Getting a Bank Loan for Your Business

Bank Loan

What they offer:

  • Full Financials for Application
  • Up to 60 day wait for approval
  • Strict Personal Credit Requirements
  • 4 out of 5 Applicants Denied

Our Working Capital

What we offer:

  • Easy Application Process (minimal paperwork)
  • Same Day or Next Day Approvals
  • Decisions based on business performance
  • We offer a 90% approval rate

Banks are generally the first financing option business owners consider. Banks are extremely risk-averse and cautious with their loans. In order to secure a loan, a business owner must have excellent personal credit. In lieu of good credit, collateral is required to place against the loan to make it a secured. The bank lending model is designed for sustenance rather than growth; the extensive paperwork is time-consuming and slow to process.
In order to apply for a bank loan, you must:

  • Provide 3 years of full financials, including business and personal tax returns.
  • Undergo full auditing of profit and loss statements, multiple site visits, and intense scrutiny of your personal credit report.
  • Provide a detailed business plan, including years of justified sales projections.

It can be months before you find out if you are approved. The complicated corporate ladder and strict regulations of banks string your request through a long chain. To top off this difficult process, only 20% of loan applicants are approved. Even if you do get approved, the bank can terminate or change the limit of a line at any point.

At Legend, we offer a 90% approval rate. Following our one-page application and minimal record requirements, your funds are available to you in 36 hours or less. No need to undergo the invasive process of bank loans or long waits. Get the cash you need, hassle-free.

GET APPROVED FOR WORKING CAPITAL TODAY!

APPLY NOW

USING BUSINESS CREDIT CARDS TO FINANCE GROWTH

Business Credit Cards

What they offer:

  • Full Financials for Application
  • Heavily Based on Personal Credit Score
  • Much Heavier Impact on Personal Credit Score
  • Credit Card Company Can Reduce Limit Without Warning

Our Working Capital

What we offer:

  • Easier Application Process (minimal paperwork)
  • No Impact on Personal Credit Score
  • Based on Business Performance (not Personal Credit Rating)
  • Source Of Funding Not Dependent on Personal Credit Score

Credit cards are an excellent source of working capital, but can be problematic as a primary provider. Some of the drawbacks of credit cards include:

  • Credit: With credit card companies, your business is tied to your personal credit. Bad credit will drastically raise your rates and lower your limit. If you miss any payments, your credit score will be directly impacted.
  • Paperwork: You are typically asked to provide full financials for business credit cards.
  • Fluctuation: Rates and terms can fluctuate at the credit card company’s discretion. This can lead to unwelcome surprises and upsets to your business.

A business cash advance from Legend operates outside of your personal credit. We establish credit with you as a business owner. We offer advances even if you have bad credit, and continue to raise the amounts as long as you keep a good history with us. We provide a fixed rate upfront, so you can budget accordingly.

GET APPROVED FOR WORKING CAPITAL TODAY!

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FUNDING GROWTH BASED SOLELY ON SALES REVENUE

Financing Through Daily Revenue (Bootstrapping)

What it offers:

  • Over relying on Personal Credit and Finances
  • Potential Damage to your Personal Credit (FICO) Score
  • Often Isn’t Enough Capital to Grow
  • Unexpected Expense Can be Devastating
  • Unexpected Drop in Sales Volume Can Put You Out of Business

Our Working Capital

What we offer:

  • Helps Stabilize Personal Credit and Finances
  • NO Damage to your Personal Credit (FICO) Score
  • Perpetual Access to Capital for Growth
  • Keep more of your sales saved for unexpected losses or expenses
  • Unexpected Drop in Sales Volume Are Much Easier To Mitigate

Bootstrapping sounds like the ideal growth model, but rarely provides the capital necessary to grow. In order to build your business, rather than simply stay afloat, you need to invest money into initiatives like marketing, new employees, equipment, and facilities. Sales revenue rarely accounts for unexpected expenses, like an accident, equipment malfunction, or natural disaster.

A business cash advance from Legend Advance Funding gives your business the financial push or immediate lifeline it needs. We offer advance packages from $5,000 to $500,000. Repayment is structured to correlate directly with your sales. You can use your quick capital however you need, from emergencies to unexpected sales drops.

GET APPROVED FOR WORKING CAPITAL TODAY!

APPLY NOW

FUNDING GROWTH THROUGH PERSONAL LOANS FROM FAMILY AND FRIENDS

Personal Loans from Family or Friends

What they offer:

  • Unnecessary Strain on Important Personal Relationships
  • Usually don’t get enough to grow effectively
  • Limited to a one time instance- you can’t go back to them every-time a growth opportunity presents itself

Our Working Capital

What we offer:

  • Helps Stabilize Personal Credit and Finances
  • NO Damage to your Personal Credit (FICO) Score
  • Perpetual Access to Capital for Growth
  • Keep more of your sales saved for unexpected losses or expenses
  • Unexpected Drop in Sales Volume Are Much Easier To Mitigate

Personal relationships are a tempting financial source for small business owners. Family and friends are the easiest avenues to locate and solicit, due to pre-established trust. The personal relationship that makes them appealing, however, is often an imprudent business match. Loans between friends can put unnecessary strain on important relationships. Furthermore, the amount family and friends can provide is often not enough to grow, either initially or as a sustainable source of funding.

Our goal at Legend is to create a working relationship with you. We offer you the perks of personal loans without the drawbacks. We establish a history with you to get you the capital you need. After you have paid back 50% of your advance, we are willing to increase your amount. Your advance amounts will grow as our relationship with you does, based on our history rather than your credit score.

GET APPROVED FOR WORKING CAPITAL TODAY!

APPLY NOW