That’s grim…really really grim

The central bank again pumped up its benchmark interest rate another three-quarters of a point with more hikes likely to come. That means credit card and loan interest rates, which move in tandem with Fed increases, will follow suit in 30 to 45 days  

The the average variable credit card rate is now 18.16%, the highest in 27 years. And with today’s rate hike means that most credit cardholders will soon face rates that are three full percentage points higher than they were at the start of the year

And it’s not credit card debt to the consumer, small business will feel the effects of higher rates, shorter terms, and harder to get approval for those much-needed loans

Many Americans have tapped credit cards to combat the escalating cost of everyday goods or services the Federal Reserve’s move this week may have grave consequences

As lenders, we know the rates are higher from a few years ago to get loans to consolidate debt, but in retrospect those loans will be higher soon and my guess lower than the credit cards. The other advantage to refinancing your credit card debt (or nay debt) now is you have a light at the end of the tunnel…once your loan is paid you could be debt free from the horrors of credit card jail 

Bottom line…unfortunately for many Americans the federal reserve raising rates(many more to come) , Washington spending like lunatics (can’t do both and lower inflation) , high inflation, overloading credit cards could lead to massive defaults and huge increase in bankruptcies

Now may be the time to act, Use our search program of over 30 plus lenders and banks for your personal or business loan without affecting you credit score.

Lendingcapital.net 

Come Play with us…

Come play with Us…

Come to our website and play…

FIND OUT WHAT IT COSTS TO GET A LOAN:

Use our online calculator to check what a Mortgage – Business – Personal or any loan would cost …gives you a full amortization schedule…

Understand your credit score (FICO) – fix what is broken (we have a free checklist) – be realistic on what you can afford (current debt vs income)  before you apply…

Are you Ready?

A very trying year so far if you are in business or individuals trying to make ends meet.

More likely than not we will be (or are already) in a recession possible 2023 a mild depression.

Shore up your finances with a business or personal loan or line of credit as a back up to protect yourself & family. 

Don’t wait until you have exhausted all of your resources or maxed out your credit cards as this will bring down your fico score and make it harder to get a loan of any kind.

Next: check your credit bureaus for any discrepancies or problems…correct them now – we have a check list on our website.

Be Prepared – Be Informed – Take action

Health of Small Business

It affects our everyday lives

Uncategorized / By Frank Eberhart

I have many requests to repost my mental health post: so here it is

I’ll make this short and sweet…Break the mold

I’m not talking about financial health -although if you are not thinking clearly or stressed it can & will affect financial health.

I’m speaking about physical, mental, stress health of small business owners and employees

Needless to say money, finding good employees, making payroll, paying general bills, and having enough left over to try and expand the business are always key factors in the stress test for small business. We are always looking for money, better marketing, and lead generation.

What we neglect is ourselves. Yep, sleep, eating right, vitamins, exercise, working 60-80 hours a week.

All of this overlaps into our personal lives as well, family relationships, kids, parents, friends, and lack of social life.

First things first see your doctor (this is men & women)

  1. Regular checkups
  2. Get a cardiologist
  3. Start a routine exercise program (home or install at work) at least 10-15 minutes of exercise 3 times a week
  4. Vitamins-get a complete vitamin like Alive (fruits & veggies plus)
  5. Use a sports workout enhancement like Six star in the morning or before working out.
  6. Use a testosterone supplement (adds energy, stamina, and other good things)
  7. Not sleeping ask your doctor for something that will help…melatonin is good
  8. If need be change your diet or set up where you eat healthier and more regular meals
  9. Take at least one day or weekend & take your spouse, boyfriend, girlfriend out to dinner & relax

Take a few minutes a day to meditate…you will be surprised on how it can help.

All of these things combined work, I know from my own experience-a healthy mind and body

Try it…

REFINANCING STUDENT LOANS

Refinancing Student Loans

Student refinancing loans can help individuals pay off their student loans and repay the amount at a lower interest rate than the original. This type of loan differs from other types of loans in the fact that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still in school.

Student refinance loans are becoming increasingly popular with college graduates looking to save money. Using one of LendingCapital’s lending partners, you can find the best interest rate and apply for a student loan refinance in minutes.

How do Student Refinancing Loans Work?

Many students take out student loans to pay for their post-secondary education. With student loan refinancing, the lender pays off the student loan for the student. The students then have to pay back the loan at a lower interest rate than that of the original student loan. Refinancing your private student debt with another lender can also help you lower your monthly repayments or remove a cosigner.

When is the Best Time to Refinance Your Student Loans?

