Salt Lake City Business Loans
You need a map to know where you are going before you venture into borrowing a bad credit business loan. This means that you need to work on figuring out what you can use your money for and exactly how that is going to play out.
Different companies come to borrowers for different reasons. Some are looking to cover short-term expenses such as payroll or some other type of essential need that they require on a regular basis. Other companies seek to borrow money into order to expand the business and make more profit that way. Those who have this in mind are at least looking to use the funds to grow out something that they have built up to this point.
No matter what your funding needs are you will want to have them in mind as you begin to embark on the process of applying for your loan.
Bad credit is acceptable, but you will want to make sure to present the best possible facts and figures related to the business. The purpose of this is to try to get the lender to be as understanding of your circumstances as possible. You have to remember that they hear stories everyday about why they should lend to this company or that company. You need to stand out in some way in order to obtain your capital.
The most successful borrowers are those who walk in with a detailed plan for how they are going to improve their credit and how they are going to use the funds that they receive towards the betterment of the business. Just asking for money on good faith is not going to be enough in these circumstances.
Bringing together your documents to present to the bank or other lender is something that is necessary to get that lender to take your seriously. There is just certain paperwork that they need to see about the health of your company before they can make you an offer on a loan. Bring in the latest financial statements and any other documents that you find useful to explain your case to the lenders.
If you are fortune enough to receive your loan, you need to make sure that you understand the terms of the loan that you receive. Those terms are not meant to trick you in any way, but if you don’t understand what they mean then it is difficult to have a complete hold on what you are getting yourself into. Important terms such as your interest rate and the length of your loans is so critically important.
The final thing you can look forward to with a loan of this nature is a fast funding time. A lot of loans, particularly those made out to businesses, have a lengthy period of time that one must wait before they are able to receive their money. This is just not the case when it comes to bad credit loans in Salt Lake City. The reality is that with these loans the processing time is only about 24 to 48 hours. You can expect your money to be available to you when you need it and thus begin to use it to meet your goals.
Business and Personal Credit Considerations
Small business loans in Salt Lake City helps business owners with all types of credit. Although a strong credit score isn’t required for many of our loans, it can certainly help when qualifying. Good personal and business credit will get you the most favorable terms and a lower interest rate. Personal credit is typically measured by a FICO score. This score is based on a combination of factors that are gathered from the three major consumer credit bureaus. Trans Union, Equifax, and Experian all weigh in and will often have slight variations in their reporting. Addressing any issues on these reports with the credit bureaus can help to remove items that are negatively affecting your credit score. Although there are several credit bureaus that report business credit, Dun and Bradstreet is used much more frequently than the others. If you feel that credit repair is in order, many companies have been effective in getting negative items removed for their customers. They’re not all created equally, so checking out reviews is helpful.
Preparing Business and Personal Documents for your Salt Lake City business loan
Our loan experts will be able to tell you exactly what you’ll need to qualify for our small business loans in Salt Lake City. It’s helpful to have some documentation prepared ahead of time. Your business plan is one of the most important items you can provide. If you have a well-established business, updating the business plan will help us envision what you’re trying to accomplish with the loan. Asset, income, personal financial documents, and other items you feel would strengthen your request are always helpful. You may be asked to personally guarantee the Salt Lake City small business loan, so you should have collateral information ready and available for inspection. It’s always a good idea to have your accountant or attorney inspect your financial and business documents to ensure everything is in order.
After Your Documents are Submitted
After you’ve submitted all the requested information, you’ll be provided with an approval. If you’re not approved for the initial loan that was requested, an alternative Salt Lake City business loan may be available that would better suit everyone’s interests. After you’ve been approved, you may be asked to submit additional documentation or to meet additional qualifications. After the processing of the loan has been completed, you’ll be ready for your loan to be funded. It’s important that you pay careful attention to and understand the loan disclosures. These documents spell out the terms of the loan and contain very important information such as the exact amount that’s to be repaid and when. You or whomever is designated to receive the funding will then receive the proceeds. Repaying the loan as promised helps your business to establish or re-establish business credit. It also will help you qualify for the best terms possible if you refinance or take out another small business loan.
Getting Started with Us
Our simple Salt Lake City online loan request form makes getting a loan easy. Simply fill out the form or give us a call. We’ll go over all your options and determine what loan would work best for your needs. With many different small business loan programs available, there’s a loan for every type of business and any scenario possible. Even if you’ve been turned down by your bank or another finance company, chances are we can help. We’ve helped many entrepreneurs reach their true potential and to make their dreams a reality. Get in touch to see how we can help you and your business, today!