How To Get A Guaranteed Business Loan
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If you’re looking for a guaranteed business loan, there are a few things a lender may look for. A good, solid credit rating will always help you to gain approval for a loan, and a detailed business plan will help a lender to see that you’ve done your research into the business market. Following the application checklist closely may also improve your chances of approval, as well as demonstrating that your business is able to make a profit.
Read on below to find out everything you’ll need to know about how to gain approval for a business loan.
How to get a guaranteed business loan
Lenders will generally look at the required factors of all loan applicants, such as credit history, credit score, and income. Generally, having a good credit score will be helpful in getting approved for a business loan. That isn’t to say that there aren’t options for those who have a bad credit score, but if you wish to apply for a standard business loan, having a good credit score may help your approval.
A lender will most likely also require a business plan when you are applying for a business loan. This gives the lender a sense of direction as to where the business is going, and also shows that you have planned for the future of your business and that you aren’t just going in without a process.
Having a business plan can help to give your business direction, and define your objectives so that your lender and you are on the same page throughout the application process. A business plan may include the goals and objectives of the business, as well as the steps taken in order to achieve these goals. It could also include past, present and predicted performance of your business, with carefully planned cash flow projections.
What do you need to apply?
In most cases, you’ll need to supply personal documents in order to prove your identity. A lender may also need to see the following to approve your business loan application:
- Personal identification – such as a driver’s licence or a passport will generally work
- Business verification – You will need to be able to prove your ownership of the business.
- Financial history – Your lender will almost always want to see how strong both your personal and business finances are. They may need to see bank statements, sales records, and other financial documentation before they approve your loan.
What other factors could help?
Although your credit score is important when you are being considered for a loan, it isn’t the only factor lenders consider. A lender may also consider:
- Profit – Lenders may require you to show that you bring in enough money to afford your repayments
- Time in business – Some lenders may want your business to have a track record of doing business for at least 6 months, although a few years may also be ideal
Your lender may take into account other factors depending on their application checklist. Be sure to check with your lender when you apply for a business loan for what exactly they will need to consider you for a loan.
Where does Tiger Finance come in?
With Tiger Finance, we can help to get you a loan quickly. You will have a free consultation with one of our specialists, and we will tailor-make you a loan. We will negotiate with lenders on your behalf before you are approved.
We have helped countless Australians with both good and bad credit ratings to be funded for their dream business. We understand that lending criteria from other lenders are too strict, and can stop you from achieving your goals. That is wrong, and it should not hold you back.
How we can help
Our finance specialists can help you find the right business loan for your project. Business loans are a complicated topic, but we will find a loan that makes your dream project that much easier.
If you are one of the many Australians finding getting a business loan difficult, Tiger Finance can make the process simple and pain-free. Contact us today for your free initial consultation.
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