Stated Income Business Credit Lines
Are you tired of all the documentation requirements needed for getting business funding?
If you’re looking for a way to get access to business lines of credit without having to worry about all the time and documents required then read on.
Whether you are just starting a business, own and existing business or you’re a real estate investor; the stated-income business credit lines program may be the perfect solution for you.
Typically, banks offer stated income for self-employed individuals or borrowers who may have difficulty documenting their income.
These credit lines require no income verification, financials or tax returns, and do not require any collateral because they are completely unsecured. It is the ideal solution to obtain credit for your business without all the headaches associated with traditional financing.
With these business credit lines, you have the ability to make purchases anywhere Visa® and MasterCard® are accepted and take cash against your credit lines up to a certain amount depending on the bank.
From larger purchases like inventory and equipment, to small purchases such as advertising, travel, meals and entertainment; the credit lines can help you buy what you need to operate and grow your business.
So, what is stated income?
Stated income is where the bank does not verify your income by requiring you to provide pay stubs, W-2 statements, income tax returns, or other documents. Instead, you are simply asked to state your income and it’s taken at your word.
Now just because you are stating your income without having to provide documentation doesn’t mean you can inflate the numbers. An underwriter has the right to request proof of income if they feel that the stated income doesn’t add up.
The lines we offer through our stated-income business credit lines program are underwritten and qualified based on your personal credit and stated income. We match you with the banks that will issue you the highest credit limit approvals, best introductory rate offers and lowest interest rates.
The custom banks selected for you is based on personal credit history, business industry, business location, credit utilization ratio, geographic location, stated income and several other factors.
Why the stated-income business credit lines program?
Our program is the result of extensive amounts of bank research and working with hundreds of regional and national banks. Remember, we work for you not the banks so our goal is to get you the highest credit approvals, best offers and rates available. We know which banks pull from which credit agency which enables us to leverage your strongest report/FICO® score along with many other factors.
Did you know there are only several big banks (Chase, Capital One, Bank of America, Elan, Citi, Barclays, Amex) but there are hundreds of cards across these big banks with different underwriting criteria across those cards? There are over 100 banks/issuers alone under Elan which is the biggest underwriter but you rarely see their name on anything.
Apart from the big banks, there are hundreds of other banks if you count credit unions and regional banks. We use regional banks combined with the big banks to get the business credit line approvals for you.
Even after we’ve compiled the custom list of banks, the order in which we apply is the key. It’s all about minimum inquiries for maximum results. Certain banks will auto decline you if they see a recent inquiry from other specific banks. This is why the order and timing in how we apply makes our program so effective.
Here is an overview of our stated-income business credit lines program:
Stated Income Business Credit Lines Overview
- Business Credit Lines: $15,000 – $150,000
- Interest: 0% interest for first 6 – 15 months (after intro APR period ends, rates start at 8.99%)
- Credit Requirements: 680+ FICO® scores (business credit partners accepted)
- Upfront Fees: None
- No income verification
- No financials required
- No collateral required
- All industries are eligible
- Business credit lines do not report to personal credit reports
- For start-ups or existing businesses
- Must have a legal U.S. business entity (LLC, Corporation, etc.)
At the end of the funding process which takes about 14-20 business days you’ll have business credit lines established with about 4-5 banks. This allows you to accomplish several important steps which are extremely beneficial for your business both in the short term and long term.
First, it enables you to protect your personal credit since all the purchase activity, payments and debt you may carry on your business credit lines only report to the business credit reporting agencies.
Secondly, it helps you establish your company’s credit reports and scores with the major business credit agencies such as Experian Business, Equifax Small Business and Dun & Bradstreet. So, in the future when you want to apply for additional funding; banks, lenders and suppliers will now be able to check your company’s credit rather than relying on your personal credit.
Finally, with multiple business credit lines established your business will be in a position to obtain credit limit increases every 6-12 months whether it’s from automatic account reviews or by request. In addition, with multiple banking relationships, banks will compete for your business with ongoing balance transfer offers and additional credit products.
How do I start the pre-qualification process?
For a no-cost, no obligation review submit your full name, contact number and full tri-merged credit report (PDF format) to firstname.lastname@example.org. Upon submitting your information, you will receive an email confirmation.
It takes 24/48 hrs. for our underwriters to complete a review and provide a funding projection. You will be contacted via phone to go over the results and next steps for moving forward.
*To obtain your tri-merged credit report we suggest using ProCredit.
If you prefer to upload your credit report online CLICK HERE
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About the author
Marco Carbajo is a business credit expert, author, speaker, and founder of the Business Credit Insiders Circle. He is a business credit blogger for Dun and Bradstreet Credibility Corp, the SBA.gov Community, Business.com, About.com and All Business.com. His articles and blog; Business Credit Blogger.com, have been featured in ‘Fox Small Business’,’American Express Small Business’, ‘Business Week’, ‘The Washington Post’, ‘The New York Times’, ‘The San Francisco Tribune’,‘Alltop’, and ‘Entrepreneur Connect’.