Frequently Asked Questions
Loan Types
What is a line of credit?
A line of credit is a revolving form of credit that provides a predetermined capital limit and can be accessed as needed. Unlike a traditional term loan, all or part of the line can be accessed at any time up to the predetermined limit. Interest is only paid upon the amount actually used.
Is factoring a loan?
Technically factoring is not a loan; it is the purchase of future receivables. A third party, known as a factor, purchases a company’s invoice(s) or purchase order(s) at a discount giving a business owner access to a percentage of that invoice or purchase order upfront, instead of when the invoice is paid. The balance, minus the agreed upon fees or discount, is paid to the business owner once collected by the factor.
What type of loan do I qualify for?
All the different loan types can be confusing, leave it to a Loan Expert to find out the best option for you. Upon speaking to an Onyx representative we will ask you a variety of different qualifying questions and run your answers through our 36-point system to get the best rates and highest loan amounts.
Applying
Can I get a business loan after bankruptcy?
A bankruptcy in your past doesn’t necessarily preclude you from getting a small business loan, but it might make it more challenging. While not all lenders have the same requirements after bankruptcy, it’s unlikely a borrower would qualify within the first year. Many lenders will require at least one year of improving credit history following the disposition of a bankruptcy.
What is collateral?
Collateral is any asset or assets, which can be offered by a borrower to secure a loan. Should a borrower default, the lender can take possession of the asset, or assets, to satisfy the loan.
What financial documents do I need to provide?
There are no requirements for any financial documentation. We are one of the few financial technology companies that can fund with zero to minimum documentation. Contact your agent to find out more you can qualify for and how much.
Loan Process
What is the difference between personal credit score and business credit profile?
A personal credit score is a reflection of how someone repays their mortgage, auto loans, or other personal obligations and is typically demonstrated in a score from 300 to 850. The higher the score the better. A business credit profile reflects how business owner meets their business financial obligations. While there is no universal business credit score, some of the bureaus score different business behaviors to represent creditworthiness. The three primary personal credit bureaus are: Experian, Equifax, and Transunion. The three primary business credit bureaus are: Dunn & Bradstreet, Experian, and Equifax.
How long does the approval process take?
We source loan offers from 200+ direct lenders, banks, and government agencies. Most approvals come in within 2-4 hours of submission but typically higher amount loan offers $200k+ can take up to 7 business days. This will vary on your business and your requirements.
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1309 Coffeen Ave, Suite 1200, Sheridan, WY, 82801
Loans made or brokered in Florida are made or brokered pursuant to Florida Finance Lenders License No. 60DBO-129171
All applications are subject to the credit providers credit assessment and loan eligibility criteria. Terms, conditions, fees and charges apply. Information provided is factual information only, and is not intended to imply any recommendation about any financial product(s) or constitute tax advice. If you require financial or tax advice you should consult a licensed financial or tax adviser.
Your interest rate may be different and is based on a number of factors, including your credit history, the information you provide and our assessment of your application. We'll confirm your interest rate upon submission of your application. Rates, repayments and fees are estimates and are subject to change at any time.
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