Qualify For a Business Loan with This 5 Steps
Being in the industry since the late 1990s we have seen it all. Our program, business cash advance by searchlights has being able to facilitate thousands of loans to individual’s .Though we have 10% that misses out. You can know more about this by visiting business cash advance by searchlights.
So Why Do They Miss Out?
Lack of a Credit Score
Normally, most credit scores ranges from 300-800.The higher the score the better as you have created an impression that you are credit worthy. Without this, no bank in their sound mind will contemplate giving you a loan.
Always pay your bills on time especially the soft loans that you take on a monthly basis.
Know the Minimum Qualification of Your Lender
Here at business cash advance by searchlights, our minimum qualification is for you to be in business for at least 6 months and not be in Bankruptcy mode. Before we advance that soft loan we must first evaluate if you have attained our minimum qualifications.
Prepare your Legal and Financial Documents
Some of the documents that banks might want from you include your balance sheet statements, commercial leases if applicable, business licenses and your income tax documents.
This is usually a hectic process that makes acquiring a business loan from traditional money lenders hectic and time consuming. This is however not the case when it comes to modern lending companies like business cash advance by searchlights.
Develop a Strong Business Plan
In most banks without this document, you are wasting your time. They want to know where your money is going to and how you plan to increase profits.
If you are planning to approach a traditional bank, then I suggest you start writing your business plan.
Unlike business cash advance by searchlights traditional lenders require you to have collateral. This ends up locking out thousands of potential entrepreneurs.