Understanding the Various Types of Business Loans

Hand With Pen And Calculator On Business Loan Application Form

Do you need a loan to help you take your business to the next level? If you’ve been turned down by your bank, don’t fret. Small-business owners have plenty of options that exist outside of their bank’s walls. Keep reading to learn more about small-business loan options, including working capital business loans.

Invoice Financing

Many small businesses struggle with getting paid. If you have outstanding invoices, you need a loan product that helps you recover these funds. Invoice financing is ideal for business-to-business (B2B) customers. This small-business loan lets you get a cash advance from a lender to cover the invoice amount until your business customer pays you. The lender collects either a flat fee for the service or a weekly fee, usually 1 percent, until the invoice is paid in full.

Equipment Financing

The biggest hurdle many new companies face is paying for the equipment they need to operate their businesses. The equipment you need varies as do the lenders who make these kinds of loans. When you need an equipment loan, find a lender that specializes in your business model to help you get the best deal on one of these loans.

Personal Loans

Do you have good credit? If so, consider taking out a personal loan to cover your expenses temporarily. Many small businesses are start-ups that don’t have an established business reputation, which makes it difficult to get traditional hard money loans from banks and disqualifies you from getting a small-business working capital loan. While a personal loan means you’re borrowing against your good credit, it doesn’t put your business at risk, and you can get what you need to get started quicker. Personal loans work best when you need to make smaller purchases. They aren’t ideal for paying employees.

Banker recommend customer for signing loan contract

Nonprofit Loans

Do you need a large amount of capital, but don’t qualify for a working capital loan? Why not consider a nonprofit loan? A common misconception about these loans is that they’re only for nonprofit organizations. In fact, they’re great for for-profit businesses that need small loan amounts under $50,000. The organizations that fund the loans are nonprofit, which means loan fees are less. Nonprofit loans like to work with local businesses to improve and bring money into the community.

Working Capital Loans

A great option for small-business owners is the working capital loan. With this loan, business owners get the following benefits:

  • Easy application
  • Fast approval
  • Same-day funding
  • No prepayment penalties

Working capital loans for small businesses make it easy to access the money you need quickly for all reasons including marketing, equipment purchases, invoice clearing, paying staff, etc. These loans work best for small-business owners with established businesses. For example, most working capital lenders require the business to have at least $75,000 in annual sales and be in business for at least nine months. These requirements vary per lender.

Are you interested in a working capital loan, personal line of credit, equipment loans, or another type of business loan? Work with a lender who’s interested in developing a long-term relationship with competitive rates and never sells your information to brokers. When you need a business loan up to $500,000, contact GetMoney.com to learn more about the business financing products we offer.

Installment Loan and Credit Score: Is There a Correlation?

Green upward trend graph shows excellent credit score on wooden surface with black background. Business and financial concept.

Are you looking for ways to improve your credit this year? You’ve researched the best online personal loans, found one with great rates, and paid it off, but your credit score hasn’t budged. What’s the deal? This is a common struggle among borrowers with installment loans. The problem is people assume all debt is the same, but it’s not, especially when installment loans are in play.

What is an Installment Loan?

It’s important to understand fully what an installment loan is and how it affects your credit score. First, an installment loan is a product that requires the debtor to pay a fixed amount each month for a specific term. For example, you take out a personal loan online for 24 months and pay $100 each month. This is an installment loan, and it can include loan products such as car loans, home loans, boat loans, etc.

These loans get reported to credit bureaus and are used to determine your credit score. However, they matter to your score less than credit card debt because they’re considered a low-risk, stable product. Since these loans often have collateral attached to them, they don’t score as high as riskier credit products such as low-interest personal loans that don’t require collateral. Most people won’t stop making their car or house payments because they don’t want to lose their vehicle or have their home foreclosed on. So, while making these payments on time matters, it doesn’t have a huge impact on your credit report when they’re paid off.

Credit score report with calculator, glasses and pencil on table.

