Understanding Refinancing with Bad Credit – A 10-Minute Guide
Understanding Refinancing with Bad Credit: A 10-Minute Guide Table of Contents Refinancing your home loan can be a powerful financial tool. It allows you to
If you’re looking at applying for a business loan, you might be wondering if you will need regular income to be approved. Generally, a lender will want to see that you have regular income and that you will be able to meet your repayments on time. However, if you are having difficulties with traditional lenders and meeting their strict criteria, you might try a private lender for your business loan application.
Read on below to find out more about regular income and business loans.
When applying for a business loan, generally, a lender will take your income into account. Some lenders may require you to have been trading for 6 to 12 months before they will approve a business loan, however, this may vary. Generally, you will need to be generating enough income to cover your business expenses, and to make your repayments.
When considering your application for a business loan, a lender may consider:
If you’re struggling with proving that you have a regular income, or are finding it difficult to supply all of the documents that traditional lenders usually need, you might consider using a private lender for your business loan.
There are many benefits to applying for a loan with a private lender. Generally, most private lenders have a much easier application process compared to those of traditional lenders. It’s possible that a private lender won’t require as much documentation during your application, and can have you approved faster than a bank will.
Applying and getting approved for a private loan can be quite easy overall. One of the benefits of a private loan is that generally, there are faster approval times. This is usually because there is a lot less paperwork compared to a traditional loan, which may take weeks to be approved.
Many private lenders offer far more flexible loans, which can be tailored made to suit your needs. This means that with a private lender, you have less chance of being stuck in a one size fits all loan.
You may also find that it’s easier to be approved for a private loan if you have a bad credit score. Many private lenders offer specialised services and loans to those with impaired credit history.
Some other benefits of private loans are:
With Tiger Finance, we can help to get you a loan in four easy steps. You will have a free consultation with one of our specialists, and we will tailor-make you a loan. We will negotiate with lenders on your behalf before you are approved.
We have helped countless Australians with both good and bad credit ratings to be funded for their business. We understand that lending criteria from other lenders are too strict, and can stop you from achieving your goals. That is wrong, and it should not hold you back.
Our finance specialists can help you find the right business loan for your project. Business loans are a complicated topic, but we will find a loan that makes your dream project that much easier.
If you are one of the many Australians finding getting a business loan difficult, Tiger Finance can make the process simple and pain-free. Call and talk to one of our loan specialists today for your free initial consultation.
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Our vision is to make it simple and easy for every Australian to get the funding they need to achieve their big life goals.
National Home Loans Group Pty Ltd trading as Tiger Finance | ABN 57 168 971 346
Tiger Finance Credit Representative: Kiara Patricia Halley | Credit Licence: 468465
*Interest Rates: Conditions, fees and charges apply. Interest rates are subject to change and will vary. We cannot guarantee that the interest rate advertised on our website will be the one offered to you. Interest rates offered will be dependant on your situation.
*Consolidating high-interest personal loans and credit cards into a lower-interest home loan may result in significant savings on interest for some consumers. However, this solution may not be suitable or accessible to everyone.
*The approval timeframe is varied. Approval time is subject to change depending on your circumstances or loan type. Processing times may be subject to your lender.