How Hard Is It to Get a Business Loan?

Small Business Loans

While getting a small business loan may not be easy, the fact is, small business loans are not as difficult to qualify for if you get the facts straight. It just takes knowing where and how to look. With the right tools in hand, most small businesses can find the money they need, but there are some things you need to know first. Whether you are an entrepreneur seeking money for a startup or a business that’s hit a rocky patch, there is money out there waiting to be borrowed, you just need to know how to find it. So then, how hard is it to get a business loan? It can be easier than you think. Consider the following.

Leave History in the Past Where It Belongs

A great number of business owners are reluctant to apply for business loans because historically any business with less than perfect credit was in danger of being denied. That further endangered their credit score because every time your credit score was searched by a creditor, you’d take what is known as a soft hit (soft inquiry). No, one or two soft hits won’t affect your credit much, but repeated soft hits will indicate to a prospective lender that something is wrong, and they may summarily deny you credit. However, that’s the past and let’s leave it where it belongs.

New Trends in Lending

Today’s lenders have much broader qualifying criteria, and this is why getting a small business loan may not be as tricky as you had been led to believe. Some lenders don’t even look at your credit score, believe it or not, because there are other things they are much more interested in. Your historical record of sales volume, for example, could be a major factor to some lenders. Perhaps your business model could be a significant factor for startups. Remember, like insurance, lenders consider risk before forking out the cash. Also, there are new types of loans which were not available only a decade or two ago. Invoice factoring is one such loan that is becoming much more prominent in recent years.

The Key to Finding the Right Lender

Unfortunately, a huge part of the problem is the amount of time it takes you to find the lender that has a loan based on your needs and who are willing to lend under your business’s conditions. Every application you make not only takes up the valuable time you could be spending working your company, but it also, as you remember, puts a soft hit on your credit report. Today there are loan search engines like that on https://www.lending-express.com that will match your needs with an assortment of lenders meeting your criteria. You can then choose to apply to one or all of them, but the footwork is done for you so that you can go on about the business of making money. That’s what you are in business for after all, isn’t it?

The key takeaway here is that there are lenders out there that will willingly take a chance on your business venture and while each lender sets its own standards, that loan may be easier to find than you think. Even so, do it the smart way. Begin by using a loan-matching platform that will put you in touch with at least a few lenders who may take the risk. One final point to remember is that you never want to pay for this service. Like the company mentioned above, no fee should be attached to the borrower. Let the lender handle that and you are good to go. Let them pay the commission! That loan is waiting, so go for it!

Checkout Unique Finance and get a bonus from me.

How Technology Is Making Everyday Lending Easier

Technology Making Lending Easy

Technology has – and is – making everyday lending easier. Not only is it now easier than ever to get a loan, but the entire process is far more efficient than it has ever been before. With the chance to apply for payday loan on your mobile device, you can quite literally apply anywhere, at any time of day. Here, we’re taking a closer look at how technology is making everyday lending easier.

Use Your Mobile

Today, you don’t have to log onto a computer to request a loan; you can do it directly from your mobile device. With little to no time to take the time to travel to a location to withdraw cash, mobile lending is on the rise and applying for a loan online takes minutes. Once you have completed the simple online registration form and your loan has been approved, the money will be transferred to your bank account and will be available to spend immediately. You can even top up your loan online by logging into your account!

Online Registration Form

If applying for a loan via your mobile device isn’t for you, there’s still the option to fill out an online registration form on a laptop or computer. Many of these online registration forms require you to share your personal, contact, employment and financial details, which depending on whether you saved your details online, can be filled out automatically, saving you even more time when it comes to completing a lending application. Once you have filled out all the required fields, your credit score will be automatically calculated. From here, you will be told whether or not you are able to take out a loan.

Loan Repayment

Repaying your loan doesn’t have to be difficult either. With your online account, you can easily repay your loan online. You won’t have to answer question after question, as all of your details are stored in one place, saving you valuable time. When logged in to your account, you can view all of your payments, as well as when your loan is due to be repaid. This will help ensure that the money is repaid on time, and you can even set up reminders on your mobile phone for additional peace of mind!

Loan Repayment Calculator

As well as being able to repay your loan online, you no longer have to work out the best loan yourself. By using an online calculator, you can identify how much you can apply for before filling out a quick and easy application. By filling in the amount borrowed, term and interest rate, you can immediately find out the total monthly payment, total charge and total repayment for the amount borrowed.

Technology has undoubtedly made everyday lending easier, and receiving your payday loan is only set to become even more straightforward in the near future. With several new technological advancement being trialled each day, who knows how instant lending could become?

 

Checkout Unique Finance and get a bonus from me.