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prepare for business loan

What Do You Need to Have Prepared Before Applying for Your Business Loan?

October 19th, 2021 by

Applying for a business loan is a major step towards bringing your idea to life or continuing to run your business however you want. Whatever your reason is for applying for a loan, you want to ensure it goes smoothly.

To help improve your chances of getting approved for a business loan, here is what you should do.

Check out our fast and hassle-free quick business loans

Know What Documents to Bring

Many businesses apply for loans without procuring the necessary documents beforehand. You can go through the process, but when it comes time to submit your request, your application will be denied or delayed if you don’t have the necessary documents.

All business loans are revenue driven and the business owner’s personal credit often plays a role in the underwriters’ decision-making process. 

If the business is well established with a credit history of some financings, such as equipment loans and equipment financing, it does not require a personal credit check.

However, business loans, merchants cash advances and lines of credit always require a personal credit check, even though they are revenue-driven for the most part. 

It’s good to know your approximate personal credit rating to discuss the appropriate options available with your loan advisor. 

If you’ve had a bankruptcy within the last year, your options may be far more limited, regardless of credit score. Underwriters look at credit history as a whole versus a simple score. If you think your credit isn’t good enough, or if you’ve had a bankruptcy within the last year, we still have options available that you may qualify for. 

Annual Revenue

Depending on your loan amount and the type of business financing you’re requesting, some lenders may ask for a complete business revenue report including all profits and losses for the last year. Although most lenders will only ask for bank statements for the last three months, except on larger loan amounts where tax returns may be requested. 

When applying for a business loan from a bank, you should be mostly concerned with their time consuming process which requires far more documents than most alternative business loan providers. If you’re short on time, and in need of quick access to a business loan, consider requesting a loan online.  

Bank Statements

As mentioned above, lenders will want to see your business’s bank statements. At the very least, you’ll be asked to provide three months’ worth of statements. Different lenders and different types of loans will have slightly different requirements.

Time in Business

No matter what type of lender you go through or what loan you’re applying for, you’re going to be asked how long you’ve been in business. Naturally, lenders will favor those that have been in business longer.

Most lenders will require your business to be at least two years old. There are some lenders that will make allowances for newer businesses, but you should be aware that you’ll be much more limited with what types of loans you can take out. 

While newer businesses can take out loans, it’ll be more challenging, and you won’t have nearly as many options.

Proof of Additional Collateral

No lender wants to approve someone who is a high risk, so you’ll be asked to provide proof of collateral. If your business is unable to pay back the loan, the collateral will be taken instead. In most cases, acceptable collateral is equipment or other sellable assets.

Additionally, some lenders may ask you to provide personal collateral as the business owner. To inquire about unsecured financing take a look at MCA.

Online Loans

Having laid out all the proof and documentation often needed by lenders, you’d be relieved to know that online loans like ours are a relatively more straightforward process involving much lesser documentation.

With GetMoney.com, all credit types are welcome, and you can get started with just 3 bank statements. We have business loans and financings that focus on business revenue vs. your personal credit history. Even borrowers with bad credit can be considered for the right business or equipment financing. We aim to serve all business owners through a hassle-free process with no upfront fees.

Conclusion

When you apply for a business loan, it’s good to be prepared. Even though everyone has different requirements, it’s good to have your business license, a copy of the last three bank statements, and a copy of the quote if you’re buying equipment ready to submit right away for faster processing. 

If you need a fast and hassle-free business loan, call us today and experience our streamlined process. It’s simple, fast, and smart. 

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What Are My Loan Options Now That the PPP Loan Program has Ended?

October 1st, 2021 by

As the PPP (Paycheck Protection Program) has come to an end, you aren’t the only one wondering what to do. Small businesses everywhere are beginning to wonder if this will be the end for them. 

The program was launched in 2020 to help businesses through the economic onslaught caused by the Covid-19 pandemic. Despite a few other options being available for small business owners, the overall outlook is grim. Some options don’t work in your favor, and others are extremely limited.

