Frequently Asked Questions about NewLogic Business Loans
The following are frequently asked questions about NewLogic Business Loans. If you
don't see your question answered here, you are encouraged to contact us.
What Is a NewLogic business loan?
While sharing some attributes of a traditional business loan, a NewLogic business
loan allows the business to choose among different payment methods based on what's
best for their business. It is a business loan that stays focused on the business.
Which businesses qualify for a NewLogic business loan?
Most businesses might qualify for a NewLogic business loan, provided they have been
under the same ownership at the same location for at least two years, process at
least $5,000 per month in credit and debit receipts and meet other
general qualifications. There are specific industries that will not qualify
to receive a NewLogic business loan, including (but not limited to) borrowers in
the adult entertainment, gambling, real estate mortgage or collections industries.
How much can my business get with a NewLogic Business Loan?
A qualified business could receive up to $150,000 per location.
How long does the approval process take?
It usually takes 10-14 business days to get approved and financed.
Will you review the owner’s credit history?
Yes. As with any loan, the guarantor’s credit history will be reviewed as part of
the borrower’s qualification process. It is important to note however, that unlike
traditional loans, with NewLogic Business Loans, an owner’s damaged credit history
is not an automatic disqualifier for the business.
Does the business owner need to pledge personal collateral for a NewLogic
Business Loan?
No, the business owner does not need to pledge personal collateral for a NewLogic
business loan.
Will my business need to change processors for a NewLogic business loan?
No. If you choose the Weekday Fixed Payment Plan, your credit card processor will
not come into play. However, if you select the Processor Powered Payment Plan, payments
are made automatically through your credit card processor and your business will
need to be using a processor with whom NewLogic has an established relationship.
Who would I call with questions about my account?
Customer Support can be reached by phone Monday-Friday from 8:00 A.M. to 5:30 P.M.
EST: 1-877-300-8282.
Can I get a start-up Loan?
No. NewLogic business loans are for businesses that have been operating under the
same ownership for a minimum of two years.
Do I need to process credit cards to get a NewLogic business loan?
Yes, credit card processing is a prerequisite of qualification for NewLogic business
loans.
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