How to Get Business Loans with Bad Credit

If you’re a small business owner, having bad credit can feel like a prison.

You need financing to pump much-needed cash into your business for growth and expansion…

…but not having good enough credit to obtain financing from a bank or traditional lender means you’re stuck in place.

Fortunately, alternative lending has exploded over the past decade and now offers small business owners with bad credit several great options for obtaining the funds their business needs, whether to pick themselves back up after a slow season or to expand into new horizons.

Business loans with bad credit: Your options

So, what are your options?

It might be a little hard to believe that there really are options available to small business owners with bad credit, but it’s true.

In fact, there are several:

  • Unsecured business loans: An unsecured business loan is typically based on cash flow, gross annual sales, and your business’ credit score (typically scores ranging 540+), up to as much as $2,000,000.00 and does not require collateral.
  • Business line of credit: A revolving credit balance you can use as the need arises (similar to a credit card).
  • Split funding: Also known as a merchant cash advance, split funding deducts a percentage of your credit card sales each business day to repay the loan, making them perfect for businesses whose cash flow fluctuates due to heavy and light seasons (such as Christmas).
  • Term loans: A quick chunk of cash typically used for a specific purpose such as to buy materials, new equipment, or hire new personnel before a busy season.

Now that you know some of your options, let’s take a look at everything you’ll need to get a small business loan even with bad credit.

What do lenders look for?

The first and perhaps most important thing to know is what lenders are looking for when they receive an application.

If you know what they’re looking for in advance, you can position yourself to be much more likely to be approved for a business loan even if you have bad credit.

Here are a few of the most important things that lenders are looking for:

1. Debt is low and under control

First, lenders want to see that your debt is not only low but under control. Are you on time or do you have late payments? Also, is there collateral on any loans involved? These are all important factors to look out for when preparing to apply for a business loan with bad credit.

2. Revenue is high and growing

Revenue helps lenders forecast your ability to pay back a loan. In a nutshell, it’s best if your revenue is not only high but also on an upward trajectory. If you’re currently growing, you’ll be in good shape to lenders (on paper, at least).

In addition, revenue helps decide what size of loan you’re approved for, so it has more than one purpose.

3. Cash flow is abundant and well managed

Cash flow is another very important metric because businesses want to see not only how you manage your money, whether you overspend and pay late or never stretch beyond your limits and pay on time, but also how much cash savings you have in case something goes wrong.

The reality is, no one ones what’s going to happen tomorrow. For that reason, lenders want to see that you have a nest egg you can use to continue paying off your loan in case business suddenly takes a dip.

A note on credit

While great credit isn’t necessary, it still helps to do everything you can make your credit look as good as it can.

If you have any tax liens, foreclosures, or bankruptcies on your credit, do whatever you can to take care of them and get them off your personal credit. This will go a long way in getting approved for a loan.

Clearly, not every business can fulfill each of the above points we just mentioned perfectly. In fact, very few can.

Simply use the above information as a marker for placing yourself in a position to have the highest chance of being accepted for a loan.

What are the minimum requirements to qualify for a small business loan with bad credit?

In addition to there being certain things that lenders look for when they review an application, there are also typically minimum requirements to even be considered for a loan in the first place.

They tend to be pretty easy qualifications to meet, however, they’re nonetheless required before your application can even be accepted.

Each type of financing is different, but here are what the basic requirements tend to be for many bad credit business loans:

  • Be in business for at least X months or years (typically, somewhere between 6 months to 2 years)
  • Have X amount of monthly gross revenue (typically $10,000 or more)
  • Must be in good standing (In other words, can’t currently be defaulted on a loan with another lender, etc.)

On top of those basic qualifications, you’ll also need a few documents to verify and proof certain information.

What documents do I need?

Every lender and loan product is different. However, the documents needed to apply for each tend to be pretty similar. And, regardless, it’s a good idea to have this stuff in order anyway.

Here are some of the documents that may be required by lenders for you to complete your application and get approved:

  • Business licenses
  • Proof of ownership
  • Property lease agreement
  • Personal and business tax returns
  • Voided check
  • Drivers license
  • Bank statements
  • Profit & loss statement
  • Debt schedule

Get a small business loan even with bad credit

Obtaining a small business loan with bad credit has never been easier.

And it’s not just possible, you have several great options to choose from in unsecured business loans, business lines of credit, term loans, and merchant cash advances (AKA split funding).

You don’t want bad credit to hold you back from getting the funds your business needs to grow. Now, it doesn’t have to.

Are Electric Cars Cheaper?

