Oceanline Loans, a small-business funding broker in Idaho Falls, Idaho, works in four steps: you describe the need, we match it to a funding type and lending partners, a partner underwrites and decides, and you choose whether to accept. Oceanline Loans is a broker, not a lender; partners make credit decisions and set rates and terms.
Step 1: You describe the need
Call (208) 439-0387 or send the short request form, which asks only for your name, email, phone and business name. When we call, we ask what the money would pay for, roughly how much it costs, and where the repayment would come from. There are no documents to send at this point.
Step 2: We match the need to a funding type and partners
Based on that conversation we suggest which funding types are worth pursuing, whether working capital, a term loan, a line of credit, inventory financing, equipment financing or a merchant cash advance, and which lending partners offer them. We explain the trade-offs before anything is sent.
Step 3: A lending partner underwrites the request
Underwriting means the partner examines the request and decides whether to fund it and on what terms. An underwriter is the person or system at the lender who makes that assessment. The commercial loan underwriting process usually looks at:
- Cash flow: deposits and balances in recent bank statements, and whether they cover existing and new payments.
- Credit: business credit and the personal credit of each significant owner.
- Time and standing: how long the business has operated and whether its entity is in good standing.
- Collateral: equipment, inventory, receivables or real estate, and any existing liens.
- Purpose: quotes, invoices or a plan showing what the money will do.
As for how long underwriting takes, that depends on the partner, the product and how quickly documents arrive. Short-term products with little documentation can move faster than larger term loans that need tax returns and financial statements. We cannot promise a timeline on a partner's behalf.
Step 4: You weigh the offer and choose
If a partner makes an offer, you decide whether to accept it. Put every offer through the same five checks:
- APR or interest rate for loans; a factor rate for merchant cash advances, which is not an interest rate.
- Total cost: every dollar you would pay back, minus what you receive.
- Payment rhythm: daily, weekly or monthly, and the size of each payment.
- Fees deducted at funding, and whether paying early saves anything.
- Security: what is pledged, what lien is filed and whether you sign a personal guarantee.
You are free to walk away from any offer.
Online lender or bank?
A common question is whether to go to a bank or an online lender. Banks and credit unions generally ask for more documentation and may take longer, and they often price lower for borrowers who fit their criteria. Online lenders and funders often ask for less and may move quicker, and they often cost more. Our partners include different types of lenders; the right one depends on the business and the purpose.
Red flags to watch for
- Someone promising approval before any partner has seen the file.
- Requests for an upfront payment before you receive an offer.
- Pressure to sign the same day, or a contract you are not allowed to take away and read.
- An offer that will not state the total amount you would repay.
More on the relationship is in the broker disclosures, short answers are on the FAQ page, and free, independent advice is listed in Eastern Idaho small business resources.
By Oceanline Loans · Updated