Apply For A Traditional Loan: Fill & Download for Free

The process really depends on which of two main routes you take: bank or lending marketplace.If you go with a traditional bank, you’ll need to assemble a mountain of documents (such as personal and business tax returns, personal financial statements, business licenses and registrations, articles of incorporation, and commercial leases). Armed with this truckload of paperwork, you’ll then head from bank to bank, seeking the right small business loan for your unique needs.Just know that banks reject about 75% of loan applications. And the kicker to this story is that it usually costs money to apply for a bank loan and the application process takes an average of 29 hours.A online lending marketplace on the other hand, makes it much easier to get approved for a small business loan. First off, you won’t need nearly as much paperwork to apply. Second, an online application connects you with loan options tailored to suit your needs. Third, the application process is totally free; you only pay when your loan gets funded.At Lendio, once your application is complete, one of our funding managers will contact you to discuss all your loan options. Feel free to ask lots of questions and take as much time as you need in order to find the loan that's a perfect match. When your choice is made, your funding manager will help you finish up the details and finalize the loan with your lender. It’s as simple as that.

No credit card, on the other hand, means you haven't had any recent credit activity that the credit bureaus can use to generate a credit score. No one actually has a credit score of zero, even if they have a troubled history with credit. The FICO scoring model, for instance, ranges between 300 and 850.As Education Director explained in the seminar, it’s possible to have a credit score without a credit card. Any of the following actions or events would create a credit history that translates into your score:You took out student loans to get through college, even federal student loans that didn’t require a credit checkIf you’ve ever financed a car with an auto loanPersonal loans through a traditional bank also countFinancing furniture or electronic purchases on store creditYou received a court judgment that requires payments, such as alimony or child supportIf you had any type of account – including service contracts for smartphones – go into collectionsBasically any loan, civil court judgment or collection account creates a credit history. This is the basis of the information used to build your credit report. Then in turn, your credit score is calculated based on the information contained in that report.Steps to take if you have limited credit historyIt’s important to note that simply having a credit score isn’t a sign you can get approved. Bad credit can is just as hard to overcome as no credit. Either may present challenges on major financing approvals, like what you get when you apply for a mortgage.With that in mind, if you only ever had one loan and had trouble with repayment, or you’ve had several service accounts slip into collections then your credit score may be problematic to future loan and credit approvals. What limited credit history you have to generate a score would be negative.In this case – or even in the case that you’ve never had any credit at all and really have no credit score – you should take the following steps:Step 1: Know where you standGo to Annual Credit Report.com to download a free copy of your credit report. You will be able to get a copy of each report you have from TransUnion, Experian and Equifax. Those are the three main credit bureaus and they each maintain their own version of your credit profile. This website allows you to download your reports entirely for free, no strings attached.This allows you to check your credit to see where you stand. You may believe you have no credit score, when in fact you have generated a history at some point. So check the government-authorized report download website to make sure you really don’t have a report.Step 2: Start small to build creditSmaller financing will be easier to get approved for. This includes opening a secured credit card or applying for a small traditional loan. Both of these will give you a small credit line to repay, so you can build a positive credit history.In most cases, a secured credit card will be the easiest to get approved for even with no credit history. You simply need a small cash deposit to open a credit line of equal value. If you deposit $200, then you have a credit line of $200. Just make sure you’re applying for a secure credit card and not a prepaid credit card. The first allows you to build credit; the second functions more like a debit card and doesn’t build credit history.If you have an aversion to credit cards, try a small personal loan. Make sure to go for a traditional loan, where you apply and they review your credit. No credit check loans, such as payday loans, typically have high interest rates and finance charges. It’s expensive and in many cases, bad for your finances.Step 3: Build your credit history for 6 monthsWhichever type of credit you choose, pay it off responsibly for at least six months. Make sure to make all of your payments on time. If you have a secured credit card, try to pay off the balance in-full every month.After roughly six months to a year, you should have enough credit history to qualify for other financing. If you want to apply for large-scale financing such as a mortgage, you may wish to consult with a credit counselor or housing counselor. These experts can help analyze your credit and make recommendations to help you get the approval you want.Additional ResourcesIf you need help building your poor credit , deleting of late payments, student loan, charges off :get in touch with me today.Thanks.

There are plenty of reasons a business might seek a merchant cash advance. Perhaps a piece of crucial equipment unexpectedly stopped working. Or maybe there’s a new business opportunity that is simply too lucrative to pass up.There are some key differences between a traditional loan and a merchant cash advance, and it’s important to understand these before you apply. First off, with a merchant cash advance, you can get the funding faster, so they’re ideal for covering those unforeseen needs. A cash advance also allows you to borrow against future earnings; they’re repaid by having a percentage of your credit card deposits withheld each day.Cash advances are typically smaller than traditional loans. They usually range from $5,000 to $200,000, with terms up to two years. You don’t typically need collateral to secure a merchant cash advance, but you will need to submit bank statements from the last four to six months as well as show receivables to ensure you have the cash flow to support the advance.When you need funds fast, a cash advance can be a game-changer for your business.