Established in the year 2014 and headquartered in California, Applepie Capital is the first online lender that offers franchise financing. It targets high quality loans from qualified borrowers and the best of brands. The company examines multiple facets of a business and the purpose behind a loan. Asset management, borrower’s history, cash flow and business insights play a key role in approving a loan.
Personal Loan Rates and Fees
If you have an average loan size of $424,632, the applicable interest rate would be 8.58% for a loan term of 68.6 months. Borrowers need to have an excellent FICO score preferably above 750, in order to be eligible for a loan. Also, the debt to income ratio as stated by Applepie is 24.1%. This means that the lender focuses only on those customers who are good at managing their finances.
The lender also charges an origination fee of 4.5% and a processing fee of 0.5%. It requires a collateral depending on the type of loan and the amount opted for. The rates mentioned here may vary depending on the loan tenure. Applepie is here to bridge the gap between promising entrepreneurs and prospective lenders who want to expand business opportunities in the United States.
Applepie Personal Loan Application Process
The lender offers four types of loans, namely core loans, SBA loans, conventional loans, and equipment loans. The application process for all of these loans remain the same. You need to fill up an online form available on their website and enter details about yourself, your business, your franchisee partner and the type of loan required. Loan officials will get in touch with you within two business days.
Applepie’s hassle free application process eases out the entire journey of borrowing. The lender’s loan officials are helpful and provide all information about the loan. The total time taken for the funds to arrive in your account can be anywhere between 20 to 30 days. Although the time period is on the higher side, you are sure to be satisfied with the lender’s overall services.
Personal Loan for Bad Credit
Unfortunately, you may not qualify for a loan if you have had a recent bankruptcy or are in bad credit. The lender specializes in franchise funding, which means it might not want to invest in something which already has too many dues. Applepie promises to fund at any stage of business operation, provided you meet its minimum credit score requirements.
In order to be eligible for a franchise business loan, you need to have a good track record so that investors are in a position to analyze and fund your businesses. Franchise loans are considered to be risky if you do not have proper information on the company. It is therefore mandatory to provide proof of all that you state while applying for a loan.
Applepie is not the only lender offering such type of franchise loans. There are other players in the market too. However, a quick online comparison would state that the customer service offered by Applepie is truly commendable. Loan officials are willing to answer all your queries pertaining to loans and rates. The lender focuses on connecting competent borrowers, well-established brands and recognized investors thus creating more jobs and helping entrepreneurs to achieve monetary success.
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