Fundera

JUNE 13, 2018

In most cases, the SBA guarantees 75% to 85% of a loan if the borrower defaults, but the exact percentage varies according to the loan program and loan size. SBA-approved lenders are most often banks or credit unions, but qualifying alternative lenders and non-profit corporations can partner up with the SBA, too. 550+ credit score.

Credit Scoring 74

Credit Scoring Default Small Businesses Credit Unions 74

Fundera

JANUARY 14, 2019

A confession of judgment is a clause within a loan agreement that allows a lender, if the borrower has defaulted, to obtain a judgment against the borrower without following regular court procedures. The purpose behind confessions of judgment is to facilitate a quick resolution when borrowers default on a loan. West Virginia.

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Fundera

NOVEMBER 17, 2018

Get ready to learn about need-to-know accounting terms, managing your credit scores, applying for a business loan , and more so you can feel prepared for managing finances for a small business. Part 3: Get a Handle on Your Credit Scores. How to Manage (and Boost) Your Personal Credit Score.

Small Businesses 75

Small Businesses Credit Scoring Credit and Collections Default 75

Fundera

NOVEMBER 17, 2018

Get ready to learn about need-to-know accounting terms, managing your credit scores, applying for a business loan , and more so you can feel prepared for managing finances for a small business. Part 3: Get a Handle on Your Credit Scores. How to Manage (and Boost) Your Personal Credit Score.

Small Businesses 75

Small Businesses Credit Scoring Credit and Collections Default 75

Fundera

JUNE 22, 2016

If you default on your “loan” with a pawnbroker, your credit score won’t report it—but technically, this is a form of alternative lending. And then, in 2008, the Great Recession rocked the world. If it was tough for small business owners to access credit from banks before, then after 2008 it was nearly impossible.

Credit Scoring 76

Credit Scoring Small Businesses Default Transactions 76

Fundera

NOVEMBER 2, 2018

When we’re talking about secured SBA loans in particular, the government will guarantee that the intermediary bank will recoup the majority of the loan in case the borrower defaults—up to 85%—which clearly mitigates the bank’s risk even more. Why not go to the financial institution that knows you best? Construction Financing.

Credit Scoring 45

Credit Scoring Default Small Businesses 45

Fundera

MAY 4, 2018

Since the 2008 recession, banks have cut down on lending to small business owners. And loan stacking is bad for lenders, too, who might lose out to other creditors if the borrower defaults. And if the borrower defaults, the presence of multiple creditors can make it difficult for each lender to get their money back. An example?

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Default Credit and Collections Small Businesses Credit Scoring 77

Fundera

DECEMBER 28, 2019

That’s because banks don’t lend to many borrowers, especially since the 2008 financial crisis, so only the absolute most qualified borrowers with lots of existing experience in business, very strong credit, and a strong financial track record generally qualify. The main factors that lenders will evaluate are: Your credit score.

Credit Scoring 52

Credit Scoring Default Small Businesses 52

Fundera

JANUARY 7, 2016

This alternative lending model helps meet the demands of an underserved group, especially after tightened lending standards that emerged in the wake of the 2008 Financial Crisis locked many small businesses out of the credit market. billion to $3 billion. Your EBITDA-to-long-term-debt is low.

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Credit Scoring Small Businesses Default Transactions 76

Due

NOVEMBER 19, 2023

The Mortgage Slump of 2008 In 2008, a $200,000 mortgage would cost a monthly payment of approximately $1,200, excluding insurance and taxes. After the crisis of 2008, mortgage rates steadily declined. For example, borrowers with a 670 or higher credit score tend to qualify more easily for better mortgage interest rates.

Credit Scoring 59

Credit Scoring Transactions Default 59