Fundera

OCTOBER 16, 2015

Compared to business bank loans, both Kabbage and OnDeck have far easier application processes with little documentation required. Personal credit scores. Both Kabbage and OnDeck focus more on your business’s cash flow and revenues than on documentation, history or credit scores. Minimal time in business.

Small Businesses 102

Small Businesses Credit Scoring Deductions Default 102

Fundera

NOVEMBER 4, 2015

How will my credit impact my small business lending options? When you go to apply for a business loan, you may be surprised to learn that your personal credit score is one of the most important factors in determining your loan eligibility! If your credit score is 700 or above—congratulations! Yes, right now!

Small Businesses 97

Small Businesses Credit Scoring Credit and Collections Default 97

Fundera

OCTOBER 20, 2019

Get a handle on your personal and business credit scores. We’ll break down need-to-know accounting terms, how to handle your credit scores, how to apply for a business loan, and more—so that you’ll have all the information you need to manage your small business finances.

Small Businesses 101

Small Businesses Credit Scoring Credit and Collections Default 101

CreditStrong for Business

FEBRUARY 21, 2025

How Being a Sole Proprietor Works A sole proprietorship is the default corporate structure for every one-person business. Because theyre the default choice, sole proprietorships are one of the most common business structures. Youll have some problems building business credit as a sole proprietor.

Default 52

Default Deductions Credit Scoring Small Businesses 52

Lendio

OCTOBER 25, 2023

While you might have to do some research and take some extra steps to get approved, you can lock in an equipment loan with a less-than-perfect credit score. Here’s everything you need to know about securing equipment financing with bad credit. Can you get equipment financing with no credit check?

Credit Scoring 96

Credit Scoring Default 96

Fundera

FEBRUARY 6, 2018

One of the important documents required by lenders and investors that shows a summary of the actual collection of revenue and payment of expenses for your business. Turning to bankruptcy should be given careful thought because it will have a negative effect on the business credit score. Business Credit Score.

Small Businesses 105

Small Businesses Credit Scoring Credit and Collections Bankruptcy 105

Fundera

MARCH 6, 2019

One of the important documents required by lenders and investors that shows a summary of the actual collection of revenue and payment of expenses for your business. Turning to bankruptcy should be given careful thought because it will have a negative effect on the business credit score. Business Credit Score.

Credit Scoring 105

Credit Scoring Credit and Collections Bankruptcy Small Businesses 105

Abrigo

DECEMBER 14, 2014

The program does require that borrowers meet a minimum credit-score threshold, provide documentation showing income and job status and buy private mortgage insurance as added steps to mitigate risk. This class may have struggled in the past to meet the minimum down payment required for traditional mortgages.

Credit Unions 89

Credit Unions Credit Scoring Default 89

Fundera

MARCH 8, 2016

Applying for a loan can be pretty time-consuming: you have to collect all your financial records and documents, complete application forms, and make sure you have a convincing reason to take out a loan. This document lowers the lender’s risk—by letting them chase after your personal assets if your business fails or you default on the loan.

Credit Scoring 74

Credit Scoring Default Credit and Collections Small Businesses 74

CreditStrong for Business

OCTOBER 25, 2024

In addition, the underwriting for these loans focuses on the borrower’s cash flows instead of their personal or business credit scores , and the lender often agrees to take a portion of your expected cash flow to repay the debt. You don’t have to be in business for very long or have a good credit score to qualify.

Credit Scoring 97

Credit Scoring Credit and Collections Small Businesses Default 97

Pactola

JULY 20, 2020

banks of JPMorgan Chase & Co, Citigroup, and Wells Fargo took huge hits to their second quarter profits to stockpile $28 billion to cover losses as consumers and businesses begin to default on their loans. This has the impact of moving credit scores higher at a time when payments are not being made.

Default 40

Default Law Firms Credit Scoring Credit and Collections 40

Fundera

MARCH 2, 2019

Loan Default Definition. Loan default occurs when a borrower breaches a material term of their loan agreement. The most common reason for a loan default is that the borrower stops making loan payments. When loan default occurs, the lender can accelerate the remaining balance or take legal action against the borrower.