Fortunately, there are still a few loan options like online business loans that you can turn to.

Government Loans

There are still other government funds and loan programs that you can look into. One of the first places you should check is the SBA. 

Although the SBA is becoming more stringent, there are still a few programs that your small business could be eligible for. The sooner you find them and apply, the better off you’ll be. 

One available option is the Economic Injury Disaster Loan program. Offering up to $150,000 in aid and up to $10,000 in emergency funds, it could be a viable option. Take note, though, that the program has faced several delays and rules changes, making it difficult for applicants.

Another government program available to small businesses is the 7(a) Program. Its main use is working capital and business debt refinancing. You can even take advantage of the 504 loan program on commercial real estate and heavy equipment purchases.

For businesses in search of a more significant loan, the Federal Reserve has a program known as the Main Street Landing Program. With a minimum loan of $250,000, it’s aimed more for small to mid-sized businesses.

There are also NIH grants offered to small businesses focused on developing and researching biomedical technology related to Covid-19.

Other Loan Options

Despite the large percentage of small businesses that expect to need additional financial support, most lending facilities have tightened their credit or focused on other programs like the PPP. 

Businesses that know they’ll need larger funds in the next 12 months can consider talking to their banks. From here, you can either take out a loan or get a line of credit. As a line of credit is more flexible, it’s recommended that small businesses choose this option over a loan.

It’s important that you remain wary about accruing more debt. Businesses that have been struggling for a while or even before the pandemic should be especially careful. 

For interested businesses, revenue-based financing is another available option. In this case, the bank will provide the money upfront so that your business can provide a specific product, be it a service or a good. When your business takes back off, you’ll pay the bank.

While revenue-based financing can be good for some businesses, it can be difficult if your business doesn’t rebound successfully. 

The last loan option you should consider is going through a credit card company. As the loan interest is often high and you can’t guarantee when you’ll be able to pay it back, this is not the best option. It can lead to higher payments and higher debt quite quickly. 

Online Business Loans

Online business loans tend to give small businesses quick access to cash flow issues, inventory, or other business-related expenses. Most online business loans offered by GetMoney.com are based on your revenue, and you only require 3 bank statements for verification. You can expect minimal paperwork as compared to traditional loans that require a lot more paperwork and longer processing times.

Conclusion

While the end of the PPP loan program is devastating for many small businesses, it doesn’t have to mean the end. There are other options, even if they are less favorable or more limited. No matter what loan you end up applying for, it’s essential to keep track of the debt you take out for your business. 

alternative funding

Alternative Business Loans

August 23rd, 2021 by

What is Alternative Funding?

You might already be familiar with various funding options from your bank since most people know how to get a fast business loan. This isn’t your only option for funding though, not if you consider alternative funding options.

Alternative funding is a little broad as a term, but you can think of it as any sort of financing that is outside of a bank. For example, even getting a loan from your parents would be considered alternative funding. Certain companies provide alternative loans as their business too.

Alternative Funding Options

Often, small businesses struggle to get their business loans from the bank. This is where alternative funding options offered by non-bank lenders come into play. Realistically, you can get a loan from many places now, and there are many common alternative funding options.

Term Loans

Basically, you get a sum of money that you pay back with interest over an agreed-upon time period. This is similar to a bank loan, but you can get one through an online lender.

You might also notice that these business loans are a little more expensive than other options, and it may be difficult to qualify for. The applications are quick and easy though if you need that loan quickly.

Short-Term Loans

Just like a term loan, a short-term loan is where you receive money that you pay back over time. You’ll just have a shorter payment time such as 18 months rather than a couple of years.

This is a great option if you need a loan very quickly, but it’s true that you might end up paying more than you would for any other loan.

