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Unsecured Credit Lines

Description:

A true EIN driven credit lines from A rated banks. Establishes instant business credit by using any officer of a company’s personal credit history to expand worthiness directly to the company. This is not a working capital line of credit through an existing partnered bank. This program is designed to divorce a company owner’s personal credit risk from his or hers company’s. Credit lines that belong to the company’s EIN not the owner’s SSN.

Submission:

  • Requires Credit Monitoring Service that has ALL 3 bureaus (creditchecktotal.com, Equifax.com etc.)
  • Completed 3 page application to include the URL, username, and password (on page 3)
  • Once received and reviewed a consult call will be scheduled directly with the processor

Once legible and completed documents are received the file is reviewed by a Finance officer and you will be contacted within 24 hours to discuss findings and all options available to client.

Minimum Requirements for Submission:

  • Minimum credit score of 700
  • No more than one (1) delinquency in previous six (6) months, no more than two (2) in previous twelve(12) months
  • No paid collections in previous three (3) months, no more than one (1) in previous six (6) months
  • No bankruptcies on the credit report whatsoever
  • No open (unpaid) collections, liens, or judgments
  • No more than five (5) new accounts opened in previous twelve (12) months
  • Preferably no closed accounts with unpaid balances
  • No more than four (4) inquiries per bureau (preferably no more than two (2) inq. per bureau)
  • Must have minimum of 5 years history in credit bureau
  • Must have minimum of two (2) open revolving accounts of $5,000 or higher, or one (1) of $10,000 or higher –guarantor cannot be the authorized user on these minimum qualifications
  • Utilization cannot exceed 45% in total—individual lines that exceed 45% can/will also impact funding

Additional Notes:

  • This program has a 10% success fee on all established credit lines. The fee will be billed upon issuance of the credit line and paid by that credit line.
  • Although each bank has different guidelines, generally credit lines come with a 0% APR for the first 6-12 months
  • Collateral Required: Good personal or business credit
  • Loan Amounts: $10,000-$150,000
  • Term: Revolving credit cards
  • Rates: 5-29% APR, 10% funding fee paid after approval
  • Credit Requirements: Excellent personal credit required, no late payments or derogatory credit within the last 12 months can be on personal credit now, no open collections or bankruptcies, less than 2 inquiries in the last 6 months on consumer credit report
  • Details: Approval amounts are typically 5 times the amount of their existing highest limit credit card now, must have open credit cards with balances below 30% of their card limits
  • Deal Submission requirements: Application, credit monitoring login credentials

About Cenric Group

Our experienced contract buyers are experts in the purchase of all types of consumer installment contracts. If you're in the need of a LUMP SUM CASH OUT of any cash flow contract, contact us TODAY for a no-obligation consultation and confidential note or note portfolio quote.

Contact Information

Cenric Group

332 South Michigan Avenue
Suite 1032-C287
Chicago, IL 60604

Toll Free: 800-526-8441
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

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The Business Finance Suite is the most comprehensive finance solution in the world. Through your Finance Suite you can secure money for your business and then build a business credit profile and score for your business so you can be approved for even more money with no personal guarantee or credit check.

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We are dedicated to helping you obtain money to grow your business whether you are a new startup business, existing business, or have good or bad personal credit. Below are some frequently asked questions about our Business Credit and Business Funding programs.

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