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Christmas is around the corner, wild spending defies every logic and bills are being pushed forward, next years resolutions are to cut down on unnecessary goods and to be wise with money.

You fake a smile and try to be merry, deep down you only know how you are struggling to make meets end.

If things were not bad enough, your brother has asked you to lend him some money, so what do you do in such a situation.

Bad credit is a causing you concern because you were just about to apply for a loan.

If you have been a good customer for a long period and the banks have accounts of this, then instead of personal loans with bad credit you might try to look for an overdraft facility or an extension on your existing loan.

How bad is bad credit?

Bad is not bad at all nowadays, in fact it is good to be bad, you get to choose from so many options.

Put it like this, bad credit is become an acceptable standard, as long as it’s not cause for concern.

What could be cause for concern?

Well if you are in full time employment and have kept payments stable, your situation has not swung drastically from left to right. There should be enough positive response from the banks to apply for a personal loan.

The only reason why personal loans are awkward to achieve is because of customer’s own background and they often have nothing to back up the application.

Personal loans, bad credit and overdrafts fall in the same categories.

What are the options?

* Payday loans
* Overdrafts
* Re-mortgages
* Secured personal loans

Documentation?

Your bank might need to see proof of tackling bad credit, and your personal credit history and efforts in improving the situation.

So always keep all correspondence and documents in a safe and secure place.

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First of all, it’s a credit crunch not a credit freeze!

Sure, banks are more cautious about their lending, but when were they not? The reality is that the majority of banks are lending, and to remain profitable they will continue to lend to small business owners. Those that understand the situation are acting now!

“Buy low, sell high”

With the current economic low, it is the best time to get financing at a low rate, with lower-than-ever requirements. Big banks like Citi and HSBC are making their decisions based on business credit scores, not personal fico’s.

Personal guarantee is a promise made by an entrepreneur to personally repay company debts if the business defaults. It is a way for banks to protect themselves, while reflecting the seriousness of the business owner to repay debts. Without a personal guarantee, they are thought to not believe in their business and are high risk. Small business owners don’t want to provide a personal guarantee if possible. Even if they are diligent about repaying debts, some unforeseen catastrophe may happen preventing a loan payment. Then the bank seizes personal assets.

Using personal money and assets for financing involves a risk in damaging personal credit because the credit score reflects every time a financing inquiry occurs. The more business credit is personally guaranteed, the less likelihood of getting any future credit for personal use.

Banks might be willing to waive the necessity of a personal guarantee if they have the assurance that a business can stand on its own. They need to see history of excellent business credit, continued growing and increased revenue.

Regardless of personal credit history, the goal is to limit use of a guarantee, to build business credit, to no longer use personal credit, to limit personal liability, and to protect personal assets from any business losses. Business credit provides greater access to company purchasing and lower interest rates on loans, therefore saving money.

To get good business credit without personal guarantee, a company must register with all three business credit reporting agencies, find vendors, suppliers and credit card companies to give some credit for the business without using a personal credit score. They must ensure all business payments are reported to the credit bureaus so they can track keep track. The goal would be to attain a minimum of 75 rating in credit, and minimum 630 FICO score, based on payment history and trade references. Apply for 3 to 5 retail business credit cards that don’t require a personal guarantee.

Lenders look for current payment history, D & B rating, years in business, trade and banking references, aging receivables, business tax returns and sometimes owner/office credit score.

Ilya Bodner’s Specialties:

Leadership, Enterprenuerial Spirit and Mind, management, negotiation skills, determination for success, understanding and willingness to work hard

Sincerely,

Ilya Bodner
Small Business Owner
Initial Underwriting Group

*Breaking Down The Barriers To Small Business Financing*

http://www.initialunderwriting.org

photo credit: HAMED MASOUMI

It is a toss up sometimes if our experiences are going to be pleasant or not. When borrowing money online, you must have some things in mind before you pick a lender.

A customer needs to be informed and ready to ask important questions regarding their transaction to safeguard themselves. There are a few quick and easy things you can do to ensure that your loan application goes smoothly and ensure that you are protected from fraud.

1. Is the Company Real or Just a Website?

Real companies will have a physical address listed on their website. This information should be easily found and not hard to locate at all. Be wary of post office box mailing addresses. Compare the address to a listing in the yellow pages online or call the phone number to make sure it is not fake.

2. Where Are They Located?

The company may have a real location but they may not be located in the United States. Making sure they are headquartered in the U.S. allows you to take advantage of federal and state lending laws and legal protections.

If you borrow money from a lender out of the U.S. you are doing so at your own risk as they are not held to the laws and restrictions in the United States.

3. Ensure the Site is Safe and Protected

To tell if the site you are on is a secure one before you begin the application process there are two things to look for.

A. There should be a yellow padlock icon at the bottom of your browser winder that indicates you are on a secure connection.

B. The web address should start with “https” and not just “http”. Some browsers actually give you a warning window for fraudulent websites.

4. Do They Adhere to the Truth in Lending Act?

Make sure that you are told what your interest rate and APR will be before finalizing the application. Rates should be based on your credit history so it therefore should not be the same for every person who borrows.

Payday loans don’t work this way, but you should be told what your interest rate and fees are. If you are not given the information quickly and easily, you should walk away and consider another lender.

5. Are Allotment Payments Available?

Making allotment payments keep you from losing or forgetting a bill when you move. It is illegal for a lender to make this a requirement and should not be considered into your loan decision. If they offer it, it can be an advantage to you.

6. Check the Better Business Bureau

If the site has a “BBB Reliability Program” icon on their website, click it and see if it takes you to the BBB website. This icon can easily be copied and pasted to any site. Or go to the site yourself and look them up individually. Check for complaints and resolutions before making your decision to use that lender.

7. Does the Lender Help You Determine if You Can Pay the Debt Back?

Any company that loans you money should be leery about giving you more debt than you can handle. Most companies will check your debt to income ratio to determine if you are getting in over your head. It is your responsibility to pay the loan back so make sure you are dealing with a lender that will help you stay afloat.

8. Satisfaction Guarantee

A company that offers great products and great customer service will offer a satisfaction guarantee. Online lenders shouldn’t be any different.

9. Your Privacy is Important

The privacy policy should be listed on the website and be easy to find. Look for this before you even start your application. Read it thoroughly to protect yourself and know what you are getting into. Find out how that company will use, share and protect your information before signing on the line.

10. Peer-to-peer Lending…BEWARE

There is something online that is called “peer-to-peer” borrowing, a person loans money at an agreed upon rate to someone else. These sites are trusting individuals that you don’t know, may not care much about your best interests and may not use your information in a legal way. They also are not held to federal lending laws so be very cautious with these sites.

11. Do They Offer Financial Education Resources?

Good lenders want their consumers to make smart financial decisions. By having resources on their site they are giving you that chance.

12. Your Credit Report is Yours to Protect

One of three companies should be used to check your credit (Experian, TransUnion or Equifax). Some lenders will only report negative items. Ask the company what their reporting policies are. If they do not do any credit reporting, beware.

These tips can safeguard your transaction and ensure an easy and painless loan. Be an educated consumer armed with knowledge. Good luck!

Michael New Jr. is an authority in the financial industry. He has written hundreds of articles relating to consumer services and Payday Loans Nevada.

Contact Info:

Michael New Jr.

(866)294-4672

miken@checkcity.com

http://www.checkcity.com