Oden Capital

FAQ

What is The Difference Between a Bank Loan and a Business Cash Advance from Oden Capital?

A business loan from a bank is a time consuming and rigid process, where the bank is very restrictive. You need a lot of documentation, collateral and your business has to be in an excellent shape. In a few words; the bank will usually lend you money when you least need it. Should you eventually get the business loan, the repayment time is rigid as well as the amount and date on which it has to be paid.

At Oden Capital we have made the approval process very simple and straight forward. A lot less documentation, approval is usually done in 24 hours and funding in about a week.

Is there difference between Business Cash Advance and Merchant Cash Advance?

It is really the same thing; in essence you get a cash advance on your future cash or credit card sales. At times this same product has been called merchant account financing, credit card factoring and credit card receivable factoring. It all boils down to the fact that it is an excellent alternative to restaurant loans, SBA loans, bank loans and other types of business loans.

How Do I Qualify?

Thanks to our innovative system, the application process is quick and easy. All you need to qualify is:

One Year in Business
At Least $5,000 in Visa/MC sales per Month
No Unresolved Bankruptcies in the Last Year

Will My Credit be Affected?

Since this is NOT a business loan, it will not appear on your credit report.

Does it Cost Anything to Apply?

NO, application is free, NO closing cost, NO processing fee to fund you.

How Much Funding can I get?

Usually it depends on your monthly credit card sales.

How Quickly can I get Funded?

It takes about a week to get done and the funds are deposited directly into your account.

Are There any Limits on How I can Use the Money?

No, most companies use the money to grow their business; remodel, add space, marketing, purchase additional inventory or employ more people, to name a few. Others use the funds for events they didn’t plan or budget for. In essence, you can use the funds in any way you see fit.

How do I Repay?

A small percentage is deducted from each credit card transaction. We don’t have any preset amounts or dates. The time to repay depends on your sales.

Do I Have to Switch Credit Card Processor?

Not necessarily, we work with a number of different processors. Should you have to switch, we have a meet-or-beat guarantee. We want to make things easy for you.

How long does it take to repay?

Between 5 to 12 months, you tell us how quickly you want to do it.

Is There a Penalty for Early Repayment?

Since this is not a business loan with a fixed time frame, we do NOT charge anything if you repay a little quicker than you anticipated.

When can I Re-apply?

Once you have paid back at least 50% of the original business cash advance, you can apply again. Usually the initial merchant cash advance has helped to grow the business and you now qualify for increased funding levels. To make things easier, we will be in touch to keep you current on all your different options with Oden Capital.