Frequently Asked Questions
What is Outerfund?
As simple as it sounds. Financing “outside” the Bank!
How do I get funded?
- Get started! Request a quote!
- A member of our team will contact you shortly thereafter to get you set up with the right solution.
- Select your terms.
- Receive Funding!
If you have questions prior to applying, feel free to call or text us at (855) 501-5597.
How does it work?
Simply put, we use segmented financial technology and strategies to seek out the best business lender specifically tailored to your needs. Each lender has a myriad of different reasons to approve or decline. Therefore, Outerfund will put our best foot forward and get you over to the highest matched lender fit for your business. After all, you deserve the best program for business funding, right? Once we have you set up to receive real-time funding, you will be able to access us and our alternative products anytime!
How will I receive funds?
We have automated technology and ACH platform that will distribute your loan to you within 1-2 business days. Our distribution lenders can sometimes wire cash the same day!
What If I am Non-Qualified?
Outerfund is 100% committed to your satisfaction. If we can’t help you obtain funding, our funding engineers will address why and set up a game plan for you to get approved. A common mishap we see is not having a business bank account set up as a sole proprietorship, which is an easy fix.
Small Business Loan FAQ
Still have more questions about the different loan options? No problem. Here are some questions and answers that may help you come to a decision.
When applying for an SBA loan, what type of info does the bank need?
When applying for an SBA loan, small business owners are required to fill out forms and documents for the specific loan they are trying to get. In addition, the SBA encourages borrowers to gather some basic information that all lenders will ask for, regardless of the loan type. The following items are required:
- Personal background and financial statements
- Business financial statements
- Profit and loss statement
- Projected financial statements
- Ownership and affiliations
- Income tax returns
- Business overview and history
- Business lease
What are the common questions that arise when obtaining a loan?
Outerfund recommends being prepared to answer basic questions, including the following:
- Why are you applying for this loan?
- How will the loan proceeds be used?
- What assets need to be purchased?
- What kind of business debt do you currently have, and with whom?
Where can I find a loan application?
Loan application available here.
What information will be needed if I’m applying for a traditional loan from a bank?
When applying for a bank loan, you’re required to share all of your financial information. You’ll need to provide your lender with the complete financial overhaul of documents of your company, your future gameplans and often your personal financial information. The more information you have to illustrate that you’ve run your business well, the more confidence banks will have in approving you.
You also need to show exactly how you will use the requested money. For example, if you want to purchase new equipment, provide quotes on the exact costs, and more importantly how the piece of equipment will grow your business.
Things to consider when applying for a loan through an alternative lender?
When considering an alternative lender, consider the following:
- Interest rates: Small business owners should know that they can pay off the loan relatively quickly to avoid hefty interest charges.
- Fees and policies: Ask each lender about fees that may apply when the loan is funded and how the repayment will affect your cash flow.
What type of info does Alternative lender need?
Even though it can be easier to obtain a loan from alternative lenders, you still need to provide them with an array of personal, business and financial information. Not all lenders ask for the same information.
What do lenders consider when reviewing a loan application?
There are a variety of factors that both banks and alternative lenders consider:
- Time in Business: The longer track record you have, the more comfortable lenders will feel in loaning your business money.
- Credit score: While some lenders place more emphasis on credit scores than others, nearly all take the scores into consideration. A bad credit score won’t necessarily rule you out of decent terms.
- Monthly revenue: Lenders want to ensure that you have enough money coming in and out of your daily operations to pay off the loan.
Other factors lenders may consider are previous tax returns, whether you have a history of paying creditors on time, whether you have had any bankruptcies or bounced checks, whether you have sufficient collateral and what you plan to use the money for.
Does it cost money to apply for a loan?
It depends on the lender. It is important to ask what types of fees are associated with the application. Some lenders charge an application fee. At Outerfund we have no Application Fees!
We encourage you to check us out and request a quote or call us at (855) 501-5597 for various types of options we offer.