You’re not alone in your funding journey. The team at Today’s Advance is here to assist you. Get in touch however, whenever is most convenient for you.
+1 (888) 858-4122
+1 (718) 865-2043
+1 (718) 701-2229
175 Pearl Street
Brooklyn, NY 11201
Monday to Friday 9:00am – 6:00pm (Eastern Time)
Frequently Asked Questions
Today's Advance is dedicated to making your business funding journey fast, easy, and successful. That's why we've compiled this list of Frequently Asked Questions.
You've got questions? We've got answers.
Don't see your question answered here? Then get in touch any time. We update this FAQ as more and more questions get asked, so check back often.
What do I need to apply for funding?
Applying with Today’s Advance is fast, easy, and free. It won’t hurt your credit and there’s no obligation.
Complete the online application as accurately as you can. That will help us come up with options to get you the funding you need.
Yes, we'll need to verify the information you provide, but depending on the funding path you choose, the information we need will vary.
However, it's a safe bet that we'll need 3 months of bank statements regardless of the funding option you choose.
What is the Today's Advance underwriting process?
We have a very flexible process to accommodate the unique needs of a variety of different busiensses. We look at the whole business, it's overall history, when identifying options. Seasonal, regional, specialized businesses... no problem.
Here’s an overview of what Today's Advance does:
- Application Evaluation and Processing
- Review application, business details, and potential funding path
- Full analysis of bank statements and other documents needed to fund
- Review credit reports and background, if relevent
- In depth review of bank statements and business cash flow
- Evaluate owner and business details
- Perform detailed review on public records
- Review contracts and required stipulations
- Perform bank login or decision logic
- Merchant interview
- Ensure positive balance in bank account
- Complete recorded funding call
- Approve and transmit funds
Are there additional documents requires for Merchant Cash Advances?
Given the unique nature of Merchant Cash Advances, additional documentation is not required, but it will geatly assist in ensuring an approval.
We may ask you for:
- Business owner identity docuements like a driver’s license
- Voided business check
- Accounts Receivable Statement
- Business lease or mortgage statement
- Landlord contract or two rent checks
- Proof of equity in the business
If I need more than $100,000 what else do you need?
Funding needs greater than $100,000 will require a more complete accounting summary including:
- Accounts Receivable Ledger
- Assounts Payable Ledger
- Balance Sheet
- Profit & Loss Statement
Can repayments be paused during my off-season?
Yes. In most cases, we can work with you to develop a repayment schedule that coincides with your businesses unique seasonal revenue.
How is my business evaluated for borrowing fitness?
Today’s Advance uses both automated and manual decisioning systems to evaluate a businesses for our funding programs.
We look at your overall busienss, market, and history — not just your financials. We’ll evalute the type of business and industry you operate in. We’ll look at the size and nature of your current capital financing, how long you’ve been in business, any open or unexplained UCCs, the size and health of your cash flow, deposit & transaction history and average daily account balances
Additionally, it may be necessary to conduct a personal credit check in addition to a business credit check.
You're more than a credit score and a bank statement at Today's Advance.
Does Today's Advance require a fixed use of funds?
Today’s Advance offers several funding options from several funding sources that have different requirements. Certain funding products require a clear and delineated use of funds. Others do not.
However, it’s important to remember that providing us with the most accurate information regarding your business will result in a more aggressive, faster funding process.
Am I required to submit a COJ in order to secure funding?
No. Today’s Advance only requires a COJ in very rare circumstances. If you have any questions about whether or not a COJ will be needed to fund your business, contact us.
Are there incentives for early pay off?
Yes. In 99.3% of fundings brokered or originated by Today’s Advance, there are incentives for early pay off. These incentives include a significant reduction of interest and more beneficial terms for subsequent funding needs.
Got a question that's not answered here?
Get in touch with us any time using our online contact form.
Business Funding Made Easy
Today's Advance is your one-stop shop for immediate short term working capital solutions. More than just a broker and a funding source, Today's Advance can help get your business on a stronger financial footing with our credit advisory and strengthening programs.