FAQs

Let us answer all your questions about loans, the application process, and the different opportunities we offer. Don't see your question below? Give us a call today at (855) 211-6522 to speak to a loan advisor in person.
  • 1. About Opportunity Business Loans
    • What is Opportunity Business Loans?

      Explore all your financial options with Opportunity Business Loans, where business owners can connect with a large network of lenders to find the perfect financial solution for their business. When you apply for financing with Opportunity Business Loans, we’ll match you with the right lenders who can offer you the best financing options for your business. With over a hundred different lenders in our network, you’ll find the perfect opportunity for financing.

    • How does Opportunity Business Loans work?

      Imagine if the best financing opportunities came knocking on your door. We can make that happen in just 3 easy steps:

      1. First, apply online or give us a call today to fill out our quick application process. When you apply with Opportunity Business Loans, you’ll only need to fill out one application while having access to over a hundred different lenders.
      2. Then, we’ll review your application and match you with the best lenders who can offer financing opportunities for your business. You’ll get to decide which option is perfect for your business, and if needed, our advisors are happy to guide you through the process.
      3. Lastly, when you find the right opportunity for your business, you’ll have access to business financing right away. Get started today and find the perfect opportunity for business financing.
  • 2. Loan Process
    • How do I apply?

      To get started, visit our application page.  You can also apply by giving us a call at (855) 211- 6522  and speak to an advisor who can help you through the process.

    • What do I need to apply?

      Our application asks for information such as:

      • Your desired financing and loan amount
      • Information about your business such as annual revenue, name, business address, and industry
      • Information about the business owner such as name, address, and personal credit score
    • What kind of credit do I need?

      We have a variety of lenders who can offer different financing options to those with low, medium, or high credit scores. Apply today to see what your options are.

    • How much funding can I receive for my business?

      This can vary based on our variety of financial products and services. Our group of lenders can offer loans from $3,500 to $250,000, while line of credit products can vary based on your credit limit. For invoice factoring, your business can receive financing as high as $5,000,000.

    • How would I receive my financing?

      After your application is approved and confirmed, you can choose to receive your financing through a bank wire into your account or ACH electronic transfer. Bank wire transfers will give you access to your funds on the same day, but cost $15 per wire. ACH electronic transfers are free and will appear in your account on the next business day.

  • 3. Line of Credit
    • What is a line of credit?

      A line of credit works similarly to a credit card. Banks, financial institutions, and other financial lenders allow you to borrow money up to a designated limit. For example, if you open a line of credit with a $10,000 credit limit, you can borrow up to $10,000 at a time. You only pay interest on the amount borrowed, and when you pay off the amount, your credit is replenished. With a line of credit, borrowers have the advantage of repeatedly borrowing as needed.

    • Is my business eligible for a line of credit?

      To be eligible for a business line of credit with lenders from Opportunity Business Loans, your business must meet the following requirements:

      • Must be in operation for at least 6 months
      • Personal credit score must be at least 600
      • Must have annual revenue of at least $100,000
      • Business cannot be in a restricted industry such as: donation-based non-profits, political campaign, auto dealerships, insurance and financial institutions or lenders, gambling, pornography or paraphernalia, legal and illegal substances and paraphernalia, firearms and paraphernalia.

       

      Unfortunately, our lenders are unable to provide a business line of credit to the following states due to regulations:

      • Vermont
      • North Dakota
      • South Dakota

       

    • How much can I draw from my line of credit?

      The amount you can draw from your line of credit is primarily dependent on your credit limit. In most cases, on your first draw you can access anywhere between $5,000 and your appropriate credit limit. On any additional draws, you will be able to draw anywhere between $500 and your appropriate credit limit.

    • How much can my business get on a line of credit?

      Our lenders are able to offer business lines of credit ranging from $5,000 to $250,000. Your credit limit is the amount of financing you have access to at any given time, and will replenish as you pay off your outstanding balance. Your credit line amount is determined by an evaluation of your business, personal credit score, and other financial records.

    • What if my business needs more than $250,000?

      If your business is in need of financing of more than $250,000, we recommend looking into invoice factoring financing. Our invoice factoring will give your business the flexibility to receive financing up to $5,000,000. Read our section on invoice factoring to learn more about what invoice factoring is and what it can do for your business.

