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Are ACH Loans Right for Your Business?

Are you the owner of a high risk business who can’t find a decent loan? Don’t bother searching for fair loans from traditional lenders. Most of the time, banks won’t even consider giving loans to high risk businesses, even if they are profitable. Luckily, there are alternatives available for high risk companies that need loans. ACH loans provide quick cash to business owners that avoid all the red tape and long wait times that come with traditional lenders.

Should I Get an ACH Loan?

ACH Loans (Automated Clearing House) are one of the best solutions for high risk companies that don’t qualify for other types of loans. ACH loans allow lenders to withdraw pre-determined amounts from business checking accounts for gradual repayment of loans. The ACH loan process gives lenders direct access to merchant checking accounts, bypassing the billing and collection process.

ACH loans are popular for lenders because they significantly reduce the risks associated with lending to high risk companies. While ACH loans generally charge higher interest rates than some other types of loans, merchants get faster access to funds for shorter terms than with traditional lenders.

FAM ACH Program

First American Merchant’s ACH loan program is one of our most popular programs. Merchants don’t even have to open a formal FAM merchant account to access loan money. There are only a few requirements to obtain an ACH loan from FAM. Our associates will analyze the gross monthly deposits in your checking account for the past 3-6 months. Your number of deposits and average monthly revenue will determine the amount of the loan. To qualify for our ACH program merchants must have:

  • 10k in Gross Monthly Deposits
  • Less than 3 NSF’s Per Month
  • 500 FICO Score
  • 6 Months in Business

Contact FAM today to get an ACH loan in only a few days. With our program there are no tax returns, or financials required, just 3-6 months of bank statements to confirm deposits. Plus a copy of your driver’s license, voided check and a copy of your lease with landlord contact information is required. Call a FAM representative to begin your ACH loan today.