Lines of Credit

A line of credit is a great thing to have in the case of an emergency, rather than trying to get fast cash when you need it. Think of this like a credit card where you have an amount of credit you can use, and where you will only pay back what you use. There will be interest involved too.

Business Credit Cards

Instead of a line of credit, you can also get a business credit card. Now, small business owners should have one of these anyway. While you can’t finance your entire business with just one, you can alleviate some of your expenses. It’s good to have a business credit card anyway to earn cashback, points, or miles too.

Equipment Loans

This is a loan that you’ll really only use if you’re buying a new piece of equipment for your business. You can get a loan that will cover the entire value of the equipment you need. That equipment will remain collateral for your loan as you begin to pay it back.

This type of loan may take longer for you to receive since all purchases need to be audited, plus equipment depreciates over time. However, you can get cheaper business financing with this loan.

Invoice Financing

Not all businesses have tons of cash coming in right away. That’s where an invoice financing option comes into play. This is when a lender will advance an amount that’s at least 50 percent of any outstanding invoice.

When a customer pays you, you pay the lender. You’ll pay a little extra to the lender too, but this is a quick type of loan that might come in handy.

Merchant Cash Advance

This is the most expensive loan out there, although they’re easy to qualify for. You can receive a loan like this as a type of cash advance that you pay off with a fixed percentage of your credit card sales each day. The benefit of this loan is that the amount you have to pay back changes, depending on your sales. However, the cons include the fact that the APR can go as high as triple digits, affecting your business cash flow.

Equity Financing

Consider this option if you’re looking to raise funds by selling your business’ shares—and only if you’re alright with giving up some of the control over your business. If your business has a lot of potential for high, fast growth, this option may prove to be very effective and affordable. However, for many new businesses, giving up some control of your business may not be something you want to do early on.

Crowdfunding

You’ve likely seen many crowdfunding campaigns for various businesses, products, and people. You will be able to use this type of financing to receive funding from various individuals or investors and can set up your campaign on any one of the popular crowdfunding platforms.

This type of funding is great if you want to build on your add on to your business finances, and it’s great if you can’t qualify for other types of funding. It does require a lot of effort, outreach, marketing, and monitoring though.

When Will Your Small Business Need Alternative Funding?

When you’re running a business, there are many instances when you might need alternative funding options, especially if you’re unable to or don’t want to get a loan from the bank.

As small business owners are launching the business, they’ll want some alternative funding to market and expand the business—especially since placing advertisements can get expensive. 

Alternatively, small business owners might want to scale up the business and this requires a lot of funds. With alternative funding, they’ll have the cash flow they need to set up and scale up the operations.

As the business is expanding, there might be unexpected expenses too. This is the third reason why small business owners might want some alternative funding: to cover anything unexpected. This can include necessary equipment or things that are damaged in the case of weather events. 

All in all, alternative funding will arrive more quickly than a bank loan, so small businesses can continue with their daily operations.

Why Use Alternative Lenders?

You can get a loan from a bank, so why should you consider a form of alternative business financing? In actual fact, there are many positive benefits to this form of business financing.

Quicker Access

Traditional business loans may cost less over time, but they will take longer to gain access to. You’ll need to spend more time applying for the loan, learning about the process, and waiting for the money to get to you.

With alternative funding, there’s much less paperwork involved, not to mention that you’ll see the funds transferred to you more quickly. There are fewer delays you might need to deal with.

Easier Approval

It can take a lot to get a loan from a bank, as banks tend to have strict lending criteria. Those without the best credit might struggle to get a loan from a bank, and new businesses will have a hard time without much experience or without a track record of success.

Alternative business financing options have fewer hoops to jump through and are more willing to lend to businesses that are just starting out. There is an increased APR, but the financing is just the thing you need to get started.

Flexibility

At its core, you have more flexibility when it comes to alternative business financing options. You can choose which option will work best for your business. If you’re looking to get your business started, getting an alternative source of funding will do a lot to clear you of paperwork and give you the funds to get started.

