Admittedly, gathering everything you need to apply for a loan can be tedious, but on the other hand, personal loans are often one of the quickest loans to get because you can sometimes get the money in a matter of seconds. days. (You can see the personal loan rates you may qualify for here.) That said, you’ll be much better off if you have the necessary documentation for a personal loan and know other key things you’ll want to do before you officially apply. (Also, read this guide first to determine who a personal loan might or might not be right for.) Here’s how to make sure you’re properly armed with everything you need to make the application process as smooth as possible.

1. Gather documentation that a personal lender might require

The specifics needed to determine loan eligibility will vary from lender to lender, but most will ask:

1. The loan request (this typically asks for things like name, address, date of birth, social security, and other personal information, as well as how much you want to borrow and why);

2. Identity proof (this may include a passport or driver’s license);

3. Proof of employer and income (this may include a W2, pay stubs, bank statements, 1099 forms or tax returns); and

4. Proof of address (this may include utility bills or a lease or mortgage statement, proof of insurance on your home, voter registration card or property tax receipt).

This is only a preliminary list, so be prepared to provide further information. It could even include your educational background, says Annie Millerbernd, personal loan expert at NerdWallet, who explains that if a lender asks about it or what you studied in school, they may be trying to figure it out. earning potential. “However, your level of education is unlikely to outweigh your income or credit,” says Millerbernd.

2. Pull your credit score in advance and improve it before applying if necessary

Before applying for a personal loan, check your credit score because credit is, like most loans, a big factor in determining the rate you will get or even if you get the loan. The best personal loan terms typically go to people with credit scores in the mid-700s and above, says Ted Rossman, senior industry analyst at Bankrate. “You can potentially get a personal loan with a lower credit score, but especially when you drop below 700 on the FICO scale, your odds are going to get noticeably worse and your interest rate should be significantly higher,” says Rossman. According to Bobby Ritterbeck, president of personal loans for Best Egg, the minimum credit score you’ll likely need to qualify for a personal loan is around 610 to 640. (You can see the personal loan rates you may qualify for here.)

“Banks generally prefer good or excellent credit over a personal loan application, while a credit union may look more at your overall financial situation than your credit score alone. Online lenders tailor their loans to borrowers in different situations, so there are good and bad credit online loans,” says Millerbernd.

As with any loan, the higher your credit score, the better the terms of your personal loan. “If you have strong credit, you can get a loan with a single-digit APR. However, if you have poor credit, the APR could reach 30% or more, well beyond what you would pay with a typical credit card,” says Matt Schulz, chief credit analyst at LendingTree.

3. Understand the other factors that personal lenders are looking for and improve on them too

“Your credit score isn’t the only thing lenders will consider. The length of your credit history and your debt-to-equity ratio can also impact your ability to get a personal loan,” says Ritterbeck. To find your DTI, add up your recurring monthly debt, including credit cards, mortgage, car loan, student loan, and more, and divide by your total gross monthly income, which is the amount you earn before taxes, withholdings and expenses. Typically, lenders like to see a DTI of 43% or less. If you can pay off some debt or increase your income, that’s a good way to improve that number. (You can see the personal loan rates you may qualify for here.)

4. Know if you get a secured or unsecured personal loan

Because unsecured personal loans are exactly that – unsecured debt – you don’t have to put assets such as your home or car as collateral. Secured personal loans, however, will require valuable assets including investment accounts, real estate, and collectibles to use as collateral, should you default on the loan. If you get a secured personal loan, you’ll need to show proof of property you own, such as a paid-off vehicle, jewelry, savings accounts, investments, art, and more.

5. Understand if a personal loan is right for you and how you will repay it

Personal loans aren’t for everyone: While they can be effective tools for debt consolidation or essential projects where you need money fast, they aren’t suitable for discretionary spending. And if you decide to take out a personal loan, make sure you have a solid plan to pay it off in full and on time.

This is the moment a ‘beautiful’ £1million house is razed to the ground in an act described as ‘scandalous’ by neighbours.

The family home in the Canford Cliffs suburb of Poole, Dorset, was built as recently as 1998 – but was demolished by diggers less than 25 years later despite protests from local residents.

A developer had bought the property, near Sandbanks Millionaire’s Row, in the spring of 2021 after it was listed with an indicative price of just under £1million.

