We know you have been getting bombarded with messages from small business loan companies promising quick approvals, 90% approvals, low interests rates, etc. Here’s the real deal on what it takes to get approved.
5 Steps to Increase your Chances of Getting a Small Business Loan
#1 – Be prepared to send bank statements over.? We suggest getting your last twelve months statements ready to fax, e-mail or mail.? The more REAL financial data you can provide, the easier it is to determine if we can get you approved.? Remember, if there is no collateral involved, we are looking at your cash flow.
#2 – Your credit score does matter, even though most companies say it doesn’t.? In most cases your credit score determines the interest rate you will pay.? If you have a good credit rating then you will qualify for more products, like a line of credit.? There are options if your credit score is less than 500 and even if you have a past bankruptcy, but understand the rates will be very high for types of circumstances.? Be prepared even before you give us a call.
#3 – Are you currently accepting credit cards for payment?? If you aren’t then you should and we can help you get started.? If you already are, than a great way to pay back your loan is through one of our approved processors where they take a percentage of your credit card receipts each month, week or even daily.? These loans don’t put as much emphasis on the term and are sometimes referred to as “pay as you go”.? Remember, the amount of the loan depends on how much you are regularly collecting with credit cards.
#4 – You have to be HONEST with our team.? Many potential clients leave out some very important details during the process.? To avoid hurdles during the process, let us know anything that could potentially be a problem.? All conversations are confidential and we are working for you and your business and want to get you the money you need.
#5 – Once you submit your application BE AVAILABLE to your account professional.? Because we work with many lenders, it’s common that they need quick answers to questions usually within 24 hours of your application submission.
There are many scenarios that determine a?businesses need for a loan and following these five easy bits of advice can make your experience a pleasant one.? Good Luck!
Written by: Byron Read