Overview and Benefits
- Checkbook access to funds immediately. Recipients usually get a Visa/MC debit card, too
- Up to $200,000 initial approval limits per Multiple lenders are usually available
- Rates typically Prime +0.75% – Prime + 5%, usually totaling 5-10% APR
- Will NOT report to personal credit as long as the line stays in good standing
- Will typically report to business credit, making the business more bankable over time
- Clients are typically approved and receive their checkbooks in about 14 – 21 days
- Simple Application Process
Business Checkbook LOC Application Requirements:
- Business Entity must have incorporated at least 2 years ago. No sole proprietorships
- Business must have strong verifiable revenues (ideally $300,000 gross/year and up)
- Completed pre-qualification form
- Credit reports from anybody that owns more than 10% of the 700+ scores only
- Last year’s business tax returns. If the most recent year has not been filed yet, then we need the most recent business tax filing, a YTD P&L, and ideally a P&L from last year
*** Additional financial documentation may be requested, depending on the business, location, lenders available, and they amount they are applying for. Strong verifiable revenues can offset some potential- ly negative personal credit items.
Availability – This product is available in all 50 states, but some states are better than others,
in terms of number of lenders available, and lender’s generosity in approvals:
Tier 1 (the best states) Tier 2 (the next best states)
Florida South Carolina
Checkbook LOC Restricted industries:
– Check cashing, Strip clubs, Bars/night clubs, Liquor Stores, Gas Stations, Medical Marijuana Growers and Dispensaries, Real Estate Flippers (property management companies can be okay), Financial or Investment companies, Laundromats, Anything that competes with bank- ing. If you’re not sure about a company, just ask.
Personal Credit Guidelines, for cards and checkbook LOCs
* The list below is what the lenders like to see. All positive items are weighed against poten- tially negative items. If a client is borderline or barely outside of any of these guidelines, they may still be considered for funding if the rest of their credit report is good or if they have strong business financials. Borderline prospective clients should still send in a Pre-qual and credit report. If they do not qualify themselves, they can always use someone else as guar- antor.*
- 720+ credit score across all 3 bureaus (700+ can sometimes work, it depends on the client)
- No missed payments on any account in last 12 months
- No Foreclosures, Bankruptcies, or Liens, *Client may be considered if the event was 3+ years ago and client has good history and accounts since then.
- At least 3 years personal credit history
- At least $5,000 in major bank credit card Limits on Individual or Joint personal credit cards
- Usage ratio of less than 30% of available personal credit Limits
- Less than 5 inquiries on each credit bureau in the last 12 months
All applicants must submit a recently updated 3-bureau personal credit report, preferably from creditchecktotal.com, or identityiq.com.
There is no inquiry or negative impact to their personal credit, because they are the ones re- questing it.
If they have a recently updated 3 bureau report from another site, we may be able to use it, as long as it shows all the information we need to see, like balances, limits, all open and closed accounts, negative information, public records, and inquires with dates going back 2 years.
How It Work
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