Too many credit inquiries pulled

I had too many credit inquiries pulled.   A broker pulled too many inquiries.
“They pulled too many inquiries and damaged my credit”.   These are some of the problems people have when their credit is pulled too many times.   It sometimes cause problem when applying for a business loan.    Business owners get turned down for a business loan for having too many inquiries.

too many credit inquiries pulled

If you need a program that will not deny you for too many credit inquiries, apply below to request offers even with a lot of inquiries.

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FAQ: Frequently asked questions, comments, or complaints:

“I had my credit pulled too many times and can’t get a loan.” A broker sent my file out a bunch of lenders and now I can’t get approved for a business loan.  What can I do?
They told me my file has been shopped and I have too many inquiries.   What kind of business loan can I get now?
“They pulled my credit too many times”

In general, your credit and credit score recovers from inquiries faster than any other type of derogatory or adverse action.    A credit inquiry may drop your score a few points for a relatively short amount of time.

Do inquiries hurt my credit?

A credit inquiry is often part of the process of applying for credit and should not be considered a negative by the applicant.  Lenders also know that applicants will have some inquiries.

How many inquiries are too many?

There is not one single answer to the question of how many inquiries are too many.   This varies on a case by case basis.    Older credit files can have more inquiries before they are impacted.  Another  difference is that some inquiries are necessary and some credit inquires you cannot avoid.

Too many credit inquiries pulled
Options if too many credit inquiries were pulled.

Other helpful actions you can take if your credit has been pulled too many times

1) Count the most recent credit inquiries.    Keep a basic idea in mind of which companies the credit inquires are from.   Make lenders aware of the credit inquiries in advance.    Some lenders will then manually review and consider the inquiries and possibly overturn any denial.
2) If some inquiries are from mortgage companies or for car loans, those may not be count against you.   Tell the lender if you have these.

3) When applying for financing, try to talk to a representative that knows the lender’s criteria and can talk to you about it.   Ask in advance if they will decline for too many inquiries within a certain amount of time.
4) Ask lenders as much about their criteria as you can.   You may be able to find out that you will very likely be declined for a business loan or personal loan.   You can decide not to apply and avoid the inquiry before it is even pulled.

Business loan during the holidays

During holiday time your business may need a loan fast.    Where can you go to avoid the slowdown your business does not have time for?   We have several programs that are fast and do not have slow processing during a holiday such as Thanksgiving, Christmas, or New Year’s day.     Contact us below now for a business loan during the holidays fast.  Same day closings often possible.

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Don’t want to wait until after the New Year to get funding?   Often lenders will require additional items for closing and take a long time to get back to you.

FAQ: Frequently asked questions or comments

“I need a business loan fast during the holidays”.   “Need a fast business loan during Christmas.”  “I can’t wait until after the holidays”.   I need a business loan now.   Can you get one fast?
Come to us.    There are no days off.     We will get your business funding quickly.
Other delays in funding question or comments:

My lender is not getting back to me.   Can you get me a business loan fast?
How long does it take?   What do I need to provide?   How much is credit a factor?   Is it really fast?   I have to have a business loan by the end of this week.   What credit scores do you need?

Business loan during the holidays
Need a business loan during the holidays?

What about closing documentation or closing stipulations.   Won’t those show down the closing process?
Closing documentation may be required.   We work fast through these issues to avoid closing delays.    What if I need a loan the same day?    A loan closing same day is possible.    If you are approved, you may be able to be funded the next day if you cannot be funded same day.

Average daily balance for a business loan

What is average daily balance?   How does it affect my getting a business loan?   The average daily balance, also known as average ledger balance and average collected balance is the average of your daily balances for one month at your bank.   If it is not high enough, it may be a reason for a decline with a lender who does not tell you what the requirement is.
Join scores of businesses that have gotten funding with very low average balances in their accounts.  We specialize in low cash flow businesses.  Together we will get the best program for you.  Apply now below:
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Average daily balance

Faq frequently asked questions and comments:
Why does the average daily balance matter?  How does it affect my business loan request?
If your average daily balance is too low, it can be a major factor in your business loan request being denied.    Lenders have different numbers they look for in the average daily balance.   However, most want to see an average  balance of at least $1,000.    Many want to see a $1,500 average ledger balance and some want as high as $2,500 average collected balance.

