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August 29, 2020

Bad Credit Loans-Guaranteed Approval Personal Loan in Houston, Texas

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Bad Credit Personal Loans Guaranteed Approval

Most number of the direct lenders for bad credit personal loans including banks, credit union and online lenders make their statements like guaranteed approval for personal loans with no credit check. That means they suggest there will be no credit checks and you will get instant approval, but actually in real no one lender is able to promise you 100% guaranteed to approve your small personal loans for bad credit history. Money Man 4 Business, a well established private money lending service provider in your nearest location in  Houston, TX, deals loan programs for the people like having poor credit history because they feel there are certain emergency financial situation someone might come in need of fund, so to help them they extend their reliable support to approval instant loans for bad credit.

Money Man 4 Business, provides best personal loans for bad credit finance to those who seek urgent basis money loan that is on same day cash loans approve process, it is easy to qualify to get fast cash, because we emphasize on our credit decision on our customer ability to repay the cash advance and not on their extremely credit history.

How does bad credit loan guarantee approval works?

One of the prominent reasons loans works is due to the time for which the loan is required. A quick approval loan in the bank is used to satisfy an emergency a person will be facing. These are mostly multi-utility loans that can be used to pay medical expenses, down payment, marriage, education, etc.

These loans are approved for the existing customers of the bank and who have a good credit score. But what about the customers who are new or have a bad credit score? How will they be able to get an emergency loan?  The section below will give a complete explanation of how such customers can get Bad Credit Business Loans.

What are bad credit loans?

Firstly, it is crucial to know what bad credit really means. Bad credit refers to low credit scores’ things like maxed out credit card or late payments can bring your scores down. While having a bad credit, qualifying for loans can be very challenging.

Bad credit loans are an option for those whose credit management history reflects some financial hiccups or who haven’t had time to build a credit history.

Like mentioned earlier, these loans are either secured or unsecured loans for bad credit. Terms, fees and interest rates for these kinds of loans vary by lender.

Now, different online lenders, credit unions and banks offer loans to those with weak credit, but the threshold for the considering a “credit worthy borrower” varies by institutions. Some lenders have strict needs than others, which makes it crucial to shop around thoroughly while seeking for a loan.

How to get a bad credit loan?

Check your credit report

However, prior to applying for a persona loan, you must check the credit report and address any mistakes that might impact your score. So, bumping your credit points can both boost your chance of qualifying and also let you low interest rate.

We at Moneyman, offers free access to your credit report. You can also get a free report from each of the three big credit unions.

Visit a credit union

Personal loans from reputed online lenders are convenient and fast, however you can get a more customized service at low rate from a local credit union.

Pre-qualify online

If you cannot get a loan through your local credit union, you need to compare offers from multiple online lenders prior to signing any loan agreement. The easy way to compare the actual rate is to pre-qualify.

Submit an application

Applying for a loan can take anywhere from one business day to a week, and the process will trigger a difficult credit inquiry. This might temporarily hurt your credit score, but is should rebound overtime as you make timely payment over the personal loan.

How do bad credit loans work?

Personal loans for bad credit can be used for a huge array of purposes, starting from debt consolidation to financing prime purchases.

Now, it is crucial that borrowers with low credit scores are seen as riskier in the eyes of the lenders. So, in exchange of taking on extra risk, they charge you more in the form of high charges, fees and interest rates. The finance charges can be pretty sizeable and sometimes very high.

Further, some bad credit loans can also include early termination fees. So, it is crucial to do your homework and look at the entire fees so that you’ll have a sense of how much you’ll ultimately have to pay.

Applying for a bad credit loan is same to a regular loan. Here, the legal lenders will check your financial condition, ability to repay, your credit history and other info prior to extending a loan offer.

How can one avail bad credit loan Houston, TX?

A bad credit loan should be availed only when necessary, or you are in any one of the below-mentioned situations.

