I posted this once…and its worth posting it again…
As lenders we get application everyday, most incomplete or wrong information and most not updated to current status.
So do us & yourself a favor… Before applying for a loan-Do Your Homework
Here is a simple outline of how you can help repair and or update your credit profile (FREE)
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- Check for inaccurate balances or outdated information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.
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:
- 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 Better Solutions-Better Terms-Better Odds https://lendingcapital.net
We realize show difficult and tasking it is to find a lender that will provide the best loan for your business or personal use.
Here are a few tips to help guide you to the best decision for your loan.
Common mistakes when applying for a loan:
- Big effect for lenders are high usage of credit cards because business use them Vs. a loan. If possible reduce them before applying.
- Checking your FICO and SBSS score, banks and lenders look at FICO & generally want 600+, SBSS score which is the business credit score that SBA and banks will use. Low is 140, banks will not accept anything under 160, generally they line in the 190++ range.
- Is getting a loan and understanding what you really qualify for. Banks only approve about 10% of loans, general industry with alternative is around 40-60% approvals and have limited industries they serve.
- Finding a lender that matched your requirements and conditions, i.e.., startup, working capital etc. and being prepared with all the requirements and paperwork such as tax documents, personal financial statements, bank statements, etc.
- Cash flow on paybacks to the loans, lenders will match up your cash flow, bank deposits, credit card statements, too see what amount you can actually afford.
- Each time you apply for a loan and they turn you down then you have to start all over again. This really affects your credit score every time you apply. Lenders look at how many inquiries. when they see several they know you are shopping and have n=been turned down.
What Lendingcapital provides: Our bQual report delivers your Small Business Credit Score (SBSS & FICO), your consumer credit score and full credit report, as well as a detailed fundability report assessing your financing prospects. And you may even be prequalified for a loan in real time.
About Us Clients nationwide turn to LendingCapital national funding platform with over 5000 lenders each year to identify the right funding options for their business projects and assistance in meeting their financing needs.
LendingCapital’s bQual application provides business owners the tools and knowledge to understand their creditworthiness before applying for and committing to a loan.
Use our bQual application and save time, energy, frustration, and Know the Score before you apply for a loan.