Frequently Asked Questions

Select an option

Having the largest lender network and a proprietary lender match system gives us a huge advantage over our competitors in terms of approval amounts and pricing. Many of our lenders also offer us preferred rates because of the volume of business we do.

Yes. Clear, Inc is a licensed finance lender/broker, California Financing Law License No. 60DBO-166441, NMLS # 2319849. We are also bonded and insured.

We use a soft credit pull, as do 99% of our lenders. If a hard pull is ever necessary, we will notify you beforehand.

Clear is a business loan marketplace and is not a lender.

There is no fee to use our service.

No!

We certainly try to be!

Clear probably has a much wider variety of loan products the your local bank. And we’re certainly faster. Also, your bank is just one lender. With Clear, you have access to over 100 lenders.

We have a pretty big web and social media presence. We’re also very well reviewed. Google us to learn more.

Unless we’ve clearly indicated it as a firm and final approval, you’ve most likely received a pre-approval that may be subject to additional underwriting.

No you don’t! One of our loan advisors would be happy to assist with your application and even get it submitted for you.

No, this is a business loan that will have no impact on your personal credit score.

Some of our lenders report payments to business credit bureaus. A good payment history will have a positive impact on your business credit score.

Guarantor credit is checked and is a factor in underwriting.

Unfortunately we are not currently accepting applications from outside brokers.

We are always evaluating new lenders. You can contact us at partners@clearinc.com.

No. Never have, never will.

Your data is as secure as it possibly can be. Clear is built on a technology stack that uses a 256-bit Advanced Encryption Standard cipher mode, storing private keys and encrypted backup data on separate servers. We use an advanced authentication system, CSRF tokens, protection against cross site scripting, sql injection protection, DOS protection, container-based infrastructure and server role-based access. Our automated site monitoring runs over a million checks a day to proactively monitor network, server, and application resources.

You can access our privacy policy HERE.

Our lending partners compensate us when loans successfully close.

No, we have no affiliation with the SBA.

Maybe. It really depends on the individual lender and product type.

Yes you can! We have products suitable for all credit/risk profiles.

If it has been discharged, we should have options for you.

It really depends on the lender. Most do require some form of guarantee.

Unfortunately we do not.

Unfortunately not.

We have no restricted industries and have secured loans for all industry types.

Yes, as long as you’ve been in business for at least 6 months and have at least $15,000 in monthly revenue.

There are no restrictions on the use of funds. It can be used for any business purpose.

Yes you can! In fact, we often see our clients receive funding within 1 day.

A short term loan is one of easiest products to get approved for.

There is typically a prepayment discount offered, which may or may not be the same as having no prepayment penalty.

It depends on the lender but most do charge an origination fee.

Assuming a good payment history, you’ll be offered the opportunity to renew the loan halfway through term. Typically, we see the lender offer better terms on a renewal.

Yes you can.

Payments are normally made either weekly or monthly, via automated ACH withdrawal.

There is no collateral required.

There are no restrictions on the use of funds. It can be used for any business purpose.

A merchant cash advance is not a loan. It is a discounted sale of future revenue.

The factor rate is equivalent to the cost of money. For example – if you were to receive $20,000 at a factor rate of 1.15, you would be paying back $23,000 and your cost of money would be $3,000.

Yes you can! In fact, we often see our clients receive funding within 1 day.

A merchant cash advance is very easy to get approved for.

Because a merchant cash advance is not a loan, a prepayment penalty would not be applicable. However, there is typically a prepayment discount offered.

This depends on the individual funder but most do charge an origination fee.

Assuming a good payment history, you’ll be offered the opportunity to renew the financing halfway through term. Typically, we see the funder offer better terms on a renewal.

Yes you can.

Payments are typically made either daily (Monday-Friday), weekly or semi-monthly via automated ACH withdrawal. Payments could also be made as a fixed percentage of your credit card receipts.

There is no collateral required.

The funding companies are generally willing to work with you. Also, the payment amount is normally pegged to a certain percentage of your gross sales. If your sales were to decrease, you normally have the right to lower your payment amount to re-align with your lower sales.

There are typically no restrictions on the use of funds. It can be used for any business purpose.

Yes you can! In fact, we often see our clients receive funding within 1 day.

A line of credit is easier to get approved for than a bank loan, more more difficult than other short term products.

There is typically no prepayment penalty.

The lender usually charges a draw fee each time a draw is taken. There could also be monthly or annual service fees charged.

As payments are made and the credit line is paid down, it opens access to additional credit.

Most line of credit lenders utilize software that constantly monitors your cash flow. Each lender typically reserves the right to modify the credit line based on changes in cash flow.

Payments are typically made either weekly or monthly, via automated ACH withdrawal.

Collateral is typically not required for a line of credit.

A term loan can be used for a wide range of business purposes including expansion, inventory, equipment, acquisitions, debt consolidation, commercial real estate and working capital.

This is a bank loan with a typical bank process. It requires collateral, involves a lot of documentation and the business, guarantors and use of funds are all underwritten.

Interest rate can be either fixed or variable.

While not as difficult as an SBA loan, we consider this a fairly difficult loan to get approved for.

There typically is no prepayment penalty.

The lender typically charges an origination fee.

Payments are made monthly.

Real estate is preferred although, in some cases, other assets such as inventory and equipment can be used.

An SBA loan can be used for a wide range of business purposes including expansion, inventory, equipment, acquisitions, commercial real estate and working capital.

