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

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

No comments yet

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.

No comments yet

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.

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!

No comments yet

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.

Start your business loan request, 3-minute form No Obligations

No comments yet

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.

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.

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.

No comments yet

Hmmm… Should I borrow? That’s the question we are all faced with at one time or another when debating a new purchase or investing in our small business. No matter what we decide, the question will continue to linger in the back of our heads for a while.

Personal loans for personal purchases

I have a few rules that I follow when making a purchase for personal pleasure. First and foremost, I look at the long-term potential use of the item. Am I just excited about this right now, or will I continue to use it for the next 6 to 12 months?
If I decide it is a spontaneous purchase, then I’ll only buy it with my extra disposable cash. However, if I decide I have a long term use for it, I’ll take it to the next level to see if the pleasure it will bring is worth the cost. If yes, then borrowing at a low and reasonable rate becomes an option.
For these types of purchases the best option is generally a low interest rate credit card or a personal loan like the ones you find on Getmoney.com.
Personal loans are quick and easy. You’ll generally have your money within 1 working day. Let’s get started

Investing in my business with a business loan

This is where things get a little complicated. We are no longer making decisions based on emotions. We now have to calculate margins, potential revenue, cost savings, and all other effects of a business loan on the business.
There is no easy solution. For example, if you automate the business process, you’ll have long-term cost savings, but will face upfront expenses which can result in long-term savings.
If you expand your showroom, you’ll have more items on display. This could require a larger inventory, which means you’ll need a bigger warehouse and a higher line of credit to buy inventory.
There is a domino effect on everything you do, so you have to consider everything. Fortunately, the rates on business loans are usually moderate and affordable if purchasing new equipment or inventory.
If you are looking for access to quick capital to expand and grow your business, a quick non-bank business loan is a great option.
If you are unsure of your plans and how much you need, then get a business line of credit. The beauty of a line of credit is that you’ll only pay interest on the portion you’ve drawn; which give you great flexibility.

No comments yet

With business loans, business lines of credit and working capital loans you must take a number of factors such as cost, terms,  and payment requirements  into account before accepting one. These loans can be obtained from multiple sources such as lenders, private equity firms, and private investors. All lending sources can be categorized into two categories. First, the brick and mortar banks which I refer to as traditional lenders. Second, the not so traditional private equity firms and private investors that companies like Getmoney.com work with.

TRADITIONAL LENDERS

Traditional lenders are generally very conservative, require extensive paperwork and take a long time to fund the loans. In exchange for the extra hassles, the stringent guidelines, and regulatory requirements, they offer favorable terms. Basically, banks have better rates and terms, but what good is a low interest loan that you can’t qualify for?

NON-TRADITIONAL LENDERS

The non-traditional lenders are far more aggressive, require less documentation and fund in as fast as 48 hours. These loans range from $5,000 to $500,000 and are offered at rates around 13.99% and up.
The approval process is super simple. The lender will only require 3 month’s bank statements, a copy of your driver’s license and a signed application. The structure, interest, costs and terms of the loans are mainly determined by length of time in business, revenue, industry and business health.
A good personal credit score is not required, but it helps. If you need quick access to cash and or working capital request a business loan with Getmoney.com.

No comments yet

Building credit for your business is essential. You can qualify for business loans, working capital loans, and business lines of credit at favorable terms to business loans for bad credit.

Getmoney.com partners and lending partners cater to all credit types. Loan amounts from $5,000 to $500,000

Start establishing business credit

The first and most essential step for establishing your business credit would be separating your business credit from your personal credit.
This will minimize the risk of a personal credit history negatively affecting business credit and vice-versa.
Make sure you have a business checking account that’s not tied to your checking account. Then register your business with Dun & Bradstreet. Some lenders might ask for your D&B number, especially if you are looking to lease new equipment.
Get a business credit card. Run all business charges through the business credit card and establish a pattern of paying off debt. Good credit history is just as important as a good credit score, if not more important.

How to setup a business properly A to Z

1. Incorporate your business

Incorporating a business or setting up a Limited Liability Corporation legally separates a business from its owners, protecting the business credit from consequences of bad personal credit history of the business owner. And more importantly, it provides the business owner an umbrella protection as long as there is no commingling

2. Obtain EIN

EIN – a federal tax identification number, a social security number for your business. You are required to have this number for federal tax filings and to opening bank accounts in the name of the corporation or LLC. An EIN number is also required by many corps prior to paying out for services.

3. Open a business bank account

Create a separate business account under the name of your company and make sure that all financial transactions of your business are done through this account.

4. Get listed with the business credit agencies

Getting your company listed with one or more of the business credit reporting agencies such as Dun & Bradstreet will make the process of obtaining and maintaining good credit so much easier. Plus, it’d be good if your business credit card is from a company that resorts straight to one of those agencies.

5. Create a line of credit with vendors/suppliers

Working with at least 5-7 vendors and/or suppliers that offer you a line of credit or financing on your purchases will help establish credit for your company. You may also ask them to report your payments to the business credit agencies.

6. Be consistent with your payments

Pay all your bills on time. Business credit will suffer from late payments just as personal credit does.