Before refinancing your student loans, you should make sure you’re in a financially secure position to pay them back on time and have the credit score or a creditworthy cosigner to qualify to get competitive rates. Another thing to note is that if the interest rates drop, you can also consider refinancing again for better terms.

You should also make sure you don’t need any federal plans or protections before you refinance your loans. Once you refinance federal loans with a private lender, you’ll no longer have access to federal plans.

Eligibility to Refinance Student Loans

Before you proceed with refinancing your student loans, check that your loans are eligible and make sure your choice is the right fit.

Eligibility for Federal Student Loan Refinancing

Most but not all federal loans are eligible for federal student loan consolidation. You will be eligible to consolidate a federal student loan after you graduate, leave school or drop below half-time enrollment.

Eligibility for Private Student Loan Refinance

Eligibility for private student loan refinancing depends on various factors including:

  • Minimum credit score: You’ll usually need a minimum credit score in the good or excellent range. But even if you qualify for refinancing, you may not get a lower interest rate than you have now.
  • Credit history: Lenders typically review credit history for derogatory marks, such as late payments, and consider this information to determine your creditworthiness.
  • Proof of income: Lenders will often have minimum annual income requirements that you need to meet to take out a loan.
  • Debt-to-income ratio: The debt-to-income ratio or DTI ratio is the percentage of your total monthly income that goes toward debt payments, and it can help lenders determine if you’ll have trouble making your loan payments.

Some lenders may also require you to meet other conditions for refinancing student loans. If you can’t qualify on your own, some lenders might approve you with a creditworthy co-signer. Lenders could also restrict refinancing to those who:

  • Complete degrees
  • Have certain types of degrees, such as law or medicine

Why Should You Take out Student Refinancing Loans from Lending Capital?

Lendingcapital partners with banks, credit unions, and other lenders to bring you market-leading rates. Our search program gives you access to over 30 plus lenders with a single soft pull which does not affect your credit.

Our search program can  help you save time, money, or lower your monthly payments and allows you to combine multiple student loans into one easy-to-manage loan. With low rates and multiple available repayment terms, you can find a refinance loan from one of LendingCapital lending partners.

Benefits of Student Refinancing Loans from LendingCapital

  • Generally Lower rates
  • Easy application process less than one minute with results in 60 seconds or less 24/7
  • Save money, time, search over 30 lenders in one shot…
  • Consolidate multiple loans into one.
  • Possibly add or remove a cosigner.

Check out our website lendingcapital.net for more information including how to help repair your credit before you apply for any loan

REFINANCING STUDENT LOANS

Our goal at Lendingcapital.net is to help guide individuals and businesses to a better understanding of the process of obtaining loans. So do your homework on yourself and be prepared, your odds will improve greatly and remember ask for what you can afford to pay back.

Refinancing Student Loans

Student refinancing loans can help individuals pay off their student loans and repay the amount at a lower interest rate than the original. This type of loan differs from other types of loans in the fact that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still in school.

Student refinance loans are becoming increasingly popular with college graduates looking to save money. Using one of LendingCapital’s lending partners, you can find the best interest rate and apply for a student loan refinance in minutes.

How do Student Refinancing Loans Work?

Many students take out student loans to pay for their post-secondary education. With student loan refinancing, the lender pays off the student loan for the student. The students then have to pay back the loan at a lower interest rate than that of the original student loan. Refinancing your private student debt with another lender can also help you lower your monthly repayments or remove a cosigner.

When is the Best Time to Refinance Your Student Loans?

Before refinancing your student loans, you should make sure you’re in a financially secure position to pay them back on time and have the credit score or a creditworthy cosigner to qualify to get competitive rates. Another thing to note is that if the interest rates drop, you can also consider refinancing again for better terms.

You should also make sure you don’t need any federal plans or protections before you refinance your loans. Once you refinance federal loans with a private lender, you’ll no longer have access to federal plans.

Eligibility to Refinance Student Loans

Before you proceed with refinancing your student loans, check that your loans are eligible and make sure your choice is the right fit.

Eligibility for Federal Student Loan Refinancing

Most but not all federal loans are eligible for federal student loan consolidation. You will be eligible to consolidate a federal student loan after you graduate, leave school or drop below half-time enrollment.

