Confused about what the Stafford Loan interest rate is? With all the Congressional bills and crazy news stories, it’s easy to lose site of the fact. Here’s what the situation is currently, for the current and upcoming calendar years:

Year	Interest Rate Subsidized Stafford (Undergrad)	Interest Rate Other Stafford (Unsubsidized/Graduate)
2007-08	6.80%	6.80%
2008-09	6.00%	6.80%
2009-10	5.60%	6.80%
2010-11	4.50%	6.80%
2011-12	3.40%	6.80%
2012-13	6.80%	6.80%

Posted in Labels: Bussiness Loans 0 comments Posted by Rohit Shah

Here are some requirements for Payday loans and small loans

1. A current job with a steady income

2. You need to make around $1000 to $1200 per month

3. you need to be at least 18 years of age

4. You need a current checking bank account

5. You must have not more than one outstanding cash advance loan or Payday loan already

Also some payday advance loan lenders will require you to be a citizen of the country you are applying for a cash advance loan in.

Other requirements may be a photo of identification eg. driver's License or another form of photo ID, a copy of your most recent paye stub, ongoing steady employment for a least 6 months, a copy of your most recent bank statement and proof of residency eg. power bill, telephone bill, mortgage bill, or lease agreement.

Instant online loan lenders and money advance lenders requirements are often quite easy to gain a loan and there are a lot of bad credit loans available from bad credit loan companies that are more than willing to give you a chance to redeem yourself as long as the above five loan cash advance requirements are met.

Generally if all requirements are met you can get your loan really quickly, if it is not a weekend your cash loan can be approved within 24 hours.

Note: Look for low cost interest rates when searching for your cash advance, it really make a difference when it comes time to pay back your loan.

Some payday advance loan lenders require that you have access to a fax machine and or email. Minimum and maximum amounts vary from $100 dollars to $1000, $2000, to $10,000 etc depending on which loan money lending company you choose.

Things that loan lenders money lenders and easy finance lenders consider are what you monthly net income after taxes and bank APs and other outgoings are also other loans and money loans or credit card debt you have and whether you have any loans outstanding and the length of time you have had your bank account for and how many bad debts eg.outstanding payments and overdrafts bounced checks etc that you have inccurred.

Small Business Loans

There are many types of small business loans and business grants available:

Merchant advances, micro loans, business credit cards, equity loans, asset lending, purchase order financing, equipment finance, software financing, cash sale leasebacks, economic development loans, start-up loans, equity iInvestments, venture capital, government grants, commercial mortgages, construction loans, franchise loans etc

You need to work out what type of loan would work best for you first before beginning the process of applying.

Mirco Loans - Micro Loans are small loans under $5000 - $40,000 normally issued to start-up companies and new small companies under 1 year.

Business Credit Cards -Business credit cards and unsecured up to around $30,000. Limits are usually based on your personal credit history. Credit Card Receipt advances are much more than this.

Asset Loan - Producing a security in assets in return for cash.

Expansion Financing - Company has outgrown exiting business demand and needs loan to provide for demand.

Equipment Loan - Using equipment as collateral for a business loan

Franchise financing - Special loans for reputable known franchises.

Seed or Start up funding - Company in the first stage of business with not much or no operating history. Loan approval will be based soley on a good business plan and the background/s of the manager or management team along with financial projections and market demographics range etc.

Interim or Bridge Loan - A short term loan around 1-2 years or less.

Sponcers - Have you considered getting a sponcer?

Applying for a small business loan?

Take note of how well you present yourself and your business plan to a money lender or investor.

Make sure you have a thought through the processes first so you are not caught unaware and whats more make sure you really believe in your business so you show confidence in your business idea and proposed business plan.

Make sure you know the exact amount of money you require, have a detailed summary available. Make sure you explain clearly exactly what the loan will be used for and why you need it.

Include personal financial statements on yourself and or other owner directors of the business. Make sure that you state any collateral or assets that you have that could be used as security for the loan.

What will Small Business Loan Lenders look for?

Firstly a copy of your credit report will probably obtained. You can obtain one of these yourself quite easily online. It is a good idea to get one before you approach a lender and they find any misgivings in your credit report, getting a credit report first will mean that you can clear up any mistakes or inaccuracies present in the report.

