Camino Financial Team: How do Camino Financial Business Loans Work?
Betsy Wise
By: betsy_wise
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How Do Camino Financial Small Business Loans Work?

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You’ve arrived at the right place. If you’re looking for the best possible option to finance your business, you’ll find it here. By reading this article you’ll realize Camino Financial is your go-to funding solution to your business capital needs. Or maybe you have already heard about Camino Financial but you feel you need to know more. Here you’ll find answers to all your questions: How do you apply for a loan? What are our products? What are our requirements What makes us the best choice for business owners? Find out everything about Camino Financial small business loans in one single place! If you’re ready to gain quick access to capital and grow your business, simply keep reading. Let’s move forward together!

Camino Financial Small Business Loans Offer These Benefits to Business Owners

  •   Convenience: Our online loan process is easy, convenient and takes place from beginning to end online, so you can explore funding options from the comfort of your home or workplace.
  •   Quick-Turnaround Processing: When you apply for one of Camino Financial small business loans you receive an instant quote. If you are approved, funding occurs on average in 2-4 days for microloans and 4-10 days for small business loans.
  •   Freedom and Flexibility to Use Funds: You can use funds from Camino Financial small business loans for any of your business needs. From hiring more staff to buying equipment or renewing your front store. You can even use the funds to pay off personal loans or credit cards you’ve used for business purposes or to purchase a second business. Camino Financial has limited restrictions on fund usage.
  •   No Collateral Needed: Camino Financial small business loans are unsecured. That means you don’t need to use your equipment, any business or personal property, and other types of collateral to receive approval for small business loans.
  •   Future Loans: After just 9 months making timely payments, you can graduate to a second loan for a higher amount at a better rate.
  •   Fixed Terms: You know exactly what you pay each month because the annual interest rate and monthly payment stay the same. They never change. That way you can avoid surprises and stay on top of your payments.
  •   Pay Off Loan Early: As your business prospers, you may decide to pay off your small business loan early. There are no prepayment penalties when paying off the loan in full before the loan term ends.
  •   No Credit History Required: Building credit history takes time. We understand many business owners have just moved to the US and haven’t established a credit history yet.
  •   No SSN Required: Again, we understand you may not have a Social Security Number. Camino Financial is one of the few lenders that accept applicants who only have an ITIN.
  •   Knowledgeable Customer Service: Ask as many questions as you like. Our highly-trained, bilingual staff (English and Spanish) specializes in finding business solutions for our clients.
  •   Ongoing Education: You have access to tools, resources, and exclusive webinars providing valuable information on finances and business management.
  •   Personal Contact: At Camino Financial we see our members as people and not numbers in a queue. At any time, you can contact us if you have any question about your loan or your finances. We are proud of establishing long-term partnerships with our members and we’re driven by our motto: No Business Left Behind.

At Camino Financial we truly believe in our mission of “No Business Left Behind”.

Our Products – Microloans and Small Business Loans

At Camino Financial we offer borrowers two different products: Microloans and Small Business Loans. Learn below their features.

Microloans

This is a credit model customized for “cash-heavy” and informally run microenterprises.

  • Loan Size Range: $5,000 to $50,000
  • Monthly Interest Rates: 1.8 % to 2.5% which varies per borrower
  • Loans Best Used For: Working capital and equipment purchases
  • Term: 24 months
  • Closing Fee: 6.99%. No other fees are charged. Prior to finalizing the loan contract, you can notify your assigned loan specialist that you want to pay the closing fee upfront. Otherwise, we automatically add this amount to your approved loan amount so you don’t have to pay it at closing.
  • Payment Frequency: Monthly payments (a 24-term loan includes 24 payments)

Small Business Loans

  • Loan Size Range: $10,000 to $400,000   
  • Monthly Interest Rates: 1% to 1.6% which varies per borrower
  • Loans Best Used For: You can use a business loan for any of your business needs: working capital, equipment purchases, improvements, etc.
  • Term: 24-60 months
  • Closing Fee: 5% of loan amount. No other fees are charged. Prior to finalizing the loan contract, you can notify your assigned loan specialist that you want to pay the closing fee upfront. Otherwise, we automatically add this amount to your approved loan amount so you don’t have to pay it at closing.
  • Payment Frequency: Monthly payments (Example: a 24-term loan includes 24 payments)

Loan Requirements

Camino Financial small business loans are more flexible in their requirements as compared to traditional bank loans. When we evaluate your application, we mainly take into consideration your personal credit and global cash flows of your business.