Is Alternative Lending Appropriate For Your Business?

You have a lot of options for funding, and there are definitely benefits that accompany alternative business funding. But, that doesn’t mean that it’s right for small business owners.

Consider first if it’s possible for you to get a bank loan since these do have lower rates. If you think it will be better for you to go with an alternative option, consider the qualifications you’ll need to get a loan and the lender that you’ll be working with. 

For example, you’ll want to go with one of the top alternative business loans if you have stronger personal credit and business financials, which will provide you with a better rate.

Think about whether the loan is something you need immediately, and which type will work best for you.

How Do Business Owners Get Alternative Business Funding?

There are generally two ways you can get your hands on alternative business funding.

Alternative Business Loan Broker: Try talking to an alternative business loan broker to sort through your options. Make sure you find one you trust and make sure to ask them which lenders they work with and if they have any reviews you can read.

Alternative Business Loan Lenders: You can work directly with a loan lender as well but start by looking through their reviews and understanding their products. Make sure that you’re working with a legitimate lender.

Of course, you can also spend some time applying for your loan online. If your loan allows you to do this, just be sure to know the requirements associated with it.

Conclusion

You’re looking to expand your business and ultimately be successful. Sometimes, the best way to do that is with an alternative form of business financing that will provide you with the funds that you need to start or grow your business. Do your research and go through your options carefully. Make sure that you compare your funding options before making your decision. The most ideal loan will have the best terms for your business along with the most affordable rates.

 

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Business Loans for business owners with bad credit

October 1st, 2019 by

Where to get a Small-Business loan with bad credit?

Bad credit to most business loan lenders is a borrower with a FICO score of 625 or less. Borrowers with low credit scores are considered high-risk borrowers, which explains why traditional lenders reject so many business loan applications. Luckily small business loans offered through companies like GetMoney.com are not credit score sensitive.

Bad credit business loans available in 2019

  • Small business loans
  • Working capital loans
  • Merchant cash advances
  • Short term business loans
  • Invoice financing
  • Purchase Order financing

Best business loans for bad credit, 525+ FICO score

If you are looking for a loan between $5,000 and $500,000 to expand your business, consolidate business debt, refinance existing debt, and other general purposes, GetMoney.com can help.
Small business loans for bad credit are based on the health of your business. Thus, your credit score isn’t the primary factor in getting approved for a small business loan.
Traditional lenders that work with small business owners are very conservative with strict guidelines. Alternative small business loan lenders have flexible guidelines that allow them to focus on the revenue generated and expected future cash flow.
Alternative business loans get approved with only 3 months of bank statements, making these loans a go-to source for access to immediate cash.

How do you get approved for a business loan with bad credit?

Just because you have a few blemishes on your credit history, it doesn’t mean your business isn’t thriving.
Find a financing company that offers business loans for business owners with poor or bad credit. GetMoney.com is an excellent option for these loans. When you complete the request, be sure to have 3 months of bank statements and a copy of your government-issued id ready to send out to your loan adviser. Yes, it’s that simple, and that’s all that you’ll need.

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Best alternatives to business loans for bad credit

The best alternative is a business line of credit. Business lines of credit normally have favorable rates to business loans and are easy to use. If you don’t have an open business line of credit, get creative. 

One option is to see if your credit cards are offering promotional rates. The zero-interest checks and zero balance transfers are ideal.

The other options are invoice financing and purchase order financing. These loans are available if you have invoices that you expect to get paid on, or if you have purchase orders.  

Neither loan requires a monthly payment as long as your client or vendor pays their invoices on time. Unlike business loans for bad credit, these loans are not based on your credit, which could translate into a low-cost alternative. 

Required time in business is less than one year!

Yes, you read that correctly! Business loans for bad credit offered through GetMoney.com only require a business to be in business for six months. If you have at least $10,000 per month in revenue, you have an excellent chance of getting approved for a small business loan. 

