Pay Day Loans

Avoid Payday Loan Scams

As the Thanksgiving and Christmas Season looms just over the horizon, having available money for holiday shopping swings into the forefront of our thoughts. As enticing as it may be, you should avoid payday loans except as an absolute last resort. Payday loans are also called “cash advance loans” and they are small, short-term loans that carry very high interest rates. Some companies have even begun to advertise them as “loans to help you repair your credit”, but this is very misleading. Some companies suggest that these loans can help you pay off your bills and so establish good credit, but if you cannot afford to pay your payday loans back on time, you have to “roll-over” or extend the loan – often at huge expense and interest. Many people get into a “payday loan cycle”, whereby much of their monthly paycheck goes towards paying off their ever-growing payday loans.

The Midas Guide to Credit and Business Funding

Well, after several years of research I’ve finally published my much anticipated E-book.  The Midas Guide to Credit and Business Funding is now available by going to:  www.bizfunding101.com.  And yes I’m pretty excited.  The hard launch was Monday and we’ve sold five books so far.

The book is broken into three sections.  The first section talks about both business and personal credit and dispels all myths about each.  Loaded with nothing but the facts and what you need to have to enjoy perfect personal and business credit.  The second section reveals all loan products available to a small biz owner.  In laymans terms, I describe each and every product so you can make an educated decision as to how and where you fit.  The third section is about something no one has ever written.  You all know I’m a loan broker.  I charge fees! Those fees can sometimes be hard to swallow.  With this guide I am providing the exact model I use to get people funded every day.  I tell you everything you need in your funding package and I give you two hours of personal counseling on picking a product and getting funded.  This sounds mundane but what if you could get the money you need and not have to pay thousands in broker fees?

Approved or Denied: The Small Business Loan Underwriter’s Perspective

I had the pleasure of interviewing a loan underwriter several days ago.  He’s been underwriter biz loans and lines for almost 20 years.  His analogy was simple.  Yet, how many times do we overlook the most critical elements of applying for a loan.  Here it is:

Underwriter’s Point of View

In my years as a small business loan underwriter, I have worked with a variety of applicants and transactions across the country, ranging from start up enterprises, purchases of existing operations, franchises, partner buyouts, etc.  As such, I am able to compile a few tips to help you have a positive experience with your potential lender.

First of all, be HONEST, particularly to any information you disclose in writing. Fraud or misrepresentation is grounds for immediate denial of your application. In addition, most lenders will require that you be able to produce documentation to verify certain items on your application or have the means to verify the items themselves (i.e. credit reports, background checks, etc).