What exactly do we offer? |
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We are a Nationwide Business Financing Consultant specializing in Unsecured Loans and Lines of Credit (ULOC) for Business Owners. We help you avoid costly and financially deadly mistakes by preparing your Application Package correctly and sending it to the Lenders that we know from experience are most likely to approve your request. We offer a much higher level of certainty and convenience than going at it alone.
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What is the difference between using NEL and going at it alone and applying with Lenders myself?
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Apart from saving you time and being more convenient, NEL will help you avoid the MAJOR problem with going at it alone, which is applying with the wrong Lenders, the wrong way, and then getting too many inquiries on your Credit Report so that NO OTHER LENDER will Approve you, even if your Credit is perfect, because you have applied and been denied too many times! If you do this you will kill you chances of getting the financing you need for at least 3 months and probably 6 months, depending on how many times you applied and were denied. Knowing which Lenders to apply with and how to prepare the Application correctly is not easy, and it takes a lot of work to build and maintain an accurate and up to date database of Lenders and their Loan Programs, as well as personal experiences with each Lender. NEL has done all that work for you, so that your Applications get approved the first time, and you get the most money you can qualify for. Do not take chances with your Business! Let NEL help you do things the right way.
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How much money can I borrow?
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The amount of money you can borrow will depend mostly on the strength of your Credit History, but will also take into account the amount of time you have been in business, and whether or not you can show Income and Asset Documentation. If you have been in business for more than 2 years, you may be able to borrow up to $350,000 under our No Doc Program, and up to $1,000,000 (or more) under our Full Doc Program.
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What interest rate should I expect to pay?
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The interest rate varies depending on your Credit History and the Lender we place your financing with. The normal range of interest rates for No Doc Loans and Lines of Credit is 8.5% to 13.5%, and for Full Doc Loans and Lines of Credit it is 7.5% to 12.5%. The actual interest rate you receive may be higher or lower, and the better your Credit History, the better the rate you will get. Your rate could be as low as 7.5%.
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What are the repayment terms of the Loans and Lines of Credit?
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Most Clients will end up getting a Line of Credit instead of a Loan because the payments are lower and it gives them more flexibility to charge and pay back as they please. Monthly Payments on Lines of Credit will be 1% to 3% of the outstanding balance, so if you borrow $50,000 your monthly payments would be between $500 and $1,500 per month, a good part of which will be principal, and another part interest, depending on your interest rate. Monthly payments on Loans will vary depending on the Term of the Loan, which can vary from 24 months to 84 months, so if you borrow $50,000 at 12% interest (for example) your monthly payments would be between $882 and $2,353 for 84 and 24 month terms, respectively.
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Are there any pre-payment penalties for paying my Loan or Line of Credit off early?
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No, usually not. If your Loan or Line of Credit is for more than $250,000 however, there may be a Pre-Payment penalty, although it is very rare.
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How long does it take to get Approved and Funded?
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If you are doing a No Doc Loan or Line of Credit, it will typically take 1 to 3 Days to get an Approval, which will tell you how much you are approved for and what the rate and terms will be. From the date you are approved, it then takes from 3 days to 14 days, depending on the Lender, to actually have the money in your checking account. If you are doing a Full Doc Loan or Line of Credit, it will usually take 3 to 5 days longer to receive an approval, since there is more paperwork to process and the loan amount will usually be much higher.
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How do I apply for my unsecured business line of credit (ULOC) with Nationwide Equipment Leasing LLC?
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Simply complete the online ULOC application and email/fax it back to us. Click here to access the online application
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