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Small business loans can be an important step to financing your business. You have the perfect business ideas but just don't have the extra funds to get started. Learn how and where to get small business loans. Getting small business loans is no easy task and will require both good personal credit and good business credit.
Entrepreneurship has taken off since the 2000's. Everyone wants to get away from being an employee and becoming their own boss. This is smart and Highly recommended but do not be mistaken, it is no easy task for most and you have to stick with it until the wheels fall off. The truth is that you can never become rich working for your employer. Most jobs pay you just enough so that you can pay your bills, eat out a couple times a week, maybe take a trip or 2, save a little bit, and some gas money to get back to work. If you even get to do any of the things I mentioned above. They do not want you to have financial freedom. You might just get smart enough to start your own business and become your employer's competition.
Most business loans will have a lot of requirements to get a loan from them. There are a lot of different companies that require different things. I will give you a list of what most institutions will want from you when you come to them about your business loan. One reason to get a business loan for us would be to expand our custom t-shirt printing equipment. Another reason might be to expand our marketing.
There are multiple online companies that you can get business loans from. You can also check with your local banks and credit unions. Some of the companies listed above do not require any requirements other than having an account with them. If you have an account with PayPal you might be eligible for a PayPal capital loan. They will take a percentage of your sales every transaction. They have one of the lowest fees I have ever seen for a loan. They allow you to choose how much of a percentage you would like to take out. You can choose 10-35%.
Lending club is also another good loan company that does not require too much to take a loan. You will need at least 600 minimum credit score to get a loan with Lending club. Kabbage is one of the more popular companies. Kabbage requires at least a $50,000 annual income and a 550+ credit score. Ondeck requires at least a $100,000 income and a minimum 500 fico score. Paypal capital does do a credit check. You only need to have a business account for at least 90 days and processed a minimum of $15,000 in sales.
There is a saying that you should never get a business loan for things that you need. Or maybe it's you should never loan money to someone that actually needs it. This may result in a default on a loan especially if the reason they need the loan happened because of bad money management. The same applies to a startup business. Things may not go the way that you are anticipating so there is a high chance that the money will be lost if the plan is not executed correctly. As I have said before most places want you to be in business at least 3 years. If you have excellent credit this may not apply to you.