Unsecured Line Of Credit, Terms & Criteria

1.             If you are approved, the minimum line of credit is $5,000 and the maximum is 

                $250,000 dollars

2.             The outstanding balance needs to be paid back in 12 months.  Lender will extend  term

                to 18 months on a case by case basis.

3.             Fee at closing 4 points

4.             Documents needed for loan submission

     a.     6 months bank statements

     b.     4 months merchant statements, if in use

     c.     Form of ID (passport, driver’s license, etc)

     d.     Completion of loan application form

    Other Criteria

     a.    Lender would like to see at least 10 deposits per month

     b.    Minimum of $7,000 in deposits per month

     c.    Minimum $3,000 in average daily balances

     d.    Minimum 550 middle credit score  (down to 480 with merchant processing information)

     e.     No NSF

     f.     No Bankruptcy

     g.     No Tax Liens