Frequently Asked Questions
APPLICATION AND APPROVAL
We’ve streamlined the application process to make it as quick and painless as humanly possible. The online application will ask you some simple questions like how long you’ve been in business and what your annual revenues are. Once you’ve submitted an application and you’ve been approved, you’ll finalize the process by submitting two overview documents: Your last four months of business bank statements and a signed credit authorization form (which CapFusion will provide). Find out more about our application process.
Generally speaking, you’ll hear back from us within one business day. If we are able to approve your application, we’ll follow up with next steps to finalize your loan and deliver the funds. If we aren’t able to approve your application as submitted, we’ll contact you and let you know if we might be able to fund you for a different amount.
Can I apply with CapFusion even if I’ve had loan applications rejected by banks or other online lenders?
Yes — and we encourage you to do so. One of the the things we pride ourselves on is finding ways to say “yes” to applicants when other lenders have said “no.” Because we offer a wider variety of loan products than other online lenders and always work to find “win-win” lending situations for our clients, we tend to be able to approve businesses who have been turned down by others. Learn more.
Yes, you may reapply. If we aren’t able to approve your loan application for some reason, our consultants will inform you of the factors that went into the decision and let you know what might need to change for an application to get approval. Oftentimes, we suggest applicants wait a few months before reapplying so they can get new near-term bank statements that we can factor into the decision.
Our qualification process takes many factors into account, including: Time in business, annual revenues and the business owner’s credit history. If you have been in business for more than a year, have annual revenues above $100,000 and have a personal credit score of 500 of above, you may qualify.
Receiving money through a CapFusion loan is not considered a taxable event. Since the loan money isn’t considered “revenue,” like you receive when a customer pays you for a sale, it doesn’t factor into end-of-the-year profit-and-loss calculations that determine how much tax you have to pay. So you can safely take out a loan and spend the money — or hold onto it — as you need without worrying about incurring a massive tax obligation.
CapFusion uses a daily repayment system on its loans for a variety of reasons. First and foremost, we’ve found from experience that it’s much easier for business owners to factor in a small automatic payment each day than to have to plan for a large monthly payment that might hamper their cash flow. Additionally, daily payments increase your credit history with both CapFusion and other credit bureaus, helping your business build more options and flexibility for future lending. Find out more about our repayment terms.
CapFusion doesn’t use interest rates on its loans. Instead, we assign a small set daily fee that gets paid along with part of the loan principal. We’ve found that the fee structure is more transparent to borrowers than the interest rates most lenders use. The fee structure will depend on a number of factors, including the amount of the loan, the length of the loan, and your application. Learn more about our fee structure.