what do I need to provide to qualify for a personal or small business bank loan?
Tipm asked:
I am fairly new in the u.s here, will need some loan to do stuff, what are the requirement to qualify for such loans. I would gladly like to have an idea what the interest rate on such loans are for my planning. Bank want a one on one discussion on this issue but my work schedule is so tight, unable to visit at this time.Can somebody share?Great ideas are welcome. Thanks.
I am fairly new in the u.s here, will need some loan to do stuff, what are the requirement to qualify for such loans. I would gladly like to have an idea what the interest rate on such loans are for my planning. Bank want a one on one discussion on this issue but my work schedule is so tight, unable to visit at this time.Can somebody share?Great ideas are welcome. Thanks.
December 26, 2007
• Tags: Business Loan, Business New, Loans, Small Business, Stuff • Posted in: Credit
3 Responses to “what do I need to provide to qualify for a personal or small business bank loan?”
Some banks extend what they call “small business lines of credit” often through credit cards. Those are easier to get and can be based on your credit history alone. They typically are up to $100,000.
For example, Wachovia’s has various business lines of credits,,446_612_1399,00.html Their business line of credit can even be approved overnight,
However, if you’re applying for a loan and if it is a big amount, banks and even the SBA may consider other factors aside from your business credit:
- A business plan explaining what the business is
- Your background and experience in the business — in my experience, this is KEY in the eyes of the bank because they want to make sure that you know what you are doing and that you can make the business work. If you don’t have any experience with the business, have someone on board that knows the business to give banks assurance that someone will guide you
- Your credit factors because it shows your dependability and how well you handle credit. They will do a credit check on you and poor credit history may be frowned upon, or even reason for the disapproval of your loan application
- Your collateral. Banks, even SBA guaranteed loans, want the borrower to show collateral. They want to be guaranteed that somewhere somehow they can get payment from you
- Condition or terms of loans. Banks would want to know three important things: “How much money are you requesting? What will it be used for? and For how long will it be needed?” Banks oftentimes prefer to approve loans for items that can be identified, has lasting value, and can be repossessed and sold if things fail.
- Equity investment as banks want to see you invested in the business as well (they wont give you the full amount you need)
Aside from banks I suggest you consider microloan providers. They typically fund up to $30K Read about the SBA Microloan Program and you can find SBA Accredited Microloan Providers here
the question depends entirely on your credit rating. if it is bad you will not get a loan. if it is good go talk to your banker.
if you do not have time to go discuss the matter with them then it is not very important to you after all.
If you do not have a bad credit getting business loans are easy. It is generally seen that bad credit acts as an obstacle in the smooth running of a business. Are you also facing the same problem? No need to worry, as bad credit business loan is here to solve all your problemsbusiness dealings is bad credit business loans. You can maintain your perfect credit score as long as you pay off your installments in time. This credit score improvement can enable you to avail any future loan with better terms and conditions.