FREQUENTLY ASKED QUESTIONS
HAVE A QUESTION?
YOU'LL FIND THE ANSWER HERE!
Aurelian works hard to make sure you feel comfortable when applying for a line of credit. Here are some of the most commonly asked questions from our clients.
Q. WHAT IS UNSECURED CAPITAL?
A. Unsecured Capital is a Business Loan or Line of Credit that is not secured by business or personal assets. Unlike traditional bank financing, unsecured financing does not require a lien on collateral. Unsecured Lines of Credit are based on the borrowers good credit history, not their current asset position.
Q. WHAT IS A LINE OF CREDIT?
A. A Line of Credit is a source of capital that is available for the business to use at a moments notice. Once the Lines of Credit are established, no additional underwriting is necessary and the capital is available immediately. Lines of Credit allow the business owner to make small monthly (mainly interest only) payments and repay the principal on his or her schedule, instead of the banks schedule. The monthly interest charge is based on the amount of capital the business has used the previous month.
Q. WHAT IS THE DIFFERENCE BETWEEN A LOAN AND AN UNSECURED LINE OF CREDIT?
A. There are many differences. Watch a short video on our You Tube Channel HERE.
Q. DO I NEED COLLATERAL?
A. No, Aurelian does not require collateral to provide capital through the Aurelian Business Lines of Credit Program.
Q. DO I NEED TO SUPPLY TAX RETURNS, W-2 OR FINANCIAL INFORMATION?
A. No, Aurelian does not require tax returns or financials to provide capital through the Aurelian Business Lines of Credit Program.
Q. WHAT IF MY BUSINESS IS A START-UP?
A. The Aurelian Business Lines of Credit Program will fund brand new businesses as well as established businesses.
Q. ARE THERE ANY RESTRICTIONS ON HOW I USE THE MONEY?
A. No, the capital provided through the Aurelian Business Lines of Credit Program can be used for any business purpose.
Q. HOW FAST WILL FUNDING OCCUR?
A. If you are approved for Aurelian’s Unsecured Business Lines of Credit Program, funding typically occurs within 14 to 30 days.
Q. HOW MUCH MONEY CAN I QUALIFY FOR?
A. For Start-Up Companies: Each individual can potentially qualify for up to $125,000 in as little as 14 to 30 days (additional Lines of Credit may be available if certain steps are taken).
For Existing Businesses: Each individual can potentially qualify for up to $150,000 in as little as 14 to 30 days (additional Lines of Credit may be available if certain steps are taken).
Q. WITH A LINE OF CREDIT, WHERE IS THE MONEY HELD WHILE I AM WAITING TO USE IT?
A. Unlike a Loan where you are given a check to make a specific purchase, a Line of Credit can be used for any business purpose at any time. The capital is held at the issuing bank until you choose to access it. The owner can elect to use any portion of the Line of Credit and upon establishment, can draw immediately from the Line or wait until a need for capital arises.
Q. WITH LINES OF CREDIT HOW DO I ACCESS THE CAPITAL?
A. Lines of Credit are typically accessed by Credit Card, Electronic Transfer or Bank Draft. Aurelian will establish Unsecured Business Lines of Credit with multiple banks to help our clients develop direct banking. Aurelian’s Business Lines of Credit always includes a major credit card for ease of use.
Q. ARE BUSINESS CREDIT CARDS LINES OF CREDIT?
A. Yes, a Business Credit Card, if set up properly, is a form of Unsecured Business Credit. When managed correctly, the interest expense of a Business Credit Card can be less than that of other Unsecured Lines of Credit. According to the latest government survey, 37% of all small and mid sized businesses use Credit Cards to help finance their business capital needs. It is of paramount importance to properly establish Business Credit Cards to protect the owner’s personal credit profile. This should be done by a professional, not left to the mercy of the establishing banks. Aurelian's Business Lines of Credit Program does not report to or affect our clients personal credit profile, unless there is a default.
Q. WILL I GET A CREDIT CARD WITH MY LINES OF CREDIT?
A. Yes, Aurelian insists that each bank issue a properly set up MAJOR Credit Card (ie: Visa, Master Card, Amex).
Q. HOW CAN I USE MY LINES OF CREDIT?
A. The Lines of Credit are designed to pay for supplies, equipment, and other expenses. We have found the majority of businesses are willing to accept or take the necessary steps to accept major bank credit cards.
Q. WILL USING UNSECURED CAPITAL FOR MY BUSINESS AFFECT MY PERSONAL CREDIT?
A. No. Your personal credit will not be affected unless there is a default.
Q. CAN MY BUSINESS PARTNER USE THIS PROGRAM, TOO?
A. Yes, all of your business partners are eligible. Each individual can potentially qualify for up to $150,000.
Q. WHAT IS THE APPLICATION PROCESS?
A. Click Here to Watch a Short Video
- Complete our simple pre-qualification form
- You will receive a funding estimate within 24-48 business hours
- When you are ready to proceed, submit full application and necessary documents (Articles, SS4 Letter, Drivers License, Business Consulting Agreement)
- Your completed application and documents will then be submitted to underwriting for final approval and funding
- Funding process is typically 14-30 days
Q. WHAT ARE THE REQUIREMENTS?
- 720+ FICO
- No Bankruptcies or Foreclosures
- No Late Payments for 2 years
- 8 - 10 year Credit History
- 3 - 4 Terms Loans (car loans and mortgages)
- 3 - 4 Credit Cards (10k + limits ideal)
- 30% or less usage of Credit Card Limits
- Corporate Entity with an Employer Identification Number (EIN #)
Q. IF I DON'T MEET THE CRITERIA, CAN I FIND A CO-SIGNER?
A. Yes, we accept co-signers. If your co-signer meets the requirements, Aurelian will assist you and your Credit Partner to acquire capital for your business. Our team will also coach you on how to improve your Personal and Business Credit worthiness.
Q. I HAVE GREAT CREDIT, WHY SHOULDN'T I JUST GO TO MY BANK TO GET A CREDIT LINE?
A. If you are one of the few that can obtain funding from a bank, we suggest you do so. However, there are several factors you may wish to consider:
- (1) The banks will typically require security (i.e.: collateral) in the form of deposits, real estate etc. You may not wish to encumber your assets.
- (2) Bank funding is typically a fraction of the amount of credit Aurelian can establish.
- (3) Banks have a tendency to close your Line of Credit without notice when their lending parameters change or the when the bank credit portfolio is audited.
- (4) Most lenders report Business Lines of Credit to the Personal Credit Bureaus, which can have a drastic effect on your credit score. Aurelian's Business Lines of Credit Program will not affect your personal credit score, unless there is a default.
Q. CAN’T I JUST DO THAT MYSELF?
A. Over 80% of all businesses are denied for Loans and Lines of Credit. Many banks and financial companies refer their best clients to our company. Aurelian has established relationships with numerous lenders over the past 38 years, giving us the ability to overturn denials, optimize funding levels, obtain the lowest possible interest rates and help our clients establish business credit. Our program does not require collateral and the Lines do not report to your personal credit profile.
Q. DOES IT COST ANYTHING TO APPLY?
A. No, there is no cost to apply. Aurelian is an entirely success based firm. We do not charge any fees until we are successful with providing our clients Unsecured Business Funding.
Q. HOW DO I APPLY?
A. Simply fill out the Contact Us Form and a member of our team will guide you through the process, or complete the on-line Pre-qualification Questionnaire to get started today.