Top 10 Mistakes Made When Applying for a Business Loan

Whether you're applying for a business loan or a personal loan, there are common mistakes that can hinder the process. Below are 10 of the most common mistakes made when applying for a loan.

1. Not knowing your credit rating. Before you apply for a loan, you need to know where you stand. Get copies of your credit scores from the three major credit bureaus so you will know if you're likely to get the loan approved.

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Resources for Unsecured Business Loans

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Leasing Is Often Better Than Buying

Leasing refers to an owner, or lessor, selling use of his property (equipment, automobile, home, or business) to a lessee. For many individuals, leasing is a good alternative to buying because leasing requires less equity and, therefore, more people have the qualifications to lease than to buy. For example, a $1 million piece of property may be too expensive for a business to purchase, so they lease it for $5,000 per month, which they are able to do with the profits they make.

Having the latest high-tech equipment is crucial for an IT company, so they may lease the best computers and have a continuing upgrade in their contract. This is much more cost-effective than regularly having to purchase the latest model, especially because computers are constantly being improved upon and the older ones become obsolete in no time.

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Resources for Unsecured Business Loans

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Taking the Accounts Receivable Financing Plunge

Is Account Receivable Factoring for You?

As a small business owner, you know first hand the struggle of attaining capital to finance the growth of your business or meet cash flow shortages. When regular small business financing such as loans and credit are limited, some business owners will turn to accounts receivable financing. Is accounts receivable financing right for your business?


What is Accounts Receivable Financing?

Accounts receivable financing is the selling of outstanding invoices or receivables at a discount to a finance or factoring company that assumes the risk on the receivables and provides quick cash to your business. The amount of value assigned to the account depends on the age of a receivable. A more current invoice will pay more. Any accounts receivable over 90 days typically are not financed. Accounts receivable financing is also known as accounts receivable factoring or accounts receivable funding.

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Equipment Leasing

Short on cash, but need new equipment to grow? Lease what you need.

What It Is: Equipment leasing is basically a loan in which the lender buys and owns equipment and then "rents" it to a business at a flat monthly rate for a specified number of months. At the end of the lease, the business may purchase the equipment for its fair market value (or a fixed or predetermined amount), continue leasing, lease new equipment or return it.

Appropriate for: Any business at any stage of development. For start-up businesses with no revenues, "small ticket" leases, those of $100,000 or less, are feasible on the personal credit of the founders or owners-if they are willing to make the monthly payments.

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Elements of a Successful Small Business Loan Application

This article was adapted from the U.S. Small Business Administration's Small Business Startup Kit.

If you want to succeed in getting a loan, you have to be prepared and organized. You must know exactly how much money you'll need, why you need it and how you'll pay it back. You've also got to be able to convince your lender that you're a good credit risk.

Getting your loan request approved depends on how well you present yourself, your business and your financial needs. Lenders want to make loans, but they're only going to make loans they know will be repaid.

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Small Business Financing Basics

While poor management is cited most frequently as the reason businesses fail, inadequate or ill-timed financing is a close second. Whether you're starting a business or expanding one, sufficient ready capital is essential. But it is not enough to simply have sufficient financing; knowledge and planning are required to manage it well.

These qualities ensure that entrepreneurs avoid common mistakes like securing the wrong type of financing, miscalculating the amount required, or underestimating the cost of borrowing money.

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Good Debt vs. Bad Debt

It's almost impossible to live debt-free; most of us can't pay cash for our homes or our children's college educations. But too many of us let debt get out of hand.

Ideally, experts say, your total monthly long-term debt payments, including your mortgage and credit cards, should not exceed 36 percent of your gross monthly income. That's one metric mortgage bankers consider when assessing the creditworthiness of a potential borrower.

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Small Business Financing: Debt vs. Equity

Small-business owners can choose from two basic types of financing -- debt and equity. This article looks at the advantages and disadvantages of each type and how they may be used for different purposes.

Business owners who seek financing face a fundamental choice: Should they borrow funds or take in new investment capital? Since debt and equity are accounted for differently, each has a different impact on earnings, cash flow, and taxes.

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Documents to Gather Before Applying for a Business Loan

Waiting for a loan approval can feel like an eternity. The good news is that there are things you can do to expedite the process. Preparing all the documents you will need is one way to move the process along. Here are some documents to collect for your application:

• Business profile. This document describes your business, including annual sales, number of employees, length of time in business, and ownership.
  

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How can I overcome poor credit?

FORTUNE Small Business expert Patrick Thean explains how to get financing in this tough situation.

(FSB Online) -- Dear FSB: I have experience in business and hope to start a new venture in the future. However, because of some mistakes in the past, my credit is in poor condition. How can I get financing in this situation?


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What Lenders Look For in Granting Personal Loans

The lending institution considers your creditworthiness when deciding whether to extend a loan and how much of an interest rate you will pay. Your creditworthiness boils down to three things: your credit history, your income and the loan-to-value ratio.

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Resources for Unsecured Personal Loans

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Choosing a Credit Card

Shopping around for a credit card can save you money on interest and fees. You’ll want to find one with features that match your needs. This information can help you...

