Month: April 2021

Top Loans to Benefit Your Business: No-Doc Loans


No-Doc Loans

NO DOC STATED INCOME BUSINESS AND START UP BUSINESS  LOANS

WHAT IS A NO DOC LOAN OR LINE OF CREDIT?

Our no doc loan is a loan based off stated income.  Stated income means your true income.  The total income you made for the year.  Checks, cash, credit cards and any other income that you made.  Since its a stated income product you will not have to prove financial documents including taxes, w2’s or pay-stubs.

WHO USES IT?

The self employed, 1099 contractors or any existing businesses that write off most or all of their taxable income or even take a loss.  Using stated income (the total income you actually make gross NOT what you show after deductions) allows you to show more income and maximize you’re working capital needs.

WHY DO I NEED THE NO DOC PRODUCT?

DO YOU WRITE OFF ALL OR MOST OF YOU’RE INCOME ON YOUR TAX RETURNS?  If you are self employed, a business owner or a 1099 contractor their is a very high probability that you will asked to verify both business and personal income taxes.  If you’re taxable income does not meet the minimum underwriting requirements (adjusted income is too low) then the loan will be turned down leaving you frustrated without the working capital needed to run you’re business.

HOW DOES A NORMAL BANK LOOK AT MY PERSONAL TAX RETURNS TO  QUALIFY ME FOR A LOAN?

They think you’re adjusted gross income (income after tax write-offs) is your income.  If you make $100,000 a year and write off $90,000 a year as business related expenses then you’re real income is only $10.000 a year or $833.33 a month.   With you’re existing monthly bills (houses, cars, credit cards, student loans etc.) you’re ability to pay them back (making $10,000 a year) is even worse.   If your tax returns make you appear on paper that you’re living off the cash flow of the business then you’re not profitable (according to the adjusted taxes) and won’t qualify for financing.

HOW DO WE QUALIFY YOU FOR FINANCING?

Simple.  We use stated income.  We don’t ask you for taxes, bank statements or a 4506t form to the IRS.  You’re income is based off what you tell us it is.  Its stated and not verified.  A 650 minimum personal credit score is needed to qualify.  Our product highlights are below.

taxes

pay stubs

bankstatements

w2

PRODUCT HIGHLIGHTS

 Income is stated instead of being proven. Taxes, W2’S or Paystubs are not required. Higher stated income means a higher loan approval.

 Clients who have had a few problems in the past (late pays, collections, charge offs) may qualify for smaller dollar amounts ($10,00 to $20,000) and go thru a probationary phase to qualify for more in the future.

 Clients that have higher debt utilization or more maxed out credit will qualify for smaller amounts ($10,000 to $15,000).

 All industries and occupations are allowed.  This includes business owners, 1099 contractors, and cash only paid clients.

 Clients with light credit or low trade lines will qualify for a limited amount of funding. (up to $35,000) until credit becomes more established.

 Our no doc loans are NOT ACH or factoring loan. Terms are up to 7 years. Loan payback is paid once a month. Not Daily.

Thinking of Starting a New Business?

Now is the time! With our society ready to get back in action (safely), new business concepts are quickly emerging with creative flows for serving the public without the high risk of spreading the virus. Put your innovative business concepts into play, and connect with us to get the funding you need to start your newest venture!

Financial restraints have been a complaint for many of the dreamers, limiting themselves to their immediate funds. There is an alternative. If you have the dreams and decent credit, Small Business Loans and No Doc Loans are available to you. Our goal is to provide you with the knowledge you need and the resources available to make your dream a reality. Give us a call – we have the education and the perspective to help you obtain the loans you need for your small business. Visit our website or give us a call to find out what financial backing is available to make your business soar!

Unsecured Finances has over 10 years in the consulting business! We specialized in educating and assisting clients on acquiring Unsecured Business Loans and Start-Up Business Specialty Loans including; Unsecured No Documentation (No-Doc Stated Income) Loans, Unsecured Business Loans, and Unsecured Start-Up Business Loans and Lines of Credit from $10,000 to $500,000 without Assets.

Apply on our website to find out if you qualify, or call today for a free consultation: 1-888-294-2584

Spring Clean Your Business

As 2021 has been bringing more opportunities for businesses, it also raises the question: Does your business need a “Spring Clean” to provide the best environment in this time of pandemic? Think about it in terms of not only hygiene, but in organizational efficiency. 

Company leaders can pump new life into an organization by transferring this springtime routine to the workplace. Here are 5 Spring Cleaning Principles that can help your business:

Clear out the clutter.

Think about business activities that no longer add value to your organization. If products or services have outlived market demand, sweep them out. It may be a difficult decision, but clear the clutter and focus your business energy on what will be hot in the coming quarters.

Hire some help.

If you’re committed to a thorough cleaning, you may want to call in expert help to make sure nothing is overlooked. It’s not unusual for people to hire housekeepers, tree-trimmers, landscapers and other service providers to enhance spring cleaning. In the business world, it’s a good idea to bring in an objective third party to identify organizational clutter; hire an expert who has done the same for other companies.

