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Loan Facts
Why choose Walnut Financial?
We serve businesses that are unable to qualify for traditional loans or need fast access to capital. We focus on business performance, rather than just the credit score of the business owner, we can offer successful and growing businesses quick access to affordable loans so they can meet their daily operating needs and achieve long-term goals.
Would this be merchant cash advance loan?
No, we do not work with merchant cash advance companies. We provide true business loans with fixed terms and payments.
How much capital am I eligible for?
Typically we offer loans from $5000 to $100,000 based on the monthly cash flow of the business. If a larger loan amount is needed; please inquire, and we will assist you.
What companies are eligible Credit Card Receivable Financing?
A good candidate is any business that has been open for business for over one year, has a business bank account and processes at least $5,000 in credit card transactions monthly.
What information do you need from me to apply?
Depending on how you receive payments from your customers, you may need
some or all of the following:
* Tax ID number
* Credit card statements for the previous 3 months
* Merchant processor name, ID, and phone number
* Bank statements for the previous 3 to 6 months
* Social Security number of business owner(s)
* Drivers license number and state of issue
How soon will I know if I'm approved?
We will let you know within 2 business days of submitting your completed application.
When will I receive the funds?
Loans are funded as soon as 5 business days of receiving all completed loan documents.
Does Walnut Financial fund loans?
No, Walnut Financial is a referral service that works with multiple lenders. By working with multiple funding sources we consistently find the most competitive rates available.
Does it matter where my business is located?
No, we are able to help small business owners in all 50 states.
How do I repay the loan?
Daily Direct DebitSM payments are made from your business bank account to our
funding source. These small regular payments are proven to prevent the snowball
effect often caused by missing larger monthly payments. We inform you of
your exact payment amount, and our online loan management portal allows you to
monitor the activity whenever you want.
What is the typical term of your loans?
6 or 12 months.
Do I have to switch my credit card processor?
No. We review your credit card processing history to determine the performance
of your business.
I would like to switch or set up credit card processor, can you help?
Yes, we can. We work with various credit card processing services and can find a service which will work well for you.
May I apply for a 2nd loan?
Yes. Once you have repaid 75% of your loan, you are eligible to
apply for additional capital to assist in your business needs.
I already have a loan, can I lower my monthly payment?
Yes, if you have paid off 50% of your existing loan, we can help.
Can I prepay my loan early?
Yes, you can prepay your loan at any time. However, given the short term of these
loans, if you choose to prepay, you will still be required to pay all principal and all
interest as if you kept the loan until maturity. If you choose to prepay a portion of
your loan, the prepayment will be applied to principal and interest just as your
daily payment is applied.
Why are On Deck loans more expensive than bank loans?
There is a reason traditional banks will only lend to small businesses with high
credit scores – small businesses can be pretty risky. We know that every small
business owner works hard to protect and grow their business, but many close
their doors each year. We want to give small businesses a chance
– because sometimes all they need is a bit of working capital to occasionally
boost their cash flow and succeed. With this mission to help small businesses
comes risk, and the loans we provide are priced accordingly. However, our funding partners are still typically up to 50% less than cash advances and the next best alternative to a traditional bank loan.