The popularity of electric cars are on the rise. With the main reason being to help the environment, some people make the switch to electric cars from gas powered cars because of the cost savings. People are under the assumption that the savings in gas and also the tax benefits can save them money. One factor that is often overlooked is the cost of insuring an electric car. I decided to look into this matter to see if there really is cost savings when switching to an electric vehicle. Is the insurance for electric cars cheaper?

Insurance Premiums

In my research, it is a given that insurance premiums for electric cars are higher than gas cars. Some insurance companies can have higher premiums for an electric car as compared to their gas counterpart. Car insurance quotes for the electric cars were 21% higher, on average, than quotes for the gas cars. This is quite the difference. So the only question is why is this so? The simple answer is the cost of the car itself. It is a common fact that premiums go up for riskier drivers. With electric cars it does not make a driver risker in the insurance company’s eyes, but it does raise the red flag of liability. Electric cars are expensive. They are expensive to buy, and the parts that make up the cars are expensive to replace as well. Insurance companies see electric car drivers as liabilities because if they were to damage their car, they have to put up the big bucks to fix it. This in fact makes them less desirable than a cheaper made gas car. Therefor the driver is forced to bear the cost of that liability in their premiums. With that being said, Electric and hybrid cars often require less servicing than their gas cousins. But, when something goes wrong or if you get into an accident, the repair costs are higher because you need specialty mechanics to fix things such as damage to batteries or to electric control panels. Despite this, analysts say that these costly repairs occur less frequently than they do with gas vehicles.Electric car work needs to be done by a trained electric car mechanic which is not as common as the regular gas powered car mechanic. This is another hurdle for electric car drivers.

Shop Around

Even though it is a given that your premium may be higher, it is important to shop around. Look at different insurance companies to see who can give you the best deal out there in the electric car world. Different companies offer different coverage for different prices so it pays to do your research.

There are pros and cons to insuring a hybrid or electric vehicle, but when it comes to lowering your carbon footprint, it’s priceless.

4 Tips for small business owners who have a fleet of vehicles.

Small businesses face many different types of risks depending upon the size, scope, and industry the business operates in. Some businesses face risk because they have an elevated number of clients coming and going from their location. Other businesses have employees who do physically demanding work. Still other businesses face risk related to the data they store about their clients. One common type of risk many small businesses face is employees who operate motor vehicles. When employees operate motor vehicles on the job, the amount of insurance claims for that business tends to increase in frequency and severity. Here are four tips to keep in mind to help your business manage a fleet of vehicles.

 

Make sure your safety program is well-documented. 

The safety program should start the day someone is hired and continue throughout their employment. The programs do not have to be exhaustive or time consuming. They can be a short 15-minute huddle twice a week about a potentially hazardous area of your business. Keep them documented and on file. This way if you have several incidents or a severe injury, you can use the documentation to show your business was taking the proper steps to prevent the injury from taking place.

 

Have strict Safe-Driving Policies

If you have to have employees driving as a part of your daily operations, you need to have strict policies and procedures in place that they must follow when they are behind the wheel. You should periodically pull their driving records, even on your most trusted employees. Never expect an employee to tell you they got a speeding ticket or something more severe. Pulling motor vehicle records on all employees periodically can help the next time you are liability insurance quotes.

 

Don’t underreport incidents

If you have an incident, report it If you do not report it and the injury comes back to be more serious than originally thought, it can cause the claim to not be covered. It can also cause your insurance carrier to raise your rate on premium or drop you from coverage altogether.

 

Talk about safety

Company culture starts at the top and moves down through a business. Any business owner should repeatedly talk about safety throughout the work day. If your employees know that you are concerned about their safety and well-being, they will make it a priority to go the extra mile to keep them and their coworkers safe.

 

 

6 Top Tips to manage your Cryptocurrency Risk

bitcoin trading exchange stock market investment, forex with trend of graph, price and candle stick chart, 3D illustration of stock crypto currency analysis graph, abstract background

Although cryptocurrencies don’t have physical properties, they are still financial digital assets that represent a store of value, a utility, and useful as a form of currency. Therefore they can be bought, sold, and traded like other financial assets.

Just like trading equities and securities (stocks and bonds), trading cryptocurrencies comes with risks as well as rewards. Here we will talk about the risks at a basic level. Keeping these at top of mind will provide a foundation for productive trading going into the future. Because these markets are still unregulated (a double-edged sword), more complex subjects like options, futures and margin trading are for a coming discussion.

1: Be constantly aware of security risks.

Cryptocurrencies, by their cryptographic nature, are very secure. But the supporting infrastructure for trading is not. In addition, the currencies themselves are volatile and unstable from a market standpoint. Storing your coins on exchanges is risky because the exchanges actually own your funds, not you. Wallets can add more protection, but they all present opportunities for savvy hackers to mount cyber attacks or intrude into individual accounts.

