Follow Us
- 9550 Warner Ave, Ca 92708
- (888) 409-6388
- Info@Paydownllc.com
FAQs
Make sure you receive all the information you need when requesting financial aid. Here, we've compiled the answers to some of the most frequent queries we receive.
About PayDown
PayDown is a financial company that offers simple options to proprietors of small businesses.
Working with PayDown has several clear benefits:
- Savings: Business owners pay much less overall.
- Speed: The process is much faster.
- Flexibility: We have more freedom to set our own rules.
- Secure: Your private information is not disclosed to outside parties.
We only work with small and medium-sized businesses, unlike Banks. Because of this, we design our products to satisfy their requirements. A lengthy approval process is usually involved when applying for a loan from a bank, which can take months. Additionally, the majority of small businesses won’t be approved unless the owner is prepared to put up collateral (like the owner’s home) to guarantee the repayment of the loan.
Many online lenders aim to fully automate their workflow, do away with all human interaction, and provide a universally applicable solution. We are aware, though, that every small business is different and has particular requirementsIn order to provide tailored solutions with the appropriate product(s) and terms, we first speak with business owners to understand their needs.
Before applying
Definitely not. While many businesses in our sector prey on small business owners using predatory methods, we do not employ confession of judgment or any other similar strategies. We think our clients are acting honestly, just like we do.
Send us your application if your company has been operating for more than 3 months and generates at least $10,000 in monthly sales. This is merely the minimal requirements for qualification; it does not guarantee qualification.
No, applying doesn’t cost anything. We will send you a proposal after we have received and reviewed your information, and there is no charge or obligation on your part. It is up to you to decide whether or not to accept our offer once you receive it. After receiving all of your information, the entire approval process is typically finished in less than 24 hours.
Yes. Compared to our rivals, we frequently provide larger advances and loans with better terms. If it is in the best interest of your company, we will assist you in paying off your current debt.
Once we have all the necessary information, we can typically approve applications in 24 hours. We can fund within 48 hours of approval.
For new clients, cash advance and loan amounts range from $10,000 to $250,000.
Terms may be between three months and a year.
Sure, we can. Our products are based on revenue. This means that rather than the owner’s credit score, the amount of funding is determined by the company’s sales. Although it is a step in the underwriting process, reviewing your personal credit is not what ultimately leads to a decision.
We don’t impose any limitations on how you can use the funds. Typical uses include buying supplies, buying equipment, renovating, growing, advertising, paying off debt, or paying taxes. But the choice is entirely yours!
Regardless of the product you choose, we automatically collect all payments. As a result, you will never have to worry about making a late payment or missing a payment.
Yes. Existing clients are always welcome to request additional funds. Prior to providing additional funds, we typically prefer to wait until the balance is approximately 50% repaid.
You won’t be penalized if you pay off your balance before the due date. In fact, we provide discounts to customers who want to make early payments.
Ask for an early payment discount to be written into your contract if you think you might want to pay off your debt before the agreed-upon time.
About products
The principal distinction between the Cash Advance and the Loan is that the Cash Advance has variable payments, which change in accordance with the company’s sales, while the Loan has fixed payments. To learn more about each, visit our product section.
- If your sales decline, so do your payments because they are flexible.
- There is no need for a personal guarantee.
- Can be provided in all 50 states, but the company must make at least $10,000 in sales each month.
- Fixed payments make budgeting and planning simpler.
- We don’t need to involve the credit card processing company, so the funding process is quicker.
- No minimum credit card sales, making qualification simpler.
When you call our office, one of our Funding Specialists will ask you a few basic questions about your company before recommending the best product.
Rates are based on a number of variables, such as your history with Paydown, the operating history of your business, the type of business, the amount of sales and cash flow, the amount and term of funding, the product type chosen, the payment structure, and your FICO score.