Frequently Asked Questions
What exactly is EZUnsecured.com?
We are a nationwide Business Financing Consulting Firm specializing in Unsecured Loans and Lines of Credit for Small Business Owners. We help you avoid costly and financially deadly mistakes by preparing your Application Package correctly and sending it to the Lenders that based on our extensive experience are most likely to approve your request. We offer a much higher level of certainty and convenience than going at it alone.
What types of Financing does EZUnsecured.com offer?
We do ONLY Unsecured Loans, Lines of Credit, and Credit Cards - That's it. That is our specialty and we are very good at what we do.
What is the difference between using EZUnsecured.com and going at it alone and applying with Lenders myself?
Apart from saving you time and being more convenient, EZUnsecured.com will help you avoid the MAJOR problem with going at it alone, which is applying to 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 your 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. EZUnsecured.com 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 EZUnsecured.com help you do things the right way.
What fees do you charge?
We charge an initial Review Fee to cover the costs of obtaining all of your Personal and Business Credit Reports and for performing the initial Analysis on your File. The only other fee we charge is a one-time Success Fee once you are approved and receive your funds, which we will explain to you in writing once your Application has been received.
After I sign-up with EZUnsecured.com, can I apply for financing myself as well?
No, not until we are done working on your File. The main reason for hiring EZUnsecured.com is to AVOID the mistakes you can and probably will make if you apply to Lenders by yourself. For that reason, we do NOT allow you to apply for any financing yourself until we are done working on your File, so that we have control over your Credit Applications and can assure you the best results possible.
We instituted this Rule after having Clients apply to other Lenders without our knowledge, get denied, and then having our Lenders deny the Applications we submitted because of the Client having applied and being denied by the other Lenders. Therefore, to assure the best possible service to you and maximize your opportunity to obtain financing, we require that you do not apply for financing independently from our efforts.
If I sign-up with EZUnsecured.com and then change my mind, can I cancel our Agreement?
Yes, if you change your mind you may cancel our Agreement at any time by giving us notice by e-mail or fax. There is never any penalty to cancel. At that time we will stop working on your behalf and you are on your own, however, any applications we have already submitted for you prior to the effective date of your cancellation will still be due a Consulting Fee if they are Approved.
How much money can I borrow?
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 $10,000,000 (or more) under our Full Doc Program.
What interest rate should I expect to pay?
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 7.5% to 12.5%, and for Full Doc Loans and Lines of Credit it is 6% to 12%. 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 6%.
What are the repayment terms of the Loans and Lines of Credit?
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.
Are there any pre-payment penalties for paying my Loan or Line of Credit off early?
No, usually not. If you Loan or Line of Credit is for more than $250,000 however, there may be a Pre-Payment penalty, although it is very rare.
How long does it take to get Approved and Funded?
The time frame for funding is really determined on a case by case basis. Each Client has their own unique challenges, and each will require different strategies. Approvals will depend on various factors, and cannot be pre-determined or guaranteed ahead of time. Once you are Approved by Lenders it will then usually take from 3 days to 14 days, depending on the Lender, to actually have the money in your bank account.
Is there a way to speed up the process?
Yes, you can speed up the process by providing any documents we need as quickly as possible and returning our phone calls and e-mails in a timely manner.
Do I have to apply online?
We prefer you apply online, but you may also apply over the phone by calling our Toll-Free number at 800-201-0001.
I have had some credit problems in the past, can I still be Approved?
As long as you have not had any Bankruptcies in the last 10 years, or any Re-Possessions, Foreclosures, etc. in the last 7 years, then you may be approved assuming you meet the normal qualification criteria everyone else would have to meet. If your credit problems are more recent than that, then you probably will not be approved.
If your credit problems actually consist of incorrect information being reported on your Credit Report, such as an old Collection you paid but never showed as paid, etc, then we may still be able to help you, but you first need to get the incorrect information out of your Credit Report, which we can help you accomplish as long as you can qualify for the financing once your Credit is repaired.
When you say No Doc, do you really mean I do not need ANY documentation to be Approved?
YES! In most cases you can be approved with no documentation whatsoever. Sometimes, however, a Lender may ask for verification that your business exists, or your Driver License to verify your identity, or a Phone Bill to verify your address, or something of this nature. These are simple documents you should have available at your fingertips.
I was Approved and Funded but still need more money, when can I apply again?
Assuming you have made all payments on time and you still have Excellent Credit, you can apply again after 3 months and we will be happy to get you the extra money you need as quickly as possible.