And beware of fake website URLs. Enabling two-factor authentication (2 FA) can provide an additional level of security on exchanges and wallets. Transactions can be tracked and even hacked while in process, and even hardware wallets have their vulnerabilities.

And always protect your private key; if it is stolen or lost you are just plain out of luck. Your cryptos are completely unrecoverable!

2: Decide on Your Trading Instrument

You need to decide on what instrument you would like to trade in order to get exposure to the cryptocurrency market. Would you like to buy the physical coins on the exchange and store them or would you like to take a position on a derivative instrument such as a CFD.

This is also fundamental to risk management as the different cryptocurrencies have varying degrees of risk.

There are a number of well known and established cryptocurrency exchanges. These include the likes of Coinbase, Bitstamp. These will allow you to buy the coins on their exchange and then to store them in your wallet off line.

Other options that are open to you are to make use of Contracts for Difference (CFDs). There are a number of respecatable cryptocurrency CFD brokers. One of the most reputable is IQ option. You can read more about them in this IQ Option CFD Review.

3: Take large long-term positions and hodl.

Currencies like Bitcoin, Ethereum, Monero, Dash, and others can be held for long periods of time as the market continues to grow. Even in a bear market, like the current one, there is a large amount of interest by institutional investors, VCs and developers percolating under the surface that is set to drive the market in the future. This is a way to get rich slowly and steadily.

4: Take large long-term positions and hodl.

Currencies like Bitcoin, Ethereum, Monero, Dash, and others can be held for long periods of time as the market continues to grow. Even in a bear market, like the current one, there is a large amount of interest by institutional investors, VCs and developers percolating under the surface that is set to drive the market in the future. This is a way to get rich slowly and steadily.

5: Hedge Positions with Options.

Holding a position in a cryptocurrency without managing your risk can be quite risky. Hence, it makes sense to hedge your risk with the appropriate instruments. One of the most attractive risk management instruments that one can use are options.

These are instruments that will payout only if the price of the cryptocurrency is below or above a certain level. You also have to make sure that you are finding the best binary crypto broker before investing. There are a number of them that can make use of.

6: Don’t try to time the market

There may be a few wizards among us who can do that, and if that is you, you’re not reading this. For the rest of us, the best thing we can do is pay attention to charts and patterns, keep up to date with the market on a daily basis, and make your trade when it feels right. Over time you will develop a better sense of this, and you will sometimes fail, sometimes win, and always just keep on keepin’ on.

7: Do your homework and buy quality

This is one the most effective things you can do to minimize your risk. You want to evaluate the completeness of information on the whitepaper and the currency’s website, the reputation and history of the developers, the conversations occurring on Reddit and Twitter, the security of the platform, which exchanges offer the currency.

Also view the quantitative data like the market cap, monthly and yearly returns, trading frequency and levels of volatility. Answering these questions before investing can save you pain and loss by jumping too quickly. A parting comment; governments also pose ongoing risks to the trader, with threats to anonymity as they bring exchanges under their heel, crackdowns on the exchanges like the ones that occurred in China in 2017, increased regulation of ICOs (not necessarily all bad) and the intrusion of taxing authorities.

As the cryptocurrency space expands, all nations will be taking similar actions to either join the party or try to end it. In these uncertain times, make sure you know whom you are partying with and that they want to keep the party going.

Success Stories & Reviews Of Andrew Argue CPA Training

A certified CPA and entrepreneur, Andrew Argue has dedicated his time to teaching other CPAs, EA’s and bookkeepers how to grow their client base. The program, designed by Argue to help intrapreneurs boost sales, increases confidence and helps organize client lists. Since he began this project, Argue has worked with hundreds of individuals and companies. Here is what the Andrew Argue reviews are saying:

Increased Client Base: All Argue reviewers report an increase in their client base. For many, signing new clients has become easy and they are eager to put the skills that they learned with Argue towards the expansion of their own business.

Signing Better Clients: Not all clients are equal. Sometimes, having fewer good clients is better than having more clients who are difficult or pay poorly. Reviewers of the Andrew Argue method report being able to sign an increased number of high paying clients and clients who offer attractive projects thanks to Argue’s tactics.

The Business Mindset: Many reviews credit Argue with a renewed confidence in business and marketing strategies. While many professional programs for finance focus on numbers and trends, few give a solid foundation for running an individual business. This is where Argue helps new companies and individuals trying to create their own business alike. Argue helps fill the essential gaps to help his users gain confidence in their business skills and achieve success.

