Am I ready? / Alternative and fast debt

Alternative and fast debt

Newer and faster forms of borrowing, often online, usually costing more than bank lending.

What providers of these 5 routes usually ask for. Items asked for by more routes come first, and count for more in the score. Your ticks stay in this browser and nothing is stored.

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True cost worked out
Contract checked
Revenue records

True cost worked outThe total repayment, the amount received and the estimated APR at your expected revenue, compared with other options
Asked for by 4 routes: E-commerce and payment platform finance, Merchant cash advance, Online business loans, Revenue-based finance
Contract checkedAny personal guarantee, security interest, minimum payments and early repayment terms, found before you sign
Asked for by 3 routes: E-commerce and payment platform finance, Merchant cash advance, Revenue-based finance
Revenue recordsAt least several months of bank statements or sales platform reports showing steady revenue
Asked for by 2 routes: E-commerce and payment platform finance, Revenue-based finance
Bank statementsThe last few months of business bank statements, which providers use to set the amount
Asked for by 2 routes: Merchant cash advance, Online business loans
Exit planHow and when you will repay, such as a sale price with evidence or a long-term lender's terms, and what you will do if it is late
Asked for by Bridge and hard money loans
Property detailsThe purchase agreement or title, the address and condition, and renovation quotes and the expected value afterwards
Asked for by Bridge and hard money loans
Renovation costsQuotes and a budget for any work, with a contingency
Asked for by Bridge and hard money loans
Lender checkedWho the lender is, whether a broker is involved and what it charges, and any state registration
Asked for by Online business loans

Alternative and fast debt

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