BUSINESS LOANS FOR SMALL BUSINESSES IN BUFFALO, NEW YORK
A good credit score is essential for any sort of loan. A score starting at 650 or more is a good place to start. Most people, when they think about building a good credit score, think about getting “safe” loans that they then repay. For example, getting a credit card, using it, and then paying the balance, seems like a great place to start. Another piece of the puzzle is the repayment of any loans or credit cards. It is common knowledge that missed repayments negatively affect credit score, and payments received on time help boost it. However, there is a more hidden factor. Maxed out credit cards, even if payments are received on time, weigh down credit score. Businesses young and old can depend on credit cards for the day to day expenses that occur. A great benefit for paying by credit card are the reward points that can accrue, making the money go further.
Since maxed out credit cards bring credit scores down, one step towards approval is to pay down the cards. If credit cards, and even credit lines, have been used by the business, it is best to keep these at a utilization rate of 30%. Any balance remaining that takes up more than 30% of the available funds will negatively affect approval for loans. Another creative solution that Fundwise Capital offers is to find a bridge loan for a business owner that will help pay down the credit cards. These loans are for about $10,000 over a short term.
It seems counterintuitive that transferring debt from credit cards over to this type of loan could help the overall credit score. However, once credit cards utilization drops to around 30%, credit score will increase, despite the existence of these bridge loans. The fact that the credit score will go up is obviously a good sign, but raises yet another problem. The credit bureau will take some time to register that the cards have been paid down and that credit score can now be higher. Fundwise Capital knows how to make the best of the time available, or even ways around the wait time. For a separate fee, a credit report can be pushed through earlier. If time is of the essence, the ball can get rolling in just a few days, as opposed to weeks.
Bridge loans are available through Fundwise Capital and are a unique option not many lenders offer. With the benefit of paid down, or paid off credit cards, new opportunities open up. Business owners can now be approved for large amounts of business funding or personal funding. These loans come with competitive interest rates and are for the most part unsecured. No collateral needed to move forward? That’s a pretty good deal right there. Now with the larger, more preferential loan in front of you, you can pay off the bridge loan right away to escape its short term period. Your efforts can now be focused on the best next step for your company, turning any financial struggle towards higher profits and a better future. Being informed of these creative options can also be an added benefit to your customers. If you cater to other businesses, and know of their struggles, be sure to offer this as a solution for them. It can launch them out of negative trajectory, into a path of profit.
Apply today and see what Fundwise Capital can have in store for you. Fundwise Capital does not itself lend money, but works with a network of lenders to get the best loan option for their clients. Their large database of knowledge means that they know the best place to look for creative options like bridge loans and even 0% credit cards that are available. Applying once through Fundwise Capital is all that is needed, in an easy 9 part questionnaire. No sensitive information is collected in this part that gets you a no obligation phone call. One application, and then you get a team at Fundwise Capital who will work with you to figure out your loan needs, and the best places to get them. Let the team handle all other applications, leaving you with your hands free to run your business, rather than spending time filling out tedious forms.
Apply now and see what the future holds for you.