  • Due to low credit scoring, your loan application has been rejected by many lenders.
  • Due to defaulting in your credit card payments.
  • You have no other means to manage your current debt.
  • Your financial condition has improved, and you are able to afford to repay the loan so that your credit score improves.

What types of unsecured bad credit loans are available?

There are various kinds of unsecured bad credit loans that you’ve to consider. These are:

#Payday loans

These loans are designed to cover you until you in the short-term. You can borrow and repay it between a short duration. Loans here are unsecured and the eligibility criteria are flexible. So, in case you have a bad credit, it generally is not an issue.

#Debt consolidation loans

These kinds of loans are made to help those who better manage their repayment, save on interest and combine multiple debts. In case you have bad credit, you will have debt consolidation options available for you.

#Line of credit

A line of credit is a loan that allows you to withdraw up to and include some amount of money. These loans grant access for quick cash and you can draw on them when required.

#Cash advance

A cash advance is when you receive cash through a credit card, using an ATM withdrawal or at a branch. However, here you will have to come to be known as payday loans. It should be considered that if you have bad credit, lenders will not approve for a credit card. Thus, in case you are seeking for a credit card cash advance, you must already have to hold one. For a payday loan, you should search one with a physical location.

Unsecured Personal Loan with Bad Credit

Are you suffering from bad credit hindrances to obtain a loan? If yes, bad credit can result from both paid and unpaid defaults, court judgment and will create hindrance for applicant seeking money.

We don’t believe in placing barriers to those who seek finance even if they have bad credit. You can still be eligible to apply as we will process your application according to your present serviceability and will not place much on your past credit history. In order to meet these goals, we offer unsecured personal loans bad credit opening up a world of opportunity to you.

With personal loans, you can avail access to fast loans very soon. The application process here is straight forward and simple, and can be done online. We also don’t perform automatic credit check, so your application will be asserted on the info given. Not only are our loans fast, rather as a direct lender, we are involved in each and every step to make sure you gain a great credit experience.

The covid 19 situation has also played a major role in the forceful stop of business worldwide, which has given rise to Bad Credit Business Loans Covid-19. Governments worldwide have to intervene so that the banks don’t start declaring these businesses into non-performing assets, which will lead to a cycle of personal bad credit loans issued by the banks to their customers. If the banks declare non-performing assets against the business loans issued, this will lead to the closing of businesses and industries and will lead to a rise in unemployment and a rise in bad credit personal loans.

The bottom line

Your requirement of personal loans for bad credit apply online are just one step away. Get out yourself from your financial crisis right now because to get instant approval personal loans with no credit check from Money Man 4 Business is guaranteed no matter what. Apply for easy and affordable bad credit personal loans with monthly payments now.

Starting over financially, most likely means starting over personally in some field and there is nothing to be ashamed of. A lack of knowledge, adequate resources, or access to funds to pay off debt can have a swift impact on your credit score. However, bad credit isn’t irreversible. You will have options to build a functional life, and a bad credit loan with a viable one.

August 29, 2020

Borrow Money, Business Borrowing Texas

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If you want to borrow money for business, Money Man 4 Business in Houston is the right place to get borrowing money fast to start your small business.

Everyone in this world needs to borrow money at some point of their lifetime. Either it is for a new home, buying car, or starting a business or for college fees. These days, professional financing options come in a large number with varying setups. Here, you can find some of the most famous lending sources, reviewing their merits and demerits along with it.

Banks have been a go-to source for a long time to borrow money for a business startup as they require cash infusion to start and run the business. But that might not be a possibility for everyone, especially if the money needed doesn’t meet the required underwriting standards. But there are a lot of alternatives sources that have emerged over the years, which will provide the required capital in more favorable terms for the startup business.

Sometimes in life, you might require money for an emergency expense or bill, but you might not know where to start on a frustrating and time consuming process. This page will give you some outline the way you can borrow money faster so you don’t have to spend time worrying about filling the gaps between pay checks.

