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Flex Credit Loans: The Accessible Loan

Categories: Informational
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A man speaking with a bankerFlex credit loans allow individuals to borrow up to five thousand dollars and make payments within three years or less. Such loans are flexible, and you can make comfortable biweekly installments. In short, you get a deal that allows you to get a huge amount of money and repay it without worrying too much.

Flex credit loans are used to cater for substantial unexpected expenses. You could also get such a loan if you want to repair or rebuild your credit. The cash you get can help you consolidate your debts. Below are other facts that you should know about this kind of financing.

Who Is Eligible For Flex Loans?

If you have a full-time job or you are receiving pension benefits, then you are eligible for flex credit loans from lenders like ARF Financial. You also qualify for this kind of financing if you have a long-term disability. Before you can get your loan approved, a lender may be forced to evaluate your financial muscle and credit risk. Fortunately, an imperfect credit score will not lock you out of getting a loan.

What Interest Rates Apply?

The interest rates charged will vary from lender to lender. Because flex credit loans are considered to be open financing, you can quickly repay your loan and avoid recurrent interest rates and penalties. Interest rates are calculated on a yearly basis, and you can make some cool savings if you speed up the repayment process.

How Do Repayment Plans For Flex Loans Work?

Flex loans aren’t similar to installment loans or payday loans. These loans give you the opportunity to make repayments at a pace that suits you. Borrowers can conveniently plan their payments based on their paydays. If your repayment progress is good, you can additionally benefit from cash advances that are within your current credit limit.

With so many benefits to enjoy, one may assume that it is difficult to apply for flex credit loans. Such an assumption cannot be further from the truth. Many credible lenders are willing to help, and you can get quick financing regardless of the amount of money you need.

Which Type of SBA Loan is Right for You?

Categories: Informational
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Business loan being selected on a virtual optionSBA loans are issued to help small businesses get off the ground, expand or stay afloat. Guaranteed by the government, these loans offer debtors low-interest rates and flexible loan terms.

Many financial service providers in Ogden like the Wasatch Peaks Credit Union offer different types of SBA loans for your business needs. The three primary SBA loan categories are the 7a, 504 and microloans. These loans differ in terms and conditions, and finding the best type for you is paramount to the success of your business. That said, below are some factors that will influence your loan choice:

Your credit score

As a small business proprietor or someone looking to start or expand a business, you should aim for a high personal credit score. Lenders take into account the credit score of anyone with at least 20% interest in any business before giving an SBA loan. The 7a and 504 loan programs require borrowers to have a minimum credit score of 700. You may get microloans with lower credit scores, but they might attract higher interest rates.

What you intend to use the loan for

If you are looking for a loan to pay for your workers’ salaries, buy equipment and property, the 7a loan is the ideal option. For long-term needs like land and buildings, and business expansion projects, the 504 loan will work for you. You can use microloans for various business purposes but not for property purchase.

Your lending institution

Both the 7a and 504 SBA loans are processed through credit unions, banks and specialized lenders. You can borrow up to $5 million under these programs. The microloans are managed by community-based non-profit organizations. You can borrow up to $50,000.

The application process for SBA loans is quite thorough. You should pay close attention to your application details and ensure you have all the necessary documents. Your business plan also determines the success of your application. Ensure your plan is solid and well researched.