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Am I eligible?
What happens after the online application?
About American Credits
Who, exactly, is American Credit?
American Credit is fully accredited as a Licensed Lender (California Finance Lender Law License # 60DBO-78243). Our mission is to ensure that no business owner is left behind when they seek the capital needed to fund and grow their businesses.
What kind of advantages does American Credit offer businesses?
Access to capital has been cited by many business owners as the biggest barrier to expanding their businesses. Our mission is to offer them the capital they need, either through asset-based financing or account receivables (invoice) financing. Funds are available with transparent fees, terms and competitive rates.
Hidden fees can really cost you. Will your rates and terms be fully explained?
Yes, our rates and terms will be clearly stated in your loan offer and your Business Financing Assistant will be available to discuss them before you accept our offer. Plus, our rates are low and fixed, their ranges clearly specified and completely transparent.
How are your fees/installment calculated?
For asset-based Loans, there is a one-time origination fee. The monthly installment is calculated with loan amount and a fixed interest rate. All these numbers are listed in the loan agreement before you accept them with your signature. For invoice/AR financing, there is a one-time 2% setup fee to evaluate customer (the ultimate debtor) to the first invoice. The factoring fee is 2%/month (around 0.065% daily factoring fee).
Are there prepayment penalty fees?
For an asset-based Loan with a term over 12 months, a prepayment penalty may apply (and be specified in the loan agreement). As for invoice factoring, the factoring fee is based on the actual days before your customer pays it off; and there is no pre-payment penalty.
Are American Credit loans secured?
Yes. Both asset-based Loans and invoice factoring are backed by the collaterals (equipment, account receivables, etc). The loan rate (or factoring fee rate) is significantly lower those high APR unsecured loans.
Applying for a loan
How do I apply? How long will it take?
Just click here to apply now. You can finish the application in minutes.
Will applying for a loan with American Credit affect my credit score?
No. Applying for a loan with American Credit DOES NOT affect your credit score—our “soft inquiry” of the business owner’s credit won’t lower your score.
Who will you loan to and what credit score is needed to qualify for an Asset-based Loan or invoice factoring?
Our minimum requirements for asset-based loans and invoice factoring are 1 year in business, $150,000 a year in revenue (or $12,500 a month for the last two months). The business owners' (with 25% or more share) personal FICO scores need to be 600 or higher.
What does it cost to apply for a business loan with American Credit?
Nothing. Your investment in time (maybe 10 minutes) is all we ask.
Does it matter if I apply from my smartphone instead of my computer?
Not at all. In fact, applying from your smartphone may be even easier, since we require a scan or photo of legal ID with your picture on it—and our app conveniently includes a photo taken with a phone’s camera in your application.
Loan types and terms
Do you require a personal guarantee?
No. American Credit business loan agreements do not require business owners' personal guarantees.
What are the minimum and maximum amounts I can borrow?
American Credit Asset-based Loans are available between $20,000 to $5M; and up to 72 months. The invoice financing is available between $5,000 to $2.5M.
What kind of business loan types does American Credit offer?
American Credit offers two business financing options:
• Asset-based Loans with a maximum borrowing limit of $5M.
• Invoice factoring - exchange outstanding invoices for cash equivalents up to $2.5M.
What kind of business loan terms does American Credit offer?
Asset-based Loans terms vary between 12 to 72 months to fit borrowers’ need. Invoice factoring is typically short-term, such as 30, 60, or 90 days.
Can we get any tax benefit to purchase an equipment with the loan?
Yes. Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment purchased or financed during the tax year, up to $1,000,000.
Security
Do you share the information I provide you with other lenders or businesses?
No. Never, unless we explicitly ask for your permission and you consent to it.
How secure is the information I share with you?
Your security is our top priority. We follow all information security practices required by law to maintain the integrity of your information, meaning we comply with all industry regulations and use best practice security protocols. Plus, your information is encrypted and vaulted on a server with highly restricted access.
Why do I have to provide my bank account information?
Because we use it to determine your eligibility for a loan and the amount, and the terms and fees we may offer.
How secure is my American Credit account?
Your security is our top priority. American Credit complies with all industry regulations and uses best practice security protocols. All your sensitive information is encrypted—and is vaulted on a server with highly restricted access.
Quick answers to the most asked questions
Always feel free to call or email us with any questions.
American Credit business loan specialists are happy to help with any queries you may have about applying, rates, potential ROI, loan types, our company, fees, security... anything relating to how we can help your business grow.
Call Us
Our team is ready to help you.
855-904-0188
Email Us
We'll get back to you within 24 hours.
Drop us a line
The loan officer could see how profitable we are. But even with three great years of business our bank won’t look beyond our credit score.
David Lee
Owner, Beautiful Smile Dental
American Credit: the difference you can trust
You work hard. We work hard. We share the same ethic. That’s why we go the extra mile to look at your situation and see if we can help. Unlike some business credit lenders who focus on FICO scores, we look at your business as a whole.
