If you are a small business owner and you want a business loan but are worried about your credit, you do not have to worry anymore. Our Madison loan branch can help you get the funds you need even with bad credit. However, there are several steps you need to take before getting these funds. Before we get into the steps you need to follow, here are some awesome things our Madison branch offers:
You can get approved in less than one hour, and your application can be completed online.
You can have your money in as little as one day, especially if you apply early in the morning during the beginning of the week.
You can access your funds directly from our establishment, they can be sent to a bank, or they can be wired to a debit card.
First Step Is To Be Sure
The first step in getting a business loan with us is to be sure you want a loan. Many times, a business owner will apply for a loan, but he/she later regrets it due to a monthly payment that can go on for years to come. The best way to be sure that you want the loan is to write down a list of reasons why you do and do not want the loan. If the reasons why you do want the loan overload the reasons why you do not want the loan, getting the business loan probably will not be such a bad idea.
Though Bad Credit Is Okay Good Credit Is Better
It is true that we will help you obtain a business loan even if you have bad credit. However, you should try and make your credit score as strong as possible before applying for a loan. Some simple things you can do would be to fight any hard inquiries that you do not recognize, pay off any outstanding balances, and try to get a secured credit card and use it regularly. Even with bad credit, doing these things will greatly boost your chances at obtaining a business loan. You can contact the three major credit bureaus directly and have a copy of your credit report emailed to you or mailed to you directly free of charge.
Have A Plan Before Applying
Whether you have good or bad credit, the underwriting department may ask for a business plan when applying for a business loan. This allows the bank to give you a little bit more trust with their money. This type of plan can be done in words, in pictures, or in person. This plan will show what business improvements you are going to make with this loan, and it will show how much money you are planning to make and how many more customers you are planning to get as a result of your improvements. Ultimately, this plan promises that bank that you are going to pay back the loan.
The Terms Mean A Lot
The next step you need to take before getting a loan with us would be to get familiar with our loan terms. Depending on the amount of money you are borrowing, you will have the loan out for a certain amount of months, and this will also come with an interest rate that will be built right into the loan. You and our team of experts can settle on a specific monthly payment that is comfortable for you and that is accepted by our underwriting team. After you are comfortable with the terms of the loan, your application will be ready for finalization, and you will be one step closer to getting your funds.