Frequently Asked Questions

When it comes to business financing, loans, and leasing, there are plenty of questions to be asked. We have compiled a list of common questions. If you have a particular question, feel free to contact us.
You will have an opportunity to review the rates and terms and make a decision whether to accept or reject the loan offer.
We are a nationwide business financing consultant based in St Petersburg, Florida that specializes in Unsecured Loans and Lines of Credit for start up businesses and seasoned businesses. At American Business Credit, we understand that life can be unpredictable. That’s why we offer a quick and convenient application process so you can get the money you need and when you need it.
Once you meet all the credit requirements, you receive approvals within 48 hours or less depending on how responsive you are. You can receive your funding in some cases in as little as 3 days after approval.

Once you submit your application it is encrypted for transmission using state of the art 256 bit encryption. Also all the application pages will display the “secure icon” in your browser indicating that the information you entered is transmitted securely. Finally, at American Business Credit the privacy and security of your personal information is our top priority.

Usually your first payment will be due approximately 45 days after you receive your money.
If you applied during our business hours M-F 9:00 a.m. to 6:00 p.m. (EST) you should receive a call from a loan consultant within a few hours to review your borrowing potential.
Complete a simple and confidential application. We conduct a credit analysis and present you with your borrowing potential.
Your qualification for this loan is based primarily on your positive and responsible credit history and ability to repay the loan. Good to excellent credit is necessary and it will improve your chances of qualifying. Qualification is also based on your ability to repay the loan.
American Business Credit’s streamlined process minimizes the number of documents required. The actual documents you will need vary based on your situation.
We prefer you have 3 active trade lines for 36 months or longer on your credit. However, depending on your income and the credit you have established you may qualify for a minimal amount for one of our programs.
If you had a bankruptcy it has to be 10 years or older. Yes you can have a friend or relative with good credit apply for the loan.
The interest rate varies depending on your unique credit situation and the lenders and products that may be available to you.

A line of credit much better for the start-up phase, the payments are lower and it gives you more flexibility to charge and pay back as you please.
Monthly payments on Lines of Credit will be 1% to 2% of the outstanding balance, so if you borrow $50,000 your monthly payments would be between $500 and $1000 per month, a good part of which will be principal, and another part interest, depending on your interest rate.

Monthly payments on Loans will vary depending on the term of the loans, which can vary from 24 to 84 months.

A true business loan requires a minimum 24 months in business with average gross sales of $150,000 or higher. Generally 90% or more ownership will be required to guarantee the loan and the personal credit of the guarantors must meet the requirements for this type of loan. Although business credit does play a role in your approvals, ultimately the deciding factor is the personal credit of all owners.

American Business Credit offers a Start-Up loan program that funds from $10,000 ot $100,000 for those business’s who have not hit the 2 year mark or have not attained $150,000 in gross sales.