Managing Installment Loans

Many people believe paying off installment loans quickly improves low credit scores. There are many benefits to paying off these loans faster, including paying less interest and working toward living debt-free. However, it’s not the most important aspect of managing installment loans. If you’re concerned about improving your credit score and have installment loans, make it a point to always pay your loan on time. Don’t skip a month here or there and think paying off the loan in full a year early will negate the late payments.

What improves your score, albeit slowly, is paying down your debt steadily, a little at a time. It affects your credit when the loan balance continues to fall below the original loan amount. The debt/loan ratio has a direct impact on your credit score. So, if you’re looking to improve your score over time, keep your installment loans and pay them on time each month. Adding more to your monthly payment is a great way to reduce the number of payments you make over the lifetime of the loan while still slowly improving your credit score. Slow balance reduction works in your favor more than taking out a loan and paying it off three months into a 48-month term.

Best Place to Apply for a Personal Loan

Would you like to find a low-interest lender to help you create a strong installment payment history? Look for online lenders who offer great rates and substantial credit lines. If you want to improve your credit score, consider taking out an installment loan to pay off non-installment lines of credit. You’ll improve your score by paying off non-installment loans and continue to improve as you make your new payments on time. When you need a loan product like this, contact GetMoney.com, the best place to get a personal loan online.

Best Loan Options for Bad Credit in 2019

Poor credit score report on wrinkled paper with pen and calculator

If you have bad credit, you know how hard it is to borrow money. Repairing bad credit takes years to do, but when you need credit now, you don’t have time to wait. What are you to do? Keep reading to learn more about the best installment loans for bad credit.

Defining Bad Credit

First, it’s important to understand what having bad credit means. Some people who don’t have perfect credit scores or have a lot of debt assume they have poor credit. The FICO model for credit scoring rates credit on a scale from 300 to 850. Most people have credit scores that fall in the middle. The average credit score, according to Governing magazine, is 687. FICO considers a credit score of 580 to be poor.

What does a lower score mean for you? First, it means that you won’t qualify for those coveted zero-interest credit cards or loans. However, it doesn’t mean you won’t qualify for some credit. People with low credit scores need to do their homework to find the best installment loan for bad credit, but it’s not impossible.

Clear Payoff Schedules

When searching for installment loans online for bad credit, look for loan products that offer clear payoff schedules. These loan products differ from a personal line of credit and credit cards because they require the loan be paid in full within a certain time frame. Once the loan’s paid in full, the account is closed. The borrower doesn’t have the option to access the credit again unless they apply again. These loans are great for borrowers who need money to pay for unexpected expenses like car repairs, medical expenses, etc.

Receiving money Or other business expenses.

Small Loans

People with poor credit scores who need to borrow money often fare better looking for small installment loans. If you have a credit score that falls below 580, it’s unlikely you’ll qualify for a large installment loan. Larger loans often require excellent credit or collateral. Therefore, if you need cash fast, consider applying for an installment loan that doesn’t exceed $1,000.

Choose a Company that Specializes in Bad Credit

Often, people can’t find a lender because they’re trying to get a loan the traditional route. When you have a low credit score, you can’t go into your local bank and apply for a loan. These products aren’t for you. However, that doesn’t mean you don’t have options. Stick with companies that work strictly with bad credit.

There are numerous reputable companies that want to offer you a low-cost, low-risk installment loan for poor credit. These companies often offer a variety of products that include personal installment loans when you need a larger sum of money and smaller payday loans when you need a little help until payday.

When working with lenders who specialize in bad credit, do your homework. People who do their homework and choose lenders with a reputation for providing great loan products and outstanding customer service not only get the money they need but have a pleasant experience.

Do you have bad credit and are looking for an installment loan? Contact GetMoney.com today to learn more about payday loans, business loans, and personal installment loans for bad credit.

4 Ways to Boost Cash Flow in Your Business

Make ends meet

You love owning your own business, but this time of year always tends to be a little cash-light. You have always wondered why it is so difficult to drive more business and make ends meet this time of year, and you’ve been looking for ways to change that. While the holiday rush puts you in a good position at the end of the year, the beginning of the year gets a little dry. This is because people have spent a bulk of their money later in the year and haven’t had the chance to recuperate from the holidays themselves.

