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What Lenders Look for on a Small Business Loan Application

A short-term loan typically needs to be repaid within one to three years, while a mid-term loan usually has a two to five-year repayment period. The eligibility requirements, interest rates, and loan amounts of each type can vary. Carefully think about what repayment time frame works best for your needs as a business owner, and the repayment terms' impact on the overall cost of any loan you accept. For example, the repayment terms for short-term working capital loans from National Funding will not exceed 12 months for your first loan, with renewals extending up to 15 months.

Interest and Fees on Open Balance

Assess how much interest and fees you’ll be charged on open balances. If you take out a longer-term loan, the amount you have to pay each month may be lower. However, you might wind up paying more in the long run. If you take out a short-term loan, you’ll probably have higher payments but less total interest on the loan.

Loan Limit

If a lender doesn’t extend financing in the amount your business needs, consider turning to creative funding installment loans North Dakota bad credit local lenders sources. Or, look for ways to cut costs and reduce the total amount you need. Even if you obtain a loan for less than you originally wanted, securing an initial loan can help you build better credit and potentially secure more funding with a second loan or renewal later on.

What additional factors matter to a lender besides credit scores? Banks tend to request more information, while online and alternative lenders require less. At National Funding, for example, we ask for limited information in order to provide better speed and service. We generally look at a business's annual revenue, cash flow trends and credit history of both the business and the owner.

Annual Revenue

Your business’s annual revenue is one of the most important eligibility factors for bad credit small business loans.

The only way to escape paying monthly MIP on an FHA loan is to refinance later

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