space, hire staff, etc. Many of Qourtosas members use loan funds for their daily operations and to strengthen their cash flow. You can even use the loan to pay a credit card that has been used for commercial purposes. The following are the only areas where Qourtosas has restrictions:
- Business Acquisitions
- Acquisition of a company’s management
- Personal use
- Personal and commercial credit score: Most lenders accept only applicants with a minimum personal credit score (FICO) of 600. For those with scores below 600, they can approve a secured loan (with collateral) or A short term loan. However, Qourtosas Financial does not require a minimum credit score and applicants without a credit history may qualify to apply for a commercial loan: they understand that many members of the Latino community have not remained in the US. UU. long enough to establish a solid credit history. Commercial credit history is also not mandatory. But in any case, keep in mind that a higher credit score will allow you to qualify for a lower interest rate on your loan, so we recommend that you improve your personal credit score and build your business credit before applying. a loan.
- Annual gross sales: $ 30,000 in annual gross sales is a much lower figure compared to the $ 100,000 required by most lenders. Once again, in Qourtosas they understand that many small businesses do not have large incomes. Your goal is to work with you to increase your earnings.
- Guarantee: Unlike most lenders, Qourtosas Financial will never require you to present a guarantee to guarantee your loan , which means that you do not have to risk your personal and commercial assets: they remain safe.
- Social Security Number: Qourtosas Financial is one of the few lenders who are willing to work with applicants without a Social Security Number. They will only require an ITIN : a 9-digit number provided by the IRS for tax purposes to any applicant, regardless of immigration status.
For detailed information on the most common requirements set by lenders, read this complete list of requirements for a commercial loan
List of documents that Qourtosas Financial will need compared to traditional lenders
The amount of documents that you will have to collect and send to start your commercial loan application will once again vary according to the lender and your circumstances, but the following table will allow you to get an overview and check that the list is much shorter in Qourtosas Financial. Also, keep in mind that all these documents can be sent online from the comfort of your home or workplace: you don’t need to print anything, send faxes or visit your bank branch
- Bank statements: Shortly after you have prequalified for a loan, a commercial loan specialist from Qourtosas Financial will contact you and, as part of the process, will ask you for permission to access the last six months of your bank transactions company. This is done through an external company called PLAID . You can be sure that the process is not only fast and easy, but it is also completely safe: Qourtosas cannot access your money or make changes to your account, and your username and password are never shown, seen or seen They store. We need access to your banking activity to confirm your identity and collect the bank details we need to review your case. Only once we verify the cash flows and income of your business, we can offer you the financing option that benefits you most with respect to the amount, terms and conditions.
- Tax returns: Only for loans over $ 50,000, Qourtosas Financial requires the last year of your personal tax returns (which must include your company’s income) or your business tax return (if you have an LLC or a corporation) .
- Proof of company registration: Qourtosas Financial simply needs a written proof that you have registered a DBA if you are a sole proprietor, or proof that you have established an LLC or a Corporation.
- Licenses and business permits: Every business needs to obtain a general business license before conducting business in its state. Also, be sure to comply with other licenses and permits for specific purposes and depending on the nature of your business. Search this list of the most common business licenses that you will probably need in your case.
For detailed information on the most common documents required by lenders, get this complete list of requirements for a commercial loan
Qourtosas Financial: the right option to grow your business
In Qourtosas Financial we don’t sell you promises: we offer you facts. Our goal is to provide you with honest and up-to-date information so you can make the best financial decisions. The comparative tables you just saw are proof that we are more flexible than most lenders and that we have fewer requirements, since our priority is to help entrepreneurs who are not normally served by traditional banks and help them prosper . Still not convinced? Here’s more: these are some of the additional reasons that make Qourtosas Financial a smart and convenient option for small business owners like you:
- Simple and blunt application process: You can do it all online, so you will not waste time on visits to the lender. Save your valuable time and effort.
- Financing in a few days: After applying for your commercial loan with Qourtosas Financial, you will receive an immediate quote. Once your application is approved, you will receive the funds directly into your bank account within 2 to 10 days.
- Flexible loan amounts and terms : Our wide range of loan amounts and terms (between 18 and 60 months) adapt to your needs and objectives. We will establish a monthly payment with which you feel comfortable and that allows you to pay your loan as agreed without forcing your finances.
- There are no hidden fees: We only charge a closing fee: no financing fee or documentation fee is charged. In addition, you can pay off your loan completely at any time without penalty for prepayment.
- We offer you the best option according to your case: We study each case individually and evaluate your needs to find the best financial solution for your business. We make the necessary calculations to ensure that the return on investment you will get from your loan far exceeds the cost of the loan itself.
- There are no surprises: Your monthly payment is fixed and never changes.
- Possibility of moving to a better loan: As we saw before, after only 9 months of payments made on time, you can qualify to reduce your interest rate.
- Excellent customer service: Our loan specialists are bilingual and you can contact them by phone or live chat. We are proud to establish long-term relationships with our members and your satisfaction is our priority.
- Exclusive resources and benefits: Our members have access to educational resources that help them improve their financial performance and grow their businesses, as well as exclusive benefits such as discounts on selected commercial products and invitations to webinars.
Read how Qourtosas Financial business loans work for detailed information on the details of Qourtosas Financial business loans. If you are ready to take the first step that can make a difference in your business and make it grow, simply submit this simple online application . It will only take a few minutes, it will not affect your credit and you will be informed instantly if you prequalify for one of our commercial loans. In a short time, one of our specialists will contact you to guide you through the rest of the process.