Home-based incorporated businesses are OK. 

In conclusion

Business financing for business owners with a 525 and higher credit is available. To see what your options are, request a business loan today and you could have the funds in as little as two working days. 

If you don’t know what to do or have questions, schedule a call with a business loan adviser to review your options. This is a complimentary service offered by GetMoney.com

Build Business Credit with Bad Personal Credit

Build Business Credit with a Bad Personal Credit

August 24th, 2019 by

Business loans for bad credit don’t require excellent personal credit. You can get a business loan with a fico score in the 520 range. Working capital loans, merchant cash advances, and business are about the health of your business, not your credit score.

GetMoney.com work with a number of lenders that specialize in catering to entrepreneurs looking for business loans with bad credit.

Business loans for new business

Fortunately for entrepreneurs, there are alternative business loans available. Alternative business loans fund fast and require minimum documentation. The quick process and little documentation required makes these loans an excellent alternative to business loans from traditional sources.

Minimum requirements for alternative business loans are:

  • At least 6 months in business
  • 3 months bank statements
  • A minimum deposit of $7,500 per month

Although credit decisions and risk assessments for alternative business loans aren’t solely based on the borrower’s credit score, it still plays a major role in establishing a borrower profile. A borrower can have a low credit score, but a strong credit history documented by on-time payments.

Improve your bad credit with a business loan

Instead of continually maxing out your credit cards, consider getting a business line of credit or a quick business loan for bad credit.
The high debt to credit ratio causes your credit score to drop, which makes everything more expensive. A business loan for bad credit will most likely have the same rate as a maxed-out credit card.
The benefits of getting a business loan and keeping your credit card balances low include improved credit scores, qualifying for better business loans, auto loans, and mortgages, which will ultimately put you in a better position.
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Appear as a stronger borrower

#1 improve your credit profile

Minimize your expenditures, this is the simplest start to improving your credit profile. Lenders will look at your overall obligations, and the less they see, the more they like you.
Budget accordingly, put off unnecessary purchases, and pay-off all small debt that shows on your credit report before requesting a business loan. Keep in mind, doing this will improve your credit, but more importantly, it strengthens your profile, which could turn into a lower interest rate business loan. To see what your best course of action is, start a loan with GetMoney.com. Business loans through GetMoney.com have competitive rates and flexible guidelines for loans up to $500,000.

#2 separate yourself from the business

I recommend using a business card for all business-related expenses. Pay business expenses through the business accounts, even if you are taking money from your personal account to pay the bills. Treat it as a loan to the business.
Lenders like responsible borrowers. It might not look like much on paper, but underwriters are usually biased towards borrowers that are organized and responsible.
If you are ready to see what you qualify for, request a no cost, no obligation loan.

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Get The Best Business Loans For 2019

August 21st, 2019 by

Business loans and working capital loans are excellent for any small to medium size business in need of quick money for operational expenses, payroll, and recurring bills.

Get the best rates for business loans

Banks and traditional financial institutions offer the best interest rates on business loans and working capital loans. The problem is that they are conservative, have strict guidelines, and require full documentation of business financials.

If you are short on time and need access to a business loan fast, you should work with a company like Getmoney.com. Business loans offered by GetMoney.com partners, affiliates, and lending partners are fast and straightforward.
Underwriting can provide a decision within hours, and the loan can fund in as little as two working days. Another great advantage of online lenders is the minimum required documentation.

Required documentation for online business loans

  • 3-months bank statements
  • A copy of your driver’s license
  • A copy of a voided check
  • The applicant must own 51% or more of the company
  • A home-based business must be incorporated
  • A credit score in the low 500’s is OK

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The best place to get a fast business loan

There are a lot of useful websites you can visit to inquire about business loans. It comes down to what you are comfortable with, and the level of personal attention you are looking for from the company you choose.