Since life is full of surprises and many times you’d require borrow money to start business or in order to get along with circumstances. There are times, you might be starting a new job or have to wait for your first pay check, you’d got a flat tire on the way to work, or you need to buy a refrigerator in replace of the broken one. Lots of things might come in your part and things might happen that would seem hard to cover if you are not prepared.

As per the CBS News, 80% of people in US do live pay check to paycheck and about 60% have less than hundred dollars left over at the end of the month. So, if you fall into either of this category, you might need a way to pay for emergency expenses in case they arise suddenly out of nowhere.

Different ways to borrow money

There are lot many financial institutions other than large national banks that might help you somehow. Some of the ways described here goes as:

#Smaller banks

You might come across terms when a local or regional bank will be willing to extend you the money you need. Here, the credit union is another option and the smaller banks will be little more flexible with plan approvals than the larger ones.

#Credit cards

You might have an option to charge whatever you require on your credit card, either by getting a new one or by using one you have already. So, as per your requirement and available credit, you can pay with card or take out a cash advance. Here, the downside is that, there will be fees in addition to bring into higher interest rate and you might not want to risk going over the limits.

#Peer to Peer lending

One of the latest kids in the block of borrow money Houston financing is peer-to-peer lending. There is a site available online which works as the intermediary between the borrower and investor. The prominent upside of this is quick access to fund, some of these sites decide the loan within 24 hours, so they are an appealing option if you require cash for a short duration of time.

#Payday lenders

Payday lender is another option and they usually render cash advances as per the current pay stubs. Here, the majority or case relies where your credit score might not be considered. But, the terms and fees can be hard to manage. And you’ll have less time to repay the loan along with all the interest and fees.

#Crowd Funding

Small businessmen have often turned to their friends and family to borrow money for small businesses when the other lending sources seem to be out of reach. With the help of crowdfunding websites, this has become much easier for small businesses. Businesses just have to provide the information regarding the requirement of the fund and solicit the people they know to pledge. Some of these sites work on all or nothing basis if the fundraising target is not hit.

#Signature lenders

Credit cards and payday lenders are not the only fast cash option; rather you can also get a signature loan. Signature loan companies may lend you money on your signature alone, without asking for any collateral. Just like payday lenders, the fees here can be higher; however you can get your money even if you don’t have a good credit history.

# Private lenders

Due to the decade ago financial crisis, there has been the emergence of private credit firms who have become competition for commercial banks. Unlike the other sources mentioned here, these firms usually specialize in bigger loans even if the business has to borrow money with bad credit. Due to flexible payment terms and quick dispersion of loan amounts, the popularity of this lending source has grown among small and medium-sized businesses.

#Credit unions

A personal loan from credit union can be a good option than a personal loan from bank. The reason for this is given here. Firstly, a credit union will offer low fees and interest rate than a bank. Since the credit union is not for profits dedicated to serving member, their goal is to return profit to members rather than the share holders.

There is one drawback here. One must have to meet the credit union’s member ship eligibility criteria so as to be a member. This will include family ties to a current member, connection to an employer or particular schools, and residence in specific counties and more.

#Cash advance from credit card

Using a credit card to access cash seems like an appealing option. As you will have the card, you’d not have to fill the application or check thoroughly the credit to get the necessary for short term loans against the line of credit found on the credit card. In addition, you can usually access the money immediately.

Here, the simplicity of a credit card cash advance can come at any cost. Some card issuer charge fees to get a credit card cash advance with interest rate that is generally higher. Also, many don’t provide a grace time for advance cash, which means that the charge starts the moment you withdraw the cash.

#Family and friends

Now, getting a loan from friends or family members seems like an uncomplicated means to get cash when you’re in need. Since, a family loan will come with no contract, or a basic contract, and you might get a very favorable interest rate void of any credits.

Here, the things might get complicated in case a dispute comes up over the repayment of the loan. In case in future, you still owe to some near and dear ones, that will cause a lot of awkwardness.

