Loan costs vary greatly, depending on many factors, including; your credit score, the type of funding you are seeking, term, risk and other considerations. To protect yourself, always ask us at Velocity what the total cost of the loan is (including the interest rate and APR), as well as what additional costs and fees we may be working into the loan. It’s imperative to know exactly how much you’re actually paying for a loan.
Part of the process for securing a small business loan is a period where we will collect information about your company (such as its assets and liabilities—basically a risk profile), and include that information in the loan application package.
This package will be shopped around to all the applicable lenders in our network. It’s a best practice for us to shop your loan to as many lenders as possible, so you’re in a position where different lenders are competing for your business. This way, you, as a borrower, will also have the option of making your choice free from pressure.
Another aspect of the small business lending market is that broker fees aren’t uniform for all lenders. We do our best to be fair, honest and transparent about all aspect of our dealing with you and seek to earn your trust and respect at every opportunity.
No, absolutely not, never, under any circumstances. We abide by the strictest privacy guidelines in the industry and work very hard to keep all information provided to us in strict confidence
Every loan option has some good and bad aspects to it. At Velocity, we are more than willing to help you navigate the piles of documents that are part of any loan agreement and make you aware of its potential pitfalls instead of just promoting its positive aspects. More importantly, we are actually very knowledgeable about these matters.
Absolutely, we recommend that you should typically ask for 48 to 72 hours before making your financial decision.
Our main goal is to look out for your best interests and ensure that you obtain the right financing for your needs.