    • Is this different from a merchant cash advance?

      Yes, lines of credit are different from merchant cash advances. In a merchant cash advance, you receive a cash advance from a lender in exchange for a percentage of your credit card and debit card sales. In a line of credit, lenders allow you to borrow up to your credit limit, which will replenish as you pay off your balance.

  • 4. Term Loan
    • What is a term loan?

      Term loans are loans disbursed in a lump sum. Borrowers will receive the entire loan amount up front and will pay back the loan over a set period of time, which is known as the loan term. Depending on the lender, a loan term can be as short as a month to as long as 25 years.

    • How does a term loan work?

      When you receive a term loan with our lenders, you’ll receive your loan amount in a lump sum upfront. Depending on your agreement with your lender, you’ll pay back the loan amount in installments at a fixed interest rate. The lender will determine your interest rate based on your business history, financial records, and personal credit score.

    • Does my business qualify for a term loan?

      To be eligible for a term loan with our lenders, you must meet the following requirements:

      • Your business must be at least 90 days old and have income
      • Your business must be for-profit
      • You must have a personal credit score of at least 500
      • Your business bank account must be in the name of the business
    • How much can I receive with a term loan?

      When get connected to a lender through Opportunity Business Loans, your term loan amount can be anywhere from $3,500 to $75,000.

    • How long is the term?

      Our lenders offer terms anywhere from 2 years to 10 years.

    • Can I pay off my term loan early?

      Yes. Our lenders have no hidden fees and will not penalize you for paying off your term loan early. Customers who want to save money on interest can make additional pre-payments without penalities.

    • Do you report my payments to credit bureaus?

      Yes, our lenders report your payments to credit bureaus. As you make your payments on time, you will be able to improve your credit profile.

    • Would I be able to get another loan?

      In many cases, our lenders will only give one loan at a time. However, once your first loan is paid off, you can apply for another loan and may qualify for lower fees, lower rates, and a higher loan amount. This is based on the condition that you requalify for your second loan and is not a guarantee.

    • What if my business needs more than $250,000?

      If your business is in need of financing of more than $250,000, we recommend looking into invoice factoring financing. Our invoice factoring will give your business the flexibility to receive financing up to $5,000,000. Read our section on invoice factoring to learn more about what invoice factoring is and what it can do for your business.

  • 5. Invoice Factoring
    • What is invoice factoring?

      Invoice factoring is a type of financing based on accounts receivable. Many businesses struggle with cash flow when their customers pay late, but invoice factoring finance can close the gap and help businesses have access to cash. In an invoice factoring situation, a factoring company will purchase your business’ account receivables and give you a cash advance covering 80%-85% (this percentage can vary) of your invoices. The factoring company will collect the full amount from your customers and will provide the remaining percentage (15-20%) to you (after fees) once your customers pay.

    • What kind of businesses qualify for invoice factoring?

      To qualify for invoice factoring, your business must meet the following requirements:

      • Business must be in operation for at least 3 months
      • You must have a personal credit score of at least 530
      • Business must generate at least $10,000 in monthly revenue
      • Business cannot be in a restricted industry such as: donation-based non-profits, political campaign, auto dealerships, insurance and financial institutions or lenders, gambling, pornography or paraphernalia, legal and illegal substances and paraphernalia, firearms and paraphernalia.
    • What kinds of invoices are accepted?

      Our lenders accept invoices that meet the following requirements:

      • The service or product was completed, delivered and accepted by your customer
      • The customer is based in the US or Canada (English speaking provinces)
      • The customer is a business and not a consumer
      • The invoice face value is higher than $500
      • The payment term is shorter than 13 weeks
      • The due date is at least 1 week away
    • What if my customer is unable to pay?

      In circumstances where your customer is unable to pay the invoice, your business will still be responsible for settling your balance. You can make direct payments through your lender’s website, or for convenience’s sake, you can enroll in an installment plan with your lender.

    • If the bank turned me down for a loan, can I still qualify for invoice factoring?

      Unlike the bank, our requirements for invoice factoring financing is not solely dependent on your credit score. For this reason, even if you were turned down for a bank loan, your business may still qualify for invoice factoring. Although your credit history is taken into consideration, your eligibility is primarily dependent on the quality and creditworthiness of your customers.

  • 6. Other Questions

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