Why Torch Small Businesses Lending Should Consider?  

Many small business owners like owning their own business but need to figure out what it takes to pull it off. 

Starting your own business can be very difficult, but Torch Lending offers tools to make the process easier and less risky. 

Even if you already have your small business loan, Torch Lending can still help you by providing merchant cash advances to help with working capital for inventory, marketing, and other expenses. The process is as simple as applying online and getting approved in less than 24 hours.

What Is Torch Lending?

Torch Lending is a small business lending company that provides business loans to companies with less than $10 million in annual revenue. 

Unlike traditional banks, Torch Lends offers credit lines of up to $1 million to businesses with limited assets and cash flow. They don’t collect financial statements or collateral, and there are no origination fees, hidden fees, or monthly minimums. 

They offer short-term (less than 12 months) and long-term (12 months or more) loans and equipment financing.

The Benefits of Torch Lending

1. Torch lending can provide small businesses the financing they need to start, grow, or keep their business running. 
2. It can also help that denied access to credit from traditional lenders because of a low credit score or personal financial issues. 
3. With Torch lending, you can borrow up to $100K without any collateral and without being turned down due to a low credit score or personal financial issues. 
4. If your existing line of credit is maxed out, Torch lending is a great way to get more capital quickly without increasing your debt load. 

How Does Torch Lending Work?

Torch Lending is a cutting-edge peer-to-peer lending platform that allows lenders and borrowers to connect directly, cutting out the need for traditional banks. Once a lender and borrower have agreed on a loan amount, time frame, and interest rate, the transaction can take place in as little as 24 hours.

Torch connects lenders and borrowers through two main channels: an online portal where lenders can browse loans at their leisure or by phone where they can speak with one of their customer service representatives.

Who Is Eligible for Torch Lending?

Torch lending is available to all businesses, regardless of size. But, you may get a better rate for your loan if you have been in business for over five years and have a credit score of 660+.

The loan amount that you can qualify for will vary by the lender. You can expect anywhere from $100K – $1M as a range.

 

If approved, you will receive an offer letter, and it is up to you whether or not to accept the terms offered. Interest rates are generally much lower with this type of loan than with traditional loans because it is an alternative form of financing.

The Application Process

The application process is simple:

• Fill out the online form.
• Upload your personal and business financial information.
• Wait for the approval.

You will then be contacted with an offer of financing from one of Torch’s credit lines.

All loans are subject to credit evaluation. Approved borrowers receive funding in as little as two days and can repay over six months or up to five years at rates starting at 5%.

A bonus? Loans are always collateralized by the borrower’s equipment or inventory, meaning no property ownership is required. Interest rates start at 10% APR, which makes it even easier to decide if Torch lending is right for you.

Conclusion

Small businesses often find it challenging to get loans from banks because they need a proven track record. But the days of being denied for lack of credit are over. Torch Lending offers small business lending with fast approvals and low rates. Get started today.

FAQs

Q: What is a small business?

A: A small business is any business with less than 500 employees. 

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Q: Do you have to be a for-profit business? 

A: No, we work with nonprofit organizations as well. 

Q: What are the qualifications to apply? 

A: You must be in good standing with the IRS and have one year of tax records that show you have filed your taxes and paid at least $25,000 in annual revenue.

Q: Is it hard to get approved? 

A: The process is relatively straightforward: Once your application is submitted, you’ll receive an instant approval or denial. Once approved, the funds are deposited into your checking account in less than 24 hours.

Q: What are the rates and fees? 

A: There is no credit check, and if you pay on time, there are no fees. To give you some perspective, our lending rate is similar to what you can find from a significant bank loan.