They then secured planning permission to demolish it and squeeze two four-bedroom houses worth £1.25million each on the same plot, meaning a potential profit of £1.5million – minus the cost of construction.

The detached freehold property had previously sold for £445,000 in February 2000, according to property website Zoopla.

A drastic shortage of high-end housing in the local real estate market is driving up prices, which means important houses with large gardens built in the 1980s and 1990s are targeted.

Developers want to cram two or three expensive modern builds onto plots that had been used for spacious family homes.

Residents who had opposed plans to demolish what would be many people’s dream home expressed frustration at seeing it destroyed.

Peter Norrie, who lives nearby, said: ‘It is truly outrageous that such a beautiful house built only over 20 years ago is being demolished in this way.

“To be replaced with two new detached houses which do not match the character or symmetry of the other houses on Compton Avenue and will be crushed on the same site only to bring in two council tax amounts.”

Neighbor Chris Cotterell said: ‘They are demolishing a building in perfect condition to install two. There seems to be a lot going on and if that’s the local authority’s strategy there’s not much you can do.

Pictured: plans for the two new houses to be built on the Canford Cliffs site. The red dotted line represents the demolished property

“There seems to be a policy that wherever they can they tear down one property and build two. Years ago the plots were bigger but they are starting to squeeze the properties and it is getting tighter and tighter.

Meanwhile, local residents are fighting to preserve four protected trees on the same site which must be felled as part of the development.

Despite being subject to tree preservation orders, Bournemouth Christchurch and Poole Council have approved plans to have the mature Monterey cypress trees killed.

Residents have appealed the decision to the local government ombudsman and hope nothing will happen until the watchdog issues a final decision.

A developer had obtained planning permission to demolish the property, near the millionaire’s row of Sandbanks, and squeeze two four-bedroom houses worth £1.25million each onto the same plot

Residents who had opposed plans to demolish what would be many people’s dream home have expressed frustration at seeing it destroyed

Mr Norrie, a 64-year-old retired banker, said: “In relation to the four trees at the very bottom of the garden, I have a complaint registered with the local government ombudsman which is due in six to eight weeks.

“The Chief Executive of BCP Council and the Head of Planning are fully aware of this complaint and that until judgment the four trees must not be touched.

“We do not want a repeat of the fiasco and illegal felling of 36 protected trees at Parkstone Golf Club within 400 yards in December 2018 which the BCP Council has yet to prosecute the culprit.”

Mr Cotterell added: “Our main concern is that they are planning to cut down four mature trees that are at least 60 years old and appear to be in perfect health as they need a larger footprint for the two houses. “

“They are so strict about other landowners pruning trees, but it seems to be a different law for the local authority.”

A spokesperson for Charlew Developments, which is carrying out the work, said: ‘We have obtained full permission for everything we do there. We do not violate any regulations.

“The proposal presents a contemporary style design of high quality but with a traditional form, which creates two striking individual dwellings.”

They added that both properties will make a positive contribution to construction and the natural environment.

There are plenty of inspiring places across Cornwall with a pretty character surface, but there is one particular place that has long claimed the hearts of those looking to call it home.

The crazy property boom of the past two years has not been kind to Padstow. Its desirability skyrocketed higher than ever – surprising those who thought it couldn’t get crazier in the process.

The town – famous for its picturesque harbor and range of prestigious restaurants – has always been a huge hit with holidaymakers and second home buyers, but with increasing numbers of people wanting to move to Cornwall, average asking prices have risen significantly .

Read more:Cornish pubs among the best in the UK

According to Rightmove, it has seen the biggest increase in house prices of any UK coastal town, and estate agents say they cannot keep up with demand for properties with a constant waiting list and no enough properties for everyone.

Price increases mean that the average cost of a Padstow the house was 20% more expensive in 2021 than it was in 2020, with the average cost now being £658,588, down from £548,382 previously.

St Ives and Newquay also popped up with an average asking price increase of 15% and 13% respectively, placing them third and sixth on the list of highest price increases.

Rightmove said: “Britain’s long stretches of coastline and sandy beaches have really captured the imagination of homebuyers over the past year, a trend that is set to continue into 2022.