- Understand the features of credit cards
- Compare credit card features and costs
- Know your rights when using your credit card
- File a complaint if you have a problem with your credit card


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Resources for Unsecured Credit Cards
Credit Cards with no deposit or additional collateral required!

Resources for Prepaid Credit Cards
Guaranteed approval credit cards!




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Students and Credit Cards

Do you understand what credit is and how to use it wisely? Like many of today's teenagers and college students, you appreciate the convenience and relative safety of credit cards. But you probably also know that credit cards can cause serious problems for young people that can plague them for years to come. Knowing some simple "rules of the road" about selecting and using credit cards can help you avoid credit card problems.


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Resources for Student Credit Cards
Credit Cards with no deposit or additional collateral required!

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Guaranteed approval credit cards!




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Going on Holiday? Consider a Personal Loan

Paris? New York? Tahiti? If you're thinking about taking an overseas trip but haven't saved up the cash and don't want to wait to get the money together, a personal loan is probably the best way to finance your holiday. Another increasingly popular use of personal loans is debt consolidation, says Rod Hyde, head of consumer finance with HSBC.

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Resources for Unsecured Personal Loans
Good Credit and Bad Credit Loans for business or personal use!

Resources for Unsecured Credit Cards
Credit Cards with no deposit or additional collateral required!



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Choosing a Business Loan Type

When you’re in the market for business financing, determining what kind of loan you can qualify for is the first step.

Q: Can I get a business loan? What kind should I apply for?

A: Most entrepreneurs need to borrow money at some point. The good news is, there are many different loan programs. Unfortunately, that’s also the bad news. In other words, the money’s out there, but it can be confusing to decide which loans to apply for, especially because many loans fund specific things. Here’s a quick breakdown of some common loan types.


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Resources for Business Line of Credit

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Get Unsecured Business Loans Without Risking Your Asset

Business--the state of being busy resulting into something productive or profits in business terms. Cashes in hand is an important term in business and can be a matter of concern when it come ups to running business smoothly. You can locomote for unsecured business loans if you demand fund but dont want to put on the line your place as collateral.


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Resources for Business Line of Credit

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Bad Credit Unsecured Loans: Money To Rid Your Finance Issues

Bad credit is situation where the borrowers are suffering from a low credit score which is causing an obstruction in their financial transactions. A need of money when arises in such a situation may worsen the problems further as borrowing money involves a lot of hassle. So the borrowers can take up poor credit unsecured loans to get the money easily.

The borrowers who are suffering from a condition of poor credit may face problems in getting money for their personal needs. The borrowers can get the money without pledging any collateral with the lender and all their needs like debt consolidation, home improvement, car purchase, and wedding expenses, educational funding, etc can be fulfilled easily.

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Resources for Unsecured Loans Now
Bad Credit Loans for businesses or personal use! No collateral required!

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Credit Cards with no deposit or additional collateral required!




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What Lenders Look for Before Granting a Small Business Loan

Before lenders will grant a small business loan, they need to ensure that the loan will be repaid. Every loan is a risk, but banks and brokers want to take as little risk as possible. They look for businesses that show promise, and they award loans to businesspeople who have solid personal and business financials and are committed to the success of their businesses.

When deciding whether or not to issue you a loan, lenders may look at gross annual sales or revenues, checking account balances, profitability, and the length of time you have been in business. If your business is relatively new, the lender may ask to see a business plan.


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Resources for Business Line of Credit
Offersz financing for businesses even with bad credit!

Resources for Business Credit Cards
Credit Cards with no deposit or additional collateral required!


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Credit Cards 101: A Student's Guide to Credit Cards

How to make credit work for you, not against you

According to Nellie Mae, 81 percent of college freshman have at least one credit card. And for good reason. Credit cards enable online purchases - from textbooks to concert tickets, make it possible to rent a car, and help with medical emergencies or vehicle breakdowns. Used wisely, credit cards can be helpful throughout college, and can assist you in the development of financial management skills.


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Resources for Student Credit Cards
Credit Cards with no deposit or additional collateral required!

Resources for Prepaid Credit Cards
Guaranteed approval credit cards!



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Debit or Credit? Which do you vote for?

What's the Difference?

Credit. Every time you use a credit card, you are actually borrowing money that is made available to you by a bank or other financial institution. The institution pays the debt to the vendor, and in turn, you pay the money back to the institution. By signing up for a credit card, you agree to pay back the money that you borrowed, in addition to any interest drawn on the amount you borrowed.


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Resources for Credit Report Agencies
Don't know your credit score? Download a recent copy of your credit report!

Resources for Unsecured Credit Cards
Credit Cards with no deposit or additional collateral required!




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Why Care About Your Credit Score?

Your credit score is the single most important factor determining whether you'll get approved for a mortgage, car loan, credit card, insurance... AND, even if you do get approved, the score will determine what the interest rate will be. Bad score = higher rate. In other words, ignoring your score could cost you money!

Don't walk into a car dealership or a mortgage banker's office or a credit card application blind. Know - and understand - your credit score. Thankfully, you can take a look at your money reputation by getting your credit score along with a copy of your credit report.

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Resources for Credit Report Agencies
Don't know your credit score? Download a recent copy of your credit report!

Resources for Prepaid Credit Cards
Guaranteed approval credit cards!



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