Frequently Asked Questions

Using Logic

With more lenders and financing options than ever before, small businesses now have multiple ways to access capital, yet navigating through the maze of loan types and lenders can make it challenging to find the ideal fit for your business. We make it simple!

Our blend of proprietary technology and advanced algorithms allow us to analyze a business’s potential by understanding their unique opportunities, cash-flow management, and other business performance indicators. That data lets us quickly match businesses with lenders and loan types most relevant to their needs.

With Logic, you can learn about your financing options, improve your funding odds, and choose between competing offers – all in one place.

Consistent payments on your financing, which are reported to the business credit bureaus (Experian, Equifax, Paynet, Dun & Bradstreet), can help develop your business credit profile. In turn, lenders will be more likely to provide you with better terms when applying in the future. Want to know more? Check out this piece on building business credit.


Our lenders offer multiple solutions including business loans, advances, lines of credit, and Small Business Administration (SBA) disaster relief funding. Check out this page for a full list of small business loan types, including financing for different industries.

Rates vary depending on which lending partner(s) and product(s) you qualify for.

Our small business loans and credit lines typically range from 6.9% – 35.9% simple interest.

Our advances range from a 1.1 – 1.5 factor rate.

For lines of credit, there is a $20 monthly maintenance fee which can be waived for the first six months by withdrawing $5,000 or more within one week of opening your line.

Our business term loans range from $10,000 – $500,000 with terms from 6 – 36 months.

Our advance amounts range from $5,000 – $300,000 with terms from 3 – 24 months.

Our lines of credit go up to $100,000. You only pay for the funds you use, and the lines are revolving so your funds replenish as you pay down your balance.

Depending on your business credit and revenues, this may be possible. Contact a loan specialist at (718) 316-6868 to check your eligibility.


Our lenders typically deduct a fixed payment from your business bank account on a daily, weekly, bi-weekly, or monthly basis, depending on the financing you are approved for. These fixed, predictable payments make accounting and cash-flow management simple.

As a client, you will have access to an online dashboard where you can monitor your financing and payment activity.


Typically, we only require basic information about your business and your three most recent business bank statements. For loans above $250,000, we may require additional documentation.

Our application is simple and typically takes about 5 minutes. You can apply online or over the phone by calling (718) 316-6868.

There is no obligation or cost to use Logic. Additionally, your offer(s) are valid for 30 days, until they will require additional underwriting.

Logic and our lending partners do not require collateral for small business financing. Some lenders may require a personal guarantee for premium term loans longer than 24 months.

No. Your personal credit is sensitive, and we understand the hesitancy that comes with having a hard credit inquiry on your record. With that in mind, we conduct a “soft pull” to avoid negatively impacting your personal credit. Should your credit file be restricted, we will contact you to lift the restriction and do a hard inquiry.

Logic Advance Group offers a variety of loan options to suit your business needs. Certain products, such as a merchant cash advance allow for a lower credit score, while a credit lines require a higher score. Here are the minimum requirements for our solutions:

Merchant Cash Advance

1. Minimum 6 months in business
2. Minimum of $100,000 in annual revenue
3. Minimum 450 FICO score of the business owner(s)

Business Line of Credit

1. Minimum 1 year in business
2. Minimum of $120,000 in annual revenue
3. Minimum 600 FICO score of the business owner(s)

Small Business Term Loan

1. Minimum 1 year in business
2. Minimum of $120,000 in annual revenue
3. Minimum 600 FICO score of the business owner(s)

Premium Small Business Loan

1. Minimum 2 year in business
2. Minimum of $360,000 in annual revenue
3. Minimum 680 FICO score of the business owner(s)

Contact a loan specialist at (718) 316-6868 to check your options.

We support over 700 different kinds of businesses including retailers, restaurants, auto repair shops, healthcare agencies, contractors, and many others.

We know your time is valuable, which is why most of our clients are approved within hours and funded within two business days after choosing their lending partner.

General Client Questions

You can check your balance by accessing your online dashboard or contacting your dedicated advisor.

Call our support team and we will assist you with your bank change request.

Some businesses may qualify for a concurrent loan and line of credit. Depending on your sales, you may be eligible for additional funding when your financing is 20% or 50% paid down. As each situation is unique, we recommend speaking with your advisor.

Please contact our support team at (718) 316-6868 with your request and we’ll work to assist you immediately.

Merchant Cash Advance

You can! Business advances were created to serve the nearly 60% of American businesses wrongfully denied by traditional lenders and banks. Most cash advance lenders focus on business performance, rather than personal credit score, so getting approved is easier!

To best suit your needs, our funding partners offer several payment options – including daily, weekly, bi-weekly, or monthly ACH, and future receivable payment programs. So, whether you generate several daily transactions, or get paid on net-terms, we have the perfect fit for you.

An advance’s factor rate determines the total repayment amount. For example, with a 1.2 factor rate, you will repay $1,200 for every $1,000 borrowed. Factor rates generally range from 1.1 to 1.5, depending on your business’s revenue and creditworthiness.

Yes. You can use unsecured financing to pay off other loans, so long as you still net 50% of the proceeds or more. Additionally, some applicants may qualify for full consolidation options. Speak with an advisor today at (718) 316-6868 to learn more.

Small Business Term Loan

Business term loans are perhaps the most straightforward type of financing available for small business owners. Approved borrowers receive an injection of working capital and repay the loan through fixed, payments over a predetermined repayment schedule, or term.

Yes, you can! While personal credit is still considered for loan approval, many small business lenders have started prioritizing revenue-driven factors such as business performance, account receivables, time in business and business credit history. This change of direction helped cultivate more flexibility, resulting in creative lending opportunities and higher approval rates.

Proven companies with strong business credit and a few years of operational history are ideal candidates for a term loan. Additionally, businesses looking to access larger funding amounts, commonly substitute term loans for Small Business Administration (SBA) loans to avoid a lengthy application and approval process.

Depending on the lender, a term loan can feature many additional benefits such as interest forgiveness, prepayment incentives and business credit development.

Business Line of Credit

Please contact our client support team at (718) 316-6868.

If you need to permanently close your line of credit, please contact your advisor to request the closure.

It can take up to 30 minutes for a successful instant funding withdrawal to reflect on your bank account. Some banks may take longer depending on their processing time.

A line of credit helps finance recurring expenses and offset unexpected costs, as it allows you access to a pre-approved amount of capital for the business. Once approved, you can access funds directly from your dashboard, and receive cash within hours. After drawing funds, weekly or monthly payments are automatically debited from your business account over a 6 or 12 month period. Your credit line automatically replenishes as you pay down your balance, and we will revisit your business for a larger credit limit every six months.

We realize that some ventures may require funding beyond your line of credit limit. Term loans and advances may be available in addition to your credit line, so speak to your dedicated advisor about your options.

Frequently Asked Questions