FAQs
What Services Does Worldwide Capital Offer?
Is Worldwide Capital Group a merchant cash advance company?
How much capital can you lend me?
What makes a company eligible?
What information do you need from me to apply?
How soon will I know if I'm Approved?
When will I receive the funds?
How do I repay the loan?
What is the typical term of your loans?
Do I have to switch my credit card processor?
What if I need additional money - Can I apply for a second loan?
Can I prepay my Worldwide Capital loan early?
Why are Worldwide Capital loans more expensive than bank loans?
What Services Does Worldwide Capital Offer?
Worldwide Capital offers a free set of online tools designed to help small business owners quickly identify their lending options based on their cash flow and credit bureau data. In just 5 minutes any business owner can find out what type of loans they would likely qualify for - ranging from a bank loan to short term business loans, factoring etc.
Is Worldwide Capital Group a merchant cash advance company?
No, we are not a merchant cash advance company. We offer true business loans with fixed terms and payments.
How much capital can you lend me?
We offer loans from $5,000 up to $100,000 based on the monthly cash flow of the business.
What makes a company eligible for an Worldwide Capital Loan?
A Main Street business is a good candidate if it has a separate business bank account, has been open for business for over one year, and processes at least $3,000 in credit card transactions per month. If a company does not accept credit cards, it can be eligible for an Worldwide Capital loan if it has been open for business for at least 2 years and has an average business bank account balance of at least $3,000 per month.
What information do you need from me to apply?
Depending on how you receive payments from your customers, you may need some or all of the following:
- Tax ID number
- Credit card statements for the previous 3 months
- Merchant processor name, ID, and phone number
- Bank statements for the previous 3 to 6 months
- Social Security number of business owner(s)
- Drivers license number and state of issue
How soon will I know if I'm approved?
Within 2 business days of receiving your completed application, we will let you know if you've been approved.
When will I receive the funds?
Loans will be funded within 7 business days of receiving all completed loan documents.
How do I repay the loan?
Daily Direct DebitSM payments are made from your business bank account to Worldwide Capital. These small regular payments are proven to prevent the snowball effect often caused by missing larger monthly payments. We will inform you of your exact payment amount, and our online loan management portal allows you to monitor the activity.
What is the typical term of your loans?
6, 9 or 12 months.
Do I have to switch my credit card processor?
No. We simply review your credit card information to determine the performance of your business.
What if I need additional money - Can I apply for a second loan?
Yes. Once you have successfully repaid 60% of your loan, you are eligible to apply for another loan to continue building your business.
Can I prepay my Worldwide Capital loan early?
Yes, you can prepay your loan at any time. However, given the short term of our loans, if you choose to prepay, you will still be required to pay all principal and all interest as if you kept the loan until maturity. If you choose to prepay a portion of your loan, the prepayment will be applied to principal and interest just as your daily payment is applied.
Why are Worldwide Capital loans more expensive than bank loans?
There is a reason traditional banks will only lend to small businesses with high credit scores – small businesses can be pretty risky. We know that every small business owner works hard to protect and grow their business, but many close their doors each year. Worldwide Capital Group wants to give small businesses a chance – because sometimes all they need is a bit of working capital to occasionally boost their cash flow and succeed. With this mission to help small businesses comes risk, and we price accordingly. Worldwide Capital Group loans are still typically up to 50% less than cash advances and the next best alternative to a traditional bank loan.