“Some of the most popular coastal areas have seen strong increases in average asking prices, particularly in the West Country, with several towns and villages in Devon and Cornwall seeing the strongest price growth over the past 12 months.

“Padstow in Cornwall tops the list, but the beautiful beaches of North Yorkshire, Wales and Lincolnshire have also proven to have an irresistible appeal for shoppers looking for a whole new way of life. “

But what do those who know the city well think of the rising prices? We visited real estate agents to see if they were surprised by the news.

Daniel Dearling is a senior negotiator at Stratton Creber estate agency and he was unsurprised when Rightmove revealed his office location has seen the biggest rise in property prices in UK coastal towns .

It has always been a working-class area with a special “old world vibe”, he says, and its charm has only increased over the years as celebrity chefs Rick Stein and Paul Ainsworth attract more people here. .

“Padstow has always had a pretty high level of desire,” he said.

“Like many of these similar towns it is very idyllic and has grown from a normally affluent area to even more so. It has become exceptionally popular alongside places like Harlyn Bay, Trevone Bay and places like this along on the side.”

“But a lot of people want Padstow himself,” he continued. “It’s always been one of those really popular places. It has that appeal with Rick Stein and a kind of old world craft feel. Once people come to Padstow they never want to go there again.

“There are never a lot of properties available compared to other towns, so you’re working on a much smaller fraction if you’re looking and the desire to move to the area is hugely popular.”

Jackie Stanley Estate Agents is an independent agency in the Padstow area. Founded in 1994, it has seen significant changes within the city.

Manager Simon Poole has been with Jackie Stanley for over ten years. He says the Padstow property market has steadily grown to its current level of importance during this period.

“One of the reasons is that it has become a ‘foodie’ destination,” Mr Poole said.

He said people love coming to Padstow and being “a part of it all”. Regular TV appearances have played a huge role in that lately, he says.

“Food has always been the number one draw and that’s what put Padstow on the map,” he says. “It’s still a quaint and active fishing village with a charming old town and lots of character, and it’s of course also close to all those great beaches.

“The beautiful old buildings and the charm of the protected old town, people love it, but the restaurants and the exhibition are really what did it I think.”

He says it wasn’t entirely the pandemic that drove real estate demand to where it is today.

“A few years before the pandemic, we were here thinking things couldn’t get any busier,” he said. “But the furor has really built up and last year has been the busiest we’ve ever seen. Attendance has been huge and the lack of property to meet demand means prices can only go up in a sense.”

“The demand has pushed the prices that way and I’m not surprised they’re 20% higher on Rightmove now. Some people selling where the prices are going up probably made the decision for them.

“They probably thought they couldn’t afford not for sale in this market and you never know what to expect, as we learned.

“A lot of people are moving into the area and working from home, but people have also left. If people are buying, then people are selling. It goes hand in hand.”

Want our top stories with fewer ads and alerts when the biggest news drops? Download our app atiPhoneWhereAndroid.

Get the best stories about the things you love most curated by us and delivered to your inbox every day. Choose what you likehere.

]]> https://welcometopoole.co.uk/the-notoriety-factor-drives-up-real-estate-prices-by-more-than-100/ Tue, 25 Jan 2022 00:02:05 +0000 https://welcometopoole.co.uk/the-notoriety-factor-drives-up-real-estate-prices-by-more-than-100/

MoveStreets, the property portal designed for the mobile generation, has revealed how the notoriety factor can drive property prices up to 117% when it comes to areas frequented by the rich and famous.

MoveStreets analyzed the average house price in postcodes popular with celebrities in four areas of the UK property market and how they compared it to the wider local authority to see how a celebrity hotspot affects prices real estate.

Research shows that outcodes that are home to a high level of celebrity activity command an average house price of £971,052, which is 49% higher than the Greater Area average.

However, that premium climbs to a whopping 116% in Westminster’s Mayfair. A favorite haunt of London celebrities, the average house price in Mayfair postcodes is £2.2million, £1.2million more than the average house price in the borough of Westminster .

On the south coast, the Sandbanks in Poole have become popular for celebrities living in the area, as well as those looking for a holiday home. The exclusive property peninsula is far more affordable than Mayfair, but still commands an average property price of £632,637, 101% higher than the wider average of £317,588 found in Poole.

