8 Things You Must Know To Maximize Your Chances Of Obtaining A Small Business Loan

8 Things You Must Know To Maximize Your Chances Of Obtaining A Small Business Loan

A lot of different banks will lend you money regardless of whether you have less than stellar credit. But there are some rules you need to follow when seeking a personal loan for poor credit.

Many deals never get funded because there are too many hands in the cookie jar…”a plethora of parasites” if you will. If one leech senses he won’t get his cut of the profits, he can and usually does, kill the deal so NO ONE gets paid. And the sad thing is, a real hard money lender doesn’t go near a deal that’s been picked over.

(1)If you fess up to the fact that you left under cloudy circumstances, and you sound apologetic about it, you’ll win some sympathy. After all, you’re unemployed and the person you’re communicating with isn’t.

First you need to get your financing arranged before you go into any dealership because the dealer can add a lot of charges to the final bill when you finance through them. Also it is harder to negotiate a good price when you also need them to approve your leasing a car with bad credit and give you a good rate.

Budgeting software. The real kind. There are dozens of home-grown, mom-and-pop type programs on the web. These may have a few extra bells and whistles or may be the full meal deal.

Some people may get factoring confused with a bank loan. They are different in the fact that factoring is focused more on the value of the receivables. Where as, a bank loans emphasis is on the value of total assets the borrower has. Also, a loan is not what factoring is. Factoring is purchasing financial assets. Lastly, a factor takes on the credit risk that an account they may have purchased will not be collected. This is mainly due to the fact of the account debtor not being able to pay.

Rule No.1- If they ask for an upfront fee, laugh, scream “leech” into the receiver and hang-up the phone! Who knows, maybe you’ll freak one out and he’ll change professions.

(3)The worst thing that can happen is someone will tell you, through his tone of voice or quite explicitly, “I wouldn’t be comfortable doing that.” That’s a great thing to know so you can AVOID mentioning that person, seeking instead someone else to pick up the slack for you.

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