Here, another drawback is, since your relative or friend cannot report your loan payment to the major credit bureaus, you won’t reap any credit building benefit.

#401(k) retirement account

Borrowing money from the employer sponsored 401(k) needs no credit check. In case your 401(k) plan allows loan, you can borrow around 50 percent of the vested account balance, whichever is higher even if the cap on 401(k) loan is thousands of dollars.

Here, you need to repay the loan within the give time period and the interest rate you pay on it will go to the 401(k).

Even if accessing cash from 401(k) sounds simple, there are lot many consequences to it. For example: if you leave your job, you might be forced to repay the loan in full prior to your next federal tax return at hand. In case you don’t repay it, you might be hit with tax penalties. In addition, you will be missing out the investment returns on money you pull out of the 401(k).

August 28, 2020

Bridge Financing Loan for Commercial Real Estate Finance Texas

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Bridging loan financing services by Money Man 4 Business for small business owners in Houston, bridge loan or bridging finance is a short term loans used in commercial and real estate industry.

Do you know what a bridge loan is? If not, then there is a brief definition to this in here. A bridge loan is a short-term loan used until a company or person removes an existing obligation or secures permanent financing. This allows the user to meet present obligations by rendering quick cash flow. Bridge loans are short term, up to one year, have high interest rate and are usually backed by certain type of collateral like the inventory or real estate.

A bridge financing loan is a provisional financing option used by companies and other individuals to solidify their short-term requirement until their long-term financing option is not arranged. They normally come from an investment bank or a venture capital firm in the form of equity investment or loan.

Key takeaways

  • A bridge loan is short term loan used until a company or person removes an existing obligation or secures permanent financing.
  • Bridge loans are short term, usually taken up to one year
  • These are usually used in real estate
  • Home owners can use this towards buying a new house while waiting for their present house to sell

How bridge loans work

While applying for a bridge loan, you can except debt-to-income and same credit needs like the mortgage. Most bridge loan lenders won’t go above 80% loan-to-value ratio. As such, you will have to at least avail 20% equity in your present home for a bridge loan to be an option.

As the name entails, it bridges the gap between the time when the business money is set to run out and when it is going to get the fund infusion later. The bridge loan in Texas is usually taken to fulfill the short-term working capital needs. There are multiple ways through which this finance can be arranged. It depends upon the firm which option it will utilize or which option is available to it. Bridge financing option includes debt, IPO and equity.

Bridge Financing real estate is common in many industries since there are always struggling companies. For instance, the mining sector is filled with small players who often use this form of finance to develop the mine or cover the cost until they can issue more shares, which is a common way of raising funds. This finance is rarely straightforward and will include a lot of provisions to safeguard the interest of the lender.

Bridge loans are typically used in one of the two ways

  • To pay off the present mortgage, putting any excess toward the new down payment
  • A second mortgage that becomes your down payment for the new home

When to use a bridge loan

In case you find yourself in one of the sticky condition, a bridge loan might keep things over the right direction

  • Sellers in your region won’t accept contingent offers
  • You can’t afford a down payment without proceeding from your present home
  • You’re confident your home will sell but prefer to secure a new home prior to listing it
  • Closing on the present home might be scheduled after closing date for your new home

How to find a bridge loan lender

If we take an example to Mr. Anderson, “instead looking for bridging loan service on web, it is best to consult a professional and trusted credit or bank union in your local market”

He also suggests to stay away from collateral based “hard money lenders who advertise “fast cash” online. They offer bridge loans, but they will charge even high rates than conventional lenders who are not reputed ones.

A bridge financing lender is usually an investment bank or venture capital firm, who wants significant returns on their investment, so any fund loaned by them usually has a high-interest rate. These loans are usually set up in tranches so that a portion of the loan is paid on a regular basis. If the funds are offered in the form of equity shares, the lender would want the prices of the equity shares to be as low as possible to take advantage during the upside once the share price appreciates.

