Financial Products 101 Overview

October 17, 2009 · Posted in Loans · Comments Off 

Confused by all the lingo and terms concerning the various financial products? Not quite sure which product is best for you – equipment lease or working capital loan? What are the requirements for each product and are they etched in stone? Read on for a quick lesson on 7 financing products for your business or church.

SBA Loans – Loans guaranteed by the Small Business Association, but provided through your local or national bank. The guarantee is for the lender, not you the borrower. Current approvals (up to $2M) given for purchasing an existing business, partner buyouts, real estate transactions, medical professionals. Borrower generally needs 620+ credit score. Individual lenders determine which transactions they are willing to approve and specific requirements. Read more

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Personal Loans 101

October 15, 2009 · Posted in Loans · Comments Off 

For most people, personal loans are fairly easy to get. Even those with poor credit or who haven’t established a credit history can generally get one. You’ll need to proof of income, employment and residence when you apply. Personal loans are a way to get the money you need to consolidate bills or to purchase an item you wouldn’t normally be able to buy with your available resources. People also take out loans to pay for a vacation or someone’s education.

There are two types of personal loans: secured and unsecured.

Secured personal loans usually have lower interest rates than unsecured loans. However, to get that lower interest rate you’ll have to offer the lender a piece of property to be used as collateral in case you can’t repay your loan. However, secured personal loans are a great way to re-establish your credit if it’s been tarnished. Read more

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