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Often referred to as credit reporting agencies, these companies work independently. Credit Reports vs. CreditScores. Your creditscores are also influenced by your credit reports. The reason for this is that creditscores are calculated using information from your credit report.
If you default on your “loan” with a pawnbroker, your creditscore won’t report it—but technically, this is a form of alternative lending. Alternative lenders, on the other hand, accept entrepreneurs with shorter times in business, lower creditscores, less proven revenues and cash flow…. More Frequent Repayments.
While your revenue and creditscores haven’t changed, your application gets rejected. This can happen as the result of a credit crunch — also called a credit crisis or credit squeeze. What is the difference between a recession and a credit crunch ? What should you do if you can’t qualify for business credit?
Since their launch in 2007, OnDeck has become one of the most established and trusted names in online lending, especially for offering short-term loans and lines of credit. 20 monthly maintenance fee for line of credit (with possibility to waive). draw fee for line of credit. 600 personal creditscore.
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