Our lending experts are here to answer your toughest questions about small business financing. Gerardo Campos, a loan consultant here at Opportunity Fund, shares his insights on lending with this Q&A about applying for a loan. Continue reading to find out what to expect when applying for loans and how you can be better prepared.

Our lending experts are here to answer your toughest questions about small business financing. Gerardo Campos, a loan consultant here at Opportunity Fund, shares his insights on lending with this Q&A about applying for a loan. Continue reading to find out what to expect when applying for loans and how you can be better prepared.

 

Q: What can borrowers expect in the application process?

A: After completing a loan application form, a loan consultant will pull your personal credit and call you with any questions. Sometimes additional documentation may be required to be sent in after your application is reviewed.

Q: How long should the process take from start to finish?

A: It depends on the lending institution and the amount of money requested, but it should take between two and thirty days. Here at Opportunity Fund, you can get funds in as few as two to five business days.

Q: How will credit scores impact the application process?

A: Your credit score is not the sole determining factor in whether or not you get a loan, but some lenders are stricter about minimum scores than others. Credit scores are indicators of creditworthiness and past payment history. When we pull your credit score, it will have a small impact on your credit score because it indicates you are looking for a loan.

Q: Why is time in business important?

A: As a responsible lender, we require that you’ve been in business for a minimum of one year because we want to make sure you already know how to run a business. We also want to make sure there is a profitable margin large enough to repay your loan.

Q: What are options for making payments?

A: The easiest way to make payments is to set up automatic payments. You can have it taken out weekly, bi-weekly, or monthly. Other options for paying include at your bank, at a 7-11, by mailing in a check or money order, or over the phone if your bank account information was provided at the time your loan was approved.

Q: What happens if a borrower has trouble repaying their loan?

A: Always talk to your lender if you are having problems repaying your loan. We can always work something out if you have proof of hardship such as a death in the family, medical problem, or natural disaster.

Q: What documents should a borrower have ready before applying for a loan?

A: Take a look at this handy, easy-to-use checklist for all the documents you need when applying for a loan.

Download the PDF here:

Loan Preparation Checklist

 

For information about Opportunity Fund’s small business loans, please contact us at 866-299-8173 or loans@opportunityfund.org.  For questions about your existing loan or other customer service questions, please contact us at 866-299-8173 or sbhelp@opportunityfund.org.


Opportunity Fund is California’s largest and fastest-growing nonprofit lender to small businesses. In FY16, we made $60M in loans to help more than 2,200 small business owners invest in their businesses.  Opportunity Fund invests in small business owners who do not have access to traditional financing. As a founding member and signatory to the Borrower’s Bill of Rights, we believe in the important role small businesses play in our community and the economy, and we aim to help owners financially succeed.

Visit us online at http://opportunityfundloan.org and follow us on Facebook and Twitter

Opportunity Fund. Working Capital for Working People. opportunityfund.org