If you are a small business that has been active for at least 6 months, have $10,000 or more in monthly revenue, and in need of a working capital loan or a business loan for bad credit, get started with GetMoney.com business loans.

Good business credit has multiple benefits:

• New vendors and suppliers are more willing to work with businesses that have a good credit history;
• Banks and lenders will generally offer you better interest rates and lower fees;
• It will give you more flexibility in negotiating payment terms with your vendors.

Once your established your business credit, make sure to monitor and maintain it just as you protect and monitor your personal credit. We advise you to Check all business credit reports diligently and look out for any inaccuracies.

No comments yet

For all businesses new and old alike, making sure you have enough money to operate can be a constant source of stress. There are a ton of different ways a business can obtain capital, but one of the most common methods is by applying for a business loan. Preparing a business loan application for the first time can be quite challenging and stressful. Use the five tips below to guide you through the application process and increase your chances of getting approved.

Tell Your Story

Lenders will only approve your loan application if they can be sure you will be able to pay back the loan in the future. It’s your job to document you will have the revenue necessary to do so. The lenders will most likely ask you for bank statements and the purpose of the loan, you can really help paint a better picture of yourself and your business by providing the requested documents in a timely and organized manner. Regardless of what paperwork they ask for, you should make a few essential details clear to the lenders to improve your chances of getting a loan and document your ability to repay the loan. If you have a business plan, be sure it provides the answers to the following questions:

• What industry do you work in?
• What does your business do?
• What will you use the loan for?
• Who are your clients?
• When and how do you get paid?
• What are your margins?
• Have you managed credit well in the past?
• Does your business have a documented record of success?

Get Ready for High Expectations

Nowadays, lenders are a little more cautious about who they will lend money to. They follow strict guidelines for qualifications. It is not uncommon for lenders to ask for additional paperwork or to require some kind of collateral. Prepare yourself for the possibility of a rejected application. Though it can be disheartening, it just means you will need to work with your lender to find a way to get approved for the loan and or make all efforts to improve your application strength for the next time you request a loan.

Consult an Accountant

Many business owners struggle to determine how much money to ask for when applying for working capital business loans. New businesses usually require enough funding to support 36 months of growth, so they can become profitable and sustainable. Meet with your accountant to talk about your business’s needs and to determine a realistic amount to ask for. An accountant can also help you create a financial statement and scenario plans.

Improve your Credit

You may be surprised to learn that your personal credit score is taken into account when applying for a business loan. Before applying, obtain a free copy of your credit score to see where you stand. If you need to improve your score, take the time to do it and improve your odds of getting your loan application approved.

Maintain a Relationship with Your Lender

Even after getting a loan, you should work hard to maintain a friendly relationship with your lender. They are responsible for tracking the performance of the loan and the financial health of your business. By maintaining a positive relationship, you can use your lender as a resource and receive guidance on payment solutions, cash management, financing, and more.

To find out more about obtaining capital for your business, contact us at GetMoney.com.

No comments yet

Are you looking for a way to jump start cash flow into your small business? Have you considered working capital business loans? These types of small business loans help you get the cash you need to purchase equipment, purchase marketing materials, and more. Keep reading to learn more about why a working capital loan is a good idea for your business.

Increase Your Cash Flow

Small businesses don’t have big investors funding their start-up needs like paying employees’ salaries or buying equipment. Many small business owners also don’t have a lot of extra money to put into growing the business, especially if you used your savings to get the business started. A small business working capital loan gets cash in your business within a few days.

Great for Payment Delays

Depending on the type of business you run, you might not get paid by your customers right away. If you run a business that invoices customers and gives them 30 days to pay, you might run into problems if a customer doesn’t pay their bill on time. Working capital loans give you some breathing room. They allow you to continue paying your bills and running your business while you wait for your customers to get those invoices paid.

Increase Inventory Levels

Do you run a retail business? If so, it’s essential that you have a full inventory of stocked goods for your customers. Businesses that don’t have the money to restock their inventory lose customers. In today’s world of instant gratification and 2-day free shipping from retail giants, you don’t want to give potential customers an excuse to go elsewhere. Capital loans keep your stockroom full whether virtual or stone and mortar. Remember, happy customers are repeat customers.

Equipment Purchases

Businesses thrive when their equipment works for them, not against them. What happens if you have a piece of equipment that breaks a week before a major T-shirt order is due? If you need a new screen printing press, but you don’t have that expense budgeted for this quarter, what will you do? These types of loans are perfect for covering these costs in the interim.

How to Find the Best Working Capital Business Loans

Most people begin searching for a working capital loan online. This is a great place to start, but with so many options, you might feel overwhelmed. How do you find the best loan? Look for products that offer the following:

• Flexible guidelines that accept all credit ratings
• Fast funding so you don’t have to wait long to get cash flowing into your business
• Refinancing opportunities if you can’t pay off the loan by the end of the term
• Low rate loans
• Capital loan products that meet your financial needs

When you decide to borrow money, think about how much you need to grow your business and when you’ll be able to pay back the loan. Capital loans can be as little as $5,000 or as much as $5 million with repayment terms up to 10 years. Think carefully about how much you need and the costs required to repay the loan.

If you’re looking for smart working capital loans, contact Getmoney.com to learn more about all business loan products today!

No comments yet