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August 28, 2020

Private Student Loans at low interest rates with forgiveness benefits

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Available student loans in Houston from Money Man 4 Business, provides low interest rate private and federal loan for students to get help for their higher studies.

Here is a brief introduction to student loans. A clear definition to that is: “A student loan is money you borrow from any financial institution to pay for expenses in school”. It includes things such as personal computer, textbooks, room and board, tuition and fees, and many more.

Now, for prospective and returning college students should fill out the application form for federal students every year in order to identify whether they have the eligibility for financial assistance to cover the college cost. In case you meet all the criteria, then the school can offer you lot many grants, loans and work study which are part of financial aid offers.

If your loan case has got the approval, it will be beneficial for you. However, take into concern that this is not free, and you will have to pay it back in future along with the interest.

Different types of student loans

Federal student loans are backed by the federal govt. and have lower interest rates, whereas private loan private loans are backed by private lenders, credit unions and banks. The private student loans can have some higher interest rates. This blog will give a more clear detail to each type of student loans.

Federal loans

For federal loans that have fixed interest rates serve as good option for prospective college students. These loans are less that comes over the long term than the private loans. Here, you must get your name enrolled in school for half time to be eligible for certain federal loans. So, you don’t have to repay the loan until after your graduate, or you leave school, or choose to take classes less than half-time that totally depends on the loan terms.

Here, you can have a grace period prior to beginning the payments. The grace period varies by loan, but the repayment starts 6 months after your change the enrollment status or graduate from school.

Private loans

Private student loans is another option for students, but the government student loan recommends this loans type after you have tried to get the federal loan, work study funds, grants and scholarships. The reasons here is these loans are more expensive and have high variable interest rates. Therefore, the amount you need to pay back can rise with respect to time, in case the rate goes up.

Sometimes, the family members aren’t eligible for federal financial aid option, or the complete financial aid package to cover all the costs of school.

What type of federal student loans can I get?

The mostly used two loan programs are discussed in brief here. These loans are:

  • The Federal Loan Program
  • Direct Loan Program

#The Direct Loan Program is the largest of the federal govt.’s student loan program and include 4 various kinds of direct loans.

  • Direct subsidized loans – These loans are available to eligible undergraduates who have the criterion filed for financial requirements. The govt. pays the interest while you are in school for half time.
  • Direct unsubsidized loans – These loans are available to professional students, graduates, undergraduates no matter what their financial need is. With this loan, one can be responsible to pay all the interest even if it accumulates the time you are in school of during deferment or grace period.
  • Direct plus Loans – the professional parents of dependent undergraduates, professional or eligible graduates can take out this Plus loan. The highest amount you are approved for depends on the amount of attendance minus other financial aid you have received.
  • Direct consolidation loans – This kind of loan allows a student to combine the eligible federal student loans into a single loan with a single loan service.

#The Perkins Loan differs from other federal student loans when the school is the lenders and not federal government. However, this is not the case for every loan program. Students can avail the low interest loan if they are professional students, graduates, or undergraduates who have exceptional financial needs.

Who can get private student loans Houston, Texas?

A private lender will check the following boxes before lending the loan

  • You should have a good credit score, or the co-signer should have one
  • You should have a steady income, or the co-signer should have one

Most of the undergrad students will need a co-signer to get a private loan. Some private lenders will not consider the credit scores while issuing the loan, but they will impose higher interest rates against those loans.

When to use private student loans

You should consider federal student loan options first, but private student loans is a better option for some borrowers like those who have borrowed the max of federal loans and still require more.

Here, the graduates and parents with good credits can get a good interest rate with a private student loan than a federal one. Now, the borrowers can stick with federal loans even if they gate a better rate with private loans. This is because the federal loans offer forbearance options, income driven repayment plans, and forgiveness programs.

How to apply for private student loans

Unlike most federal student loans, private student loans need complete underwriting process. Now, lenders opt for ones with enough extra cash and good credit to make loan payments given other expenses which is a lower debt to income ratio. In case you do not meet those needs, the cosigner can help you become qualified for the private student loan.

Further, credit unions, banks and new crop lenders all offer private student loans. The biggest student lenders offer. These loans with so many options to compare interest rates, borrowers protections, and fees prior to choosing any lender.

What type of interest rates can one expect from the best private student loans?