I don’t like sites that ask a few questions to display generic rates and fees from multiple lenders. There is no way to know if I would qualify for any of them. Some lenders require large monthly deposits, time in business, frown upon bankruptcies, and other factors that I wouldn’t know about by merely looking at generic rates.
I prefer to complete one form and receive quotes that I qualify for based on the information I’ve provided.

The business loans you can request on GetMoney.com are excellent because a borrower completes one form, and they’ll do everything from there. The request is reviewed by multiple investors that offer loans to borrowers with your credit profile. The lending partners and affiliates GetMoney.com works with only require a soft credit check, which protects your credit score. Thus, having multiple sources look at the file will not lower your credit score. Let’s get started
If the underwriters can’t process the loan with a soft credit check, the request will be shared with a business loan partners that run a hard credit check.

Working capital loans to grow your business

If you are about to expand your business and need immediate access to money for your business, a business loan will provide quick access to
capital.
Depending on what you are doing and how you plan to expand, equipment financing is an option that’s well worth considering if you are buying new equipment. Learn more

Financial products for small businesses

Business loans, any loan given to a company for business use without restrictions. It can be used to renovate, major purchase, payroll, and all other expenses a business may have.
Business lines of credit, think of this as money on demand. You’ll be approved for a specific amount which will is your business line of credit limit, and you can access it at any time.
Working capital loans are money for business use. Generally used for paying outstanding invoices, emergency repairs, covering shortages for seasonal operations, and keeping a business afloat.
Merchant cash advances are not loans but work like loans. A business owner will receive a lump sum of cash today based on projected future sales. The future revenue of a business is calculated by reviewing last three months of bank statements. They are not considered loans, because the repayment is based on a percentage of daily or weekly sales. If the sales go down, it will take longer to repay the debt and no additional costs.
Equipment financing is offered as a fixed term loan or a lease with a buyout value at the end of the contract. Since the equipment secures the loan or lease, you will receive favorable terms.

Business loans vs. P.O. financing

Every business in the B2B space will experience a cash shortage at some point. Some small businesses will experience shortages because of unpaid invoices by their clients.
A company in need of quick access to a business loan, can get a loan today in exchange for their outstanding invoices. This is known as a purchase order financing.
A loan is based on what you’ve collected in the past, not what you expect to receive. Thus, it is a bit riskier for the lenders and may carry a higher interest rate.
You can’t say one better than the other; they are just different. With GetMoney.com business loans, you only complete 1 form and they’ll check for the best options available. The same request is used for processing business loans, business lines of credit, MCA (merchant cash advances), equipment financing, working capital, and more. Learn more

Need a loan

How to Avoid Suspicious Lenders When Applying for Loans Online

August 3rd, 2019 by

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 do a credit check before taking approving a loan or taking any further steps beyond the application. Your credit score indicates how responsible of a consumer you are, and will let the lender know if you can be trusted to repay the 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 unsolicited, you shouldn’t pay them much attention. Spammers can send out millions of calls 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 recognize the name and know they can be trusted.

Be Wary of Up-Front Fees

A major indicator of whether a lender is legitimate or not, 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.

How to Get a Business Loan in a Few Steps

How to Get a Business Loan in Just a Few Steps

August 1st, 2019 by

Access to sufficient business financing is an essential part of starting and maintaining a successful business.

How do we determine what is sufficient and what is not? Unfortunately, there is no simple formula for calculating the exact amount of money a business will require.
The only proven strategy is to estimate known expenses. For example, the number of employees required and expected salaries, rent, insurance, and everything else, including hardware that you know is necessary for the day to day operations.

As a rule of thumb, I add 10% to this figure for the unknown and unforeseen expenses that may catch you by surprise. Once you’ve come up with a number, you either have the cash or need to get the cash somehow. If you have it, great; but what if you don’t?
Fortunately, there are financing programs for start-ups that you can apply for. Do your research and be prepared to go through the stringent small business loan approval process if you decide to proceed with an SBA loan.

