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Tag: Small business loan

  • What’s the Best Provider of Small Business Loans?

    What’s the Best Provider of Small Business Loans?

    Do you have a small business, but plan to make it bigger and better? Do you lack the funds to make that big step that will make you even more successful?

    A lot of people have a vision, but often need help to start off, which is why they turn to loan providers. In a lot of cases, those include banks and different financial institutions. Their offers often sound good at first glance. However, after a short while, you start noticing that the process of getting a loan is long, complicated, and includes a ton of paperwork. Not to mention that banks often have very strict criteria, and can even reject your application for the smallest detail that is not to their liking.

    Despite some pretty good perks, the complications that come along with this process can often discourage business owners. This is why so many great ideas never see their realization, while the existing business risk shutting down.

    Introducing Camino Financial

    Camino Financial is a company that has a goal of catalyzing economic growth in communities with low-to-moderate income. They do so by helping small businesses, and empowering them in order to create additional job opportunities and allow these small firms to grow and develop.

    The company thrives in finding a proper business loan for small businesses that need that little extra money in order for their business to reach its full potential. This is the company that understands your struggle and wishes to help you overcome the difficulties of a though period. They will help you learn about your funding options, and select a small business loan that will help you put your firm back on the map.

    Camino Financial allows you to get a small business loan through a quick and easy online process that is perfectly safe and reliable. Getting a loan has never been simpler, and you can get the necessary funds in less than 10 days after signing the loan contract. Best of all, you need no collateral in order to be accepted, and the entire process is done with almost no paperwork involved at all.

    All that really stands between you and your small business loan are your basic financial records and accepting the company’s terms.

    The company’s criteria are far more flexible than those of any traditional bank. Additionally, the terms we mentioned previously are primarily based on your own business’ cash flow, credit score, and the plans for the provided funds. As you can see, the requirements are truly minimal, and this is why Camino Financial is the best firm for getting small business loans.

    How to get a small business loan in only a few steps

    Getting funds in traditional banks is, as we mentioned earlier, a long and troublesome process. With Camino Financial, this process is narrowed down to only a handful of steps.

    The first thing that you need to do is make sure that you meet the necessary requirements. These include some very basic things. The first requirement is that your company needs to be properly registered, and you need to provide proof that your firm is operating for a minimum of 9 months. The second requirement includes your company’s income. To properly qualify for a loan, your business needs to earn at least $30,000 on a yearly basis. Alternatively, it must make $2,500 or more per month.

    The third and final requirement is that you need to be free of past due payments or other debt obligations that are still active. As you can see, the requirements are nothing special, and if you meet all three of them, that is all that you need to apply for a loan. All you need to do in order to get your funding is to follow these steps:

    Step 1: Apply online, and receive the company’s terms

    Applying for a loan with Camino Financial is as easy as it can get. You can do the entire thing online, via mobile-friendly loan application. The process only takes around five to ten minutes, and it requires absolutely no documentation. Simply submit your application without the fear of it impacting your credit score.

    Step 2: Study the terms and authorize the bank activity download

    This step is as simple as the previous one. You will receive pre-approved loan terms within a single business day, and a business loan specialist will soon contact you. Carefully review the terms and make sure that you understand them. After that, all you need to do is authorize the company to download the activity of your bank account in the previous six months.

    That way, the firm can verify your own business’ income, and confirm that you meet the necessary requirements. In case there is something that the company deems unclear, you may be asked to provide additional documentation, so keep that in mind as well.

    Step 3: Sign the contract and get your small business loan

    You are almost done with the entire process, and it only took a day or so by now. All that is left for you to do is to wait for one to eight more business days for your loan application to be properly reviewed. After that, if everything is in order, you will receive official approval. Finally, you will have to sign a mobile-friendly contract regarding the loan, which will arrive via email.

    That’s it! Nothing more is required, and your bank account will receive the funds in a matter of two business days. As you can see, the entire process can be done in no more than 10 days, which is a deal that you likely won’t get from any other bank or financial institution. All that the process takes is about an hour of your time in total.