Typically, a private loan will have higher interest rates when compared to a federal loan. The higher the credit score and income of the student and the co-signer lower will be the likely interest rate. It is also possible to get a private loan having an interest rate lower than the federal interest rates, but for that, you will need to have an excellent credit score.

 

Most of the private lenders will provide you two options for interest rates which will be fixed or variable. A fixed interest rate will mean that you will have the same rates throughout the life of the loan, whereas in a variable, the interest rate will change monthly or quarterly as per the agreement.

If you wish to take private student loans with bad credit, you won’t be able to get many lenders who will be eager to provide you a loan. But there are some lenders who will provide loans but with higher interest rates.

Can I get a private student loan with bad credit?

You may need a cosigner

It is feasible that you can avail a cosigner. Since many private student loans, credit independent or federal loans, these are identified by the credit history; many do not qualify for private loans on their own because of their lack in credit history or due to bad credit student loans. If this is what you are dealing with, you might have a cosigner on your behalf to let you qualify for the private loan.

A co-signer can help lower your interest rate

Credit application is needed for private student loan that examines credit report, employment and income. The less you have the credit score; more will be the risk for the lender that will cause again for high interest rates. One way to get the loan approval with low rate is by adding cosigner with good credits to your application.

Compare co-signers for the best rate

Here, credible makes it easy to invite a cosigner to your application and even compare multiple cosigners to see which one is found at best rates.

The final thought!

Most of the private lenders will provide you private student loan forgiveness until and after you leave school. But some private lenders will expect you to make small, interest-only, or some amount of fixed payment while the student is enrolled. When the student leaves the school, they are generally given a six-month grace period before the bill arrives.

Finally, student loans are required to pay for the costs of your education. So, you can consider them an investment in your upcoming days. Still, it doesn’t want to sacrifice your financial future by taking more debts than you should get for the graduates or undergraduates.

So, prior to signing on the application form, ensure that you know all you are getting loan for. This also includes the amount of time it will take you to pay it for. Getting along with your due diligence can let you avoid for biting off more debts than you can bear.

August 27, 2020

Business Lending, Small Business Loans Texas, Houston

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Avail different types of money loans in Houston or business loan programs for a small business. Available loans at Money man 4 Business in Houston USA loans for startups, entrepreneurship.

An individual takes a small business loan startup to start their business or expand their operations or use it. A loan for an existing business will not depend upon the proprietor or board member, but a startup loan will depend upon the owner or the group starting the business. This is because the company is new and will not be having any credit history. If the owner of the group has a bad credit history, their loan might get rejected.

Usually, people require loads of resources like loans, money loaning to effectively manage their small business. In case this person is you, your main objective might start from new ideas small loans for business or even an old one with new methods of introduction. Either way, you can know that business requires overseeing lot many necessities and requirements, most particularly over the financial aspects.

A business loan bad credit can get a secured loan when starting a business by pledging the available asset like gold or real estate property as collateral to get the required loan. In case of an existing company looking for a loan, they can pledge their asset to acquire the required loan. This is one of the prominent ways to acquire a loan for a person or a company with bad credit at good favorable terms.

An unsecured small business loan in Texas can be offered to an individual by banks or NBFC without any collateral. It might be difficult to get unsecured loans for individuals with bad credit, but it is possible with a higher interest rate. Most banks will reject your business loan as they don’t see your creditworthiness beyond the credit score. But there are NBFC that look at the individual creditworthiness and combine it with the technology to approve a loan. Comparatively, they are more flexible in regard to credit rating and score. The interest rate might be high, but you will be able to obtain an unsecured business loan.

Business loans are widely found that range from govt sponsored loan to private loans made to assist new businesses. Usually, you will be able to find series of options that relies on your taste and preference. In case you want your interest rate to be less, it is advisable that you go for Money loans that come from government grants.

Now, a comprehensive, clear and well drafted will make it easy for you to gather loans. Generally, a concise assessment is made by lenders to scrutinize if your business plan does deserve a loan approval. This won’t take long as lenders usually know your requirement so they look for minimizing the time spent in loan processing.

These loans are usually processed in almost every major bank. So, you can ensure that you’ll not have issues with banks assisting you with whole process as these institutions care to help your business as much you are. So, prior to committing to any business pursue or venture your small business loans, ensure that you have done your advance research to avoid any unnecessary situations. After you have made enough arrangement, your loan transaction will firmly be hassle free and a rewarding experience.