If cash is always a little tight this time of year for your business, check out these four ways you can boost your cash flow to hold you over until the next quarter.

1. Marketing

Adding more marketing is a great way to get a little boost in sales. Consider purchasing a marketing package early in the year that will help you throughout the year. Make sure you have email marking, social media marketing, and search engine optimization (SEO) included in your marketing package. Spending the money on marketing now can help you later. However, if you currently don’t have a lot of cash flow to push into marketing, this might be an option that you have to save for next year.

2. Small Business Loan

To get instant cash flow to your business to help you make ends meet until your next rush month, make sure you find easy small business loans to help you out. There are a few things to remember when taking out a loan for your small business. First of all, never borrow more than you need. You’ll be paying interest on this loan, so be sure to only borrow what you’ll need. Secondly, take a close look at the interest rates for the loan. If you contact GetMoney.com, they can help you find the best rate for you and your business. Finally, be sure that you will be able to pay back the business loan in the future. It is a sign of a good business to be able to build credit with a loan company.

small business - text in vintage letterpress wood type printing blocks with a cup of coffee

3. Incentives for Cash-Paying Customers

If you really want to boost cash flow for your business, a great way to start is to offer incentives to cash-paying customers. Remember that every transaction made with cash doesn’t cost you any extra. You don’t have to pay service fees to credit card companies when customers pay in cash. Therefore, it is in your best interest to offer incentives to those who pay in cash.

4. Offer New Products

Not only is it essential to offer new products at the beginning of the year, it is a great way to boost your revenue and, in turn, your cash flow. This is the time of year where everyone is trying to hold onto their money, and they will only make a purchase when they really want something. That means that you have to wow your customers with your products and give them something new.

There are a lot of great ways to boost cash flow for your business. If you are unable to launch a marketing campaign this year, consider calling GetMoney.com to get an easy small business loan. You can also offer incentives to cash-paying customers and launch new products.

How to Find a Genuine Payday Loan Online

Personal loan

Finding easy payday loans online is easier said than done. There are plenty of scammers and frauds out there who are trying to earn your business without looking out for your best interests. Payday loans can be incredibly helpful when you need help funding a financial emergency, so you need to ensure your loan is legitimate in order to avoid legal issues down the road. If you’re in search of an easy payday loan, keep these tips in mind to find a genuine payday loan provider in your area.

Do Your Research

The surest way to determine whether an online payday loan is legit is by researching payday loan lenders in-depth. You’ll first need to establish your timeline and how much you need. If you don’t have time to go through a lengthy bank loan process, then an online payday lender is a good go-to source for quick funds. To select the best venue for requesting a loan, read what people are saying on the web about certain companies, as customer testimonials can be extremely revealing when it comes to a business’s ability to provide stellar services.

Confirm Legitimacy

A legitimate payday loan provider that operates under the legal requirements of each state is essential if you want to avoid potentially severe financial risks and headaches down the road. Lenders need to conform with your state’s regulations regarding payday loans and be transparent with the fees, interest rates and terms of the loan. If an online deal seems too good to be true, it’s advisable to avoid them. Your lender must be willing to take the time to explain the loan in detail and more importantly, the explanation must match the documents they provide you.

Speak with Someone Directly

Having trouble finding enough information about a lender online? Contact the company and communicate with an associate directly to learn more about their services. A legitimate lender won’t hesitate to answer any and all questions you have, so don’t hold back. The quickest way to contact a lender is through the contact form or a live chat if they offer it on their website.

Personal Loan vs. Installment Loan: A Comparative Study

Loan

Whether you’re in need of some money to help cover your new car, home, or something else, a loan can help you pay for costly expenses without plunging you into a cycle of never-ending debt. With so many different types of loans out there, you’ll have to do your research and learn which type of loan best suits your personal needs. When you’re applying for a loan, you need to be sure you’re working with a legitimate lender who’s working with your best interests in mind. Personal loans and installment loans both provide immediate funding, but have many differences that you ought to consider before applying. Let’s take a look at personal loans versus installment loans to help you decide which type is the best for you.