Eligibility for Private Student Loan Refinance

Eligibility for private student loan refinancing depends on various factors including:

  • Minimum credit score: You’ll usually need a minimum credit score in the good or excellent range. But even if you qualify for refinancing, you may not get a lower interest rate than you have now.
  • Credit history: Lenders typically review credit history for derogatory marks, such as late payments, and consider this information to determine your creditworthiness.
  • Proof of income: Lenders will often have minimum annual income requirements that you need to meet to take out a loan.
  • Debt-to-income ratio: The debt-to-income ratio or DTI ratio is the percentage of your total monthly income that goes toward debt payments, and it can help lenders determine if you’ll have trouble making your loan payments.

Some lenders may also require you to meet other conditions for refinancing student loans. If you can’t qualify on your own, some lenders might approve you with a creditworthy co-signer. Lenders could also restrict refinancing to those who:

  • Complete degrees
  • Have certain types of degrees, such as law or medicine

Why Should You Take out Student Refinancing Loans from Lending Capital?

Lendingcapital partners with banks, credit unions, and other lenders to bring you market-leading rates. Our search program gives you access to over 30 plus lenders with a single soft pull which does not affect your credit.

Our search program can  help you save time, money, or lower your monthly payments and allows you to combine multiple student loans into one easy-to-manage loan. With low rates and multiple available repayment terms, you can find a refinance loan from one of LendingCapital lending partners.

Benefits of Student Refinancing Loans from LendingCapital

  • Generally Lower rates
  • Easy application process less than one minute with results in 60 seconds or less 24/7
  • Save money, time, search over 30 lenders in one shot…
  • Consolidate multiple loans into one.
  • Possibly add or remove a cosigner.

lendingcapital.net

What is a Small Business Loan?

A small business loan is offered by private lenders, banks, credit unions, and government SBA loans. A small business loan helps cover the expenses that keeps your business running but also helpsyour business grow and expand.

Types of Small Business Loans

Types of small business loans are:

  • Term Loans: Term loans for businesses are provided by online lenders, traditional banks, and credit unions. This type of loan offers a lump sum with a fixed or variable term and repayment amount.
  • Business Line of Credit: This type of loan can be used to procure equipment or inventory, invest in marketing, or handle fluctuations from seasonal sales,or generally any business purpose
  • Equipment Loans: An equipment loan is a kind of term loan that can be used to procure and spread out the cost of a large piece of machinery for your business. Generally, the equipment works as collateral security for the loan.
  • Invoice Financing: If you are not able to manage the cashflow of your business regularly then you can use invoice financing. With invoice financing, you sell your unpaid invoices to a money lender at a discount.
  • Real Estate Loans a term loan used to purchase, build or refinance commercial property, like a retail center or a warehouse.
  • SBA loans: primary 7(a) loans for small business

Who can apply for a Small Business Loan?

Any business can apply for a small business loan, here are a few things a lender will look at:

  • Check your credit score: Lenders check your credit score, debt, current liabilities, revenue, profit/loss, how long in business, type of business, when considering a small business loan.
  • Have a strong business planA good business plan is necessary for taking a small business loan as the lenders will want to know your estimated costs & projections for revenue.
  • Find Out how much funding your business can borrowBasically can you pay back the loan?
  • A business plan (recommended)
  • Business & personal Income tax returns for at least 2 years
  • Documentation of last and existing business loans
  • Minimum 6 months of business bank account statements
  • Legal documents like leases, licenses, articles of incorporation, and agreements/contracts
  • Lenders may ask for additional information

How to apply for Small Business Loan at LendingCapital.net?

The process is quite simple:

  • Apply: Simply, fill out the application form 24/7
  • Looking for quick results and under 100K use our SEARCH program with over 30 top lenders, if you are declined we offer additional opportunities with an alternative lender for you to review.
  • Over 100K use our business application under business tab
  • We also offer SBA loans through our approved SBA lenders
  • We Review application search the best programs & lenders that best meets your requirements with a soft pull so we don’t disturb your credit.
  • Receive funding: Once approved get funding within 1-5 business working days. https://lendingcapital.net

Hard vs. Soft Inquiries

What is a soft inquiry?

Soft inquiries (also known as “soft pulls”) typically occur when a person or company checks your credit as part of a background check. This may occur, for example, when a credit card issuer checks your credit without your permission to see if you qualify for certain credit card offers. Your employer might also run a soft inquiry before hiring you.

Unlike hard inquiries, soft inquiries won’t affect your credit scores. (They may or may not be recorded in your credit reports, depending on the credit bureau.) Since soft inquiries aren’t connected to a specific application for new credit, they’re only visible to you when you view your credit reports.Common Question

Yes it can. Even though this is reported as a soft inquiry, it may not lower your credit score, however, some bureaus report “excessive soft pulls” and will decline as they feel you are looking and being turned down...SO CAUTION on how many soft pills you do. You can check your VantageScore 3.0 credit scores from two major credit bureaus, TransUnion and Equifax, for free at creditkarma.

