If you need money fast, you can take a loan from Cashspace. The company charges an origination fee and monthly fees, which are generally around 8%. Getting a loan through Space is fast, easy, and requires no faxing. It is available to anyone, and it can be provided on any bank account within 5 minutes.
When applying for a loan with Cashspace, borrowers first fill out an online application. They submit personal information as well as other details. They must also consent to hard credit checks. The process takes a few minutes. After applying, Cashspace reviews the information provided and approves or denies the loan. This process may take up to three days, or more if additional information is required.
The application process with Cashspace is entirely online, and it takes less than 15 minutes to complete. Applicants must enter personal information and basic business information, and give the lender read-only access to the business’s bank account and other online data channels. The company uses this information to determine the monthly fee and maximum credit line for the loan. Applicants must also consent to a credit pull, which is done through an automated process. Cashspace uses this information to verify the applicant’s identity and risk profile. The company requires a minimum credit score of 640 or higher.
The fee charged by Cashspace is one percent of the amount of the loan. This fee will be reflected in your statement each month. In addition, you will have to meet minimum monthly revenue requirements. Cashspace also requires a personal credit score of 640 or better to qualify.
The fee associated with a Cashspace loan is dependent on your individual financial situation. If you have bankruptcies, you can still qualify for a Cashspace loan, as long as they were discharged within the past year. Cashspace requires a personal guarantee from the owner of the business. If the business defaults on the loan, Cashspace has the right to seize personal assets, or to file a general lien on the business. The terms of Cashspace loans vary from six to twelve months.
Cashspace does not charge a prepayment penalty, but it does charge a late payment fee. This fee is based on the loan’s term. For six-month loans, the fee is as low as $29. The fees for twelve-month and 18-month loans are based on the length of the loan, and may be subject to change. The fee can be waived if the loan holder wishes to pay the loan sooner or later.
When applying for a Cashspace account, make sure you understand the application requirements. If you are a sole proprietor, partnership, or LLC, you should know that the process will be slightly different. Once approved, you can use Cashspace for managing payments. However, the process may take up to three business days.
After signing up for Cashspace, you will be required to complete the online application, which will include personal information. You’ll also have to agree to hard credit checks. Once you’ve submitted all the information required, the application will be reviewed by Cashspace’s algorithms. Depending on the financial health of the applicant, the lender will either approve or decline the application.
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