5 Reasons Why Pre-Approval for Funding is Important
Getting preapproved for a loan allows for a stress-free process whenever you need funds. Whether you are buying an asset or investing in a project, you are in a better position to understand your financial status as well as to determine how much funding is available to you based on your budget.
Here are five key reasons to get pre-approved for funding today:
1. Staying Within Budget
It is good to know how much you qualify for with premier private lenders like MobyCap, who use different parameters than traditional banks (annual revenue, time in business, credit score, monthly number of bank deposits). When you have a pre-approval, a lender is willing to lend a certain amount of money to meet your funding needs without first placing any limits. Also, you get to know the amount of funds that are available to you and how much you can afford. For example, if you are pre-approved for a car loan of $300,000, as you walk into a dealership you have an idea of how much you can pay for a car. Therefore, you are left to focus on finding the car that suits your needs. Overall, you will be able to narrow down your search for specific assets since you are aware of your borrowing limit.
2. Negotiating Power
If your business is doing well, it is the best time to get a quote since you will qualify for the best rates and terms possible. Given that pre-approval gives a clear picture of your financial history, such as credit score and assets, such information arms lenders to provide a quote tailored for your needs. MobyCap offers an array of funding options, allowing you to determine which funding you qualify for, including choosing favorable terms and interest rates. When you’re pre-approved, you have the springboard from which to negotiate the best deals that we are willing to offer.
3. Quick And Easy Funding
Getting pre-approved means if and when a need for funds arises, you are only a phone call away from having the money in your account. From that point, we can fund you within a matter of hours. Since we are aware of how much funding you can access, the entire process of transferring funds to you will be smooth. You can move fast and close on an offer in the market without any delay in your finances.
4. Clear and Competitive Terms
Many private lenders will make big promises or provide “verbal quotes,” but very few can back them up with written offers in black and white. At MobyCap, we’re confident that we can provide customers with some of the best options in the alternative finance space and will beat any written offer. We prefer to offer personalized services when discussing your funding options. When you are pre-approved, we acknowledge that you are serious about getting immediate funds for your business. With this in mind, you will be offered competitive rates and terms, as well as customized funding to promote your business goals. You will never have to worry about being hoodwinked over what appear to be attractive rates.
5. Access to Tailored Funding Options
Speaking with a top private lender like MobyCap can open your eyes to the different alternative finance options that suit different businesses’ strengths. Our full suite of customizable funding products includes term loans, lines of credit (both virtual and revolving), revenue advances, equipment leasing, and invoice factoring. On the other hand, traditional lenders can easily dismiss the fact that time is essential for any business when seeking funds. In addition, lenders like banks usually demand collateral which some small businesses may lack. With alternative funding providers like MobyCap, you are assured that we will manage any cash flow problem with urgency. Being pre-approved allows us to evaluate how much you need and can afford without risking your business’ stability. Pre-approval places you in a strong position to make informed decisions which we greatly value for our clients.
The Next Steps
Going through the pre-approval process reveals how financially prepared you are to borrow funds for your business. Lenders are likely to have different levels of information and documentation required for pre-approval. However, MobyCap is committed to availing fast and flexible funding options in as little as a day without a complicated application process. Similarly, getting you pre-approved will be conducted with keen efficiency from our committed funding experts.
To move forward today, contact us by email at email@example.com. As a BBB-accredited business, we have experience serving all industries and welcome the opportunity to work with your organization