Will checking my own credit scores result in a hard inquiry?

Examples of hard and soft credit inquiries

The difference between a hard and soft inquiry generally boils down to whether you gave the lender permission to check your credit. If you did, it may be reported as a hard inquiry. If you didn’t, it should be reported as a soft inquiry, again, many soft pulls can cause a lender to decline your application.

Let’s look at some examples of when a hard inquiry or a soft inquiry might be placed on your credit reports. Note: The following lists are not exhaustive and should be treated as a general guide.

Common hard inquiries

  • Mortgage applications
  • Auto loan applications
  • Credit card applications
  • Student loan applications
  • Personal loan applications
  • Apartment rental applications

Common soft inquiries

  • Checking your credit scores
  • “Pre-qualified” credit card offers
  • “Pre-qualified” insurance quotes
  • Employment verification (i.e. background check)

Keep in mind, there are other types of credit checks that could show up as either a hard or soft inquiry. For example, utility, cable, internet and cellphone providers will often check your credit.

If you’re unsure how a particular inquiry will be classified, ask the company, credit card issuer or financial institution involved to distinguish whether it’s a hard or soft credit inquiry.

How to dispute hard credit inquiries

We recommend checking your credit reports often. If you spot any errors, such as a hard inquiry that occurred without your permission, consider disputing it with the credit bureau. You may also contact the Consumer Financial Protection Bureau (CFPB) for further assistance.

This could be a sign of identity theft according to Experian, one of the three major credit bureaus. At the very least, you’ll want to look into it and understand what’s going on.

Keep in mind, you can only dispute hard inquiries that occur without your permission. If you’ve authorized a hard inquiry, it generally takes two years to fall off your credit reports. How to dispute an error on your credit report

How to minimize the impact of hard credit inquiries

When you’re buying a home or car, don’t let a fear of racking up multiple hard inquiries stop you from shopping for the lowest interest rates.

FICO gives you a 30-day grace period before certain loan inquiries are reflected in your FICO® credit scores. And FICO may record multiple inquires for the same type of loan as a single inquiry as long as they’re made within a certain window. For FICO scores calculated from older versions of the scoring formula, this window is 14 days; for FICO scores calculated from the newest versions of the scoring formula, it’s 45 days.

Similarly, the VantageScore model gives you a rolling two-week window to shop for the best interest rates for certain loans. “That way, they only impact your credit score once,” the company says.


Bottom line

Your credit scores play a big role in your financial well-being. Before applying for credit, take time to build your credit scores. With stronger credit, you may improve your chances of being approved for the financial products you want at the best possible terms and rates.

To help you keep track of hard inquiries that may influence your credit scores, check your credit reports from TransUnion and Equifax . While one hard inquiry may knock a few points off your scores, multiple inquiries in a short amount of time may cause more damage.

Before applying for a loan-Do Your Homework

In our current environment getting a loan has become more difficult than normal.

Most lenders have tightened credit ratings, amount of dollars they are willing to lend, and shortened how far out they are willing to go in length of terms (years or months).

Before you start applying for credit as small business, personal loans, student loan, debt consolidation, credit card payoffs, auto loans, or other loan requirements do a few things first: You can do all this FREE

  • Check your credit on all 3 bureaus
  • Fix any negatives or mistakes
  • Dispute or correct any errors
  • Pay late or past due accounts
  • Correct any negative balances that have expired
  • Check payment history-make sure it is actuate
  • Check for any hard inquiries you did not authorize
  • Check for inaccurate balances or outdated information
  • Check for any expired information such as bankruptcies, judgements, liens etc.
  • STOP doing “soft” inquiries-they do count when you get to many.
  • Create a simple budget
  • List all of your debt so you can see it

If you would rather not do it yourself hire a credit correction agency (with extreme caution) check them out.

At Lendingcapital we offer many solutions: https://lendingcapital.net

  • Our Free “search” Program with over 30 banks & lenders. We offer alternative lenders if our main partners say no.
  • Our Specialty Financing option, fill out our application & we search with our other partners for loans. All of which there is no fee or obligation.
  • With our search programs you get 30+ lenders & banks to look at you with only one soft pull

The Smart Way To Find A Business or Personal Loan

Save time & money using our award winning service to search over 30 top lenders & banks View personalized loan offers for your circumstances  without impacting your credit score

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