    Ali Raza

    Ali writes for Camino Financial, an online lender focused on business loans. He is a freelance journalist, with experience in web journalism and marketing. He holds a Master degree in Finance and enjoys writing about cybersecurity, cryptocurrencies, and technology.

  • 4 Mistakes to Avoid When Applying for Small Business Loans

    4 Mistakes to Avoid When Applying for Small Business Loans

    The truth is that if you are an entrepreneur, it doesn’t just require you to have a working business idea; however, it also relies on how you raise the capital. Talking from a realistic perspective, no business can start or expand without enough money. Often, business owners (small business) face financial difficulties, which push them to let go of what possibly could have turned out being a worldwide changing idea.

    Now, many financial institutions are ready to finance and support brilliant ideas of entrepreneurs through small business loans, but you can just get financial backing if you are able to represent yourself as a strong business package.

    Not all financial decisions take place in a vacuum. Today, banks conduct a thorough assessment of the applications they receive before they proceed with an approval. In such a case, unfortunately, so many small business owners end up missing these loans and this is all because of poor business ideas, and a lack of clarity on their business loan application.

    Know that even a single mistake you make in the application could decline your request for a loan. In many cases, this is because the lender may not examine some information or loan application requests. However, if you wish to avoid rejections, then here are some of the common mistakes you should watch out for when applying for small business loans.

    Having Outdated Financial Records

    A common mistake that most small business owners make when they seek a loan from their financial institution, such as Aurumfi, is not taking more time to work on all their financials. All banks need to require you to provide this information in order to determine exactly how stable your business actually is before you risk investing money in it.

    In this case, if your aim were to work on expanding your business, then any financial institution would want to make sure that your business is stable enough to repay the loan when the time comes, or whether it can sustain itself in the future or not. The information you provide regarding the business has to be tangible and clear.

    Since most loan providers demand this information, small business owners end up creating figures to please the bank, forgetting that the bank still verifies the information you provide on the application. Eventually, this leads to denials of the loan verification process as it shows different figures from the one you provide. The right decision is, to be honest with the information you fill in the applications and you will increase your chances for loan approval.

    No Clear Use of the Funds

    Any organization you choose, lending the loan would keep a keen eye on exactly how you as the applicant plan to use the funds to boost the success of the business. Unfortunately, another common mistake that small business owners make is not having a clear and well-described idea of how they should spend the money that they request. Eventually, this leads to denials of loans by most lenders since the lender will not be able to know whether you can repay the loan with the interest.

    The lender wants to know that you spend the money on the right things that will improve your business position. They want to see all your business needs and evaluate whether the amount you wish to borrow is enough to meet all your needs.

    As the loan borrower, you have to show the lending party that if you receive the loan, it will improve the performance of your business and create a good impact. Ensure that your points are clear and the benefits you wish to get with the finances you that you qualify for in the days to come.

    Late Application of the Loan

    So many businesses wait until it becomes too late for them to submit their application for the loan. Usually, this happens when they are desperate for the business funds. This is something that makes them go for any offer. At such times, some of the offers that the small business owners take up turn out with higher interest rates and unfavorable terms. In order to avoid all these, you should take some time and search or the best loan providers or people who can help you make the right decision. Before you make a choice, however, do it slowly, and give yourself enough time to evaluate the different choices that you need for the growth of your business.

    Applying for a Wrong Business Loan

    From the view of a financial expert, before any owner applies for the loan, they need to consider the capital that they need and the right type of loan that works for your area. Before you apply for a loan, you need to know there are different types, meant to cater to different needs of your business and hence if you wish to borrow, you have to match your needs with the right type of loan.

    This simply means that if you apply for an inappropriate loan, this could end up costing you much more on the interest rate. Hence, it is always advisable that you do a complete research on the right type of loan available, one that matches your business needs, to reduce the chances of encountering a rejection.