Everyone at Camino Financial extends our heartfelt thanks to you, our member. We appreciate that you chose us to help your business grow. By now, you already know we have fewer business loan requirements than other lenders and more benefits.
We are continually looking for ways to put our motto “No Business Left Behind” into practice. That’s why we put together this guide on how to renew your Camino Financial loan.
What Is a Loan Renewal?
Before or after you pay off your loan, you may discover you need more capital. Maybe it’s time to brighten up the look of your storefront, update your equipment or increase your inventory. Whatever the reason, loan renewals provide opportunities to borrow additional funds at a lower interest rate.
What happens when you borrow additional funds but still have a remaining balance on an existing loan? We refinance what you owe and add to it what additional capital we can lend you. We only charge an origination fee on the incremental loan amount.
Renewing your loan isn’t complicated. That’s because you already have a repayment history and a relationship with us. We are familiar with your business and can assess your business’s financial health to determine whether you can continue to make loan payments.
Can You Give Me an Example?
Let’s say you qualified for only a portion of the financing you wanted when approved for the original loan. Maybe you needed $75,000 but only qualified for $50,000. Fast forward to now. You may still need the remaining $25,000: now you can qualify. Moreover, you can receive a lower interest and better payment terms.
When Can I Renew My Loan with Camino?
Once you have made your first 8 monthly payments on time, you might be eligible to renew your loan. When eligible, you should see a banner on your user portal home page with the following title: “Need More Capital?”. Simply click on the button to start filling out your application.
Are There Other Requirements I Need to Meet?
You may not be making monthly payments to your loan because you already paid it off. It that’s the case, make sure it’s been less than 6 months since you liquidated your debt. Also, you’ll be required to pass an external delinquency check. It’s a requirement to ensure any debt you have other than the one with Camino is being paid on time.
How to Renew Your Camino Financial Loan Step-by-Step
- Log in to our member portal.
- If eligible, you should see an orange banner that says, “Need More Capital?”. Click on the button to start the renewal application.*
- Fill out the application (9 questions).
- Review your application.
- Accept our terms and conditions.
- Submit the application.
- After submitting your application, you will be redirected to the portal home page. From there, you can check the status or progress of your renewal application at any time.
- If you are pre-qualified, you’ll be asked to link your bank account on the portal.
- Once you are pre-approved, you can review and accept our offer on the portal.
- Sign your contract on the portal.
*In some cases, the banner to renew will not appear on your portal and, therefore, you may not be able to apply in the portal. In this case, our agents can help you apply for a renewal directly on our website. Steps 8, 9, and 10 will still happen on the portal.
We Make the Loan Renewal Process Easy
At Camino Financial, we’re all about helping members navigate through financial growth phases. Not only do we provide quick access to capital, but we build long-term relationships with our members. We work closely with them, so they make prudent investments to reach their business goals and objectives.
A loan renewal makes good business sense, especially when your business continues to grow and thrive. With extra funds, you can sustain your business’s ongoing growth momentum.
Again, we’re honored to have you as one of our valued members and witness your success!