Cheshire’s Golden Triangle is arguably the north’s best-known celebrity hotspot and Wilmslow (73%), Alderley Edge (73%) and Prestbury (43%) all impose impressive price premiums over the Cheshire East Broader Mean.

Knightsbridge in London is also home to a steep house price premium, the awareness factor, with houses costing 38% more than the overall average.

Unfortunately, the TOWIE and Made in Chelsea effect doesn’t seem as appealing to homebuyers. While popular celebrity postcodes in Brentwood command a premium over the wider area, this increase comes in at just 8%, while King’s Road commands just a 4% increase over the larger borough off Kensington and Chelsea.

Adam Kamani, CEO and co-founder of MoveStreets property portal, commented:

“It makes sense that those who make a living by being seen only do so in the best places and so any area popular with celebrities is likely to have the best bars, restaurants and the highest property prices.

So if you want to rub shoulders with the rich and famous in your daily life, you’ll have to save up longer, because any home near a celebrity hotspot will likely cost you a bit more.

Dorset is often listed as one of the most desirable counties in the country, but people have very strong opinions about the best places to live.

Whether the lure of historic countryside is your thing, or sandy shores float your boat, Dorset has it all.

Now eight areas of Dorset have been crowned the ‘best’ places to live according to Muddy Stilettos’ Top 200 Places To Live series.

The publication celebrates the postcard villages and towns of Dorset, the many Areas of Outstanding Natural Beauty, the Jurassic Coast and the thriving cultural scene.

Some places may make you roll your eyes, but others will surprise you.

Scroll down to see which locations made the cut, ranked from cheapest to steepest.

Briport

The “cheapest” of the wanted locations, Muddy Stilettos states that Bridport is “sometimes known as London by the sea, the city has a vibrant community, a rich cultural scene, independent shops and restaurants”.

While Dorset locals may disagree with the London comparison, Bridport is certainly home to plenty of independent businesses and actively working on a range of cultural opportunities.

Mention is made of the Michelin-rated Dorshi for food and cocktails, as well as the Red Brick Cafe, Watch House and Hive on the beach (Burton Bradstock).

Average house price:£322,057 in 2021 with a detached house at £427,385, a terraced house at £258,998 and apartments at £189,452

Shaftesbury

Described as a ‘sleepy hilltop town’, here at Dorset Live we don’t think the town is ‘sleepy’, but the characterization as an iconic scene full of independent shops, cafes and restaurants is accurate .

Top places to eat listed include The Grosvenor Arms and The Fontmell (Fontmell Magna) as well as The Forester (Donhead St Andrew).

Of course Shaftesbury cannot be mentioned without the word ‘bread’. Yes, this hill. Additionally, there is a wide variety of street and independent shops in the town itself.

Average house price: £326,213, with a detached at £493,481, semi-trailers at £311,962 and a sundeck at £231,026.

Dorchester

Our own capital is not only desirable, it is also steeped in history. Muddy Stilettos says it “is ideal for families with great schools, close to the Jurassic Coast and beautiful countryside”. and we couldn’t agree more.

They are tied to Poundbury as the ‘same place’ in their rating, which depending on your perspective may be reasonable.

Of Sienna’s many award-winning restaurants, Yalbury Cottage and The New Inn (Cerne Abbas) stand out. We are delighted to see our Art Deco cinema listed as a main attraction alongside the many museums and the giant Cerne Abbas nearby.

Average house price: £326,685 over the past year, with detached properties at £503,035, terraced houses at £332,086 and apartments at £224,652.

Westbourne

Named as “probably Bournemouth’s hippest and most cosmopolitan area, packed with places to eat, drink and shop – and just 15 minutes’ walk from the beach”. If you know the Bournemouth area, you know that Westbourne is where the locals really go to shop.

Although there aren’t many High Street chains in Bournemouth town centre, it’s actually a lure for the upmarket area.

Muddy Stilletos makes a special mention of Dot Teas, The Libertine, Tryuleys and Renouf’s… as well as ‘the best chip shop in Dorset Chez Fred’.

Average house price: The average price in the region is shown as £347,509 with detached properties averaging £894,565, semi-detached at £466,583 and apartments at £287,418.

