Alchemy Lending FAQ
1. What is Alchemy Lending?
We are a financial company that uses both technology and peer to peer interactions to empower business owners and students with the funding needed for their financial situation.
2. How does Alchemy Lending work exactly?
First, our registration takes a few minutes with some basic information about you and your business (examples are Tax ID and address). Get a free quote, then once approved the lending process begins. After being approved, you’ll get the funds within a few hours. Loans can be given on terms of 3 months to 3 years.
3. What documentation is required for my application?
- 3 most recent months of bank statements
- Photo ID
- EIN letter (IRS letter)
- one voided check
- Business Incorporation Documents
- Signed guarantor form for any owner with 20%+ ownership of the business
4. Why Alchemy Lending?
- We offer interest rates as low as 4.5%, the lowest you can find in the market relative to our competitors.
- We look beyond your credit score and bank statements.
- No bank visits are necessary.
- We only require a simple application process to get started.
- Our fast process will get you approved and funds ready within 24-48 hours worth of time.
- We provide customer service throughout the US, available to answer questions or any concerns.
5. What kind of loans do we provide?
We provide business loans for people who want to expand their business. We also provide student loans, to people who want to continue their education and career path.
6. How much funding do I have access to?
We provide both business and student loans, whether you want to start or expand your business. We offer amounts from $5,000 to $5,000,000.
7. What do I do if I have been declined from a loan?
Review the reasons you’ve been declined in the notice. Review your credit report, attempt to fix your credit troubles, check your progress, and reapply. We will have consultants available to help guide and repair your credit score and to assist any non qualified applicants.
8. I’ve been denied by the bank, am I still eligible to take a loan using Alchemy Lending?
Yes, in fact, we decide differently and take different factors then how a bank creates their decision for clients. We look at more than just credit into our decision making factor.
9. What do we look at to determine the approval of the loan?
We review many aspects such as credit score, financial background, and bank statements.
10. How is my rate determined?
Your interest rate can be determined by several factors, such as your personal credit score, bank statements, financial background, and more.
11. What are the total amount of fees am I paying?
There are no origination fees, no registration fees, and you even receive a free quote. The only rate you will be charged is the interest rate, the lowest which we provide is 4.5%, this is determined by your unique financial situation.
12. How quickly can I be approved for a loan?
We typically will respond with a decision within 24 hours, at most 48 hours.
13. How quick can I receive my funds after approval? And how do I receive it?
Once approved, your funds will be available within a few hours. Typically the funds will be directly deposited into your bank account.