1. What will happen when my application for Business Loans is approved?
You can analyze whether the rates and terms of the loan are suitable for you and your business.
2. What you need to know about Orbit Business Loans?
Orbit business loan is a company which help getting loans both secured and unsecured. These loans are available for all businesses whether its small or big, new or established business. These types of loans assist the businessman in all circumstances.
3. How long does the loan process take from beginning to end?
As soon as you fill the application, your application is approved within 48 hours. It hardly takes 3 days to get your loan amount after approval of your loan application.
4. Is my information secure?
Yes, of course. Your information and details are totally protected by us. We use 256 bit encryption for it. You can also check the secure logo on the application pages on our website. We are equally concerned of your private information and work hard to protect it.
5. When do I make my first payment?
After first 45 days, you have to pay your first payment.
6. When will I find out if I pre-qualify or not?
As we receive your application we start working on your file within an hour or two (on working days). We analyze your application and determine the amount you are qualified to get this time.
7. What types of documentation do I need to provide?
The need of documents depends on the type of loan and the amount of money you apply for. We do our best efforts to make the process short and simple.
8. If I have a credit history that is limited, am I eligible?
We see the records, flow of capital of last 3 years and profitability. We always try to keep all the paperwork to minimum and complete the process fast. We both are benefited if this process is 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 apply with your friend or relative as a co-applicant, if you have bad credit or bankruptcy but only if you have had a bankruptcy during the last 10 years or less.
10. How much can I borrow at this time?
How much funds you can borrow, is much depends upon the credit rating and history, previous credit limits, your residence status, income and gross sales. The better you are on all these parameters, the higher amount can be borrowed.
11. If I pay off my loan or line of credit early, is there a pre-payment penalty?
NO! Not as such. Orbit business loans only lend you money from those lenders who do not stick you with a pre-payment penalty. Orbit Business is here to reduce your tensions and not to add more to it. You may continue with the loan as long as it is convenient to you. You can pay it at any time when you feel comfortable.
12. Why should I use Orbit Business Loans for my loan instead of applying with the lenders myself?
We are the team of experienced persons and also developed good understanding with our lenders. If you apply through us we will provide you the funds in shortest time and through easiest way. It will be more beneficial for you to get the loan money through Orbit Business Loans. Applying with the lenders itself is a big mistake. It will consume lot of time and money. Sometime you may not get loan even if you have good credit history.
13. Which is better, a line of credit or a business loan?
In a new business your requirements are special and high. Under such circumstances a line of credit is the best option because under this type of loan you are free to pay back loan whenever you feel comfortable. There is no time limit.
Your payment on a Line of Credit will vary between 1% and 2% of the outstanding balance. For example, if you 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?
A company which is in operation for at least 24 months and whose gross sales are at least $ 150,000 is preferred by a business loan. we provide loans to a single or a set of business owner who have the ownership in a company up to 90%. Guarantors and their personal credit also play detrimental role.
Orbit Business Loans also offers start-up loan program for businesses which are less than 2 years old and who did not achieve $150,000 annual gross sales with funds from $10,000 to $100,000.