FAQ's

Question 1

How can I qualify for a business loan?

Accepted Answer

If you have received a pre-approval notice you should be approved already. We have very few requirements to become eligible for our programs. If you currently own your business for at least 6 months and have provable sales of at least $8,000 a month in total gross sales, you already qualify. Please proceed to the Free Quote tab for your approval process.

Question 2

How easy is it to get approved?

Accepted Answer

It is a lot faster and easier than a conventional bank loan. We understand the reality and the hardship of owning and operating a small-medium size business. The majority of applications are qualified within the same day of receiving the application and documents, and funded within 2 days.

Question 3

How can I speed up my loan approval?

Accepted Answer

Please proceed to the below link for our automated online application for expedited Offers! https://form.jotform.com/1stcapitalsource/Online-Application

Question 4

How does the program work?

Accepted Answer

You are loaned an amount based on your business's annual gross sales volume. Then, over a period of time, a small percentage is deducted from your ongoing operating business bank account or credit and/or debit card receipts until the agreed payback amount has been achieved. We also have a fixed daily, weekly or monthly repayment schedule, we have several different repayment options available. We have credit lines starting at 4.98%, SBA Loans Starting at 7.25%, non-traditional starting at 10%.

Question 5

Is there a fee for providing a business loan?

Accepted Answer

No, the application is free. 1stCapitalSource does not impose any up-front charges or administration fees.

Question 6

Will bad credit affect my loan request?

Accepted Answer

No, it is not necessary for you to have good personal credit to receive a business cash advance or loan. A poor credit rating will not normally influence a cash advance or loan.

Question 7

How quickly can I get a business loan?

Accepted Answer

As quickly as 2 days after you submit your application accompanied by the required documents. If relevant documents are missing or difficult to obtain, the process may take somewhat longer.

Question 8

How will I pay back the business loan?

Accepted Answer

Payback is automatically deducted from your operating business bank account daily, weekly, or monthly. We have several additional programs available, please give us a call to find out more, 877-811-2145.

Question 9

What kind of loan is this?

Accepted Answer

It is a purchase of future receivables or an actual loan depending on the program you select and/or get approved for. We have Term Loans, SBA Loans & Lines Of Credit.

Question 10

How easy is it to apply again and get another advance or loan?

Accepted Answer

If there has been no significant change in your financial status, applying for another cash advance or loan from 1stCapitalSource is fast and easy. You do not have to wait until your first advance is fully paid off.

Question 11

Is the paperwork complicated?

Accepted Answer

The required paperwork is fairly simple and takes no more than 10 minutes to complete. Our funding specialists are available in our contact center to help you through this process.

Question 12

Can I receive an additional cash advance or loan from another company while an owed balance is outstanding?

Accepted Answer

Yes, but in most cases any outstanding cash advance or loan balances usually need to be repaid from the proceeds of your new advance or loan. In some cases we may still be able to provide funding without paying off existing balances depending on the loan type. Our theory is simply looking at the business's ability to repay and prosper with our capital is our main decision process.

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Quick Facts