Tuesday, October 20, 2009

Need Help Getting a Loan?

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If your loan application is not complete you may be declined for your loan. Lending is tight and banks are looking for any reason to decline your application. The approval for your loan is based off of your credit, financial condition, as well as experience. Credit is one of the most important aspects in receiving a low rate and an approval. This is true for a commercial loans or a surety bond.

Maintaining your credit score is critical

Boost your credit score, by paying your bills on time, and don't over extend your credit. Keep your total balance for each of your credit cards under 30%. Limit unnecessary spending just because you want something doesn't mean you need it. If you have no cash, but credit eventually things will catch up to you.

Having a good credit rating can make or break your company. A few tips for applying for a loan or surety bond.
If you are a new business have a resume prepared before hand as well as a personal financial completed and a start up business financial prepared. Determine how much money you will need to borrow before talking to a banker. Run your credit report 60 to 90 days before applying for a loan.

By doing this you should have ample time to correct any mistakes or issues you may have on your report. Don't just go with one bank shop around for the lowest rate and best terms. Try to avoid collateral and tying up your assets

A Surety Bond is a generic term for all bonds so it can become confusing at times when applying for one. There are many different types of Surety Bonds normally they are required to obtain a specific license. A Surety Bond is a three part agreement , The Principal, Municipality / Private Obligee, and Surety Company. The Principal is the business or individual applying for the surety bond. The Obligge is the one requiring the Surety Bond. The Surety Company is the one writing the surety bond.

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