FAQs
Frequently Asked Questions
How long does it take to get approved?
Loan approval times can vary depending on the type of loan, the completeness of your application, and other factors. Generally, you can expect a decision within 1-5 business days after we receive all necessary documentation.
What documents do I need when applying?
Usually, you’ll need proof of identity, proof of income, and financial statements. Depending on the type of loan, other documentation may be required. Please check our loan application page for detailed information.
Can I secure funds with just an EIN?
Yes, but to secure higher limits and 0% interest terms, you will need to have a solid credit profile, 680+ to start.
How much funding can Odigos secure for my business?
Any amount you qualify for, Results may vary depending on the client profile. Odigos does not guarantee an exact amount for the total amount funded. In most cases for startup funding, eligible clients receive between $50,000 to $350,000. Establish businesses are looking between $300,000 upward to $10,000,000. Odigos can provide your business with all types of funding with no maximum cap. The amount of funding obtained is based on personal and business creditworthiness along with the guidance of Odigos to see fit for your company. Although you are ultimately reliable for your company’s success Odigos provides you with the best options to be successful.
How does a loan affect my credit?
A loan can have both positive and negative effects on your credit score. If you make regular, on-time payments, it can improve your score. However, late or missed payments, or carrying too much debt, can negatively affect your score.
What if I have bad credit?
Odigos will be able to assist you in building your credit report to the highest levels possible to qualify for funding.
How to determine my eligibility?
Loan eligibility is determined by a number of factors, including your credit score, income, employment status, and the amount of debt you currently have. We use these details to assess your ability to repay the loan.
How can I improve my chances of getting approved?
Improving your credit score, maintaining steady employment, reducing other debts, and showing sufficient income can increase your chances of loan approval. Odigos will assist you through whatever stage you are currently at to get you approved for what your business needs.
5 Factors That Impact Your Business Credit Score
Despite the lack of consistency between the various business credit reporting agencies, you can generally expect that regardless of the agency involved, your business credit score will be impacted, at least to some extent, by these five factors:
1. Time in Business
When your business is brand-new, your business credit score will be lower simply due to a lack of credit. This will matter less after your business reaches two years of operations, which is when banks become more willing to fund business loans.
2. Payment History
Your consistency in paying bills on time, every time, is the single most important factor that will impact your business credit score. Even a single late payment can weigh heavily on your future access to capital, so you’ll want to be sure to set up a system to maintain payments from the beginning of your business.
3. “Credit Mix”
As we briefly mentioned, you can build credit in a variety of ways, such as using a business credit card, taking out loans, or establishing trade lines. This being said, future lenders want to know that you can appropriately manage your finances in any borrowing situation. Therefore, your “credit mix” will influence your business credit score—by taking out multiple forms of credit and managing them appropriately, you’ll be able to maximize your credit score in this category.
4. Credit Utilization Ratio
Reporting agencies want to see that you’re using the business credit you have responsibly, which means making payments regularly and not over-relying on the credit you’ve been extended. In evaluating your business credit score, then, credit bureaus will calculate your credit utilization ratio—for best results, you’ll want to keep your credit utilization at around 25% of the total amount you’ve been extended.
5. Mistakes on Your Business Credit Report
Unfortunately, the business credit reporting process is not perfect and errors in reporting happen more often than you might think. This being said, debt or credit defaulting can be misattributed to your business credit report, which will severely lower your business credit score. To avoid these issues, you’ll want to monitor your credit reports regularly and request corrections promptly and in writing for any mistakes you might find.
On top of these five factors, some additional elements that you might find contribute to your business credit score are company size, industry type (i.e., risk factors in your industry), length of credit history, and public records that include bankruptcies and judgments.