Sherborne

“Postcard market town in North West Dorset with wonderful medieval and Georgian properties, good schools, a wonderful abbey and not one but two castles.” Residents of Sherborne would agree that they are spoiled for choice when it comes to attractive properties and activities.

Nods to good restaurants include The Eastbury Hotel & Spa and The Green.

Of course, Sherborne is home to both old Sherborne Castle and Sherborne Abbey, which comprises a series of monastic buildings.

Average house price: £348,880 with an individual sale for an average of £466,524; terraced £337,638 and semi-finished £326,479.

Wimborne

“A bustling town with pretty streets and courtyards, period buildings, independent shops and huge weekend markets.” Muddy Stilettos hit the nail on the head with Wimborne.

In addition to the town’s attractive features, it has outstanding restaurants and the site mentions Le Petit Prince Patisserie as well as Renouf’s and The Wimborne Pig.

It would be a crime not to mention the model village of Wimborne – which is currently working on a celebratory project to make an even more mini version of itself – as well as the museum in East Dorset and nearby Kingston Lacy.

Average house price: Known for its high prices, this is surprisingly not the most expensive site on the list. The average house price last year was £373,217. Detached properties sold for an average of £439,992, semi-trailers for £367,100 and apartments for £206,237.

Lyme Regis

Recently named as one of the 12 coolest postcodes to move to in 2022 according to The Times, it’s no surprise that Lyme Regis made the hot spots.

What do the Muddy Stilettos say? “Georgian streets, independent shops and restaurants, an ancient harbor (and even more ancient fossils) are on offer in this pretty seaside town on the Jurassic Coast.”

As many in the area know, the town is home to many award-winning and famous restaurants. SWIM, Tierra Kitchen, The Oyster & Fish House and Alexandra Hotel to name a few.

Credit is given to the high number of independent shops in town as well as nearby attractions such as the entire Jurassic Coast and Sea Theater. Let’s also not forget that this year, Lyme hosted the filming of Wonka where actors Timothée Chalamet and Matt Lucas as well as many others.

Average house price: You plan to spend a pretty penny to buy a house in Lyme. Last year, the average house price was £433,584with individual sales averaging £619,456, semi-trailers for £369,000 and apartments for £250,894.

christchurch

We all know Christchurch is in demand, but it’s also now the most expensive neighborhood on the Muddy Stilettos list. The site describes it as having “the atmosphere of a fishing village, with a natural harbour, wonderful beaches and the New Forest nearby. It also has excellent schools and good rail links”.

Citing the Harbor Hotel’s Jetty restaurant as the main attraction alongside The Boathouse and the Captain’s Club. Mention is also made of the independent wine store Bodega.

History is never far from mind when you visit Christchurch and the sites of the Castle, Priory, Regent Center and even Stanpit Marsh are also listed as top attractions.

Average house price: The average price of real estate is quite high in £437,054with detached properties averaging £551,192, semi-detached for £383,873 and semi-trailers for £341,498.

Do you think there’s a desirable place that didn’t make the list? Let us know in the comments below

Want to receive free news and features in your inbox? Subscribe to our newsletters here

More from Dorset Live

]]> https://welcometopoole.co.uk/coffs-harbor-homelessness-advocate-faces-own-rental-struggle/ Mon, 17 Jan 2022 04:54:45 +0000 https://welcometopoole.co.uk/coffs-harbor-homelessness-advocate-faces-own-rental-struggle/

A Coffs Harbor man who has devoted much of his professional life to advocating for the homeless is now struggling to find new accommodation himself.

Dean Evers, a longtime local and chief executive of Hope for the Homeless, said he felt the rent squeeze in Coffs Harbour.

He has been looking for accommodation for three months after receiving a notice of termination from his landlord.

“The continuous setbacks because there are so many people applying for properties, and how soul-destroying it is to keep doing it day in and day out,” he said.

“I think we applied for at least a dozen [rentals], and you just get a response saying you failed.”

Mr Evers considers himself one of the luckiest people looking for a rental – he knows families who are in far worse situations.

His organization, Hope for the Homeless, works to find people in crisis and long-term rental housing, furniture and white goods for those struggling to make ends meet.

“I know there are a lot of families that we’ve been trying to support who have been doing this for six, seven, eight months,” Mr. Evers said.