Default 40

Default Bankruptcy Credit and Collections Credit Scoring 40

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. Your 4 Most Important Business Accounting Documents. Part 1: Business Accounting 101: How to Organize Your Business Finances .

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. Your 4 Most Important Business Accounting Documents. Part 1: Business Accounting 101: How to Organize Your Business Finances .

Small Businesses 75

Small Businesses Credit Scoring Credit and Collections Default 75

Fundera

JUNE 14, 2016

Check out your business and personal credit scores. You should know your business and your personal credit scores by heart. (If Websites like AnnualCreditReport.com and CreditKarma let you look up your personal credit score for free. If you don’t, look them up now.). Get your landlord on board.

Credit Application 73

Credit Application Credit Scoring Credit and Collections Small Businesses 73

Lendio

NOVEMBER 1, 2023

If you’ve been in business for more than half a year, are bringing in $50,000 or more in annual revenue, and have a credit score of 600 or higher, consider yourself a prime candidate. This agreement allows the lender to levy your personal assets if you default. Minimum credit score requirements start at 500.

Small Businesses 98

Small Businesses Credit Scoring Credit and Collections Default 98

Fundera

SEPTEMBER 5, 2018

Unless you have an absolutely perfect credit score—850—we’re willing to bet that you’d like to tack on a few points to that three-digit number. After all, your personal credit score is the number one factor that affects your ability to qualify for business financing and get favorable rates.

Credit Scoring 75

Credit Scoring Credit Reporting Agencies Credit Unions Credit Card Companies 75

Fundera

OCTOBER 4, 2018

Small Business Administration guarantees those lenders repayment if their borrower defaults. Because of this, there are a ton of documents to fill out, requirements to be met, and fine print to read that can generate their fair share of confusion.

Credit Scoring 68

Credit Scoring Default Small Businesses 68

Lendio

AUGUST 14, 2023

Because they know they’ll get paid even if you were to default, lenders are much more willing to be generous with you. You’ll most likely qualify for an SBA Express Loan if you own a business and have a credit score of 680 or higher. Do your homework to find the best option, then meticulously gather all the required documents.

Credit and Collections 98

Credit and Collections Nonprofit Organizations Credit Scoring Default 98

Fundera

JULY 23, 2018

That’s a very short period of time, and if you can’t pay back the money, the loan goes into default. If you miss multiple installment payments or are unable to pay back the loan within the time frame set out in your plan documents, the loan goes into default. No credit check required.

Default 91

Default Credit Scoring 91

Fundera

AUGUST 29, 2017

If you’ve researched traditional small business loans , you’re probably aware that you need to have a profitable business, a strong revenue history, and a robust personal credit score to qualify for the best options. But what if that doesn’t describe your business just yet? Reduced Personal Risk. Machinery and Equipment.

Past Due Invoices 75

Past Due Invoices Credit Scoring Default AR Aging 75

Fundera

JULY 31, 2018

For the most part, that translates into business owners with high personal credit scores, whose companies have good business credit scores and a proven track record of profitability. Some factors lenders consider during the underwriting process include: The business owner’s personal credit score.

Credit Scoring 78

Credit Scoring Credit Unions Credit and Collections Small Businesses 78

Fundera

APRIL 17, 2018

Watch out, because you might just see a bump in your personal credit score on the way. That’s because thanks to Experian, TransUnion, and Equifax—the three major credit bureaus—credit reports no longer include tax liens. Credit Reports No Longer Include Tax Liens. What’s a Tax Lien?

Credit Scoring 67

Credit Scoring Bankruptcy Small Businesses Default 67

Emagia

MARCH 3, 2025

Key Components of the Accounts Receivable Process Cycle Credit Policies and Terms A well-defined credit policy outlines the terms and conditions for extending credit to customers, including payment deadlines, interest rates , and penalties for late payments. Electronic invoicing helps in quick delivery and tracking.

Days Sales Outstanding 40

Days Sales Outstanding DSO AR Reporting Credit and Collections 40

Abrigo

MARCH 2, 2015

• Long-term loans for used cars also doubled to 14 percent over the same time period • Borrowers with lower overall credit scores are being approved • Loans are being made with higher loan-to-value (LTV) ratios • Average dollar losses per vehicle are rising.

