Applying for a loan or any type of credit can be stressful. We have put together a list of key things you should know about before applying for a loan, this information can help you qualify. 1. Credit You will want to have a credit score of 580 or above to qualify for a loan…
When applying for a loan, most of our lenders will require the same financial information. Each lender has different criteria, however essentially you’ll need to submit the same pieces of information. It’s a good idea to gather your financial documentation before you start the application process, so you have it ready and can answer questions…
What is debt-to-income ratio? Debt-to-income ratio — referred to as DTI — is the percentage of your monthly gross income that goes towards paying monthly debts. To calculate, add up your monthly debts and divide by your gross monthly income. E.g. $3500. (debt) ÷ $10,000. (gross monthly income) = 35% DTI. How does my DTI…
1. The best way to use a business credit card or line of credit We suggest business owners use a business credit card for gas, office supplies, and/or utilities to help keep accurate records of their monthly expenses. We also recommend paying the balance in full each month. A business line of credit (LOC) is…