The upside-down rental market

Coffs Harbor has one of the lowest vacancy rates in the state, at just 0.8%, according to the REINSW survey of December vacancy rates.

Soaring demand and a shortage of supply have led to a spike in median rental prices according to realestate.com. The median weekly rent for a house in Coffs Harbor is $560, with units at $420.

Despite several months’ notice, Mr. Evers received refusal after refusal without any explanation from the real estate agents.

“We keep applying. What could we do better? was a wanderer,” he said.

“Don’t Go Ballistic”

Mr Evers said the market was broken, with supply and demand going the wrong way.

He was asking landlords to be more lenient with tenants who made it tough.

“If you have a good tenant, discuss it with him. Don’t do anything stupid,” he said.

Mr Evers said some families were on the brink and had no opportunity to move to a more affordable market.

“What worries me is how all the moms and dads and all single parent families will survive this,” he said.

“It’s not as simple as saying, ‘Do you really need to be in Coffs Harbour?’

“For some of them it’s the only place their supporters are, they also have jobs here.”

Getting a small business loan can be overwhelming and sometimes frustrating. Understand what is required to qualify for a business loan to facilitate the process of applying for and obtaining business financing.

Most small business financing is based on three main criteria: income, credit, and time in business. Depending on the lender and type of financing, however, there may be additional qualifications including industry, collateral, business plan, financials and more.

Small Business Loan Requirements

Three main factors are almost always considered in one way or another by small business lenders:

1. Income

Here, lenders want to understand if the business has sufficient cash to repay the loan or financing. Some lenders have minimum annual income requirements (eg $120,000) while others may require average monthly income for the past 3-6 months (eg $10,000 per month on average).

To verify income, lenders will often want to see business bank statements. Be prepared to provide copies or link your bank account during the application process so the lender can access this information directly from your bank.

Some lenders, especially traditional lenders like banks, will also require business tax returns and may even require personal tax returns. When tax returns are required, most lenders want to see copies for the last 2-3 years.

Financial statements may also be required. Banks, including those that provide SBA loans backed by the U.S. Small Business Administration, may require up-to-date financial statements, such as a balance sheet, income statement, or profit and loss statement since inception of the year. Financial projections may also be required.

If your business invoices other businesses, you may be eligible for invoice financing. In this case, you may need to provide an Aged Accounts Receivable Report or an Accounts Receivable Report. Your accounting professional can help you run this report if needed.

2. Credit

Here, lenders want to understand how the applicant has handled debt in the past. Some lenders check personal credit reports or credit scores, some lenders check business credit reports, and some may check both. (Some lenders don’t check credit at all, but that’s the exception rather than the rule.)

Personal credit

Not all small business financing options require good credit, but many check personal credit scores with one of the three major credit bureaus. Traditional lenders such as banks often require a minimum FICO score of 680 to 700. Online lenders may have more lenient requirements and may offer financing to those with credit scores between 600 and 600. Certain types of financing are available for those with bad credit (usually below 620-650).

The initial credit check is often a soft credit check, which does not affect personal credit scores. However, if you decide to complete the full loan application, there may be a rigorous credit check which may result in a drop of around 3-7 points.

Business credit

Some lenders will check the company’s credit. They may review credit reports from commercial credit bureaus such as Dun & Bradstreet, Equifax or Experian. Often they look for red flags such as excessive UCC deposits, collection accounts, or judgments. Other times they will check the companies’ credit ratings.

3. Time spent in business

When you complete a small business loan application, you will be asked when the business opened. This is because most lenders have a minimum time in trading requirement. Some require a minimum of two years in business, while others will provide funding for start-ups, or even start-ups.

If you have a new business, your options will be more limited and you may need to provide other information to convince the lender that you will be able to repay the loan, provided they are considering funding a startup. This can include a business plan or documentation (like resumes) confirming successful experience starting other businesses, or a track record in your industry.

If your business is incorporated (LLC, S Corp or C Corp), you can use the date of incorporation as the start date. Otherwise, you may need to use the date you obtained your business license or obtained your Employer Identification Number (EIN).

Industry

The type of company you work for is also important. Businesses are classified using NAICS or SIC codes. These are government codes that indicate the industry in which the company operates. Some types of businesses are difficult to finance, period. Cannabis or gambling companies are two examples.