Credit Unions 79

Credit Unions Credit Scoring Credit Risk Default 79

Your Virtual Credit Manager

MARCH 19, 2024

Collection activity: Document the instances of broken promises or payment agreements before speaking to the customer's management. This is done by getting updated credit reports, updating credit references, sharing information with a credit industry group, and monitoring various information sources both internal and external.

Bulk Transfer 100

Bulk Transfer Credit and Collections Bankruptcy Third Party Collections 100

Due

JANUARY 5, 2023

Did your credit score drop since you first financed your house? That means you’ll have to pay closing costs and your lender will look at your credit score. In the event of a default, this insurance protects the lender. Don’t ignore your credit score. Not shopping around. in PMI premiums.

Credit Scoring 80

Credit Scoring Deductions Default Transactions 80

Fundera

JANUARY 5, 2016

” In plain English: the landlord is “subordinating” their rights to your collateral in case you default. Signing this document means a landlord agrees to give a lender access to the property, and priority to taking collateral in the event of default. Provide Written Notice of Default.

Default 64

Default Credit Scoring Small Businesses 64

Lendio

JANUARY 31, 2023

Can help you build credit: As long as you make your payments on time, every time, a personal loan may boost your credit score. May hurt your credit: Even one late or missed loan payment can take a toll on your credit score.

Medical Billing 97

Medical Billing Credit Scoring Credit Unions Default 97

Lendio

NOVEMBER 13, 2023

Getting prequalified won’t hurt your credit score, and the process is much less rigorous than the full application process. Once you’re ready to submit a formal loan application, you can use the 504 Authorization File Library to see what documentation you need. Can a SBA 504 loan be used for a change of ownership?

Credit Unions 97

Credit Unions Credit Scoring Default Small Businesses 97

Know-It Global

JUNE 20, 2023

Credit terms and conditions: Clearly communicate expectations regarding payment methods, discounts, warranties, and any other relevant terms. Business Credit Checks: In the world of business, credit plays a pivotal role in determining financial stability and growth. This is where business credit checking comes into play.

Bad Debt 19

Bad Debt Credit and Collections Debt Collections Credit Risk 19

Your Virtual Credit Manager

SEPTEMBER 12, 2023

For lower credit limit requirements you will need to rely on the account’s payment history, available from their references and on their credit bureau report, or possibly a credit score. When unobserved risks build up in your AR, the impact will be slower payments and defaults leading to bad debts.

Credit and Collections 130

Credit and Collections Bad Debt Accounts Receivable (AR) Deductions 130

Fundera

JULY 26, 2016

They’re also monitored every year by a process called the annual financial review to make sure that the business owner can maintain that line of credit. On the other hand, applying for a business credit card depends on your credit score instead of all of this documentation—so it might be a little less of a hassle.

Credit Scoring 73

Credit Scoring Default Small Businesses 73

Fundera

MARCH 21, 2018

Here, although a local bank is still granting you the actual financing—not the SBA itself—the government agency is partially guaranteeing the bank loan with federal money in case of default. If you want to be the best possible candidate for a local business loan, credit is king. You have a business credit score, right?

Credit Scoring 73

Credit Scoring Bankruptcy Small Businesses Default 73

SMB Commercial Lending

NOVEMBER 10, 2022

Your business will need to be profitable and have a good credit score. You’ll typically have less risk of defaulting on an SBA loan, and that may help you keep your financial record healthy. Keep a good credit score. It’s typically best to have a score higher than the minimum if you’re applying for a second loan.

Credit Scoring 64

Credit Scoring Default Small Businesses 64

tillful

JANUARY 9, 2023

Or why SBA loans, the crème de la crème of small business loans, require so much documentation? You’re probably aware that good business credit comes with perks, but it might be less clear as to why. Well, it all comes down to credit risk. In other words, it's the probability of default. Borrower Reputation.

Credit Scoring 52

Credit Scoring Credit and Collections Credit Risk Default 52

Fundera

DECEMBER 13, 2018

In your loan application, be prepared to show evidence of steady profitability and a strong credit score, and you may need to provide sufficient collateral, too. Because they’re working with a “riskier” pool of borrowers, though, alternative lenders need to protect their interests in case a customer defaults.

Credit Scoring 75

Credit Scoring Default Small Businesses 75