How to Apply
Requirements
General requirements to borrow from a financial institution are:
Age. The borrower must be at least 18 years old to apply for business financing from Indymae.
Citizenship. Customers must be U.S. citizens or lawful permanent residents.
Stable source of income. Customers must have a stable source of income. This may come from various sources, such as employment, business revenue, or a combination of both.
There is an additional set of requirements for each type of loan.
Business loans. Your minimum FICO should be 650+, and you have to be at least two years in business. The annual revenue you receive should be $150,000 and more.
Lines of credit. Your minimum FICO should be 650+, and you have to be at least two years in business. The annual revenue you receive should be $480,000 and more.
Invoice factoring requires you to have a minimum of 530+ FICO, be three years in business, and receive $10,000 monthly revenue.
To qualify for the Phoenix Program, you must have an ability to pay back, be at least one year in business, and receive $150,000 in annual revenue.
Application details
When applying for a loan with Indymae, you must provide some basic documentation. This includes:
Your ID;
Proof of income;
Proof of residency;
Bank details;
6-months bank statements;
A year's business tax return.
Indymae may reject your loan application for several reasons. The most common is that the applicant does not have a regular source of income. Other reasons include having unpaid debts, a poor credit history, or failing to provide the required documentation if your loan application is rejected.
How to apply for a loan
After clicking the "Get Started" button on the Indymae website, enter how much money you want to borrow. Tap Continue and choose the purpose of your loan. Answer when you started your business and provide your revenue, credit score, your business name, industry you operate in, your business’s ZIP Code, and your name. You can provide your mobile phone number and email address. Click the “Request Loan” button. Indymae’s representative will reach out to you shortly to discuss the request. Should you need immediate help, call (888) 326-6888.
