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Main Street Finance Group business loans review
Quick short-term financing for businesses with high annual revenue.
- Best for business owners with less-than-perfect personal credit.
- Pick something else if your business doesn’t have the cash flow to handle daily or weekly repayments.
Details
| Min. Amount | $5,000 |
|---|---|
| Max. Amount | $1,000,000 |
| Min. Credit Score | 600 |
| APR | Varies |
| Requirements | 1+ years in business, $10,000+ monthly revenue |
How much will this loan cost me?
Main Street Finance Group offers business cash advances of $5,000 to $1,000,000. Terms are short, typically ranging from three months to three years. However, Main Street Business Group doesn’t list any rates. This means that you won’t be able to see how much your loan — and daily or weekly repayments — might cost your business until after you apply for financing.
How it works
The rates and terms of your small business loan ultimately depend on your creditworthiness and monthly revenue. In most cases, if you’ve been in business for more than a year and can prove a monthly revenue of $10,000 or more, you’ll likely qualify for some type of funding with Main Street Finance Group. Your average business account balance and existing cash advance loans, liens or defaults can also affect your chances of approval.
What do I need to qualify?
To qualify for business financing from Main Street Finance Group, you and your business will need to meet a few basic requirements, including:
- Annual revenue of $250,000 or more
- At least two years in business
- Valid business checking account
- Personal credit score of at least 600
What information do I need to apply?
To complete an application, Main Street Finance Group will require you to submit the following information:
- Copy of a government-issued photo ID
- Voided check from a business checking account
- Three most recent bank statements
- Three most recent credit card processing statements
What industries does Main Street Finance Group work with?
Main Street Finance Group is able to work with most businesses, but it doesn’t offer funding to businesses in these industries:
- Nonprofits
- Religious organizations
- Finance companies
- Gambling
What other types of financing does Main Street Finance Group offer?
Main Street Finance Group offers two additional loan options for businesses:
Line of credit | $5,000 to $500,000 | 1 year |
SBA loans | Up to $5 million | Up to 25 years |
It also lists equipment financing and debt consolidation as potential options. However, Main Street Finance Group doesn’t provide details on how they work or what your business will need to qualify.
Pros and cons
Before you apply with Main Street Finance Group, take a look at if the benefits outweigh the drawbacks for your business.
Pros
- Bad credit may be eligible
- Flexible loan terms
- High maximum loan amount of $1,000,000
Cons
- High minimum loan amount of $5,000
- High annual revenue requirement of $250,000
- Daily or weekly repayments required
- Limited customer reviews
See other top business loan options
To see what other loans your business might qualify for, compare more lenders by selecting your annual revenue, time in business and personal credit score range.
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Is Main Street Finance Group legit?
Yes, Main Street Finance Group is a legit lender. Its website is encrypted to keep your personal information safe from hackers. And its privacy policy covers standard details – including how your information is stored and used for marketing.
Main Street Finance Group reviews and complaints
| BBB accredited | |
|---|---|
| BBB rating | Not rated |
| Trustpilot Score | 2.8 out of 5 stars, based on 3 customer reviews |
| Customer reviews verified as of | 14 October 2020 |
There aren’t many reviews for Main Street Finance Group. It doesn’t have a BBB page, and the three reviews listed on its Trustpilot page are out of date. Unfortunately, this means you won’t be able to know how other borrowers fared when working with Main Street Finance Group — especially when it comes to its customer service team.
How do I apply?
To see if your business qualifies for a loan, follow these steps:
- Visit Main Street Finance Group’s website and click Apply now.
- Request a quote by providing basic information about your business, including monthly revenue and current credit score.
- Review and agree to Main Street Finance Group’s terms of use.
What happens after I apply?
Once you submit a request, Main Street Finance Group will be in touch with you by email or phone to discuss your loan options.
How do repayments work with Main Street Finance Group?
Main Street Finance Group requires borrowers to make daily or weekly repayments toward their loans. These are withdrawn automatically from your business’s checking account, so be sure you have enough money to cover them each day.
Try to make extra repayments or pay off your loan early — there are no prepayment penalties, and you can potentially save hundreds in interest.
Main Street Finance Group offers decently large short-term loans. But to see more options, read our guide to business loans before you apply.
Frequently asked questions
Review by
Anna Serio
anna.serio@finder.comAnna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
Expert review
Main Street Finance Group specializes in funding businesses with short-term loans. Its loans are available in all 50 states, and financing is available regardless of personal credit.
However, there aren’t many customer service options. Your business will also be on the hook for daily or weekly repayments. And with a high annual revenue requirement of $250,000, smaller and newer businesses may not qualify.
To see more loan options, compare business loans and find a lender that fits your business’s needs.