Loan Qualification in a Few Easy Steps

Are your dreams of financing your own business or purchasing a home being stalled by challenges qualifying for a loan? There are many reasons for this, including a low credit score, poor credit history, or a high debt-to-income ratio.

However, if you’ve been unable to qualify for a loan by one lender, don’t give up. Apply with another lender. Every lender determines their own approval requirements, whether it be for a personal, business or home loan.

Qualifying for a Business Loan

Studies show 82% of businesses fail because of lack of financing and access to capital. We live in a capitalistic society, and it takes capital to build any type of empire. Sometimes though, even with good credit, it’s very difficult to secure capital for an unproven business, which is defined as a business with less than two years of profitable tax returns.

That’s why it’s important to have a good business plan that makes your business attractive to lenders and improves your chances of getting a loan. Next, ensure you understand what lenders need from you and gather all of your financial documents to meet those requirements. Lastly, look for lenders who offer unsecured lines of credit, which only require monthly payments if you use your credit line. That’s important in today’s financial environment where every dime counts.

Unsecured loans are available with no risk to your credit and no obligation. In fact, there are some great funding options right now for small business owners, and startups for up to $250k at zero percent interest for 9-15 months, and business term loans and LOCs are available for up to $500k. Watch our video to see if you qualify and to learn more about our funding options at https://vimeo.com/401128618.

Qualifying for a Home Loan

With mortgage rates at near record lows, many people are eager to purchase a new home while others are looking to invest in “fix & flip” projects. While the cost of financing a mortgage is more affordable than it has been in recent history, getting approved still remains an obstacle.

This is due to the Mortgage Bankers Association's Mortgage Credit Availability Index, which measures the availability of mortgages based on credit risk. The index continued to fall during the pandemic making it even more difficult to get approved for a home loan.

The good news is that there are flexible lending parameters that require no income verification, no tax returns, no assets and even no reserves. These are available to investors, builders, realtors and future home owners. Some rates start at 7.50% with advance rehab draws available and up to a 90% Loan-to-Value ratio. Contact us at 818-219-4165 to learn more about our funding options or go to our website to fill out a free application.

Qualifying for a Loan via Credit Repair

If poor credit is preventing you from getting a loan—it’s time to repair it. Credit repair is the process of removing negative items from your credit report, which increases your score and allows you to qualify for a home, business or personal loan.

The credit repair process can take up to two years, but you can save time and the hassle by eliciting help from a credit repair company that will start getting results in less than two months. Our credit repair services cost $79.00 per month, our service includes removal of all negative items, unlimited collection letters, cease and desist letters, monthly credit analysis and more. Let us help you repair your credit and boost your credit score, visit www.UseScoreably.com for more information.

Ready to make your dreams come true through loan approval? Fundwise Capital has helped entrepreneurs obtain over $200 million in the past three years alone. We offer personal loans and huge capital loans at 2% interest rate, both locally and internationally with credit amounts ranging from $5,000 - $500,000. Get funding options now at www.TryFundwise.com.