Smarter Marketing: Not all marketing strategies are suited for CPA and some may even prove to be a waste of time and money. Argue has worked for years to develop sound marketing strategies that are both efficient and high yielding. Many of Argue’s clients praise his marketing methods.

While individual reviews list many various benefits, all users who write a review of Andrew Argue agree that the program is worth the Andrew Argue price.

 

How Bitcoin Can Evolve

Everyone is down on Bitcoin. The cryptocurrency has been hovering around $10,000 for a long time, occasionally popping up and then dipping back down below. The roller coaster valuation is troublesome, but it is more in line with historical commodities. The original cryptocurrency is just going through  what many financial instruments have gone through over their life spans, from invention to adoption to mainstream acceptance. The bubble fears could be real, but that can happen with any currency or security or financial product.

The key is to manage the short term volatility while still staying hip to the long game. The underlying value of Bitcoin is in the blockchain technology. And its uses will evolve greatly as we see the market create new uses for the tech and the tools emerge from behind the shiny new toys.

Blockchain can be a very effective tool for organizing and verifying digital rights management. That could offer a great new way of creating and monetizing media. When you combine private key cryptography with the right incentives and a shared, distributed ledger, you can keep track of ownership in a very secure and efficient manner. That has all sorts of ramifications for creating media, keeping the ownership benefits with creators and making sure that the network is protected from outside forces.

Bitcoin dreamers will believe till the very end. The idea of a decentralized currency with no fiat properties and a viable transaction speed may be a pipe dream. But the process of working towards that and the market doing its work will result in tools and technologies that otherwise would not have existed. That is the process that the growth of the world wide web and digital tech has revealed to us. There is always going to be a use that others did not think of.

Staying on top of the Bitcoin news cycle can be valuable for traders and for enthusiasts. If you are looking to take advantage of the ongoing volatility, you can keep track of the markets and how the various cryptocurrencies react against each other. That can give you profitable insights that might not hurt your bottom line. The key is to be familiar enough with the various exchanges and be able to move money around without incurring too many excessive fees. Day trading crypto is possible, but it is harder than day trading more traditional financial products.

Popular culture has a complicated relationship to Bitcoin and cryptocurrency. Many in the entertainment industry regard the markets with skepticism and thinly veiled contempt. That is often how people that don’t’ understand the nuances tend to regard new things. A popular comedian on HBO recently compared Bitcoin to Beanie Babies and gambling, capitalizing on the association with unsustainable valuation and improper risk management.

While that may be funny to some, the truth is that Bitcoin can be the beginning of something much more substantial. Learn as much as you can about the blockchain, so you can be ahead of the naysayers and the skeptics.

 

Best Mac Apps for Home Finances

Every family tracks their personal finances in some capacity. If a household did not keep track on their spending and savings than their life would be in shambles. The key to keeping an organized household when it comes to finances is to find the best resources that work best for you and your family. For me, I like to do everything electronically on my phone or laptop. I came across an app by the name of Setapp that offers many resources of this nature. Setapp is an app available to Mac users that gives you access to dozens of  top rated mac apps in one spot for a small monthly fee. At first I was a skeptical of the fee, but when you see the advantages that is provides than you will not be disappointed and will want to register as soon as possible. Below is a brief description of a handful of apps available on Setapp that I found helpful for personal finances.

Chronicle

One of the biggest obstacles with personal finances is timing. You have to make sure you pay all of your bills on time! With the app Chronicle which is available on Setapp you are able to track and pay bills in an easy manner by having due date reminders, payment scheduler, bill checker and budget planner. Having all of these functions in one spot is a key to personal finance success for me.

MoneyWiz

Similar to Chronicle, MoneyWiz is a great budget and bill organizer app. It allows you to track what you spend your money on and even lets you sync the app to your online banking to make things easier for you. By syncing instantly across all of your devices, it makes it real simple to quickly check your financial position at the touch of a button. It also offers specialized reports like forecasted spending to help you plan out your finances.

Home Inventory

Besides money in the bank, your net worth can include physical items. Physical items and belongings can be worth money and need to be catalogued. With the Home Inventory App available on Setapp you can keep track of the inventory in your home in an organized fashion. Cataloging your belongings with this app can be beneficial in many situations, for example you would be able to run reports to see if your home is properly insured or if all items were moved while moving homes.

Setapp allows you to access these apps as well as many others for the small monthly fee of $9.99. It simply allows you and your family to become as organized and efficient as you always hoped you could be by making it easy. Setapp can help you get a hold of personal finances, education, organization, business and many elements of your life. Try it today!