Here Is a Guide to Help You Find What Loan Is Most Suitable for You.
Commercial Loans
Commercial loans are used to help people start a business or own commercial properties. It’s a great way to borrow a loan especially when you already have a business. Consumer loans are usually unsecured which means they don’t need any sort of security in order to repay the loan. There are two types of commercial loans, short-term and long-term. Getting approved for a commercial loan varies as it depends on the person’s credit score and debt-to-income ratio. Commercial loans usually have lower interest rates than other types of business loans. Most of the time commercial lenders may ask; what your intended use for the money is, what your general business growth over time is, how much money you’ll earn before taxes, and other details regarding your business.
Consumer/Personal Loans
Consumer loans, also known as personal loans, can be used for just about anything except for university/college education and illegal activities. Consumer loans typically have repayment terms between 24 to 48 months. Consumer loans come in two forms, secured and unsecured. Secured loans are backed up by a replacement in case you can’t fully pay it off. An unsecured loan is when it’s not backed by a replacement and only your signature. Unsecured loans are typically more expensive and people will need better credit. Applying for a consumer loan is very easy and can be done through a bank, credit union, or online lender.
Small Business Loans
There are different types of small loans that help with specific things but today we will talk about the basics of small business loans. Small business loans will typically have a lot more requirements than the average loan. Small business loans can help with purchasing commercial equipment, doing renovations to the business, or buying new commercial property. These loans catered to small businesses can help with the overall growth of the business.
Land Loans
There are many different ways to finance vacant lots and raw land. The most common type is either the land title loan or the vacant lots and raw land mortgage. The land title loan is a secured loan where if the borrower cannot pay the full amount they borrowed, the title and the rights of the land will go to the lender. With vacant lots/ raw land mortgage, the down payment is a lot more than the average mortgage. That being said, vacant land is much riskier to loan money to as the land is not occupied right away. There are lower resale opportunities if the borrower decides to resell the undeveloped land and risky future land-use changes by the law.
How To Apply For Loans
Business Exchange has a section that has all the business services available. If you’re in need of a business service such as needing help applying for loans or needing help going through the process, going to our business services page will help. If there are any questions regarding our business services, please call 1-877-337-1188