What credit score do I need?
We like to see 680+, but we’ve gotten loans for much lower scores especially if the credit is well established.
What kind of income do I need?
Most of our loans are stated income. Most do not require you to verify your income.
Do I have to give you my taxes?
What if I don’t have collateral?
These are unsecured loans so you don’t need any collateral.
Do I need a business plan?
What if one credit score is high and the others are low?
We can apply to lenders who only pull your credit from the high bureau.
What kind of DTI do I need?
The lenders will not count your DTI. This is a stated income loan program.
ABOUT MY CREDIT
Can I use authorized user accounts to make my credit better?
Authorized user accounts (AUs) will usually increase your score so if they score it the only thing your file is missing they may help. But they will count when figuring out how much funding you qualify for. By this I mean score gets you in the door with the lender and what makes up your score determines how much you qualify for. AUs are not counted when a lender looks at what makes up your score.
What if my credit cards balances are high?
In most cases you need to pay them down. As a side benefit that will increase your credit score 50-100 points. BUT in some cases we can get you a consolidation loan so it’s worth having us look your report over to see what we can do.
Do I need open credit cards?
Yes. We like you to have 3+ cards. But there are often ways around this. Let us look over your credit and offer you suggestions. We’re really good at that.
What if I have a bankruptcy?
A bankruptcy stays on your credit report for 10 years. However, my lenders don’t care about it if it is at least 5 years old. Another option is to talk to a credit repair company about getting it removed from your credit report. Bankruptcies come off fairly routinely.
What if I have tax liens?
Tax liens are okay is they are 1 year old. This is for unsecured loans only. If it’s not you can wait it out or talk with a credit repair company to get it off. Foreclosures come off fairly routinely in some parts of the country and other parts it’s more difficult.
What if I have a foreclosure?
A foreclosure needs to be at least 1 year old. If it’s not you can wait it out or talk with a credit repair company to get it off. Foreclosures come off fairly routinely.
What if I have collections?
Collections are ok, but most are very easy to get off anyway especially if they are medical.
What if I have recent late payments?
None in the last 12 months. We can give you suggestions for getting them removed or you can wait them out.
How many inquiries can I have?
We look at the last 90 days only. But no more than 4 per bureau in that time.
How do I get a loan quote?
Get your credit report from creditchecktotal.com. They will give you all three credit reports with a traditional fico score for only $1.
What is the quote I get from you?
We have many years of experience and a database of 1000s of loans we have done. We match up your specific profile to the lenders who will maximize your total loan amount. The quote we give you is our best estimate of what your total will be. But the individual underwriters have the final say.
How do I apply?
First get us your credit report. Once we review your options with you we will get you the correct application for your needs.
What is the process?
Once we get your application we will review it and submit it to processing. You will have a compliance call where we will go over everything you need to know until you have all your cash in hand.
How long until I get my money?
Once we have your application you will get start getting approvals within a few days and will start getting cash in hand in about 2 weeks. Generally all funding is complete in 4-6 weeks.
MISC FUNDING QUESTIONS
How many inquiries will I get?
That depends on your goals and your credit. We will review it with you.
Do you charge any upfront fees?
What will my loan terms be?
Those are determined by individual lenders and there is a wide range of terms.
How many loans will I get?
If you are going for max funding, you will have more than one loan. The exact number depends on your goals.
Will my loans be credit cards?
Some will be.
What’s the difference between business loans and personal loans?
Business loans are lower amounts, but they tend to have better terms and they don’t report on your credit. Personal loans tend to be much higher amounts but have worse terms and do report on your credit.
How do the loans affect my credit?
Business loans will pull a personal credit report because you will guarantee the loan. They will give you inquiries but that is all. There is a lot of myths online about how many points an inquiry is. Fact is every file is different. The credit scoring system is very complex and it has constant modifications.
Personal loans are different. They directly impact your credit. When your balances are low they make your credit go higher. When your balances are high your score goes down. Just plan getting new credit during times when your balances are low.
Can I get business only loans?
No. People selling those packages are selling programs that used to work, but don’t any more. You may be able to get secured loans without a personal guarantee, but as a small company you won’t get an unsecured one.