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There is a tendency for people to think when bad news about the economy strikes the worst thing they could do is attempt to start a small business. This could not be farther from the truth. There is no such thing as a bad time to start a business, provided you go about it the right way. Check the news again. When large corporations are failing and looking for bailouts, small businesses keep on ticking. A small business owner that keeps a tight rein on operations and serves the public with products or services valuable enough to be taken in exchange for money will survive a bumpy ride.

Start Looking for a Lender Right Away

Any “grey beard” entrepreneur that has made it through the economic swings that seem to part of a natural cycle will tell you not to invest every personal cent you have in your business when starting out. Read the rest of this entry »

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Already we are seeing the results of the demise of the mortgage market due to the sub prime debacle. Lending banks have severely tightened lending criteria as their asset bases erode and the financial sector comes under huge pressure. Wall street does not like to see 2.5 billion dollar write offs from Morgan Stanley and the like. John Maudlin said in his November 9th Newsletter “Data released in the past few months, and again this week, have shown that banks and other lenders are tightening their standards for all sorts of loans. And it is not just that they are becoming more like an old-fashioned banker who actually wanted to know that he could get his money back”. (John Maudlin, Frontline Thoughts)

Start up companies and smaller operations with limited assets are the ones who have benefited over the last five years of easy money. Some company’s were even funded through second mortgages because they were cheaper and easier to get than an SBA LOC. For all but a lucky few that option is now gone. Read the rest of this entry »

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Does your current business need a facelift? You may need to purchase new, updated equipment, do remodeling, add an addition, purchasing new fixtures for your business. Maybe you wish to start offering new services that will require you to hire additional employees. Perhaps you need to retrain your current staff to offer new services. The time has come for you to take out a business loan to cover these expenses, but where do you turn now?

Online Business Loans

The answer may be only a mouse click away. There are quality, reputable lenders who do business exclusively online who are willing to invest in your business by loaning you money to help improve it. These lenders have established websites to make the application process possible in a convenient, hassle free environment.

To apply for your business loan, you will visit the lender’s website. Read the rest of this entry »

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How many times have you wished there were some sort of magic trick that would grant you instant approval on that loan you so badly need? Being denied over and over again is extremely frustrating and can really bring a person’s confidence down. And what is more, putting your credit through inquiry after inquiry only makes your score sink lower. But what is it that you are doing wrong? There must be something, otherwise, you would have been granted a loan by now.

Obtaining finance when you are a bad credit applicant is never easy, but it is not impossible either. Having a clear idea of your possibilities and a high self-confidence is key. Learn what you are doing wrong and what steps you can take towards a successful bad credit loan application. Here you will find some ideas on how to proceed prior to applying for a loan.

Sort Out Your Credit Report

There are many sites online which offer free credit report copies. It will be a good idea for you to get one of these and spend some time checking it out, making sure that everything which appears there is absolutely accurate. It is very easy to oversee mistakes as we always assume the inputs are 100% correct. Well, they do not always are. So make sure there are no errors which might be unfairly bringing your credit down. Read the rest of this entry »

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Peer to peer lending is often considered riskier than other forms of investment. Looking at peer to peer lending sites like Lending Club, they state the risk of investment is at your own risk and if you are not able to loss your money don’t invest. This is stated on their prospectus with the SEC and this represents the worse case scenario for investors. This admission is often enough to scare the majority of people away. So why is peer to peer lending so risky and if it so risky why are people still lending?

The overall risk is based in the nature of the loan issued. It is unsecured. Meaning, it has no real collateral backing the loan as in an auto loan or mortgage. There is only a promise to pay the loan by the borrower. This is not the only type unsecured loan today. Every credit card and store credit is an unsecured loan. These loans or lines of credit carry a high rate of interest due to the fact they are unsecured. The same is in true of peer to peer lending. Read the rest of this entry »

photo credit: Danny_m

In the last few years, consumer debt in Britain has been spiralling: from credit card debt to large mortgage burdens, it seems that UK spenders have become a nation of borrowers. A recent article in the Guardian newspaper claimed that consumer debt is estimated to be rising by around 10 per cent per year – presently averaging nearly £27,000 for property-secured loans, with another £4400 on average for every person in the UK over 16.

This continuing love affair with credit has meant that a large number of people have suffered financial problems, from simple payment arrears to bankruptcy – and as a result, the number of people with bad credit histories has been rising rapidly. This means that should these consumers ever be in need of financial assistance in the future, they will find it much harder to gain assistance from conventional sources like banks and building societies. Read the rest of this entry »

photo credit: karpov the wrecked train

As the credit crunch continues, more and more business owners and entrepreneurs are turning to less traditional methods of business financing. Usually, the requirements for receiving these non-traditional business loans are not as strict as bank requirements, even during times of a booming economy. Now, as people who would normally qualify for bank loans are facing bank denials, the various non-traditional business financing sources are experiencing an influx of qualified applicants.

Peer-to-Peer Lending

Wikipedia describes peer-to-peer, or P2P lending, as a lending system that “…occurs directly between individuals (“peers”) without the intermediation/participation of a traditional financial institution.” According to a recent article, many peer-to-peer lending sites, say users are frequently listing “credit crunch” or “banks tightening their credit policy” as reasons for turning to social lending networks. Read the rest of this entry »

photo credit: The Digital Movement

For individuals seeking a loan for the reasons of debt consolidation, auto loan, student loan, small business loan or any other personal loan, there is a new option of funding through peer to peer lending. This option is relativity new and has become a completely separate industry. It is growing at a fast pace and for many people find it services a need not easy filled by other options.

The idea is based in person to person lending and is much like lending family members or a friend money. The bank involved acts to connect individuals who want to engage in lending or borrowing. For the borrowers, the bank helps find lenders. For the lenders, it does all the due diligence on borrowers such as a credit check and handles collection of payment. The credit checks have the purpose to reduce risk to the individual lenders and assign a max amount the borrower can get and sometimes the interest rate on a loan. Read the rest of this entry »