Frequently Asked Questions
Small Business Financing
How do the Nexus Financial Services’ financing programs different from a traditional bank loan?
Our focus is on a business’ historical cash flow and performance provides us with much more flexibility in our lending standards. This allows us to focus on the business and not just a credit score, providing you the capital your business deserves.
How can I find out how much my business qualifies for?
To find out how much you qualify for, simply complete the online application and provide some basic information. You will receive a free, no obligation quote from one of our Financial Advisors who will review your funding options.
How do I payback a loan from Nexus Financial Services?
We will set up an ACH that will be retrieved from your business checking account Monday through Friday. We do not collect funds on Saturday, Sunday or bank holidays. This allows our clients to know when and how much they are paying toward their loan.
How quickly can I receive the loan?
Unlike a traditional bank which can take months, our approval time from submission is normally two business days. This turnaround allows you to have the peace of mind of knowing your funds are just days away. Our entire funding process typically occurs within 7 days of submission
I am already with another financing company providing a similar financing; can you replace that arrangement and offer me more money?
Contact us to find out specifically how much we can offer you. We often offer larger loans than our competitors and will pay off your existing cash advance or loan if it is in your best interest.
What can my loan from Nexus Financial Services be used for?
Your capital can be used for any business purpose, including: purchasing inventory, repairing equipment, renovations, expansion, reducing debt, or emergencies expenditures. You are free to spend the money on whatever is best for your business
Merchant Cash Advance
What is Flexible Funding?
Flexible Funding is a process of procuring unsecured credit cards for business and personal funding. This is a personal rather business credit card line. Funding generally ranges from $50,000 to $200,000 in credit cards lines with a zero APR for the first year. There is NO upfront fee to qualified clients.
What is the cost?
In most cases we charge nothing upfront. We are only paid upon providing you with the approved unsecured credit card funding. Our fees vary based on the level of work required for each client.
Are there restrictions on the use of the credit card funding?
None. The unsecured credit card funding may be used for business or personal needs. You may use the credit card line for purchases, receive a partial cash advance or liquidate completely into cash if needed.
What is the period of time before the credit card funding needs to be paid back?
As with a traditional personal credit card, there is no set payment schedule. You are required to make minimum payments, normally three percent of the outstanding balance.
What type of personal credit score is needed to qualify?
Normally a FICO credit score of 700 is required. For those clients with personal credit scores lower than this level, we offer a variety of credit repair services to get the funding.
Why does my credit score matter?
At some point, you may need to borrow funds from a lender and maintaining a good credit score will make the application approval process easier. Your credit score determines two important things and can affect your chances for getting approved. First, lending money entails risk, and your credit rating tells prospective lenders how reliable or unreliable you are at repaying loans. Second, your credit score determines what sort of terms you are likely to get. A better credit rating not only improves your chances for getting credit, but also into how favorable the interest rate will be on the loan.
What is a credit score?
A credit score is a numerical expression that allows lenders to numerically judge your credit at a point in time. It gauges how likely you are to repay your loan in a timely manner. The better your history appears, the more attractive you become as a loan customer.
How can I improve my credit score?
There are different steps you can take to improve your credit score. This process will take time. Some ways to improve your credit score include: 1) Pay all you loan payments on time; 2) Reduce your current debt to under 30% of your total available credit; 3) Keep your credit accounts that are open and in good standing for a longer period of time; 4) Limit applying for additional credit; and 5) Identify and delete errors in your credit history.
Do I need to hire a company do repair my credit report?
No. You can choose to work directly with the credit agencies to correct items in your credit report that are hurting your credit score. If however, you do not have the time and would like to seek expert advice, Nexus Financial Services offers credit repair services via a third-party. For more information, go to Fast Credit Repair.