Keeping high daily balances is too much for many businesses.    Many businesses use almost all of the funds that are in their account immediately after it is deposited.   If a business would leave deposited funds in their account longer, their average balances would increase significantly.

average daily balance
What is average daily balance and why does it matter?

Why do lenders care about average daily balances?

Lenders, especially short term lenders want to know that you keep enough in your account than what the payment to them will be.   The lower your average bank balance is, the more worried they are you will not be able to make payments to them.

Customers sometimes call in who have been declined for this reason.   They want to understanding this decline reason and also see what their other options are.   They call in and say they were declined because they do not keep enough money in the bank.    The problem usually is they take money out of their account as soon as they put it in.   Many businesses that are declined for this reason may get declined for having less than $10,000 in deposits per month.
Contact us for other options if your balances are usually low.   There are specialty programs for this    Apply now and click below.

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We hope this information can assist you and also help you decide what to do next.   Contact us or call us if you have any questions.

Less than $10,000 in deposits per month

Has your business been declined for having less than $10,000 in deposits per month?    This is also called minimum monthly sales of $10,000 or more.  Many lenders will decline companies that have monthly sales below this amount.

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We have outstanding programs for companies whose sales are less than $10,000 per month, and another program for less than $7,500 per month.   Companies may qualify for a weekly or monthly payment.
Join thousands of businesses whose revenues are less than $10,000 per month that have been approved and funded.   Together, we will get you to the right program.

Thank you for visiting our

less than $10,000 in deposits per month
Have less than $10,000 in deposits per month.

less than $10,000 in deposits per month

If your business’ total monthly sales are less than $10,000 per month, many lenders will either not accept your business or decline for volume too low.  Other decline reasons are “deposit volume below minimum”,  “business volume below requirements” or similar.

Faq, frequently asked questions and caller comments:

– My deposits are less than $10,000.   Can I still get business funding?
Yes, if your business has at least $2,500, you may still be able to get business funding.    One excellent program allows for as low as $2,500.    The higher your average daily balance is in your account, the more likely you are to qualify for this program.
– My most recent month is less than $10,000.   Does this eliminate my business from the $10,000 minimum deposit programs?
You may still qualify.    If the average of your most recent 3 months is $10,000 per month, you can qualify.    If one month is $9,000 but the other two months are over $12,000, the average in monthly deposits will be over $10,000.
– This program is similar to the gross sales loan program.

Pick your escape from MCA merchant Cash Advances

December 10, 2017. Join thousands of business owners who are today free from merchant cash advances.   The livelihood of their business was in danger.   They needed to escape from mca merchant cash advances.   Choose from several options.  Get your life back.  Together, you will get you the best merchant cash advance relief program for your business.   Smallbusinessloansdepot, the first choice for safe merchant cash advance consolidation.   Apply now.
Complete the secure docusign application now.
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Pick your escape from MCA merchant cash advances.

Permanent relief from your mca merchant cash advance problem:

1) Call the merchant cash advance companies and negotiate a solution. 
Tell them the pressure on your cash flow has been far greater than you thought and ask if the terms can be renegotiated.    If the Merchant Cash Advance company agrees, they normally lower the daily or weekly payment and the term is extended.
2) Try to qualify for a different loan to payoff the merchant cash advances.
Options are an asset based loan such a loan against real estate.    There are other loans that may be able to help business cash flow such as Factoring.
Factoring helps you get money owed to you much sooner.
If you cannot get one of these loans and the time left on your advances is only 2 or 3 months, another option is a bank statement loan.  If you can get approved for
6 to 10 month funding that pays off advances you only have 2 to 3 months
left on, then you may be able to extend the term of your existing debt by 7 or 8 months.  This can cut your daily payment by 75%.
3) Ask for a pause in your merchant cash advance payments.  
This works best if your business only needs a pause in the payments.  In most cases, the mca merchant  ash advance companies will stop the payments completely for 1 or 2 weeks.  If you know your business needs much more relief than this, you probably should not request this option as it will not be enough to solve your problem.   If you request temporary relief, then ask for a permanent reduction right away.