Your work history and any letters of character references and or recommendations you provide to the loan money lender may be looked into make sure that you have contacted any of the people that you are using as your referral/reference so they are aware that they may be called upon, it is also good to call to make sure that the person giving your referral is still at the telephone numbers you have provided (as even a couple of months can make a difference if you are not close to referrer and they have moved on and you don't know it).

Note: You can get some great tips and advice online with step by step procedures about how to write the best business plans and proposals for small business loans, this also includes writing plans and proposals for sponcership. There are also many small business software applications with wizards that make writing your small business plan very easy.

Given all the above is in order the loan officer should be able to deduce from this material if you have a sound understanding of your new venture and a strong commitment and work ethic to make your new business a success.

Posted in Labels: Bussiness Loans 6 comments Posted by Rohit Shah

Part 1: Documents Needed For A Small Business Loan

Sooner or later most small businesses need to get a small business loan, whether to get the operating capital for business startup or to finance an expansion. But whether you're approaching a bank or a friend for a small business loan, the lender will have the same expectations.

You can greatly increase your chances of successfully securing a small business loan by being prepared to meet those expectations.

Put yourself on the other side of the desk for a moment. If someone asked you for a small business loan, you'd want to know exactly why he or she wanted the money and what the chances were that he or she would repay the loan in full and on time.

So the key to getting a small business loan is preparation. First, gather together the documents that will help persuade the lender that a small business loan is necessary and that you are a good risk.

You will need:

A business plan - The business plan show the lender not only why you want a small business loan but what you plan to do with the money.

Cash flow projections - What's the first question any lender has? Will you be able to repay the loan. Your business's cash flow projections give lenders concrete financial data that they can use to assess this risk.

A statement of your personal financial status - A list of your personal assets and debts to give the lender a fuller financial picture.

To get a small business loan, you may also need these documents:

Past business tax returns - If your business is established and you have past business tax returns, it's a good idea to take them with you. They'll give the lender a better idea of how your business is doing financially.

A credit rating report - Basically, you establish a credit rating by buying things on credit and paying back the money you owe. Your loan repayment history plays a big part in establishing your credit rating, but all your "credit" dealings make up the history that's used to determine your credit rating.

It's not necessary that you include a credit report with your small business loan application; it's easy enough for potential lenders to check your credit rating. But if you don't know what your credit rating is or suspect your credit rating is tarnished, you may want to get one.

You can get a credit report by contacting one of the three credit reporting agencies in Canada, TransUnion, EquiFax Canada, or Northern Credit Bureaus. To receive your free credit report, you will need to mail or fax one of these companies a request along with copies of two pieces of I.D.

The credit report you receive several weels later will include information on what to do if you find errors in the report. If you have a poor credit rating, you will want to take steps to repair your credit rating before trying to get a small business loan.

Now that you have all the documents you need to get a small business loan in order, how do you actually persuade the lender to give you a small business loan? Continue on to the next page for tips on making a winning small business loan presentation.

Part 2: Making A Winning Business Loan Presentation

The next step in getting a small business loan is to persuade the lender to give you a small business loan. You need to prepare in advance to make a winning small business loan presentation.

Start by considering the lender's point of view. You want money. But he or she is most interested in the answers to these two questions: "What are you going to do with the money?" and "Are you a good risk?", and to make a winning small business loan presentation, you need to come up with the "right" answers to these two questions.

Answering the first question means being fully conversant with all the details of your business plan and being able to point to the relevant financial statements, charts or graphs that will help convince the lender that you need the amount of money you're asking for to do what you want to do.

Answering the second question means having already given some thought to the credit risk you represent to the lender and being ready to address his or her concerns.

To get a small business loan, be prepared to tell your potential lender:

What collateral you have - Collateral refers to the tangible assets that you are willing to put up to secure the loan.

These assets might be equipment, a house, a car - something of value that you own. If you fail to repay the loan, then the proceeds from the sale of the assets is used for repayment.

How much money you're personally willing to put into the business - Being willing to risk your own money shows the lender that you're committed to the enterprise.

Your expertise and/or experience in your chosen field - Because the success of your business is dependent on this to some degree, any potential lender will want to know more about you. Be prepared to talk about yourself when you apply for a small business loan - your background, your expertise, and even your aspirations.

Your chances of getting a small business loan will be greatly improved if you have all your documents in order and are prepared to assuage the lender's concerns about loaning you the money. Think of it as a presentation to an important client or customer, and you'll have a better chance of success.

Posted in Labels: Bussiness Loans 1 comments Posted by Rohit Shah