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How to get a startup loan

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Business loan idea video

Postby Doukus В» 02.01.2020

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Top of mind for most entrepreneurs? How to finance their business. A business loan can be a great source of capital, but it can be difficult to navigate the myriad of loan options available to small business owners. SBA loans, conventional bank loans, online working capital loans, and peer-to-peer loans are just a few of the types of loans that small businesses are eligible for.

Every time you apply for a business loan, the lender will check your credit. However, when you submit a full application, the lender will do a hard credit pull. This can dent your credit score by a few points for each application. Sometimes, even getting an initial quote can trigger a hard credit pull. Lenders describe the cost of a loan in different ways. Some will tell you the interest rate on the loan, and others may tell you the total amount of money you have to pay back.

When lenders describe loan cost in different ways, it makes it difficult to compare your loan options. It can be much higher for alternative lenders that provide fast funding and work with lower credit borrowers.

As a result, the total amount of money that you have to pay back is relatively low. A prepayment penalty is a fee that a lender charges if you pay off a loan before the due date. By paying a loan off early, you reduce the amount of interest that the lender earns on the loan, so they charge a penalty.

The fee is usually two to three percent of the outstanding balance of the loan, or it can be on a sliding scale, where the earlier you pay, the higher the penalty will be.

When shopping for a loan, you may also be able to negotiate the removal or reduction of a prepayment penalty. If not, read the fine print before signing the loan agreement so you understand exactly how much you will be charged for prepaying a loan.

Depending on your business needs, a business line of credit may be a better option than a loan. A loan is a fixed amount of money that you pay back with interest over a specific period of time; a line of credit is like a credit card. You get approved for a maximum amount of money that you can access as needed, and you repay it over a period of time. The advantage of a line of credit is that you only have to pay interest on the funds you use. A line of credit is better than a loan in two main cases.

If you occasionally need short-term working capital to buy inventory or cover seasonal expenses, a line of credit gives you flexibility. A line of credit also provides a nice safety net to cover unexpected business expenses. Loans typically work better when you need to finance a long-term investment, such as equipment or real estate. Loans may be backed by specific collateral e. If a loan is backed by a general lien, then the lender can take any or all business assets to satisfy an unpaid loan.

Even a loan with no collateral or liens may require a personal guarantee. There are a lot of things to consider when you are trying to obtain a business loan, and it can seem overwhelming. Following the five tips above will help you assess the basics of the loan and avoid making a big mistake, like pledging your house as collateral without understanding what that means. Ultimately, every business is different, and every business needs financing for different reasons.

Priyanka Prakash is a business analyst and senior staff writer at Fit Small Business and Fundera , where she writes on business financing and related topics. Her areas of expertise include small business lending, credit cards, credit scores, and other aspects of small business finance. Before joining Fundera, Priyanka served as in-house counsel at a startup.

Email her at pprakash fitsmallbusiness. Is a Lender or Broker Deceiving You? Use This Cheat Sheet. Aspiring Startup Entrepreneur? Was this article helpful? Starting or Growing a Business? Check out these Offerings. Liked this article? Try these:. Back To Top. Try the 1 business planning software risk-free for 60 days Start Your Plan No contract, no risk.

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Re: business loan idea video

Postby Malagor В» 02.01.2020

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Re: business loan idea video

Postby Tojakree В» 02.01.2020

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Re: business loan idea video

Postby Shakagrel В» 02.01.2020

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Postby Mushicage В» 02.01.2020

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