TIP

In many cases, your payment may be reduced by 25% to 50%,  but often only for 30 to 60 days.  Some funders give merchants more time to pay it back or a permanent reduction in the payments.    First decide if lower payments are enough.  Will you be able to handle lower payments permanently?
Do cash flow calculations to determine if your business can afford the payments, even if they are lowered as much as 50%.

4) Find a traditional consolidation program
Such a program will payoff the other advances at closing.  This is not a program that advertises consolidation but then sells another cash advance.    If you can qualify for such a consolidation program, it will often be the best choice.   The terms will vary greatly depending on the strength or weakness of your profile.    The biggest advantage of these programs is that they almost always extend the term and lower your payment a lot at the same time.   Break away from merchant cash advances!

escape from mca merchant cash advances
How would you like to escape your mca merchant cash advances?

More drastic measures

5) Hiring and involving an Attorney. 
This option can be considered if you have tried your best to work with the merchant cash advance companies and they did not offer a solution that would allow you to stay in business.   If this happens, consulting an attorney and considering your options may be in your best interest.   It could be that having an attorney contact the merchant cash advance companies to request terms that are sustainable for your business  brings you a better offer.     Threats of non payment or other harsh actions may not be required.

6) Bankruptcy.
This may be a final but viable option.  In the event you cannot work anything out and you will go out of business, bankruptcy may be the best choice.   Contact a bankruptcy attorney to discuss this.   If you have signed a COJ, certificate of Judgement, then make your attorney aware the merchant cash advance company has a COJ from you.   A certificate of Judgement may allow a creditor to immediately access and also debit from any bank account you have an any bank.   Bankruptcy may be able to prevent this and allow your true escape from mca merchant cash advances.

Choose one of these options and start on your path to escape from mca merchant cash advances.   Break out and get away from merchant cash advances today!

Bad Credit – Fix it or wait it out?

December 4, 2017.  You have bad credit.   Maybe even very damaged credit.    People all over the internet tell you to fix it, what to fix, how much to fix, and how fast to fix it.  But the question remains as to bad credit – fix it or wait it out?  Sometimes credit should be fixed, and sometimes it should not. The premise of always fixing bad credit needs to be reviewed.

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Bad Credit – Fix it or wait it out?

Cases when damaged credit should not always be fixed

Joint Accounts

You have joint accounts with someone and they are not paying them. Have a conversation with them.  Trying to fix that bad credit right away is premature.    If a Partner or Spouse was responsible for paying an account and does not, it will damage your credit if it is a Joint account.   There may have been a household verbal agreement that the Partner or Spouse was responsible. That does not matter on the credit report.   Late payments will show up for both of you.

Other questions first need to be addressed. Will you stay with your Spouse or Partner and are they communicating and working with you on the non-payment?
If you are not working together, then there is not much point to try fixing the credit right away.  Closing the Account may be the first step. If they are working with you then make a plan on whether or not it will be paid, by whom and when. Decide if you want to keep the Account open. Then later, derogatory reports can be disputed.   These issues need to be handled differently if the derogatory credit issues are with a business partner.

The bad credit is already old

Bad credit, late payments, charge-off’s, foreclosures, and other derogatory items on your credit that are already 5 years old or older are not worth the cost and effort to try to remove them.  This includes 30, 60 and 90 day late reports.   After 7 years, many items drop off automatically. For those items, it does not make sense to manually try to remove them.

Bad credit - Fix it or wait it out?
Bad Credit – Should you even try to fix it?

 

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Federal and State Tax liens

These are much harder to remove.  It is also much easier to pay them and get a statement of “released” placed on the bureau just below the item rather than trying to get Tax Liens removed. If you have a payment arrangement, keep a copy of the payment arrangement and provide it to anyone that will look at your credit report.  Tax Liens on which there is a payment arrangement are looked at far more leniently than Tax Liens that do not have a payment arrangement in place.

Looking at some of these issues can help you decide on bad credit – fix it or wait it out?

 

Top Reasons business loans don’t close

Top Reasons business loans don’t close

December 4,  2017.   Today we will consider the top reasons business loans don’t close.   We will review the most common reasons and how to avoid them.    Applicants can get their loans closed by preventing these problems.