Camino Financial General Requirements:

  •  Restricted industries include real estate investing, financial investing and car dealerships
  •  Annual sales of your business: $30,000 for microloans, $90,000 for small business loans
  •  Your businesses must have operated for at least 9 months
  •  No bankruptcies in the last 12 months
  •  You must be current with creditors and have no past due payments on any existing debt obligation
  • You must be using less than 50% of your total credit card limits

This article, “A Complete List of Business Loan Requirements” describes criteria most lenders use when approving small business loans. Read to the end to discover how Camino Financial small business loans have less requirements and how we are more flexible.  

Camino Financial Needs These Documents In Addition to Application

  •   Your business bank statements for the last 6 months
  •   Your most recent business and personal tax returns (only for loans of 50K or above)
  •   Proof of business registration and business license

All documents are submitted electronically. You don’t need to visit a branch bank, print documents or send faxes, which makes our loan process very convenient. Applicants must give Camino Financial permission to check business banking activity and download the last 6 months of bank transactions. We use a third party provider called PLAID. If you’re hesitant about this step, please know that PLAID is a well-known company trusted by hundreds of other banks and companies. You can be assured that processing is secure and private. By using PLAID, Camino Financial doesn’t have access to your log-in information or online account. This step is necessary for Camino Financial to calculate your business income. Likewise, by reviewing your financial information, we’re able to provide a final loan amount that you can pay back comfortably. We can offer a competitive term loan at a competitive rate.

This article contains a complete checklist of documents required by most lenders. Again, you can compare this long list with the documents required for Camino Financial small business loans. You’ll be surprised to find out our list of documents is half the size!  

Camino Financial Loan Process—Three Easy Steps

  1. Submit an online application:  The mobile-friendly application can be completed in five to ten minutes. You don’t need to submit documents and your credit score is not affected by submitting the application.
  2. Review Pre-approval Terms: Within 24 hours, you’ll receive information about the terms of the prospective loan. A loan specialist will call to set up an appointment to answer your questions and may ask for documentation in addition to your permission to download the last six months of your business bank activity.
  3. Sign Loan Contract and Receive Your Funds: Final approval of Camino Financial small business loans takes between 1-8 business days. Once approved, we send a loan contract by email. Once you sign the contract, you receive funds in two days deposited electronically to your bank account.

Before filling out the application, we invite you to use our business loan calculator. This is an excellent tool that allows you to calculate your monthly payments, the amount you’ll pay in interest, and the total price of your loan. That way you can make an informed decision before submitting your application. Simply use the calculator to input different figures and scenarios until you arrive at the numbers and terms you’re most comfortable with.

Other Frequent Questions

Camino Financial small business loans have interest rates similar to those in credit cards, but the benefits offered are distinctively different and better. For example, by making timely loan payments you build your credit history. Some members initially think our rates are somehow high, but when they learn about our unique benefits and flexible requirements, they rest assured we are the best funding solution for their business. The price of Camino Financial small business loans is compensated by a long list of perks. Don’t forget that we don’t require collateral to secure our loans and you have the possibility to apply using only your ITIN. Furthermore, you can graduate to a second loan for a higher amount and better rates after 9 months of timely payments. These unique features and added value position Camino Financial above most lenders that can’t offer you the same advantages.

Discover the multiple ways you can grow your business with a loan

What Our Customers Say About Us

Camino Financial is your best option to access capital for your small business, but you don’t have to take our word for it. Simply read what other satisfied Camino Financial members say about us. You’ll see immediately that we have happy members, and we look forward to having you with us!

Last Words

Camino Financial helps small businesses achieve long-term financial success. We help pave the way for continued business growth by making the loan process simple and easy. In addition to the benefits already listed, we offer one-on-one business consultations via instant chat, SMS, email or by phone. At any time of the day, you can use our library of online financial educational resources designed to help you succeed. And at your request, you can receive our newsletter that arrives weekly in your inbox with helpful tips and timely articles

At no charge, you become a member once you have a loan with Camino Financial. That membership makes available to you up to 20% savings on select business costs like commercial insurance, legal services, tax preparation, and more services. Don’t wait any longer to apply for a Camino Financial small business loan and experience our exclusive benefits first hand. Please contact us if you have more questions. We look forward to helping you with your financial concerns. It’s what we do best.

 

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