Business Funding Frequently asked questions
APPLYING FOR A LOAN
QUALIFYING FOR A LOAN
TERMS OF A LOAN
01. Is there any cost or obligation when I apply?
There is no obligation and no cost whatsoever when you apply for funding through Vortex.
02. How much can I get?
The amount of funding available to your business will depend on a variety of factors. Our offer will be tailored to your specific situation. Based upon your needs, finances and business revenue, we’ll work together to create a package that works best for your business.
03. How much funding can I expect to qualify for?
A reasonable expectation is between 10-15% of your gross annual sales. Contact us today to determine exactly how much you’re qualified to receive.
04. How long does it take to get approved and receive my funds?
Not only is the application process quick and easy, our approval process normally completes within a few hours*. Funds are typically delivered the next business day after approval*. And now with our NEW online loan checkout, you can access, review, and finalize your loan information in one place online.
01. Do I qualify for more working capital?
You may qualify for financing options through Vortex Funding if your business has:
– Been in business for 3 months
– At least $5,000 in monthly revenue
– 3 months of business statements
– No open bankruptcies
02. Does my credit score affect my eligibility for a business loan?
Your credit score is only one of many factors Vortex Funding uses to determine your eligibility for funds. It is NOT the primary decision criteria for loan approval. And, high credit is not required.
03. Do you require collateral?
We do NOT require any of your assets to be assigned as collateral.
04. Will you pull my credit report?
We perform a “soft pull” credit check of your consumer report after you apply for funding. This process will not impact your consumer credit score.
01. What is the typical length of a business loan?
Timeframes are determined on an individual basis. They normally range from 3 to 48 months.
02. Are there restrictions on how I can use my funds?
Unlike some bank loans, you are free to use the funds for any business purpose. At Vortex, we believe you know your business needs best.
03. How does repayment work?
Repayment consists of a small monthly, weekly or daily fixed payments. You’ll never need to worry about coming up with a large monthly payment. Small daily ACH payments ensure you won’t need to be concerned about sending in checks or missing due dates.
04. Can I pay off my loan early?
You can repay your outstanding balance at any time without incurring any new charges but we provide incentives with early payoff discounts.