What is a Personal Loan?

A solid source of quick cash, personal loans can be taken out for any number of reasons. From paying for a wedding to covering the costs of a car repair, a personal loan provides you with quick and legitimate money. Your personal circumstances will influence the type of personal loan you eventually qualify for, so you need to be familiar with the varying types of personal loans and how they differ from one another and their pay-back periods. Most importantly, you’ll only want to apply for a personal loan that will lighten your financial load without creating money problems down the road.

What is an Installment Loan?

An installment loan is simply a larger personal loan paid back over a pre-defined period of time. Personal loans vary in repayment terms, interest rates, charges or fees and are categorized into secured personal loans or unsecured loans. Installment loans can be both secured and unsecured. They are normally paid off over an extended period of time with a lower monthly payment vs a short-term loan that helps balance finances without exposing you to high degree of financial risk. Online installment loans are normally based on the individual’s personal needs and credit history.

If you’d like to learn more about personal loans or installment loans, contact the experts at GetMoney.com to be connected with a trusted lender.

Tricky Situations Where Getting a Loan Online Makes Sense

Money Online

Online lenders allow you to borrow money quickly and easily by simply completing a request on your phone or computer without leaving the comfort of your house or office. Theoretically, you can take out an online loan for any reason, but you’ll only want to utilize a loan if you’re sure it’ll aid your situation and not worsen it. Online loans can often carry a lower interest rate than credit cards, which can help you consolidate credit card debt or make large purchases. Finding the best online personal loan site requires you to do your homework and know what you need. Here are a few situations that you could benefit from taking out a personal loan online.

Getting Out of Debt

Online loans are perhaps most often used to help people consolidate their existing debt into one account to make the payments more manageable or even improve credit ratings. Interest rates on online loans are sometimes lower than credit card interest rates, so consolidating your high-interest debt can help lower your monthly payments every month. Find the best online loan website or online lender in order to ensure you work with an experienced lender who can help obtain a loan that makes sense for you.

Covering Costly Expenses

Whether you’ve got a wedding on the horizon or want to upgrade your home theater system, you never want to spend money you don’t have. A personal loan can get you the money you need ahead of time with a manageable payment structure so that you’re able to cover large purchases and pay them off over time.

Funding Financial Emergencies

Medical emergencies are often unexpected, which can make the ensuing medical bills just one more thing you have to worry about. An online medical loan can provide you with the money you need promptly, enabling you to focus your attention on the emergency at hand. Being able to pay off your loan over an extended period allows you to take care of financial emergencies with a peace of mind.

If you need a personal loan fast, check out our personal loans page.

How to Avoid Suspicious Lenders When Applying for Loans Online

Need a loan

As the internet continues to grow and dominate our way of life, so do the odds that you get involved with a personal loan scam. There are countless scammers out there who are hoping to capitalize on unsuspecting individuals looking to apply for a loan online. While easily identifying scams can be easier said than done, there are some warning signs that are usually indicative of a phony lender. Learn how to spot suspicious lenders before you get involved in a scam that could end up causing serious damage to you and your credit rating.

Credit Check Is a Must

Often, scammers will advertise that their loan application process doesn’t involve a credit check, hoping to appeal to individuals who have low credit scores. You ought to know that a legitimate lender will always perform checks on your credit report before taking any further steps. Your credit score indicates how responsible of a consumer you are and will let the lender know if you can be trusted to repay your loan in a timely manner. Don’t fall for advertisements that claim credit checks aren’t required, as it’s most likely a scam.

Sift Out the Spam

If lenders are reaching out to you via phone or email unsolicited, you shouldn’t pay them much attention. Spammers can send out millions of emails to people all over the world, just waiting for someone to take their bait. Who you work with throughout the loan application process should be up to you, so never respond to calls or emails from so-called lenders unless you know they can be trusted.

