Understanding Refinancing with Bad Credit – A 10-Minute Guide
Understanding Refinancing with Bad Credit: A 10-Minute Guide Table of Contents Refinancing your home loan can be a powerful financial tool. It allows you to
Start-ups are a kind of newly-formed businesses that are generally fast-growing in size and revenue. Start-ups are different from traditional small businesses because they are designed to grow fast. As a general rule, this means that they will have a product that they are able to sell to a large market.
In most cases, to be self-employed and operate a business, you don’t need a big market for your product to be in demand quickly. You just need to be offering a quality product in order to steadily grow as time goes on.
This means that the lending criteria for the self-employed and a start-up company can differ also. As a new start-up, you may need funding for things such as equipment, marketing and finding a venue if you are going to have a physical space to trade out of, such as an office.
There are a few options available if you are planning a start-up, as you will probably need funding to get your idea off the ground. Options such as business loans, or even a low doc loan may work for you. If you’re self-employed and looking for a loan to get your start-up off the ground, read on below.
As a new business, there are many things that you could use funding to help with. You are probably aware of most of the costs that are involved with starting a new business, some may not be as obvious as you would think. These may include:
Business loans can offer flexible funding that can be used to pay for a range of costs. However, many lenders require a business to have been already making a profit, or be in business for a certain amount of time before they will lend to you. This is because lenders want to know that your business is profitable and that you will be able to pay off your loan as. This is because many new businesses do end up failing, which is risky for your lender.
However, if you personally have any assets such as especially property, you may be able to take out a secured business loan. It is important to be aware that you are putting your property at risk if you use it as collateral for a loan. If your business does end up failing and you can’t repay your loan, you could end up losing your property in order to pay your debt off.
Also, you will need to plan how you will pay your loan repayments until your business takes off. In order to qualify for a loan, you will probably be expected to show your lender that you have enough income to be able to make your repayments. This means you will need a steady source of income, or have enough funds already, to start repayments before your business takes off.
Low doc loans are for when a business owner cannot provide business financial statements and tax returns for the previous two years, or any proof of income. In addition, most low doc loans are unsecured. This means you do not have to provide your lender with any sort of security or collateral, which then results in fewer documents.
A low doc loan can prove beneficial for a start-up. A traditional loan often requires an extensive amount paperwork before approval is possible, including income verification, financial statements and business plans. This is also on top of the regular personal documents needed in order to apply for a loan.
Low doc loans can make the process less complicated. They can potentially offer an easier option to start-up businesses who cannot provide the long list of documentation required by lenders for the more traditional loan options.
With Tiger Finance, we can help to get you a loan in four easy steps. 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 start-up. 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.
Our finance specialists can help you find the right loan for your project. Loans can be 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 loan difficult, Tiger Finance can make the process simple and pain-free. Call us today to get started on your dream business.
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Our vision is to make it simple and easy for every Australian to get the funding they need to achieve their big life goals.
National Home Loans Group Pty Ltd trading as Tiger Finance | ABN 57 168 971 346
Tiger Finance Credit Representative: Kiara Patricia Halley | Credit Licence: 468465
*Interest Rates: Conditions, fees and charges apply. Interest rates are subject to change and will vary. We cannot guarantee that the interest rate advertised on our website will be the one offered to you. Interest rates offered will be dependant on your situation.
*Consolidating high-interest personal loans and credit cards into a lower-interest home loan may result in significant savings on interest for some consumers. However, this solution may not be suitable or accessible to everyone.
*The approval timeframe is varied. Approval time is subject to change depending on your circumstances or loan type. Processing times may be subject to your lender.