1. What will happen when my application for Business Loans is approved?

You can review the rates and terms to see if this loan is right for you.

2. What you need to know about Orbit Business Loans?

Orbit Business Loans is a merchant and small business loan company specializing in Unsecured Loans and Lines of Credit for all types of businesses. We offer several types of loans which cater to many types of companies in different situations. Whether you are a start-up company or a seasoned business, we have a product to match your immediate needs.

3. How long does the loan process take from beginning to end?

You can usually expect to see results within 48 hours of your completed application. Funding can then be received in as little as 3 days after your receive approval.

4. Is my information secure?

Absolutely! We encrypt your forms using the latest 256 bit encryption. Look for our secure logo on all our application pages. We work hard to protect your private information.

5. When do I make my first payment?

Your first payment is typically due after the first 45 days.

6. When will I find out if I pre-qualify or not?

After your application is sent, our business consultants require a couple of hours (during our normal business hours) to review your application and determine how much you are able to borrow at this time.

7. What types of documentation do I need to provide?

The documents needed to process a loan vary depending on the type of loan and amount. We strive to keep this to a minimum and to be streamline the process. It is to both of our advantages to make this quick and simple.

8. If I have a credit history that is limited, am I eligible?

We like to see three active lines of credit for at least 3 years of longer on your credit reports. We strive to keep this to a minimum and to streamline the process. It is to both of our advantages to make this quick and simple.

9. If I have bad credit or a bankruptcy, can I still apply if I have a co-signer who does have good credit?

Yes, you may have a friend or relative apply for this loan if you have had a bankruptcy in the last 10 years of less.

10. How much can I borrow at this time?

The main factors are your credit rating and history, previous credit limits, residence status, income, and gross sales which largely determine how much you can borrow.

11. If I pay off my loan or line of credit early, is there a pre-payment penalty?

NO! Orbit Business Loans only works with lenders who do not stick you with a pre-payment penalty. This allows you to keep this loan as long as it is convenient to you. Pay it off early if you choose!. Full details will be disclosed before you accept them.

12. Why should I use Orbit Business Loans for my loan instead of applying with the lenders myself?

We know the loan business well and have relationships with our lenders which can benefit you by getting the application approved the first time with the most amount of money you can qualify for. Applying to the wrong lenders the wrong way is a big mistake, this can cost you both time and money. If you make a few mistakes, and too many lenders enquire about your credit, you may disqualify yourself from getting a loan, even if you have perfect credit.

13. Which is better, a line of credit or a business loan?

If you are a start-up company, you have special needs. In this case you would probably do better with a line of credit which allows lower payments and greater flexibility in paying back the loan when it's convenient for you.

Your payment on a Line of Credit will vary between 1% and 2% of the outstanding balance. For instance, if you were to borrow $1,000,000 your monthly payment would be between $1,000 and $2,000 with a large part of this going towards your principal.

Terms also vary between 24 to 84 months.

14. What qualifies as a business loan?

Business loans require a company to be in operation for at least 24 months having average annual gross sales of at least $150,000. Loans are given to either a single or set of business owners which compromise 90% of the ownership of that company. Guarantors must meet all the requirements for the loan and their personal credit determines if the loan is offered.

Orbit Business Loans offers a Start-up loan program that funds from $10,000 to $100,000 for businesses that have not hit their 2 year anniversary and who have not achieved $150,000 in annual gross sales.

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