Different types of small business loans are available

Here, you can find a range of best small business loans available till date. The diversity of companies operating with the small business industry does prompt the making of different kinds of small business loans. These are described in brief as follows:

Short term loans

A short term loan is a type of loan that is created to support a temporal personal or business capital need. Since, this is a kind of credit; it involves a borrowed capital amount and interest that requires paying or returning back on the schedule date. This time is generally within a year from availing the loan.

This loan is a valuable option mostly for start-ups or small businesses that are not eligible from a credit line from banks. Here, the loan involves less borrowed amount that start from hundreds to hundred-thousands of dollars. Further, these loans are suitable not only for businesses rather also for individuals who are going through sudden or temporal financial issues.

Business line of credit

A small business line of credit has more in common with the small business credit card, than with a small business loan. Like a small business loan, an unsecured line of credit renders businesses with access of money to use to address any business expenses that arise. Unlike a small business loan, there is no lump sum disbursement made at account opening that need a frequent monthly payouts. Also, this is subjected to credit review and annual renewal that is revolving like a credit card..

SBA loans

Among a lot many kinds of small business funding, the SBA loans are one of the perfect ways to financial your enterprise. These loans are guaranteed by the federal agencies that allow lender to offer them lower interest rates and flexible terms. So, availing help will let your business to grow without taking on crippling debts. These loans are the agency’s most popular kind of financing.

Commercial financing

If you’re in a world of business, you might have heard the words “commercial finance”. However, no matter it being common jargon within the industry, it can conjure up uncertainty for some business owners those who are unaware of the options given to them. Therefore, one can say that the commercial financing is the tern given to a range of business financial product items that includes both long and short business money loans solutions, offered by the provider external to their business.

Small Business Startup Loans

A best small business loans for start-ups is a type of financing that aims particularly towards start-up with little or no business history. There is a range of financing process and business loans process available to new business owners viz: crowd funding, friends and family, business grants, business credit cards and SBA microloans.

Equipment Financing

Equipment financing is the use of lease or loan to borrow or buy hard assets for your business. This kind of financing can be used to buy any physical asset like a company car of restaurant. Here, the most crucial thing to know is that it is for financing a physical asset. This is because equipment financing tends to be a more affordable and less risk process to bring equipment than other forms of financing.

Personal Loans for Business

A personal loan is one of the perfect way to fund a budding business of your own, however it also have demerits. There are a range of queries like: “seeking for right idea to use personal loans instead of applying for traditional business loan”. So, you need to apply and get approved for a personal loan.

Benefits of Small Business Loans

Businesses require funding at various stages like while expending operations, recovering from losses or starting new projects. Now, starting a business is mostly the part where funding is almost non-existent. Experts work their ways to make optimal use of resources but this is not enough. As such, you can find a lot many ways to fund your business, and one such way is small business hard money loans. Here, you will find some benefits of small business loans.

  • Convenient Repayment – The small business reflects in the repayment option and also knows the complexities involved with businesses and their plans likewise. They will render repayment plans as per the cash flow to prevent the hard chances in financial management.
  • Flexibility – You can choose from a range of loans to fulfill particular business requirements. Various govt schemes offer business loans designed from expanding the facility. These schemes don’t need any third party security or guarantee.
  • Low Interest rates
  • Easily available

How to apply loan for small business

To get a small business loan Covid 19, there is a requirement of having a solid business plan and stick to it as it is more attractive to the artlessness of the finance world and provides you a better chance to get a business loan. Lenders would appreciate to have a well-thought-out plan for your business. It is uncommon for a small business not to have a formal business plan, but if you don’t, you will have to develop a comprehensive business plan before going to the lenders.

For a small business to get off the ground, or keep one operating, it must have financing that is mostly in the form of a business loan. Now, small businesses can apply to financial institution or banks like credit unions for commercial loans. Generally, banks don’t make loans to startups, but do make for ongoing businesses. Here are some steps to follow through series of the loan application process.

