How do I apply for a business loan?
Applying for a business loan with Idea Financial is quick and easy. First click on the apply now button in the upper right-hand corner of your screen, then fill out the required information.
There is a section about business information so we can understand your company, a section about owner information so you can provide us with some personal info and a financial review where we get to know more about your financial situation. The entire application only takes a few minutes.
Once you have submitted your application we review it to check your suitability for a business loan. These are standard checks and if we do not have any questions we will contact you about your application and let you know if we can offer you a loan.
Do I qualify?
There are 4 basic tests we use to determine if your business qualifies for a loan. If you meet these basic criteria we can consider your application.
- Your business has operated for at least 2 years. This shows that your business is viable and helps provide some financial history for the company.
- Your business earns at least $15,000 in monthly revenue. This is important because it shows you are earning money and can afford to make payments on a business loan.
- You must have a credit score of at least 650. This is important as it shows you have a good credit history and are more likely to be able to meet the financial obligations associated with a loan.
- You are not a sole proprietorship or a non-profit entity. We are not able to offer loans to businesses in these categories.
If you're not sure if you meet our criteria please get in touch.
Business loans can be used for most business-related expenses. This can include expanding your operation, opening new stores, purchasing equipment or buying inventory. Our goal is to put as few restrictions on your financing as possible so you can take control of your working capital and quickly make decisions about your companies spending.
If you have specific questions about how you can spend your loan you can speak with our business advisors at (855) 900 7838. They can help you answer any questions you may have and help you better understand the benefits of selecting us as your funding partner.
At Idea Financial, we take pride in providing fast and efficient corporate lending. We understand that businesses often have to work to tight deadlines and delays in cash flow cost you money. As such we have same day approval and funding for our loans.
Our application process takes just two minutes. Once our team recieve your application and you accept the offer we can make the funding available almost immediately. In fact, we can usually approve your loan and get you funding on the same day.
This means you can get the cash you need fast to move your business forward without any application costs or long wait times.
Yes, Idea financial offers customers multiple loans. If you are interested in taking out a second loan from us you will need to have paid off at least 50% of your initial loan. Once this is done we are happy to consider you for a second loan.
You will need to apply for a second loan just like you did for your first loan. We can then review your application to see if you qualify for more financing. If you are approved we can usually get you your funding on the same day.
You can also reach out to our business advisors to talk about accessing additional funding. They can help answer any additional questions.