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Lender
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Apply for a Bobtail's loan

Finanso.Multilogin™

How to Apply

Requirements

Bobtail was founded in 2013 with a mission to make it easy and affordable for drivers to get the loan they need. Pay attention Bobtail does not offer a free trial plan.

Bobtail has a few major requirements for its customers:

  • Customers must be 18 years or older;

  • A valid ID;

  • An active bank account;

  • A regular source of income.

Borrowers can apply for a loan by filling out an online application with your document package. You can get the money you need in as little as 24 hours. Pay attention that the document package may differ for drivers.

Application details

When you are bobtailing a company, you will need to provide a certain document package to your bank or lender. These may include:

  • Business plan;

  • Financial projections for your company;

  • Personal financial statements for yourself and any other owners;

  • Collateral documentation, such as letters of guarantee or property deed.

Bobtail loans are typically short-term, so you will need to have a plan in place to repay the loan within a few years. Be sure to include this information in your business plan. Also, Bobtail would like to see that you have the personal financial resources to back up your company.

Also, you will need to provide financial statements for the past few years. This will help your lender understand the financial history of your company and make a decision about whether to approve your loan.

Finally, you will need to provide collateral package documentation. This may include letters of guarantee from third parties or property deeds. This documentation will help your lender feel confident that they will be able to recoup their investment if your company defaults on the loan.

Providing all of these documents will increase your chances of getting approved for a bobtail founding loan. Service decides within 1-2 business days. The company analyzed data from over 1,000 bobtail loan applications and found that the most common reason for rejection was insufficient collateral. Other reasons included poor credit history, high debt-to-income ratio, and insufficient income.

If you're a driver looking for financial assistance, there are a few things you need to do in order to apply for a bobtail funding loan. First, you'll need to fill out an application which can be found on the website of most bobtail truck dealers.

Fill in your name, email, phone and MC number. Register for the service and start inputting your invoices.

Once you've submitted your application, you'll need to provide the dealer with financial documentation, such as your tax returns and proof of income. The dealer will then review your application and determine whether you qualify for the loan.

FAQ

How do I apply for bobtail factoring?

To apply for bobtail factoring, you will need to fill out an application with your chosen lender. It will ask for personal information about your trucking business, including details about your revenue and expenses. The Service will make a decision about whether to approve your loan.

How do I switch to Bobtail factoring?

Inform your current factoring organization about the termination of cooperation. After that, Bobtail requests a notification about the redemption of the factor. After that, the process can be completed.

Can I get same-day funding with Bobtail?

Bobtail Capital LLC offers same-day funding for businesses in a variety of industries. This type of loan is good for those looking for quick access to capital, such as those in the retail or hospitality industry. Bobtail loans are typically short-term loans, with terms ranging from 6 to 18 months.

Calculate loan payments in Bobtail

Bobtail calculator will allow you to calculate an approximate payment schedule for the loan

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What to focus on before applying for a loan with Bobtail

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Bobtail and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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