  1. Reason for and amount of the business loan
  2. Visit your local score
  3. Review your credit history and credit score
  4. Start reviewing your borrowing options
  5. Prepare your business plan
  6. Plan a presentation and make the appointment

How Moneyman 4 Business can help you getting your loan instant

Moneyman makes money when you get the funding you require. There are some small business loans providers on our site who pay us a referral fee when customer get loan being approved. Also, we always try to find the perfect option even if we do not have a paying relationship with lenders. Further, we turn down offers from lender that we think will take advantage of small business owners.

How our business loans work

Apply in minutes

You can apply through quick application in minute as we take a holistic view of your business and evaluate them.

Review & accept your offer

In case you are eligible, you will receive an instant pre-qualified offer to choose and review your repayment term.

Draw Funds

After your application is approved, the initial money loans amount will be deposited in banks and you can draw your fund under the credit limit right away.

August 25, 2020

SBA EIDL Reconsideration Business Loan Program

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SBA EIDL Reconsideration Program

Apply Now

If your SBA EIDL loan application was denied or you need additional funds from EIDL. You still have an opportunity to submit an explanation, provide updated information utilizing SBA & IRS forms. Request your application to be reviewed again. Money Man 4 Business offer Loan Packaging services have been very successful with the EIDL reconsideration.

SBA EIDL did not offer, approved or funded your business with enough capital less than the current $150,000 CAP for SBA EIDL loans.You may qualify for additional capital especially if you can prove intend of use of the funds for Hiring more US-based employees & investing into USA made inventory.

Resolution: Speak directly with Money Man 4 Business, Chief Financial Officer John (JJ) Guillory at 281.763.2294 ext. 0. John Guillory has over 32+ years’ experience working with Government insured &/or funded Loans.

When an applicant applies for SBA Economic Injury Disaster Loan, the economic injury is not substantiated based on the initial application. On the basis of information provided by you on your loan application, it has been determined that your economic injury cannot be substantiated.

Many applicants did not seek professional or experienced help completing the application & incorrect figures were used on the initial application.

Resolution: Money Man 4 Business can request your application to be reconsider for up to $2 million which is the current CAP amount for SBA EIDL loans. If your figures were reported incorrect. Money Man 4 Business will revise any portion of the application that may had been incorrectly report at the initial application.

If you had late payments in the past and might be caused by you are struggling with low cash flow, reduced business revenue because of the disaster or you made all payments on time but you are over leveraged because you have depend on your personal credit to support your business cash flow requirements.

Resolution: You can submit your current Experian Credit report to Money Man 4 Business. We will review the entire Credit report with you and develop narrative report to explain how problems & economically issues in the past has hurt your credit while you were building your business. In the past 10 years in the US Business Owners has been depending on personal credit & financing that has taken away from the business profit margins.We recommend you obtain a FREE current “Experian” consumer credit report from here. After you submit the Current Experian credit report. We will review in detail with you and help compose narrative report that we will submit on your business behalf for your application to be reconsidered for SBA EIDL loan. Link to IQ: https://www.identityiq.com/sc-securepreferred.aspx?offercode=4311491X

When the SBA did certain types of verification of various data of information regarding the Legal Entity. Certain Information could not be verified such as Business Banking Information, Your Federal EIN, Legal Entity Status, Taxes or other financial Information could not be verified.

Resolution: We have list of various items to use to verify Business Financial & Entity information. That information is submitted using IRS & SBA required Government forms. The process is manged by our SBA Specialist Team to ensure compliance and accuracy. The most consumed time currently is ordering the Business prior years Federal Tax return information. Files are getting funded. Patience and Accuracy is important, Money Man 4 Business has the knowledge.

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March 24, 2020

Small Business Start up Loans

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What is Small Business Start Up Loans ?

If you have planned to start a business, it is certain that you would have something on your pocket in order to get off the ground and know the full potential. But, there are lenders and banks that render most weight to elements like in annual revenue and business with things that a new business can’t point to on small business loan applications.

A startup business loans is a type of financing that aims particularly on startup with little to no business history. Now, you can find a lot many varieties of new financial processes and business to new business owners viz: crowd funding, friends and family, business grants, business credit cards, and SBA micro loans.

This is where the startup business loan comes in handy. These loans are made to help startup businesses know basic operating things and expenses such as staffing, equipment, and inventory. These things usually needed to be placed prior to a business starting to generate revenue and make things possible.

