Frequently Asked Questions

How is loan eligibility determined?

New World Credit approves loans based on a combination of owner(s) credit history, business credit history and the business operating historical and projected operating performance.

How long does it take to get the loan?

New World Credit will provide a preliminary credit response within 24 hours.  If your request received a preliminary positive review then the following day we will speak with your management team to better understand your business and to determine if a New World Credit loan meets your business objectives.  If your loan request is approved then we may fund in as few as 7 days.  Time required to obtain a loan approval and time to loan funding is subject to New World Credit receiving complete ownership and applicant financial and operating information.

What can we use the loan for?

We're here to help you grow your business without limitation.  Many of our borrowers use loan proceeds to buy equipment, expand staff, or improve marketing outreach.  We only ask that you not use the proceeds for ownership distributions.

Do you have customer service?

Please call us at 888.888.8888 for any questions that you may have on your application or your existing New World Credit loan.

What Interest Rate do you charge?

Our interest rates range from 10% to 18%.

Are there any fees?

Our loan origination fees range from 3% to 6%.  We do not have prepayment penalties or backend fees.

How do we repay the loan?

New World Credit uses automated ACH technology to quickly and easily make your weekly, biweekly or monthly payments so that you can focus your time on growing your business.

Do you require a personal guaranty?

Providing a personal guaranty is common, however, we are happy to explore other structures depending on loan size and underlying operating performance.

Do we need to have a minimum FICO score?

Yes.  In order to qualify for New World Credit owners must have personal FICO scores greater than 700 - even where we do not require a personal guaranty.

Why is it important to have more than 4 full time employees?

New World Credit looks for sustainable operations and stable management - we believe that borrowers with less than 5 full time people are subject to increased operating volatility.

Why is it important to be in business more than 3 years?

New World Credit believes that owners experience a huge learning curve during the first few years of operation.  The knowledge and wisdom gained during these first few years better positions the business to adjust to changing market and economic conditions so that a loan from New World Credit does not stress out the business during challenging markets.

Do New World Credit loans require collateral?

New World Credit is typically secured through a blanket lien on all available business assets.  We will work with your existing real estate mortgage and your existing working capital credit lines where ever possible.

We do offer unsecured loans subject to our determination of the applicant's underlying credit risk.

Does New World Credit Share my data?

We will never sell or share your credit application information.  We have a very strict privacy policy.

Is the online credit application secure?

Yes.  We take security very seriously and ensure that your data is secure at all times.