This is a bank loan with an additional SBA review. It requires collateral and is multi-stage approval process. It involves a lot of documentation and the business, guarantors and use of funds are all underwritten.

The interest rate on an SBA loan is typically pegged to the Prime interest rate. Prime + 2.5% is a very common SBA loan interest rate.

No. An SBA loan is underwritten and issued by banks and approved non-bank lenders. It’s called an SBA loan because the SBA guarantees a large portion of the loan.

The interest rate is typically variable and adjusts quarterly.

We consider an SBA loan to be very difficult to get approved for.

There is typically no prepayment penalty.

The lender will likely charge an origination fee and the SBA’s guarantee fee.

Payments are made monthly.

Real estate is typically required as collateral for an SBA loan.

At the end of the loan term, you own the equipment. At the end of the lease term, you have the option of either returning the equipment or buying it.

A very wide range of equipment can be financed including commercial vehicles, agricultural products, hardware, software, medical equipment, heavy machinery, restaurant equipment, office furniture, construction equipment and more.

Funds are sent directly to the vendor.

A down payment is often, but not always, required.

The interest rate is normally fixed.

Since the loan is fully-collateralized, it is relatively easy to get approved.

There is typically no prepayment penalty on a loan. Prepayment would not apply to a lease.

The lender may charge additional fees.

Payments are typically made monthly, often via automated ACH withdrawals.

The equipment being financed would serve as collateral.

There are no restrictions on the use of funds. It can be used for any business purpose.

The factor rate, also called the discount rate, is the cost of money, similar to an interest rate. For example, a monthly factor rate of 1% is the equivalent of a 1% simple interest rate – Your monthly cost of money would be $1 for every $100 advanced.

An invoice factoring approval typically has two components – A maximum credit limit is the total value of all invoices you can finance. A maximum advance is the total value of any 1 invoice you can finance.

This varies by lender but is generally limited to between 90-120 days.

Typically, you will be responsible for reimbursing the lender the value of the invoice financed.

It’s not that difficult to get approved. However, keep in kind that approval is a 2 step process. Your business needs to be approved and each customer also need to be approved.

The lender could charge additional fees including origination fees, service fees, collection fees etc.

No payments are made. The finance charge is simply deducted from the invoice when it’s paid.

The invoices factored would serve as collateral.

An asset-based loan can be used for many business purposes and is most commonly used for working capital.

A wide range of assets can be used as collateral, including inventory, equipment, accounts receivable, machinery, real estate etc.

The interest rate, in most cases, is fixed. A variable interest rate is much less common.

The underwriting for an asset-based loan can be very extensive with a long review and approval process. We consider this loan to be “relatively difficult” to get approved for.

There is typically no prepayment penalty.

The lender will likely charge additional fees in the form of closing costs, due diligence fees and/or an origination fee.

Payments are made monthly, like most traditional loans.

A CRE loan can be used to purchase or make improvements on commercial real estate.

This is a bank loan with a bank process. The underwriting is extensive and additional requirements like an appraisal and market analysis generally make a long process longer.

The interest rate can be fixed or variable.

We consider this loan one that is difficult to get approved for.

There typically is not a prepayment penalty.

The lender will likely charge additional fees in the form of closing costs, due diligence fees and/or an origination fee.

Payments are made monthly, like most traditional loans.

The real estate the loan is being used for would serve as collateral.

Testimonials

More Loans, Better Terms!

“They have more loan options than anyone else and got me better rates than the others I was working with. What more can I ask for?! I'm a Clear client for life!”
J Thompsen Owner

Transparent

“Such a different experience from other loan brokers I've dealt with. They provided all costs and fees upfront. The entire process was transparent and easy. Clear is the only loan provider I trust.”
Arnold N President

Highly Recommend

“I've used Clear to obtain several of my business loans and I wouldn't consider using anyone else. I love being able to adjust approvals on my own and I've never felt like I was being sold or pressured. ”
Valerie W Owner

Professional

“The most professional and transparent business loan platform I've come across. I love the features of their portal and I've been extremely happy with the process and the terms I've received.”
Ellen V CEO

Great Terms

“Clear was able to quickly get me approved for a revenue advance. The terms were much better than I found elsewhere and I had funds in my account the very next day. Thanks Clear!”
P Murray Owner

Very Impressive

“They're super-friendly, transparent and they have an impressive brand/website. I was able to select a loan product that suited best for my business. I strongly recommend Clear.”
David M CFO

Seamless and Intuitive

“I did some research for working capital loans and immediately Clear caught my attention. Their website was seamless and intuitive. It was very easy to apply for a loan and navigate throught their portal. I strongly recommend Clear!”
Candelaria M Owner

Very Happy

“I am very happy with Clear. I've had 2 business loans through them and the process was quick and simple. They are truly a leader in this space and I could not be more pleased with them.”
Stanley S Owner

The Best

“They have one of the best loan platforms I've ever seen.”
L. Jackson CFO

Fantastic!

“Thanks to Clear, I was able to improve my cash flow with an affordable line of credit. Highly recommend.”
B Mills Owner

What a Product!

“Clear offers a variety of lending products with flexible terms. We are quite pleased with their rates and service. Strongly recommend.”
Robert B Owner

Amazing!

“Clear helped me secure a term loan to consolidate my debt and lower my total monthly payments by over 50%. They are the best!”
M. Tyler Owner

Great Company!

“Outstanding platform. I shopped for a business loan everywhere and Clear gave me the best rates!”
Sam J. Owner