First Financial  
Frequently Asked Questions – Business Loans

Frequently Asked Questions – Business Loans

Business Loans for All Sizes & Styles of Businesses

Apply Now   
A+ Rated Better Business Bureau

If your question is not answered please submit it to our Help Desk

I’m confused about where to go for business loans?

Can lenders really do everything online?

Both traditional banks (Bank of America, Citibank, etc.) and online, alternative lenders (First Financial) arrange business loans. Online lenders are able to offer lower rates and better terms because automation ensures they have just a fraction of the operational, marketing and overhead costs traditional banks must pay to keep the lights on, make payroll, and run television commercials.

Further, traditional banks do just as many online transactions as online banks, and online banks are required by the U.S. Treasury Department to have the same high security level banks do! The lines blur between the two more and more every year!  More here.

Do you provide business loans for start-ups?

First Financial arranges business loans for start ups, but only if they have been in business for at least one year. They also must have a FICO score of 500 and an absence of bankruptcies in the past 2 years.

What are business loan approvals based on?

Business loan approval is based on business and personal credit scores, business credit scores, industry conditions, management experience and 200 other factors. Keep in mind over 50,000 other businesses have qualified since 1996!

How do you qualify for a business loan?

With all of the variables we take into account (a good thing! We consider far more than the credit score!), the only way to know if you’re eligible is to apply. The good news is that application instigates a “soft” pull that won’t ding your credit. Apply here.

Who gets business loans?

Women-owned, minority-owned, veteran-owned . . . all business owners as long as they have been in business 1 year, have a FICO score of at least 500 and have had no bankruptcies in the past 2 years. We’d like to help every applicant, but can only offer our low-rate loans to businesses that meet certain requirements. Qualifying applicants will have been in business a minimum of one year, have a FICO score of at least 500 and have no bankruptcies on their record for two years.

What is business loan protection?

Also known as business loan insurance, business loan protection is a type of insurance that covers expenses in case the business owner falls ill, dies or falls victim to any other unfortunate event. Some lenders require business loan protection before writing the loan. It is an additional expense.

What size business loan can I get?

The size of your business loan depends on your collateral available, business value, business and personal credit scores and more.

Why do businesses need loans?

Businesses use loans to hire more staff and buy the supplies needed to fulfill new orders. Business loans can also save the day in cases of business owner illness, natural disasters or employee theft. Finally, as marketing moves away from television and radio to the internet, many businesses today are using business loans to fund marketing strategy shifts.

How long does it take to get business loan approval? 

The funds will typically be available in 3 days.

How long does it take to get the money in my account?

First Financial knows today’s business owners have endless tasks. After applying with us, you may know if you qualify either instantly or within 24-hours. That’s technology for you! Only in cases where a credit file is restricted and we cannot perform a soft pull will it take longer.

Once you’re approved, the money will arrive in your account within the week.

How do I know how much business loan I can afford?

Always calculate your monthly payment before you borrow money. Do you have that much room in your budget to make that payment over 60 months without having to sell assets or take other extreme steps?

Does First Financial provide business loans to veterans?

All the time! Veterans are among our best applicants as they can understand the process, follow through after first steps and complete tasks to the letter! We’ve provided business loans to thousands of veteran-owned businesses over the last two decades!

Does First Financial offer business loans to buy real estate?

Business loans to buy real estate are often referred to as “commercial” loans. We provide all kinds of commercial loans including FHA, HUD, USDA, bridge, convertible and–the old stand-by–conventional. Get more details on our commercial loans LINK and read the commercial loan FAQ LINK here.

How are business loans secured?

Business loans can be secured by business mutual funds, land, equipment, vehicles, inventory, accounts receivable, buildings or other property. Secured loan borrowers enjoy lower payments and longer repayment periods as compared to unsecured, collateral-free loans. The unsecured business loan decision is largely based on credit scores or the owner’s past habits in repaying loans.

When are business loans a good idea?

Business loans are the best way to capture growth or remedy unexpected events (owner death/disability, natural disaster, theft). Using personal assets or credit cards to get businesses off the ground can threaten the stability of the owner, the stakeholder and their families.

Are business loans taxable income?

Most business loans are not considered business income. When you negotiate with a creditor or lender to reduce your debt, you do receive monies (even if it’s taking from one to pay the other) that must be reported. Talking to your tax accountant is critical when considering a business loan.

Are business loans tax deductible?

Interest paid or accrued on debts during the tax year related to your business is tax deductible.  This includes interest from a bank loan, credit card, line of credit, car loan, or real estate/commercial mortgage.

Do business loans with good credit borrowers have better interest rates and terms?

You bet! And don’t hesitate to tell the lender or loan officer that you know well how good your credit is. Over 720 is excellent credit, but those in the 660 to 720 range still get business loans every day.

How long does my company have to be in business to get a business loan?

1+ years in business is required.

What states do you do business loans in?

All 50 states.

What credit score do you need to get a business loan?

500+ Credit score is required.

What is the annual revenue my business needs to make to get a business loan?

$100,000+ in the past 12 months

What types of business do you service for business loans?

Over 700 different industries served See Restricted list.

How do I know that First Financial is a real company?

First Financial has an A+ rating from the Better Business Bureau.

If your question is not answered please submit it to our Help Desk.

Complete the form below.

First Financial

First Financial ® Corporate Headquarters 2850 Womble Road Suite 100-604 San Diego, CA 92106

Client Service Center: Main: 1-800-315-7791 Fax: 1-800-215-0217 (Monday–Friday 5:00am–6:00pm Pacific or 8:00am–9:00pm Eastern)

Merchant Services / High Risk Merchant Accounts: 1-800-950-0212 Fax: 1-800-215-0217


Advertiser Disclosure: This website is an independent, advertising-supported comparison service.

The card offers that appear on this site are from companies from which this website receives compensation.

This compensation may impact how and where products appear on this site (including, for example, the order in which they appear).

This website does not include all card companies or all card offers available in the marketplace.

This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

First Financial® is a Federally Registered Trademark

©1994-2019 First Financial®, All Rights Reserved. All other products and company names are trademarks of their respective companies.