Securing business loans can be a game-changer for entrepreneurs looking to expand operations, invest in equipment, or improve cash flow. But if you’re a first-time borrower, the process might feel overwhelming. At Wise Advances, we make business funding simple, fast, and accessible — even if it’s your first time applying.
In this guide, we’ll walk you through the steps you need to take to qualify for a business loan and boost your chances of approval.
Understand the Basics of Business Loans
Before diving into the application process, it’s essential to understand what business loans are and how they work. These are financial products designed to help business owners access capital for a variety of purposes—inventory, payroll, expansion, marketing, and more.
There are several types of loans available, including:
- Term Loans
- Lines of Credit
- Merchant Cash Advances
- SBA Loans
If you’re unsure which one is right for you, check out our business funding options to explore flexible solutions tailored for small and medium businesses.
Learn more about how merchant cash advances work
Key Requirements to Qualify for Business Loans
Each lender may have slightly different criteria, but here are the general requirements you’ll need to meet:
1. Time in Business
Most lenders want to see that your business has been operating for at least 12 months. The longer your track record, the better your chances.
At Wise Advances, we typically work with businesses that are at least one year old.
2. Minimum Monthly Revenue
Consistent cash flow shows lenders that your business can repay the loan. Aim for at least $20,000 in monthly revenue to increase your eligibility for higher loan amounts.
Want to know if you qualify? Apply now for fast business funding and get pre-approved in minutes.
3. Credit Score
While some loan types don’t require perfect credit, a score of 600 or higher is generally preferred. That said, don’t let a lower score stop you—Wise Advances has flexible approval criteria that take your whole business profile into account.
Tips to Strengthen Your Application
1. Organize Your Financial Documents
Lenders want to see financial statements, tax returns, and bank records. Keep these documents up to date and accurate to build trust and credibility.
2. Have a Clear Business Purpose
Be ready to explain how you’ll use the loan funds. A solid plan helps lenders feel confident in your repayment ability and overall business strategy.
3. Reduce Existing Debt
Lowering your current debt obligations can improve your debt-to-income ratio, making your application more attractive.
4. Build Relationships with Lenders
Partnering with a trusted company like Wise Advances can give you a leg up. We offer personalized guidance and fast approvals for all types of business loans.
Why First-Time Borrowers Trust Wise Advances
Wise Advances simplifies the lending process for small businesses. With our easy application, same-day approvals, and transparent terms, we help first-time borrowers access the capital they need without the red tape. Whether you’re interested in merchant cash advances or traditional business loans, our team is here to help you succeed. Explore our services page to see all the funding options available to you.
Ready to Grow Your Business?
Don’t let funding be the thing that holds you back. If you meet the minimum requirements — 1 year in business, $20K monthly revenue, and a 600+ credit score — you’re likely already eligible.
Apply now with Wise Advances and receive funding in as little as 24 hours.