Repurpose things.

Martha Stewart is an entrepreneur who has made a living out of turning old hats into centerpieces and broken chairs into plant holders. Apply this type of thinking to your employees. Some of them might be happier and more useful if you thought of a different way to leverage their talents.

Dust off your mission statement.

Evaluate whether your mission and vision still match your company’s strategic goals given how much the markets have changed.

Refresh your colors.

There are dozens (seems like hundreds) of home design shows on TV, and most recommend repainting rooms to give them new appeal. Maybe your brand could use a new look to give it a fresh appeal to customers. Don’t misunderstand–a brand is more than colors, shapes and logos. It represents your company’s value proposition and the expectations customers have when they encounter your company. However, if your company has begun to serve new markets in new ways, maybe it’s time to modernize the company’s brand.

Post a “pardon the dust” sign.

Anytime you start poking around the organization to improve it, employees will get nervous, especially in today’s economy. If your purpose in auditing the business’s operations is not to trim staff, reassure employees at the beginning of the process that you are on a mission to improve efficiency, not payroll. Then roll up your sleeves.

Organizational spring cleaning may not be an annual event, but each spring can serve as a reminder to look for ways to make your organization more effective.

Thinking of Starting a New Business?

Now is the time! With our society ready to get back in action (safely), new business concepts are quickly emerging with creative flows for serving the public without the high risk of spreading the virus. Put your innovative business concepts into play, and connect with us to get the funding you need to start your newest venture!

Financial restraints have been a complaint for many of the dreamers, limiting themselves to their immediate funds. There is an alternative. If you have the dreams and decent credit, Small Business Loans and No Doc Loans are available to you. Our goal is to provide you with the knowledge you need and the resources available to make your dream a reality. Give us a call – we have the education and the perspective to help you obtain the loans you need for your small business. Visit our website or give us a call to find out what financial backing is available to make your business soar!

Unsecured Finances has over 10 years in the consulting business! We specialized in educating and assisting clients on acquiring Unsecured Business Loans and Start-Up Business Specialty Loans including; Unsecured No Documentation (No-Doc Stated Income) Loans, Unsecured Business Loans, and Unsecured Start-Up Business Loans and Lines of Credit from $10,000 to $500,000 without Assets.

Apply on our website to find out if you qualify, or call today for a free consultation: 1-888-294-2584

How to Handle Poor Personal Credit Scores When Applying for a Business Loan


When you come to us for a business loan, it is true that we will do everything in our power to help you get the most funding possible for you. But what happens when it all comes down to your personal credit score? This is something we see a lot of first-time business owners scratching their heads about, especially when applying for a start-up loan from us. 

So what do you need to know? Let’s take a look at how your personal credit score will affect the types of business loans you would be approved for, how much you will get, and so on. Keep in mind that our team of highly trained professionals can give you more one-on-one advice on our phone calls, and we have networks of professionals to help get your personal credit score back on track!

Credit is Important for Business Loan Approval

When you are applying for a business loan, lenders are going to take a detailed look at your credit history to determine the risk involved in providing you with financing. Your credit history shows lenders how well you manage your debts and whether you make payments on time, and it also reports how much money you have borrowed in the past and whether you have ever declared bankruptcy. These factors can tell a lender a lot about the risk they’ll take on if they offer you a loan.

How Often Do Lenders Look at Your Personal Credit Score for a Business Loan?

Most lenders will at least look at your personal credit history when determining your eligibility for a business loan. However, some lenders will put less weight in your personal score than others, which is why you shouldn’t give up on applying for a start-up loan or a business loan. If you already have an established history of good business credit, lenders may put even less weight on a lower personal credit score.

In the following circumstances, you can generally expect your personal credit to matter more for a business loan:

1. Applying for Financing With a Bank or Other Traditional Lender

Banks have strict requirements for lending and don’t have the luxury of being very flexible. On the other hand, Unsecured Finances can help your business to navigate this process to find the best options and how to prepare your application. 

2. Your Company Is a Start-Up or a Small Business

If lenders don’t have enough information to determine your creditworthiness from your business score, they will weigh your personal score more heavily. If you own a sole proprietorship or a small business with only a few employees, it may be hard for a traditional lender to see the distinction between your business’ credit history and your personal credit.

3. Low Personal Credit Score

A few older negative items on your personal credit report shouldn’t make it difficult to receive a business loan, especially if your business’ credit history is strong. However, the more negative items there are on your personal credit history, the more a lender is going to take notice and factor it into their risk assessment.

What Effects Will My Personal Credit Have on My Business?

Your credit history—both personal and business—is only one factor lenders use to evaluate your application, not the be-all and end-all of the financing process. However, credit history is an important factor, and it can have a variety of effects on your ability to acquire the financing you need. Your business and personal credit histories can affect:

  • Whether or not you get approved for a loan
  • Your options for terms and payment schedules
  • The interest rate on your loan
  • The total amount of financing that lenders are willing to provide

What if I Have a Valid Reason for Having Poor Personal Credit?

