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We fund business owners nationwide, regardless of industry, credit, or time in business. We fund it all.

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We have a lot of different financing options available to our clients. Regardless of your situation, we’ll have a solution for you.

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Our application process is completely online. You can get funds in your bank account in literally 24 hours.

The Working Capital You Need In 24 Hours.

We get you funding. It's that simple. Regardless of credit, income, or time in business - we'll fund you.


Use our online form or call toll-free anytime to get started. There's no cost, and the application takes only three minutes.


Receive application approval in as little as 24 hours. There is no credit check required.

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Review and return your signed agreement and get your money in as little as 24 hours.

Recent Business Loans Funded

100K Term Loan

Ambulance Service

Our client bought a new ambulance.
2019 - June
55K Advance

Truck Funded

Our client used the funds to hire new team members.
2019 - February
85K Term Loan

Restaurant Funded

Our client used the funds for restaurant equipment.
2019 - May

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We'll match you with the best loan offers we have that are financially responsible.

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We'll fund you the same day you accept our offer.

How Delancey Street Works

Fill Out Our Application

Answer basic questions about yourself and fill out our entirely online application. Each loan has its own online process.

Meet Your Concierge

We'll pair you with an experienced Delancey Street specialist who will reach out to you, and understand your needs. We'll try to determine which financial product is right for you.

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We give you a few different loan offers based on your scenario and what options you qualify for.

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Once you've chosen a loan that works for you, we finalize it and start getting the documents needed.

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Once we get all of the documents back, we'll get you funded ASAP.

We Help You Grow

After you get funded, your Delancey Street concierge specialist will keep in touch to make sure you're happy and doing well.

Business Loans

Get business loans ranging from 3 months to 18 months
No credit score requirement, we have a program for everyone
We can fund up to $5 million in virtually 24 hours

How Credit Card Companies Set Minimum Payments


Credit card minimum payments are often misunderstood. Many cardholders assume they are arbitrarily set by credit card companies to maximize profits. However, there are actually laws and regulations that determine how minimum payments are calculated. This article will explain the factors that go into setting minimum payments, the consequences of only paying the minimum, and tips for managing credit card debt responsibly.

How Minimum Payments Are Calculated

The Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 established guidelines for how credit card companies calculate minimum payments. The CARD Act helped protect consumers by mandating more transparent credit card practices.Here are some key regulations on minimum payments from the CARD Act:

  • The minimum payment must be at least the amount of fees and interest charges accrued that month. This prevents balances from growing through interest even if the cardholder makes the minimum payment.
  • For balances over $20, the minimum payment must be at least 1% of the cardholder’s total balance.
  • Card statements must include a “minimum payment warning” table showing how long it will take to pay off the balance and total interest costs if only minimum payments are made.
  • Minimum payments can be no more than 4% of the cardholder’s balance. This prevents credit card companies from setting extremely high minimums.

While these rules provide a basic framework, each card issuer uses their own formula within these guardrails to calculate minimum payments. Common formulas include:

  • A flat percentage of the balance, such as 1-2%.
  • A tiered percentage based on the balance amount. For example, 2% for balances under $500, and 5% for balances over $500.
  • A fixed dollar amount, such as $15, plus a percentage of the balance, such as 1%.

The CARD Act brought more consistency and transparency to minimum payment calculations across the credit card industry. However, cardholders should still review their monthly statements and cardholder agreements to understand exactly how their minimum payments are determined.

The True Cost of Only Making Minimum Payments

While making the minimum payment keeps an account in good standing, it comes at a steep price over time. Minimum payments are deliberately set low to make credit cards seem more affordable. But this can trap cardholders in an endless cycle of debt accumulation.For example, let’s say you have a $5,000 balance at a 17% APR. If your minimum payment is 2% of the balance, that’s just $100 per month. At this rate, it will take over 17 years to pay off the debt! And the total interest paid will be a whopping $5,860.The minimum payment warning table on credit card statements illustrates these sobering numbers. Yet it’s human nature to focus on the low minimum payment due rather than the long-term implications.Paying more than the minimum is critical to reducing interest costs. Let’s say you pay $200 per month instead of $100. You would pay off the $5,000 balance in just over 2 years and save $4,570 in interest!The bottom line is that minimum payments provide short-term relief but make debt very expensive over time. It’s important to understand this trade-off when deciding how much to pay each month.

Tips for Managing Credit Card Debt

If you are only able to pay the minimum right now, here are some tips to take control of credit card debt:

  • Pay more when possible. When you have extra funds like a tax refund or bonus, make a lump sum payment over the minimum. This saves on interest and pays down the principal faster.
  • Consolidate debt. Balance transfer cards offer 0% APR for 12-18 months. This gives you time to pay down debt without accumulating more interest. But be sure to have a payoff plan before the 0% period ends.
  • Use a debt payoff calculator. Input your balances, interest rates and monthly payments into a debt payoff calculator. This shows you how extra payments reduce interest costs and payoff timeframes.
  • Set up automatic payments. Autopay ensures you never miss a payment if money is tight. But be sure the amount covers at least the minimum due.
  • Pay down highest interest balances first. The debt avalanche method focuses payments on accounts with the highest interest rates to save the most money.
  • Consider debt management services. Nonprofit credit counseling agencies can set up debt management plans with reduced interest rates and monthly payments.
  • Explore debt settlement. Debt settlement companies negotiate with creditors to settle accounts for less than you owe. But this damages credit scores and still requires lump sum payments.
  • Think twice before bankruptcy. Bankruptcy provides a fresh start but can negatively impact credit and finances for years. Consider it a last resort if you have no other options.

The most important thing is to have a plan in place to eventually pay more than the minimums. This may require cutting expenses, increasing income, or both. With commitment and discipline, credit card debt can be overcome. Don’t let minimum payments lull you into complacency.

The Bottom Line

Credit card companies are mandated to set minimum payments within a regulated range under the CARD Act. While minimum payments provide short-term relief, only making the minimum keeps balances high and interest costs accumulating. Strive to pay more than the minimum whenever possible, and have a debt payoff strategy to eventually become credit card debt free. Don’t let minimum payments trap you in a cycle of endless debt.

Delancey Street is here for you

Our team is available always to help you. Regardless of whether you need advice, or just want to run a scenario by us. We take pride in the fact our team loves working with our clients - and truly cares about their financial and mental wellbeing.

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In The Media

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