Frequently Asked Questions
Our Frequently Asked Questions (FAQ) page is designed as your comprehensive guide, thoughtfully crafted to anticipate and address the most common queries our community encounters. Whether you’re a first-time visitor seeking foundational information or a seasoned user looking to dive deeper, these carefully curated answers are meant to illuminate, simplify, and empower your journey with us. We believe that well-informed users make the best decisions, and our goal is to provide you with the knowledge and confidence you need to navigate our platform or service with ease. To apply click here.
Application
What are the minimum requirements to qualify for funding?
To qualify for funding, your business must meet the following criteria:
- Time in Business: At least 6 months.
- Credit Score: A FICO score of 500 or higher.
- Annual Revenue: Minimum revenue of $250,000 per year.
How long does the application process take?
Our streamlined online application can be completed in under 5 minutes. Decisions are typically made within 12 hours, and approved funds can be deposited the same day.
What documents are needed to apply?
To apply, you’ll need:
- A completed online application.
- The three most recent business bank statements uploaded through our secure portal.
Can I speak to someone if I need help?
Absolutely! Our dedicated Relationship Managers are available to assist you. Contact us Monday through Friday, 9 AM to 6 PM EST, at (347) 694-8180.
Credit
Does my credit score affect funding approval?
Bad credit isn’t a barrier to approval! However, your credit score helps determine the funding products and terms available to you.
Will applying for business funding affect my credit score?
No, submitting an application won’t affect your credit score. We only perform a soft credit pull, which has no negative impact.
What credit score is required for a business line of credit?
To qualify for a business line of credit, your FICO score must be 600 or higher.
Will my credit score go down after applying?
No. Since we only do a soft pull, your application will have no effect on your overall credit score.
Funding
Are there industries you do not fund?
Yes, we do not offer funding to businesses in the adult entertainment or gambling industries.
How quickly will I know if I’m approved?
You’ll typically receive an approval decision within 12 hours, often on the same day. Applications submitted after business hours are processed the following day.
When will funds be deposited in my account?
Choose from:
- Same-day wire transfer (fees may apply).
- Next business day ACH transfer to your bank account.
What can I use my funds for?
Anything!
You can use your business funding to pay for that business expansion you’ve been planning, order more inventory, or to pay off debt your business may have. you want to take your business to the next level and we’re here to provide the fuel.
General
What are the terms of your financing options?
- Fixed-Term Financing: Ranges from 6 months to 2 years, depending on the product and borrower’s profile.
- Revenue-Based Financing: Terms fluctuate based on your business’s cash flow.
How can I use a business line of credit?
A business line of credit offers flexible access to funds, allowing you to withdraw money as needed, within your approved limit.
Do I need collateral to secure a loan?
No, we do not require collateral for any of our funding products.
Can I qualify if I already have a loan with a traditional bank?
Yes! Our financing options can complement existing traditional loans without affecting your current obligations.
Is my information secure?
Absolutely. Pinnacle Funding prioritizes data security with state-of-the-art privacy technology. Your information is fully protected.
Accounts
Do you offer monthly payments?
Yes, qualifying businesses can opt for monthly repayment plans.
How do I make payments?
For revenue-based financing, your business bank account is automatically debited based on the agreed payment schedule. No need to manually make payments or worry about missed deadlines
Are there any prepayment penalties?
Prepayment policies vary by product. Many of our options have no penalties and some even offer prepayment discounts.
Can I pay off my loan early?
Yes, you can repay your loan at any time. Depending on your agreement, you may qualify for interest forgiveness or a discount on your balance. Contact your Relationship Manager for details.
When am I eligible for renewal?
Most clients qualify for renewal after paying 40% to 50% of their loan balance. In some cases, you may qualify sooner. Speak with your Relationship Manager for more details.
Questions & Answers
What are the funding requirements?
- Minimum one year in business.
- Minimum of $100,000 in annual revenue
- Minimum 575 Personal FICO score
- Business checking account
How long does the application take?
Applications always have been and will always remain free.
What documents will I need?
Pinnacle only requires basic information about your business and yourself. We may ask for: Your business tax ID, your last three months of business bank statements, and the Social Security number of all business owner(s).
Can I speak to someone if I need help?
Yes! Assuming payments are made in good order, we’ll be happy to offer you more future funding.
Will my credit score effect approval?
Bad credit isn’t a barrier to approval! However, your credit score helps determine the funding products and terms available to you.
Will applying effect my credit score?
No, submitting an application won’t affect your credit score. We only perform a soft credit pull, which has no negative impact.
What credit score is necessary?
To qualify for a business line of credit, your FICO score must be 600 or higher.
How often can I apply?
No. Since we only do a soft pull, your application will have no effect on your overall credit score.
Are there industries you do not fund?
Yes, we do not offer funding to businesses in the adult entertainment or gambling industries.
How quickly will I know if I’m approved?
You’ll typically receive an approval decision within 12 hours, often on the same day. Applications submitted after business hours are processed the following day.
When will the funds be deposited?
Choose from:
- Same-day wire transfer (fees may apply).
- Next business day ACH transfer to your bank account.
What can I use my funds for?
Anything!
You can use your business funding to pay for that business expansion you’ve been planning, order more inventory, or to pay off debt your business may have. you want to take your business to the next level and we’re here to provide the fuel.
What are the financing terms?
- Fixed-Term Financing: Ranges from 6 months to 2 years, depending on the product and borrower’s profile.
- Revenue-Based Financing: Terms fluctuate based on your business’s cash flow.
How can I use a business line of credit?
A business line of credit offers flexible access to funds, allowing you to withdraw money as needed, within your approved limit.
Do I need collateral to secure a loan?
No, we do not require collateral for any of our funding products.
Is my information secure?
Absolutely. Pinnacle Funding prioritizes data security with state-of-the-art privacy technology. Your information is fully protected.
What if I already have a bank loan?
Yes! Our financing options can complement existing traditional loans without affecting your current obligations.
Do you offer monthly payments?
Yes, qualifying businesses can opt for monthly repayment plans.
How do I make payments?
For revenue-based financing, your business bank account is automatically debited based on the agreed payment schedule. No need to manually make payments or worry about missed deadlines.
Are there any prepayment penalties?
Prepayment policies vary by product. Many of our options have no penalties and some even offer prepayment discounts.
Can I pay off my loan early?
Yes, you can repay your loan at any time. Depending on your agreement, you may qualify for interest forgiveness or a discount on your balance. Contact your Relationship Manager for details.
When am I eligible for renewal?
Most clients qualify for renewal after paying 40% to 50% of their loan balance. In some cases, you may qualify sooner. Speak with your Relationship Manager for more details.