Independent financing partners have much more flexibility than banks, and they don’t have to treat an applicant’s history as nothing more than a credit score number. For example, if you have poor personal credit due to a single devastating event that does not reflect on your ability to manage your personal funds, an independent financing partner shouldn’t treat this circumstance the same as if you have a long and consistent history of making late payments or defaulting on debts.

The Bottom Line

If you are ready to apply for a business loan, give us a call and we can walk you through the process. Even if your credit score is not ideal for the funding, rates or payment schedule you would like to have access to, we can work with you and our network of professionals to provide you options that will help raise your credit score or remove inquiries on your credit report. 

Unsecured Finances has over 10 years in the consulting business! We specialized in educating and assisting clients on acquiring Unsecured Business Loans and Start-Up Business Specialty Loans including; Unsecured No Documentation (No-Doc Stated Income) Loans, Unsecured Business Loans, and Unsecured Start-Up Business Loans and Lines of Credit from $10,000 to $500,000 without Assets.

Apply on our website to find out if you qualify, or call today for a free consultation: 1-888-294-2584

How Inquiry Removal Helps with Credit Score


Credit scores naturally fluctuate from month to month depending on your usage, payments and transactions. For the most part, your credit score is directly tied to your actions. Occasionally there will be errors on your report that were out of your control, such as with hard inquiries and lines of credit. If you notice a sudden decline in your credit score, even if only by a few points, you may be suffering from the effect of an unwarranted credit inquiry.

What is an Inquiry?

Simply put, a credit inquiry is a credit check. Inquiries happen when there is a legally permitted request to see your credit report from a company or person. All inquiries aren’t created equal. There are 2 different types: hard and soft. Hard inquiries are ones made with your permission for specific transactions.

Will Inquiries Hurt My Credit?

A soft inquiry occurs in cases where you check your own credit or when a lender or credit card company checks your credit to preapprove you for an offer. Soft inquiries do not impact your credit scores.

Hard inquiries happen when you apply for a new loan or credit card and the lender pulls your credit reports to determine if you qualify. 

Lenders use how many times you have applied for credit to judge whether you should be approved for an extension of credit. In certain circumstances, an unapproved inquiry can be removed from your credit report by sending a credit inquiry removal letter to the credit reporting agency or by disputing it online.

How Our Company Can Help with Your Inquiry Removal

We remove unauthorized hard inquiries by using the FCRA (Fair Credit Reporting Act) laws to permanently remove these inquiries from your credit report.  These extra inquiries will lower your credit scores by 3-5 points each and if you have too many of them 6+ you will still not be eligible for financing even with a very high personal credit score.  Our service removes all unauthorized hard inquiries on all 3 credit agencies.  We charge per deletion and guarantee results of 85% + success to qualify you for funding.

Can I Remove Inquiries from Open Accounts?

No you cannot.  Inquiries that are tied to open accounts are not bad.  Only excessive inquiries NOT tied to open accounts or preexisting accounts.

Can Unsecured Finances Remove Inquiries from All Agencies?

Yes we can!  We are successful on all 3 agencies including Equifax (EFX)

Is it a Good Idea to Remove the Inquiries? 

Every inquiry on your report cost you 3-5 points on your fico score.  Removing excessive inquiries makes you eligible for funding, makes your score go up and makes you look better to get approved for future capital.

How Long Does it Take to Remove the Hard Inquiries?

Generally Experian and Transunion is the quickest within 3 weeks.  Equifax takes the longest.   Due to the coronavirus and the government fines against Equifax from the identity breach (In September 2017) the time to get inquiries deleted takes 6-12 weeks.

Thinking of Starting a New Business?

Now is the time! With our society ready to get back in action (safely), new business concepts are quickly emerging with creative flows for serving the public without the high risk of spreading the virus. Put your innovative business concepts into play, and connect with us to get the funding you need to start your newest venture!

Financial restraints have been a complaint for many of the dreamers, limiting themselves to their immediate funds. There is an alternative. If you have the dreams and decent credit, Small Business Loans and No Doc Loans are available to you. Our goal is to provide you with the knowledge you need and the resources available to make your dream a reality. Give us a call – we have the education and the perspective to help you obtain the loans you need for your small business. Visit our website or give us a call to find out what financial backing is available to make your business soar!

Unsecured Finances has over 10 years in the consulting business! We specialized in educating and assisting clients on acquiring Unsecured Business Loans and Start-Up Business Specialty Loans including; Unsecured No Documentation (No-Doc Stated Income) Loans, Unsecured Business Loans, and Unsecured Start-Up Business Loans and Lines of Credit from $10,000 to $500,000 without Assets.

Apply on our website to find out if you qualify, or call today for a free consultation: 1-888-294-2584

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