If you’ve been in business for more than six months and need access to funds very quickly, alternative business loans are a great option. Business loans offered through getmoney.com can fund in as little as two working days and only require three months bank statements for approval.

Here are 4 easy steps you should take before accepting a loan

1. Think about why you need a business loan

Lenders will undoubtedly put this question before you. Do you need start-up capital, have business expenses that require immediate attention, or do you need the security cushion for the unexpected?
Is your business brand new, or have you been in business for a while? If you’ve been in business for a year and you need a sense of security, a business line of credit like the ones offered by Getmoney.com could be a great choice.

If you’ve been in business for more than six months and need immediate access to money for business expenses, business loans and working capital loans are a great choice.
Easy to qualify for business loans offered through GetMoney.com are quick and straightforward. It only takes a few minutes to complete the form, and the business loan can fund in as little as two working days.
Perfect credit is not required, and some borrowers may qualify with a fico score of 520. The only documents needed are three months of bank statements and a copy of your drivers’ license. Get started with a business loan

2. Decide on the type of a loan you need

The financing you apply for has to be in line with your purpose for seeking a business loan. For example, if you need the money for a one-time nonrecurring expense, a business loan is what you must consider.
If you intend to use the cash at some point in the future and plan on paying it back quickly, go for a business line of credit.

If you are starting a new business, you look into an SBA program. Make sure you have a professional business plan and all your documents ready to go before applying for an SBA loan.
If the SBA loan doesn’t work out, consider using a low-interest credit card to get you through the early stages of your business.

3. Look for a lender whose criteria’s you meet

A small business loan can be obtained from various places such as banks, private lenders, and online lenders.

Once you decide which lender you are most comfortable with, go ahead and take a look at their qualification criteria’s and apply with the one that suits you the best.
Banks are generally a good option if you have excellent credit, collateral, and time for a lengthy approval process.

If you don’t have perfect credit, current tax fillings, and all the other stuff traditional lenders are looking for, try an online lender.
They have more flexible guidelines at competitive rates. For example, you can request a loan up to $500,000 in just minutes on Getmoney.com. Their lending partners and lending network accepts borrowers with low fico scores, bankruptcies, NSF charges, and require minimal paperwork. Business loans are offered to businesses in 750+ industries.
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4. Get organized and apply

Once you know what you want and what you qualify for, get all your documents organized and get started. Good Luck!

Small Business Financing

Small Business Loans

July 15th, 2019 by

The right business loan can be the difference between survival and success. 

The most challenging aspect of successfully operating, expanding and managing a small business is financial planning and budgeting. Regardless of how conservative or aggressive you are, occasionally you’ll find your small business in a bind and short on cash.
You could be short and in need of a fast business loan to expand and grow, or you could be short on payroll. Either way, non-bank online business loans are designed to meet all your business needs under most circumstances even if you have bad credit (fico as low as 550).

The question is how do you get access to fast business loans?

You have a couple of options;
A. Approach friends and family for a loan (I don’t recommend this).
B. Look for a partner.
C. Start looking for investors or do it the easy way, request a fast business loan online. Let’s get started

How to get a fast business loan online?

How you go about getting a fast business loan online is critical. Working with a trusted and reputable business loan lender like the ones Getmoney.com works with will significantly improve your chances of qualifying for the best business loans online.
Most traditional lenders have very strict lending guidelines. At GetMoney.com, all lenders and lending partners meet the professional standards required by GetMoney.com.
The lender’s in the GetMoney.com network offer very competitive rates with flexible guidelines. Business owner’s with bad credit can qualify for business financing.

