Don’t get me wrong, having bad credit is not the end of the world. Banks understand that people get into tough spots and miss their payments. There are even subprime lenders that specialize in giving loans to people that would normally not qualify. However, you should avoid these lenders’ because most of them are just looking to collect massive fees from you.

Many people that face financial hardship resort to taking out personal loans from friends and family members. While this method can work in the short-term, it is rarely a good long-term solution. If you are strapped for cash, it is very likely that your mortgage is a big portion of your monthly expenses. Refinancing your home loan can really help in this area. I have seen people reduce their monthly payments by thousands of dollars by simply refinancing.

Many people around the world are plagued by perpetual debt. The best way to break this cycle is by making a radical change in your life. If you are currently a homeowner then the best change you can make is refinancing your mortgage. Interest rates are at historic lows. Don’t miss your chance to have a better life for you and your family. Look into getting a bad credit refinance today.

• your company’s financial statements including balance sheet, income statement, and tax returns
• your personal financial statements and tax returns for the past three years
• monthly cash flow projections based on obtaining the loan
• thorough and detailed business plan
• specific details of how the loan will be used
• management profile

How you prepare these documents will be a reflection of your business, so take the time to do the prep work.

One of the most comon reasons businesses get rejected for loans is that the accounting piece is not up to par. Lowering your stated income will avoid taxes but will put your business in a bad positon for a loan. It’s a good idea to have your documents reviewed by a CPA before going to lenders.

Before finishing your application, consider the fact that you may be treading water: some types of businesses are deemed “undesirable” by lenders. Examining this issue will require a great deal of class, but finding out the answer can save a lot of energy for both you and the potential lending institution. Ask the lender directly whether your industry is classified as an undesirable loan.

This often varies from one institution to the next, and can be based on factors such as industries in decline or subject to strict legal controls or ethical concerns (adult businesses, firearms, or alcohol/tobacco.) If your industry is classified as undesirable, you may have an uphill battle when attempting to get a loan.
Business owners not familiar with commercial lending tend to have ridiculous expectations when comparing interest rates, usually because they try to equate extremely low home mortgage rates to business loans. Banks are willing to offer 6% rates on home mortgages because the home itself will always be there and is almost guaranteed to go up in value, so their investment is fairly well guaranteed.

Not the case with businesses. Businesses can tumble in value and even tank. To compensate for the risks, lenders have to charge more for commercial financing. Typical rates right now range from 8% to 14% but you will always find higher and lower rates. Most cases you won’t even be quoted an exact rate. The lending company typically will simply tell you what your total monthly payments will be, including all fees and interest.
The most important step you can take when comparing commercial financing is to be sure you’re comparing equivalent fees.
Most importantly read the contract carefully to make sure there are no other hidden fees you’ll be responsible for.