Different Options for Startup Business Loans:

SBA Microloans

This program is mostly the conventional startup business loans on the list. The SBA microloan program offers small businesses with a large amount while the small sized business startup loan with small and less substantial startup cost to bear. Even if with this, the programs aren’t actually loans issues by the Small Business Administration. Rather, these loans make the ultimate decision of which startup businesses makes fund out of.

Business Credit Cards

Business owners with less than six months in business must consider getting business credit cards to cover the startup costs. Even if this is not a conventional startup business loan, a business credit card can grant you limits you can borrow when you need to cover large expenses. So, as long as you pay off your balance each month, you don’t have to be afraid of higher interest rates that you carry.

Small Business Grants

Small business grants serves to be a great way of raising money for the startup business; who don’t want free money. However, small business grants from govt. organizations and non-profit organizations can be challenging to secure, as many small business across the country do apply it. Further, some grants are reserved for some type of businesses such as the businesses that operate in particular communities, non-profits, and mission oriented businesses. Even if these grants are not a conventional replacement for startup business loans, they are worthy applying if you think you have a shot at receiving one.

Friends and Family

When more traditional small business startup loans aren’t available to your new business, you can turn to friends and family to raise initial funds. Now, there are many successful businesses who have built off the back of generous friends and family members, but this financing process is very risky for startup owners.

Crowd funding

Crowd funding is another creative funding process for starting business loans when other loans don’t make sense. This method lets you raise capital from online campaign mostly through dedicated platforms. Here you have to set a particular amount of capital where users will have to donate money if they feel inspired to do so. Unlike debt financing or equity, you do not have to pay interest or give up ownership to the funders.

Equipment Financing

To speak of, banks are usually conventional known for their lending opportunities. With the number of startup businesses starting at a peak scale, the conventional loan doesn’t seem to be a good option. Now, banks have strict small business lending standards and their offering is only available to established businesses. Here, still you can work with the banks to secure the equipment financing.

Personal business loans

There are lots of small business owners who access financing through personal loans. They do it through the growing number of online lenders. However, like credit cards, personal loans can have higher APRs, mostly for bad credit borrowers. Now, personal business loans can sound the best option for borrowers with strong income and excellent personal credit.

Take  a startup loan to gear up your business success

If you are building a small business, know that it doesn’t have to be a difficult task. Rather you just have to lend yourself a financial cushion. Now, getting access to the capital you should focus on hiring buying equipments, increase inventory, lease office space, hire staffs or simply cover monthly expenses while you grow.

Also, you can find lot many financial options to select viz: business credit cards, business line of credit, equipment financing, SBA loans, short term loans, and so forth. No matter the type of startup loan, you just have to have some extra cash and fewer headaches.

Who Qualifies to get Startup Business Loans?

For any small business startup, there is not one option that covers the entire financing options for the startup owners. So, the various methods to adapt are: crowd funding, friends and family, small business grants, business credit cards, and SBA microloans. Now, there are many new and young businesses that qualify for a startup business loan.

The most crucial key elements in all of this small business startup financing option will be the personal credit score. The higher the score the better chances to qualify for the personal loan business, business credit card, and SBA microloan.

Your eligibility for a more alternative start-up business loan like friends and family, crowd funding or grant will depend less on your credit score and more on the detail of your business like your business model, your customers, your communities, and many such things.

How Do You Apply for Startup Business Loans?

If you have planned to apply for new business loans, you must consider the method of financing you do apply to. Here is a breakdown of what to expect with each kind of startup business loan. Now, SBA micro loan will usually have a high intensive application procedure, where many documents will be needed and processed and the time for this would be at most few weeks.

Business credit cards have a very simple application procedure that requires “social security number” or federal tax ID. The application process here depend on the grant you apply for. The creative funding options such as crowd funding or friends and family doesn’t have conventional business startup loan application and so will depend on your unique funding conditions.

How Do Small Business Startup Loans Work?

Have you recently started to grow your business and already feeling lost about the funding options? If yes; the world of business financing can be lot confusing; mostly when the first timer business owners strike it out on its own.

Now, getting capital in the form of startup business loan is challenging and with no proven business history to show up, the start-up is the riskiest type of business to fund upon. However, there is nothing to be stressed as you can find lot many varieties of small startup business loan available for the startup owners. You only have to check them out and consider which one reflects better output to stick best for your business.