STEP #1: ANALYZE YOURSELF AS A SMALL BUSINESS LOAN BORROWER

Before applying for a business loan, you have to review your credit, business credit, and tax filings to see how strong of a borrower you are.
If you have excellent credit (both personal and business) and show substantial income on your tax returns, you can apply for a business loan through traditional lenders like banks and credit unions.
However, if you have blemishes on your credit, or don’t show much of a profit on your tax returns, you have to consider other options such as online business loan lenders.
Online business loans can be more expensive, but they are fast and convenient.
Fast business loans online, can fund in as little as 2 working days and are not credit sensitive. Request a business loan with only a few clicks on Getmoney.com.
Forms are quick and simple to complete. One loan request will be reviewed by multiple lenders in our network for the best rate and program available. All Credit checks start with a soft pull which won’t affect credit ratings.
Required documents for fast business loan approvals on Getmoney.com are 3 bank statements and a copy of your driver’s license.

STEP #2 GET ORGANIZED

All traditional lenders require certain documents. The commonly requested documents are bank statements, tax returns, business license, rental agreements, and other documents required to determine your creditworthiness.
I recommend having all these documents organized and ready to go before applying for a loan with a traditional lender. If you request a loan through Getmoney.com, only 3 bank statements and copy of driver’s license will be required for loans under $150,000.
To help with the process, an agent will call you immediately to review your request and explain the documents.

PRESENTATION OF DOCUMENTS AND FUTURE PLANS

If you are asked for business plans and projections of estimated future growth, be sure to deliver everything professionally. Ultimately, you have to be sure the underwriter clearly understands what you are trying to do.

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Basics of Getting a Business Loan

Basics of Getting a Business Loan

July 13th, 2019 by

GUIDE TO APPLYING FOR A BUSINESS LOAN

Running a small business has many difficulties. Perhaps the most challenging aspect of successfully operating and managing a small business is the financing aspects it.
Occasionally, you may find your business in a bind and short on cash. Or you may be presented with opportunities that could help expand and grow your market share; all of which require business capital to take advantage of.

The million-dollar question is how do you get a fast business loan online? You can approach friends and family for a loan (I don’t recommend this). Put your business out there and look for an investor/partner who can bring cash to the table; or do it the easy way, apply for a business loan or a business line of credit online.

Basics of Getting a Business Loan

How you go about getting a business loan is critical. I suggest you think out of the box and take advantage of the modern tools available to borrowers. Working with business loan providers like the ones Getmoney.com works with, will significantly improve your chances of qualifying and getting approved.
Most traditional lenders have very strict lending guidelines, but the Getmoney.com lenders and lending partners accept all credit types and offer competitive rates with flexible guidelines.

STEP #1: ANALYZE YOURSELF AS A BORROWER

Before applying for a loan, you have to review your credit, business credit and tax filings to see how strong of a borrower you are. If you have excellent credit (both personal and business) and show a substantial income on your tax returns, you can apply for a loan the traditional way by going to your local bank. However, if you have any blemishes on your credit or don’t show much of a net profit on your tax returns, you have to consider other options.
The other options are not necessarily worse or more expensive, they are just a new way of doing things. For example, you can request a loan up to $500,000 with a couple of clicks on Getmoney.com. They have a much quicker process, more flexible guidelines, and will require much fewer documents. If approved you will receive competitive offers for business lines of credit and business loans.

STEP #2 GET ORGANIZED

All lenders will require certain documents such as bank statements, tax returns, business licenses, rental agreements and other documents required to determine your creditworthiness as a borrower.
I recommend having all these documents organized and ready to submit before applying for a loan. If you request a loan through Getmoney.com, an agent will call you to review your request and the required documents. Having 3 months of bank statements, a copy of your driver’s license will expedite the process.

guide-business2

PRESENTATION OF DOCUMENTS AND FUTURE PLANS

If you work with a traditional lender and are asked for business plans, projections, and estimates of future growth, be sure to deliver everything in a professional manner. Visual presentations with charts and graphs are great. Remember you have to make sure the underwriter clearly understands what you are trying to do and why it’s a good business decision. The clearer the better.