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13 Surprising Factors That Affect Your Credit Score (and Why Small Business Owners Should Care)

Fundera

When a credit bureau computes your credit score, their job is to produce a number that estimates—given your past and current financial history—how likely you are to default on future debts. There are five notable components of a personal credit score. There are five notable components of a personal credit score.

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Boosting Your Odds of Loan Approval

Due

Borrowers may use personal loans to subsidize medical bills, car repairs, wedding expenses, funeral costs, and home renovations. These tips include working on your debt-to-income (DTI) ratio, increasing income, finding ways to prequalify before formally applying, and improving your credit score. million in the preceding year.

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Business Loan vs. Personal Loan: Which Should You Choose?

CreditStrong for Business

For example, you can’t use one to consolidate your personal and business credit card debt or improve your personal residence. If you’re using your business line of credit to finance a capital expenditure, the underlying asset will usually be your collateral. If you ever default, they’d be able to collect by seizing personal assets.

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Credit Card Cutback: Guaranteed Ways to Negotiate Lower Interest Rates and Pay Off Debt

Due

There is no doubt that we have a credit card problem. A survey by GoBankRates found that 30% of Americans have debt up to $5,000 on their credit cards, 15% have debt that is over $5,000, and about 6% have debt that is over $10,000. In addition, 15% of Americans are in credit card debt for over 15 years.

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The Ultimate Guide to Investing With Peer-to-Peer Lending

Prosper

When you invest in borrower loans through Prosper, you are helping to impact the lives of borrowers who are consolidating debt , rebuilding their credit, preparing to make important purchases, and working toward financial wellbeing. I’ve had past due medical bills [and] that unexpected car breakdown where you suddenly need three grand.

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25 Ways to Get Out of Debt Fast

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trillion in debt , with an average household debt of $101,915 Additionally, the Federal Reserve Bank of New York reports Americans’ total credit card debt was $1.031 trillion in the second quarter of 2023. Get your credit card statements, car loan statements, and medical bills together. Put an end to borrowing.

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The 21 Most Essential SBA Forms for Every Applicant

Fundera

Certain 7(a) loan programs are geared toward small loans; small, expedited loans; expedited loans for export businesses; loans for businesses that need to meet foreign competition; lines of credit; specialized programs for veteran-owned businesses—among other types. . Spouses need to sign even if they’re not guarantors. Legal Documents.