Others may be considered risky by some lenders but perfectly acceptable to others. Real estate, restaurants or retail businesses are examples. Some lenders will provide financing to borrowers with these types of businesses, while others will not.

Collateral

Collateral is something tangible pledged to secure the loan. It can be heavy equipment, real estate, personal home equity, inventory, or even future receivables. Not all business loans require collateral. In the case of SBA loans, the SBA will require collateral to be pledged if available, but lenders cannot reject loan applications simply because the business owner does not have collateral.

Equipment financing by nature involves collateral: you pledge the equipment you are financing. Since the financing is secured by collateral, the interest rates are often lower than for an unsecured loan without collateral.

Amount of the loan

The amount of funding you seek will also determine what you need to qualify. A $1 million term loan will require a lot more documentation than a $10,000 microloan, for example. The larger the loan, the more control there will be.

Funding Checklist

To prepare for funding, it may be helpful to gather the following information. Not everything will be necessary, but having this information at your fingertips can make the application easier and faster.

Personal informations:

• Valid driver’s license or passport as proof of identity
• Personal tax returns

Business information:

• Tax returns for the last two years (if available)
• Last six months of company bank statements
• Commercial license (if required)
• Articles of incorporation
• Address Verification
• Void check (for ACH or direct deposit)
• Franchise Agreement/UFOC (if applicable)
• Commercial lease (if your business leases property)
• Business plan (for bank loan or SBA loan)

FAQs

How can I benefit from a business credit card?

Most small business credit cards base their decision on the owner’s personal credit scores and income from all sources (not just business income). This means that these cards may be available to small business owners with startups. Most credit cards require good credit, with minimum credit scores of at least 650 and often higher.

More than 100 business credit cards at the click of a button

Business credit cards can ensure you always have emergency cash on hand. Browse your best business credit card matches for free and apply in minutes!

Find my best options

How do I qualify for a line of credit?

A business line of credit can be a great choice for flexible short-term financing. Bank lines of credit may have stricter eligibility criteria and will often require good to excellent credit. Online lenders can be more flexible, but the interest rate will usually be a bit higher.

How do I qualify for an SBA loan?

Most SBA loans are made by SBA-approved lenders. (The exception is disaster loans, including EIDL, which are made directly by the U.S. Small Business Administration.) There are more than ten types of SBA loans and eligibility criteria vary, but generally, to be eligible, you must have a for-profit small business. a company doing business in the United States, good credit and a reasonable investment (capital injection) in the company.

Learn more about SBA loans and how to qualify here.

Is a personal guarantee required for a small business loan?

If a lender checks your personal credit, you’ll want to understand if it’s because they require a personal guarantee. When you give a personal guarantee, it means that the lender can try to recover from you personally if the company does not repay the loan.

What are the easiest small business loans to get?

Online loans are generally easier to obtain than bank loans or SBA loans. Decisions can be made very quickly. Additionally, it is important to identify what is standing in the way of loan approval.

If you have bad or bad credit, you might want to at least check out the following types of business loans:

If you have a new business, you might want to consider:

• Business credit cards
• Equipment financing
• Microcredits
• Supplier or vendor financing
• Crowdfunding

class=”blarg”>

jQuery (document) .ready (function () {window.fbAsyncInit = function () {FB.init ({appId: ‘404047912964744’, // App ID channelUrl: ‘https://static.ctvnews.ca/bellmedia/common /channel.html ‘, // Channel file state: true, // check the connection state cookie: true, // enable cookies to allow the server to access the xfbml: true session // parse XFBML }); FB.Event.subscribe (“edge.create”, function (response) {Tracking.trackSocial (‘facebook_like_btn_click’);});

// START: Facebook clicks on the different button FB.Event.subscribe (“edge.remove”, function (response) {Tracking.trackSocial (‘facebook_unlike_btn_click’);}); };

var plusoneOmnitureTrack = function () {$ (function () {Tracking.trackSocial (‘google_plus_one_btn’);})} var facebookCallback = null; requireDependency (‘https://connect.facebook.net/en_US/all.js#xfbml=1&appId=404047912964744’, facebookCallback, ‘facebook-jssdk’); });