Resources
Short explanations of the terms and trade-offs that come up most often. Useful whether or not you ever work with Soho.
A soft inquiry is a review of a credit file that does not affect a credit score. A hard inquiry is recorded when you formally apply for credit and can lower a score. You should always know which one applies before you agree to anything.
An APR is a yearly cost of borrowing. A factor rate is a multiplier on the amount advanced, used with merchant cash advances. A factor rate is not an APR and is not comparable to one — a 1.3 factor rate is not a 30% APR.
A 0% introductory period is a set number of months. When it ends, a standard variable APR applies to any balance left. The useful question is what the plan is for the balance before the window closes.
Most business funding products still look at the owner's personal credit, especially for younger businesses. A strong business file helps, but it rarely replaces a personal guarantee at the start.
Soho Wealth Group is paid by the client, not by the bank or funding provider. The fee is a percentage of the amount actually funded, and the exact percentage is disclosed in writing before any agreement is signed.
Ask who the actual provider is, who makes the final decision, the total cost in dollars, what happens if you pay early, and exactly how the company is compensated. A straight answer to all five is a good sign.
The four funding paths
Business credit cards issued by banks, some of which offer no interest for a set introductory period.
Revolving credit. You draw what you need, repay it, and the amount becomes available again.
One lump sum, repaid over a set term in fixed instalments.
A purchase of a portion of your future sales. Not a loan, and not priced like one.
Common questions
No. Soho Wealth Group is a funding consultancy, not a bank or a lender. We help you plan and arrange funding. The bank, card issuer, or funding provider makes the final decision and sets the final terms.
No. We can't, and neither can anyone else. Banks, card issuers, and funding providers make their own underwriting decisions. Any company that promises you an approval before a provider has reviewed your file is telling you something they don't know.
It depends on the product and the stage. Some providers can run a soft check first, which does not affect your score. A full application usually requires a hard credit inquiry, which can. We'll tell you which one applies before anything is submitted.
No. A qualifying card may offer 0% APR for an introductory period. When that period ends, the card issuer's standard APR may apply to any balance you still owe. Each card sets its own period and its own rate. This is why we ask about your repayment plan before we talk about applications.
Next step
The questionnaire is educational. It is not an application, and it does not affect anyone's credit.