Benefits and downsides of bridge loans

There are both merits and demerits of using a bridge loan you make transitioning to a new home to run smoothly. In this case, you can consider things like:

Merits

  • You don’t have to move twice

In case you sell your old house prior to closing on the new one, you might require finding some temporary house until you complete the procedures. Here, a bridge loan would simplify the procedure can get you into a new house directly

  • You can make a stronger offer

The alternative to use a bridge loan makes a contingent offer on a new home. This means, the offer to purchase is contingent upon you selling your present house. Unfortunately, these offers make a lot of uncertainty for sellers, so they will take offers from another purchaser without the contingency. In case you have a bridge loan, it will help eliminating the contingency altogether.

  • Qualifying for a low interest rate

The higher you down payment on a mortgage, the less risk you pose as a borrower. So, you might be qualified for a low interest rate if you render a big down payment. In case your present house is not sold yet, a bridge loan will give you that high down payment and potentially a low interest rate.

Demerits

  • It can be expensive

Between high interest rates and fees, a bridge loan can be more costly than alternatives that also include the home equity loan.

  • It is not easy to qualify

If you are not selling your present house yet, you can make two mortgage payments for at least a month or two, and possibly longer. Keeping that as burden, bridge loan lenders will have debt to income and strict credit ratio needs for those who apply.

  • You may not get enough

Bridge loan lenders usually offer loans up to a combine loan to value ratio of 80%. This means, you present loan can’t total more of the house fair market value. In case the ratio is above 80%, you might get the money you require, making it an not valuable expense.

Businesses and Bridge Loans

Businesses need bridge loan when they wait for long term financing and require capital to cover expenses. For instance, a company is undergoing a round of equity financing expected to close in 6 months. It may look for bridge loans to render working capital to cover expenses like inventory costs, utilities, rent, and payroll until the round of funding goes through.

Bridge Loans in Real Estate

Bridge loans also show it in real estate industries. In case a buyer has a lag between buying one property and selling another, they may look for bridge loan. Usually, the lenders here offer only real estate loans with low debt to incomes ratio and excellent credit rating. These roll the mortgage of two homes together, rendering the buyer much flexibility as they wait for their old home to be sold.

But, in many times, lenders only offer real estate loans worth 80% of the combined value of the two properties. This means, the borrower should have ample cash saving on hand and significant home equity in original property.

Bridge Loans vs. Traditional Loans

Bridge loans usually have a faster funding process, approval and application process than conventional loans, but, in exchange for this, the loans do have short-term, large origination fees and need fast fees. They pay high interest rates as they know that the loan is short term and they can pay off with low interest, and long term financing immediately. Further, most bridge loans doesn’t have repayment penalties.

What is Bridge Financing?

Bridge financing, often in the form of a bridge loan, is an interim financing option where various entities and companies makes use of it in order to solidify their short term position until a long term financing option is been arranged. This normally comes from a venture capital firm and investment bank in the form of equity or loan investment.

This type of financing bridges the gap within the time when the company’s money is set to run out and when it can expect to receive an infusion of funds. Bridge financing is not widely used to fulfill the company’s short term working capital requirements.

It is also used for initial public offering and includes equity for capital exchange in exchange of a loan.

Key takeaways

  • Bridge financing can take the form of equity or debt and can be used during an initial public offering
  • Bridge loans are usually short term in nature involving high interest rates
  • Equity bridge financing needs giving up a stake in the company instead for financing
  • IPO bridge loan financing is used by companies going public. The financing covers the costs and then is paid when the company goes public

The bottom line

A bridge loan seems attractive, but you should weigh the risks and costs carefully, prior to applying, you might consider certain more options like home equity conversion mortgage, 410(k) loan, personal loan, home equity line of credit, etc. These kinds of loans will help you move out of your current home into the new one, and giving low risk interest and fees related with bridge loans.