Be Wary of Up-Front Fees

A major indicator of whether a lender is legitimate has to do with asking for up-front fees. Almost all legitimate lenders will not ask for any up-front fees, unless you’re applying for a commercial loan or have 3rd party fees that must be paid such as an appraisal on a mortgage loan. Scammers will prey on those who fail to catch on to their scheme and continue to ask for fees without providing any sort of service. If you’re asked to pay a fee up-front for your personal loan, your best bet is to take your business elsewhere. Remember these tips when searching for the best online personal loan.

3 Good Reasons Why You Should Get a Personal Loan

Loan Application

You open up your credit card statement and realize you spent way more than you thought last month. The prospect of paying off your balance is daunting, and the interest rate is way higher than you’re comfortable with. While rummaging through your other mail, you find a medical bill that you didn’t plan for and start wondering how you’ll be able to pay these bills off. Rather than pulling from your savings, one of the best options out there is getting a personal loan online. Here are 3 good reasons why getting a personal loan online may not be such a bad idea.

Consolidating Your Debt

Debt consolidation is one of the best uses of a personal loan. When a personal loan is used for debt consolidation, all other debts are paid off with the single personal loan. This enables the borrower to pay back the personal loan over time, which is often simpler and easier. Usually, this option is less costly month-by-month versus the insanely high credit card interest rates that are keeping many families stuck in perpetual debt.

Paying Off Unexpected Expenses

As we saw in the example given at the beginning of this article, one of the most common reasons for a personal loan is to pay off an emergency expense. Home repairs or medical bills that need to be paid off immediately can be thanks to personal loans. Simply use the money from your loan upfront and pay it back over time.

Vacations or Get-Aways

It’s safe to say that we all need a break sometimes, so why not use a personal loan to finance your vacation? This can be a great option for people who desperately need to get away but don’t have the money available for it right away. Just use the personal loan to fund the vacation now and pay it back later. While certain self-proclaimed finance moguls may frown upon this reason to get a personal loan, by our estimation your mental health is just as important as your physical health and taking a break could spell the difference between a mental breakdown and time to relax. Be calculated with this decision, but don’t disregard it completely if you feel it’s necessary.

Learn the Facts About Personal Loans

As you can see, personal loans have a wide range of uses. Two different types of personal loans that most lenders provide are secured and unsecured loans. A secured loan requires collateral, but the unsecured personal loan, sometimes called a signature loan, does not. For the unsecured loan, the lender is only concerned with your credit and income.

If you want to learn more about your loan options, contact the experts at GetMoney.com. Finding the best online personal loans is easier than you think.

An Overview of the Types of Personal Loans

Man With Money

As you’re searching for ways to get easy payday loans online, you’ll likely come across many different types of loans. While quick payday loans might be best for you, it wouldn’t hurt to know about some of the various options out there.

Co-Sign Loans

If you don’t have much of a credit history and can find someone who has a good credit history, that person can co-sign for you. That means that he or she will repay the loan if you can’t which makes it more likely that you’ll get the loan.

Personal Line of Credit

This is actually like having a credit card. You simply borrow from this as you need to rather than all at once and then pay the interest on whatever money you borrow.

Credit Card Cash Advance

Your credit card itself can give you loans through a bank or ATM. You should be aware, though, that the interest rates are usually high for these.

Debt Consolidation Loans

If you have borrowed money from more than one company, this process can combine them all. This way, you only have to send out one bill instead of keeping track of several. It can get complicated if you have multiple loans going at once, so if possible, you should avoid doing this and only get one loan to start off with such as quick payday loans online.

Fixed and Variable Rate Loans

These terms describe whether your loan will have one consistent interest rate throughout the loan period or whether it will fluctuate based on benchmark interest rates. Variable rate loans generally come with lower interest rates, so these are generally better if you’ll be paying back the loan soon before the rate has time to change too drastically.

Secured and Unsecured Loans

Calling something a secured or unsecured loan is a way of saying whether the loan is backed by collateral or not. For instance, getting a loan from a pawnshop is a type of secure loan. If you get quick payday loans, that’s one type of unsecured loan, but you would usually repay this loan on the next payday instead of gradually over time. This is a good idea for a small loan, since it means you won’t be in debt for a long time. If you need a loan like this, contact GetMoney.com today so that they can help you get started.