You will not be eligible for a loan if you fail to meet any of the following criteria:
- Minimum credit score of 600.
- Free of active bankruptcies for the last three years.
- Free of foreclosure for the last twelve months.
- Mortgage and rent payments for home and business must be current at time of application.
- Mortgage must not be in the process of restructure or modification.
- Must be current on all vehicle loans.
- Must be free of all tax liens.
- Business must not be involved in the adult entertainment, multi-level marketing, or gambling business.
- Can not have any outstanding judgments.
- All student loans must be in good standing.
- Borrower can not have any non-medical collections within the last six months.
- You must be personally responsible for the repayment of the debt.
- You must have collateral to pledge for this loan that is free and clear of any liens.
- You and your business must be able to afford the additional debt payment for this loan.
- If your business has less than six months of documented operating revenue, your business will be considered a startup. If your business is a start-up, we will require an existing outside source of income, other than your new business, that can cover your personal debts and expenses, as well as anticipated business rent.
- All parties owning 20% or more of the business will be required to sign on the promissory note and provide a personal guaranty.