Do I qualify?
You pre-qualify for a loan from Resource Option if:
- You have owned your business for at least 11 months
- You have at least $3,000 in monthly Visa/MasterCard
sales
What if I don’t qualify?
You may still have options through Resource Option. We partner with
a network of lenders who specialize in various types of loans.
If we can’t help you, we may have a partner who can.
How do I apply?
Click here to fill out our 3-minute application
or call 1-888-744-8331.
How much am I eligible
to borrow?
The amount you can borrow will depend on a number of factors including
your Visa/MasterCard sales volume, your type of business, and how long
you’ve been in business. Once we receive your initial loan
application we will give you a full quote taking these factors into
account. The maximum we typically can lend is about 1.5 x your
monthly Visa/MasterCard sales average.
Is there an application
fee?
No. The application is quick, easy, and absolutely free.
How does the application
work?
Pre-qualified applicants can get approved in as little as 48 hours.
To get started, simply fill out the simple 2-minute
application or call us at 1-888-744-8331 and fax in your last 6
months of merchant account statements to 1-888-483-8979.
Once we receive your merchant account statements, we’ll
give you a full loan quote and a quote for your merchant account rates.
How does the loan work?
Resource Option sets up your merchant account and thoroughly tests it
to make sure it’s working properly. Then we fund the loan
on the same day by sending the funds to your specified bank account.
How does the payback work?
When you batch your Visa/MasterCard sales, Resource Option is paid a percentage
based on the loan agreement. You never write a check or deal with
late fees.
Do I need to transfer
my merchant account?
Yes. We use a nationally recognized merchant services provider
that supports all major POS terminal brands. We will help you
through the simple process of transferring your merchant account and
we will typically be able to meet or beat your existing processing rates.
How is my merchant account
transferred?
Our Resource Option merchant services team will prepare all the paperwork
and guide you through this simple process. It usually takes just
a few minutes.
What is the percentage
of Visa/MasterCard sales that are held back?
The percentage is determined by your monthly Visa/MasterCard volume,
how much you borrow, how long your payback period is, and your interest
cost. We’ll give you the projected hold back percentage
during the initial call. We’ll also give you a full quote
in writing prior to signing your loan documents to make sure you understand
exactly what percentage is held back.
Do you have an in-house
merchant services team?
Yes. Every member of the Resource Option merchant services team has
at least 5 years of industry experience. And when you fund your
loan with us, you get a dedicated service member for the life of your
account.
How long will it take
to get me approved?
Approval typically takes about 2 business days.
How long will it take
to fund my loan?
Funding can happen in as little as 7 business days.
How can I speed up the
loan process?
There are a few things you can do to move the process along faster:
- Fax your last 6 months of merchant account statements
to 1-888-483-8979 immediately after applying
- Return your signed documentation the day you receive
it
What interest rate do
you charge?
You must fill out an application with Resource Option (either online
or over the phone) to get an interest quote. The interest cost
depends on your industry, time in business, the percentage of your monthly
Visa/MasterCard volume borrowed, and how long your payback period is.
How is the loan repaid?
The loan is repaid when you batch your Visa/MasterCard sales.
There are no checks to send or due dates to remember.
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