Not being able to Prove Ownership

Business owners sometimes have trouble proving ownership of their business.    The Secretary of State often lists the Registered Agent and Officer, but does not list or clarify who the owners are.   Officers to not have to be Owners of the business.   Another problem is that ownership percentage is not not listed.    Owners often have to provide their Articles of Incorporation or business license to prove ownership, which many times they do not have on hand.

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Not being able to provide proof of the existence of the business

Some States do not require a business license to operate a business.   The owner will operate the business in their personal name and say they run a business.  They will not be able to get a business loan because they cannot prove the existence of the business the way Lenders require it.

Cannot prove time in Business

Businesses often begin as a Sole Proprietorship or Partnership and Incorporate later.
When this happens, the Secretary of State will only show the time in business since the time of the Incorporation.  The time the Company was a Sole Proprietorship or Partnership will not be added.
For example, if a Company was Unincorporated for 3 Years and has been incorporated for 2 Years, it will only show on the Secretary of State as 2 Years Time in Business.   If the Company wants credit for the full 5 years, they should provide the business licenses since it began as a Sole Proprietorship.   Lenders will give the Company credit for the full 5 years.

Top reasons business loans don't close
Top Reasons Business Loans Don’t close

Business Account balances are too low or overdrawn at the time of closing

After a business is approved for a business loan, their Business Checking account may be reviewed before closing.  This will include a review of the current balances, the Month to Date balances, NSF’s and Overdrafts within the last 30 to 60 days.   If these are too negative, the Lender may withdraw the approval.   Review your balances and activity to make sure this will not impact your approval.

Cannot pass bank verification

Many business loans require a verification of the business bank account.   This is often done through 3rd Party Vendors such as DecisionLogic, and Joinme.  Bank verification can also be done through phone verification.

The business cannot provide all of the documentation required in the closing stipulations.

Business loans have a list of closing requirements that have to be met. If the applicant can get most of them but not all of them, they may not be able to close the loan. If you fall short in getting the Documentation required to close a business loan, talk to the Lender about what is missing. You may be able to get the remaining items waived. Another option is to provide substitute information.  Many times alternatives to what was asked for may be accepted.

Avoid these problems and you stand an excellent chance of having your business loan close fast.

Top 12 customer complaints with Business loans

Customers have several common complaints about Business Loans.   We will take a look at the Top 12 customer complaints with business loans.  Customers often do not close an approved business loan because of one or more of these reasons.

Top 12 customer complaints with business loans:

The rates and cost is too high.   They want a better rate and terms.

Customers often want and need a business loan with a lower rate and better terms.
Another requirement is they need a business loan with lower total repayment and lower cost overall.
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The Approval was not for enough.

Customers often call in and say they need a higher approval amount and more money
for my business loan.   They will go for a different loan if they cannot get what they want, or also get a second loan.

Top 10 Customer complaints with Business Loans
Top Customer Complains with Business Loans

The term of the loan is not good.

Customers also say the term is too short and needs to be longer.  Another requirement is a business loan longer than 24 months.

It is not a Monthly Payment.

A very frequent request is to get a business loan with a Monthly payment.   Customers really want a Monthly payment if they can get it.

It is a daily payment.

Applicants will say right away if they do not want a business loan with a daily payment.   They have had this type of business loan in the past and they will not close business loans that have a daily payment.

It is a Merchant Cash Advance.

Customers oftentimes do not want a Merchant Cash Advance.   They will say they need a business loan that is not a Merchant Cash Advance.
When this is the case, the customer will look for alternatives to a Merchant Cash Advance.

The Prepayment option is not good.

Another complaint is they want a business loan with no prepayment penalty.   They want to be sure they will get a good discount if they pay off early.

The type of loan is not what they wanted.

Sometimes customers will tell you they don’t want the type of loan they have been approved for.   They do not want an expensive business loan or want a different type of business loan.  They are not sure what type they want, but they have decided they don’t want the one being offered.   Have a conversation about other business loan types so Customers will get the loan that works for them.

They don’t want to put up Collateral.

Many do not need or want a business loan with Collateral.   They do not want to put up Collateral, or they do not have Collateral.

Do not want to give a Personal Guarantee.

