Deciding to get a start-up loan for your business is a great choice. Now you need to make sure you qualify for a start-up loan and how to make your business appealing in the process. Taking your time to make sure you have all your ducks in a row will ensure that you are getting the best funding options available to you so you can move your business into the game!
Good Credit Score
Lenders prefer to offer their low-rate start-up business loans to borrowers with credit scores above 680 at least. In this climate, we know that although that is not a very high score, that number can be intimidating considering 2020. If you don’t have a great credit score, do not fear. We have options for you to improve your credit so you can apply. Contact our Inquiry Removal Department to discuss ways to remove inquiries that are negatively impacting your credit score.
Years in Business
Lenders will consider how long your business has been operating. You need to have been in business at least one year to qualify for most online small-business loans and at least two years to qualify for most bank loans. If you haven’t been in business that long, or you are a brand new business, there are still options for you, especially if everything else looks good. Our experts can walk you through that process.
Do you make enough money?
Many lenders require a minimum annual revenue, which can range anywhere from $50,000 to $250,000. Calculate your revenue and find out the minimum a given lender requires before you apply so you are ready to discuss options that are relevant to your profit.
Can you afford the payments?
Look carefully at your business’s financials — especially cash flow — and evaluate how much you can afford to apply toward loan repayments each month. Some online lenders require daily repayments, so make sure to factor that in.
To comfortably repay your loan each month, your total income should be at least 1.25 times your total expenses, including your new repayment amount.
Do you have collateral?
You can get secured and unsecured business loans from many lenders. A secured loan requires business collateral, such as property or equipment, that the lender can seize if you fail to repay the loan.
Putting up collateral is risky, but it can also raise the amount lenders let you borrow and get you a lower interest rate.
Lenders may also require a personal guarantee — even for unsecured loans. This means you’ll personally repay the loan if your business can’t, and may let a lender come after things like your house or car in instances of nonpayment.
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