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Bad Credit And Loans
Apply today or learn more about loans for individuals with less than perfect credit!
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Bad Credit Car Finance
Ready to finance your next vehicle, but have less than perfect credit?
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Bad Credit Home Loans
Yes! You too can enjoy the benefits of home ownership, regardless of your bad credit rating.
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Bad Credit Personal Loan
Secured or Unsecured Personal Loans are available to those with less that perfect credit.
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Debt Consolidation
Get back on track and consolidate your debts into one easy payment!
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Credit Repair
Ready to take that next step towards repairing your credit? We can help!
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Credit Cards
Find out which major credit cards are available to you regardless of your credit past!
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Home Equity Loans
It's your home, its your equity, it's your cash. Don't let your bad credit stop you from obtaining a home equity loan.
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Emergency/Payday Loans
When you need cash today, Payday Loans are a quick solution, regardless of your credit history.
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Five Tips to Obtain Credit for Small
Businesses
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by: Monique Hawkins
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Copyright 2005 Monique Hawkins
As many small business owners know,
financing is crucial to the financial
health of their enterprise. While some
small business owners have the resources
to launch their business, most look to
the credit market for financial help.
Indeed, the banking industry is an
important source to gain necessary
capital. However, many entrepreneurs may
not realize that that applying for
commercial credit requires a great deal
of preparation. Here are five tips to
assist entrepreneurs in improving their
chances of getting credit approval.
Tip #1: Decide on the type of commercial
loan that is needed. Loan options
include short-term loans, intermediate
loans, long-term loans, and lines of
credit.
Short-term loans are usually for less
than a year. They typically provide
interim working capital for a business
temporarily in need of cash.
Intermediate loans are often used for
business set-up, the purchase of new
equipment, expansion, or an increase in
working capital. This loan can be
anywhere from 1-3 years.
Long-term loans are for major capital
improvements, acquiring fixed assists,
and business start-ups. The loan term is
usually from 3-5 years and repayment
installments are on a monthly or
quarterly basis.
A line of credit gives a small business
the ability to borrow money repeatedly,
up to the credit limit. The lender will
usually perform a review once a year, at
which time the borrower is asked to
update financial statements.
Tip #2: Make sure all paper work is in
order. Applying for commercial loans can
be very tedious and requires much more
documentation than applying for consumer
credit. So, the key is to be prepared.
In addition, entrepreneurs who have
carefully put together the needed
paperwork to include the loan purpose,
the amount of money needed and for how
long, and a repayment schedule proposal
will be viewed more favorably by many
lenders.
Tip #3: Develop a well thought out
proposal. The proposal should include
the loan purpose, the amount of money
needed and for how long, and a repayment
schedule proposal. Points to include are
the business description that tells the
nature of the business, product and
service, a personal profile, and a
business plan that outlines the
corporate strategy for the next three to
five years. Additional points to add are
supporting documentation that supports
the information outlined in the
proposal, and collateral that will be
used to secure the loan. Financial
statements, both personal and for the
business, are important as well.
Tip #4: Seek advice! It is important for
entrepreneurs to talk with someone who
has gone through the process of
obtaining commercial credit before a
lender is approached. This is especially
important for the first time buyer.
Entrepreneurs can approach mentors,
qualified business counselors, business
support groups, and the U.S. Small
Business Administration. This step will
increase the chances of getting a
favorable credit decision.
Tip #5: Be prepared to pursue various
options. Sometimes, financial
institutions will say no. Once again,
obtaining credit can be difficult,
especially for entrepreneurs who are
first-time borrowers. However, since
financial institutions have different
standards, an inability to meet the
standard of one lender does not mean one
fails the standards of all. It is highly
possible that credit approvals can be
gained with another lender. So, it is
important to keep seeking until a lender
is found.
Obtaining credit is necessary for many
small businesses. Knowing what steps to
take in this process can greatly
increase an approval from a financial
institution. Now, put these five tips
into practice and be on your way to
getting the credit you need for your
business venture. |
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Personal
Loan
Quickly qualify for a personal loan.
You can immediately access cash to
balance your budget, handle emergencies,
consolidate bills, or put money in your
wallet!
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Borrow up to $15,000*
- All
loan requests are confidential and
secure
- Quick
approval process
- FREE
personal loan quote, no obligation
to accept your loan proposal.
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Free E-book 'Credit Helper'
Bad Credit Loan Zone has made the popular Credit Repair E-Book 'Credit Helper' available to download absolutely FREE! If you're ready to work towards repairing your credit, this road map will take you step by step through the process. No registration required to Download this FREE E-book today! |
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