Customers may not want to close a business loan with a Personal Guarantee.  They believe they can get a business loan with no Personal Guarantee.    There are very few business loans that do not require one.

The loan will, or will not be reported on Personal Credit.

A business loan that reports on Personal Credit is sometimes requested.   Applicants insist on a business loan that reports on their personal credit.

In other cases, customers want the opposite.   They want a business loan that does not report on Personal Credit and want to make absolutely sure there will be no reporting on their Credit Bureau.

The request took too long.

Some business loans that are eventually approved do not close because the processing time was too long.   Customers will tell us they need a Fast business loan that does not take long to get.

These are the Top 12 Customer complaints with business loans.   If some of these are causing you problems and also preventing you from closing, contact us and we can review your requirements.

Landlord Contact Information

Definition:  What is Landlord contact information?

December 4, 2017.   Landlord Contact information is the Name, address and Telephone number of a person or business’s Landlord.  It is used to verify personal residence or a business location .

Examples of Landlord Contact Information: 

A business owner applies for a business loan and is approved.  One of the closing stipulations is to get Landlord Contact Information. If the business owner is asked to get this, they can consider other types of business loans that do not require it.
To get a business loan without providing this, contact us below at SmallBusinessLoansDepot.com for other options.
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Did you know?

Customers do not always have this contact information. What to you do if you are a Home based business and are being asked for this information?   What if you are also the owner of the property and it is paid off?

Let the person requesting this information know you own the property and also if it is paid off.    If you are Home Based, let them know this.   Being home based is often acceptable and you will instead be asked for other information to satisfy this requirement.

This information is requested for many reasons.   Most often when someone is requesting a product or service, and also entering into a Contract.

Landlord Contact Information
What is Landlord Contact Information?

Requests and statements by callers below include:
Why am I being asked for Landlord contact information and what
should I provide?
Give whatever information is asked for.   If you are not sure why it is being requested, ask why.   Sometimes a Lender will try to call the Landlord as part of a personal loan or business loan request.  Ask the Lender if they will call your Landlord.   If so, give your Landlord a heads up to expect a verification call.   Many loans are delayed because they don’t know they will be getting a call.

Learn more about Landlord Contact information.

Recent examples from the Web:

Types of Emergency contact requests:

Payoff Letter

Definition of a Payoff Letter.  What is a Payoff Letter?

December 4, 2017.   A Payoff Letter is a letter that is required often by a Lender proving that other loans the borrower had are paid off and have a $0 Balance.

Examples of a Payoff Letter:

– A request to show other small business loans are paid off.
– A request to verify that a credit card is paid off.
– A Letter showing that a similar type of loan has a zero balance and is paid off.
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Did you know?

These Letters are also called a “Zero Balance Letter”.   They are often referred to this way to emphasize that the Letter needs to show that the balance is Zero.

Why are they requested?

Lenders may want to make sure that certain loans are paid off in order for them
to be willing to approve and fund a new loan.

Payoff Letter
What are Payoff Letters?

Customers cannot always provide this letter.
Sometimes customers are not well versed in this field.  Another reason is they also don’t like getting paperwork together and are unsure how to do it.   Customers also see it as a burden that they do not have the time or desire to deal with.

How to Handle a Payoff Letter request:

If a Lender asks you to provide a Zero balance letter, find out which Institution it is.
If you have more than one loan with that institution, get the Account number to make sure you will be getting the information for the correct account.    Once you have this information, call the customer service number for that Lender.

Tell the Representative what you need and they will transfer you to the correct department.  Most Companies have specific Departments that handle this type of request.   You will be routed to that Department and they will provide the Letter.  In most cases you will receive the Letter in 2 to 4 hours.

If you have been asked for this type of Documentation, call us to discuss.   Explain what you are being requested to provide.   There are other Financing products that do not require this and other forms of verification.   You can apply for other Financing options and avoid having to provide this type of Documentation.

The following are frequent requests and inquiries by Callers.   How are they addressed
and handled?
– Need a Payoff Letter for a Business Loan.
– How do I get a Payoff Letter?
These issues and Questions have been addressed above.

Learn more about other types of request for proof of Documentation such as
Proof of income.

Recent examples from the Web:

Therapeutics Corporation entering into a Payoff Agreement and Letter.