ROK Financial FAQ
If you’re new to ROK Financial or exploring funding options for your business, this guide will help you learn more about our services and how we can support your growth.
General FAQ
- Who is ROK Financial?
- ROK Financial is a leading alternative business lending marketplace that connects small businesses with funding solutions tailored to their needs.
- How do I know which loan is right for my business?
- Our financial advisors assess your business needs, revenue, and goals to recommend the best financing option.
- How do I apply for funding?
- You can apply online through our website by providing basic business and financial details. A funding specialist will then contact you.
- Will applying affect my credit score?
- A soft credit pull is performed initially, which does not impact your score. A hard inquiry may be required during final approval.
- Are there any upfront fees for applying?
- No, there are no application fees. Costs depend on the loan terms and lender policies.
- How does ROK Financial compare to traditional banks?
- We offer faster approvals, flexible terms, and a higher approval rate than traditional banks, which have stricter lending requirements.
- Is my business information secure with ROK Financial?
- Yes, we use industry-standard encryption and security measures to protect your data.
- Will multiple applications hurt my credit score?
- No, applying through ROK Financial won’t negatively impact your credit unless a hard inquiry is performed.
- What types of business financing does ROK Financial offer?
- We offer term loans, SBA loans, business lines of credit, equipment financing, invoice financing, working capital, merchant cash advances, commercial real estate loans, and more.
- What are the minimum qualifications for business funding?
- Qualifications vary by loan type, but common factors include time in business (4+ months), monthly revenue ($10,000+), and credit score (600+).
- How long does the approval process take?
- Depending on the product, approvals can be received within a few hours.
- What documents do I need to apply for a loan?
- Typically, you’ll need bank statements, financial statements, tax returns, and business identification.
- Can startups qualify for funding?
- Yes, startups may qualify for specific funding options like SBA loans, equipment financing, and business lines of credit.
- Do you work with businesses in all industries?
- Yes, we work with businesses across various industries, including retail, healthcare, construction, manufacturing and more.
- Does ROK Financial require a credit check for loans?
- Some products require a soft credit pull, while others require a full credit check.
- How can I improve my credit score to qualify for better loan options?
- Paying bills on time, reducing debt, and maintaining a good credit utilization ratio can improve your score.
Product FAQs
Term Loan FAQ
- What is a term loan?
- A term loan provides a lump sum of capital that is repaid over a fixed period with regular payments.
- What credit score is required for a term loan?
- Most lenders prefer a credit score of 600+, but options are available for lower scores.
- What are the typical repayment terms for a term loan?
- Repayment terms typically range from 1 to 10 years, depending on the loan amount and lender.
- Can I pay off my term loan early?
- Yes, but some lenders may charge prepayment penalties. Check your loan agreement for details.
SBA Loan FAQ
- What types of SBA loans does ROK Financial offer?
- We offer SBA 7(a) loans, SBA 504 loans, and SBA Express loans.
- How long does it take to get an SBA loan?
- The process takes 30–90 days, depending on the loan type and documentation requirements.
- Can I use an SBA loan to start a business?
- Yes, but you may need strong personal credit and collateral. SBA loans are generally more accessible for existing businesses.
- What are the eligibility requirements for an SBA loan?
- Typically, businesses must be operational for at least 2 years, have a credit score of 650+, and demonstrate financial stability.
- What is the difference between an SBA 7(a) and an SBA 504 loan?
- SBA 7(a) loans are versatile for working capital and expansion, while SBA 504 loans are used for purchasing real estate or equipment.
Business Line of Credit FAQ
- How does a business line of credit work?
- A business line of credit allows you to borrow funds up to a set limit, repaying only what you use with interest.
- What are the typical interest rates for a business line of credit?
- Rates vary based on creditworthiness but typically range from 7% to 25%.
- What’s the difference between a line of credit and a term loan?
- A term loan provides a lump sum with fixed payments, while a line of credit is flexible and can be used as needed.
- Can I withdraw funds multiple times from my credit line?
- Yes, you can withdraw funds as needed, as long as you don’t exceed your credit limit.
Equipment Financing FAQ
- What types of equipment can be financed?
- Almost any business equipment, including machinery, vehicles, and technology, can be financed.
- Can I finance used equipment?
- Yes, many lenders allow financing for used equipment, provided it meets certain conditions.
- Do I need to provide collateral for equipment financing?
- The equipment itself often serves as collateral, so additional assets may not be required.
- What happens if the equipment breaks down during the loan term?
- You are still responsible for payments, but warranties or maintenance plans may be available.
Invoice Financing FAQ
- How does invoice financing work?
- You sell unpaid invoices to a lender at a discount to receive immediate cash.
- How soon can I get funds through invoice financing?
- Funds are usually available within 24–48 hours of approval.
- What percentage of an invoice can I get advanced?
- Typically, 80–90% of the invoice value is advanced upfront.
- What happens if my customer doesn’t pay the invoice?
- You may be responsible for repayment, depending on whether the financing is recourse or non-recourse.
Commercial Real Estate Loan FAQ
- What types of commercial real estate can be financed?
- Office buildings, retail spaces, warehouses, and multifamily properties can be financed.
- Can I get a loan for property renovations?
- Yes, some commercial loans allow funds to be used for renovations or property improvements.
- What are the repayment terms for a commercial real estate loan?
- Terms typically range from 5 to 25 years.
- Do I need a down payment for a commercial real estate loan?
- Yes, down payments usually range from 10% to 30% of the property value.
Working Capital Loan FAQ
- What can a working capital loan be used for?
- These loans cover everyday business expenses like payroll, rent, and inventory.
- What are the repayment options for working capital loans?
- Repayments can be daily, weekly, or monthly, depending on the lender.
- How quickly can I receive funds from a working capital loan?
- Funds can be available in as little as 24 hours.
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