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Low documentation home loans: what are they and should you apply? #stafford #loan


#low doc loans
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Low doc home loans

Low doc loans are designed to assist people who do not qualify for a traditional home loan to buy a property. Low doc (or low documentation) loans still require the application to be made in writing, however you may not be required to provide much of the paperwork that is necessary with standard home loans, such as proof of income, assets or liabilities. The low doc loan relies more on a method called self-verification, where you state your income without the verifying documentation.

Who can benefit from a low doc loan?

Low doc loans are designed to benefit those people who have some existing equity or a deposit saved, and have trouble showing evidence of regular income. This could apply to the self-employed or casual workers. Low doc loans could also be made available to people with a bad credit history.

Low doc loans are also sometimes abused by people who have income they have omitted to declare to the taxation office. Failure to declare taxable income is an offence and, if caught, offenders are forced to pay penalties that far outweigh the savings they intended to make by breaking the law.

Why should I take out a low doc loan?

If you fall into any of the categories above and wish to purchase a property, a low doc loan could be your only option for obtaining the required finance. As with any major financial decision, always weigh up the pros and cons and determine whether you can afford the repayments. There could also be extra costs involved as many lenders will charge an inflated interest rate when standard documentation is not produced on application. Mortgage insurance is also a standard requirement with low doc loans, which adds further to the cost.

Most low doc loans will cover up to 80% of the value of the property (80% LVR), although the more financial documentation you can present to the lender, the higher the percentage could be.

Types of low doc loans

There are three main types of low doc loans: self-declared income, account statement and asset lend. Each of these low doc loans have slightly different eligibility requirements.

Self declared income

The most common low doc loan, where the lender will offer a home loan on a signed declaration of income, with no accompanying evidence. In general, 80% of the property value is loaned and the interest rate can be higher than a standard loan

Account statement

Requires more substantial income evidence, such as a letter from your accountant, however interest rates are usually more in line with a standard home loan .

Asset lend

This type of low doc loan requires the least evidence to be presented, in some cases no proof of income or signed declaration is needed. The loan is secured purely on the value of the property. These loans have substantially higher interest rates and, in general, a lower percentage of the value of the property can be borrowed.

What to look out for

Low doc loans generally have certain conditions and extra costs attached, such as:


Car Title Loans Online Video – How They Work #guarantor #loans


#need a loan fast
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Loan 310-433-4625

Car Title Loans Online #1 Source For Car Title Loans LA County

Car Title Loans LA County Call (310)433-4625

Hello, my name is Greg a nd welcome to our site, If you are in need of a quick cash emergency loan you ve come to the right place. Are you interested in applying for car title loan o nline? You can either call me or fill out this online form. You can be rest assured you are in good hands.

The benefit to a car title loan is that you get to continue to use your vehicle while paying the loan off. It s similar to financing a car. The borrower remains the registered owner of the vehicle while the lender becomes the new legal owner (lien holder.)

Car title loans have become more and more popular due to the fact that  borrowers feel confident that the loan will be paid back because they ll be able to still use their vehicle, so they wont have to worry about getting to work, taking their kids to school, etc.

Do you have any questions about car title loans? We are here to help. I ve been in the car business for ten years, and also buy cars for cash too. Our partner site is Cash4CarsLA. You may have a vehicle with a mechanical problem, possibly a car that has failed smog, body damage, please let me know. I m open to everything so please contact me.

We re available 24/7 with your vehicle title loan needs. Please fill out the form below, and we will get back to you asap. You can also call us at (310)433-4625.

Por favor llene la solicitud de préstamo en línea del título. Incluya su nombre, número de teléfono y dirección de correo electrónico


Career development loans: are they a good way to fund your master s? #advance #loans


#career development loan
#

Career development loans: are they a good way to fund your master’s?

F unding is the biggest headache faced by students wanting to continue their studies after their undergrad degree. Taught master’s degrees no longer qualify for research council funding, and while some students manage to put together a funding package through scholarships and sponsorships, others are drawn to taking out a bank loan. But is this a good move?

Career development loans (CDLs) have become an increasingly common funding option for those undertaking postgraduate study. There are only two banks currently offering them – the Co-operative bank and Barclays .

Since the government-supported scheme began in 1988, over 304,000 people have taken out a CDL. In this 25-year period, banks have lent in excess of 1.34bn. The Co-operative says: We have seen a steady increase. In 2013, almost 5,000 people took out a CDL with the Co-operative bank.

The CDL funds full- or part-time vocational and professional study. Although it is a commercial bank loan, the government pays the interest for the duration of the course and recipients do not have to repay the loan until they complete their studies.

In recent years, the number of students undertaking postgraduate study has fallen due to following a rise in course fees. A postgraduate taught course now costs an average of just under 6,000 a year, an increase of 7% since 2012-2013.

The number of part-time students has fallen even further. Between 2010-11 and 2012-13, UK and EU students entering part-time postgraduate courses dropped 27% – the equivalent of 25,000 students.

Despite the fall in numbers of those undertaking postgrad study, there’s been a rise in CDL applications, because of the funding cuts.

The Department for Business, Innovation and Skills (BIS) explains the point of the loans: Professional career development loans are short-term finance offers which enable adults to undertake vocational and professional study, with the aim of moving on in work or into work quickly. Recipients are able to concentrate on the learning or training without needing to meet repayments. Repayment only begins one month after they leave their course.

Nevertheless, CDLs have come under some scrutiny and the University and College Union (UCU) argues that high interest rates, non-income contingent payback terms and the need for a good credit record mean that they are not suitable for everyone.

UCU points to a worrying effect on access to postgrad study: Students from less advantaged socio-economic backgrounds tend to be more risk-averse, and the benefits of further learning and the increased salaries that postgraduate qualifications can bring are being skewed towards more advantaged learners only.

You can take out a loan for any amount between 300 and 10,000, and both banks offer an interest rate of 9.9%. CDLs are available to those aged between 18 and 69 with an unlimited right to stay in the UK. However, you need to have been resident in Britain for at least three years, so if you have been abroad for over six months then the banks are likely to reject your application.

The banks will also reject your application if your credit rating doesn’t match their eligibility criteria. While neither the Co-operative nor Barclays were able to disclose the number of applications they rejected, I spoke to a number of students who had their applications declined.

Emma Finamore, currently doing a journalism master’s at Goldsmiths, University of London, says: My application was rejected even though I hadn’t been in any trouble with the bank or phone companies. This nearly stopped me from pursuing my dream of studying journalism.

If I hadn’t started a crowd-sourcing campaign and known someone who was prepared to lend me 5,000, I wouldn’t have been able to do this master’s.

The government covers the interest for one month after the course finishes, but after that the loan operates as a normal bank loan. The student is then fully liable for repayment. Recipients are given between one and five years to repay their loan; but obviously the longer they take, the more interest they accrue. The Co-op bank says the average term on a CDL is five years.

Unlike ordinary loans, CDLs come without arrangement fees or early settlement charges – if you want to end your repayment plan prematurely you can settle without additional charges.

If a graduate is still unemployed after they complete their course, there are protections in place and repayments can be deferred for up to 17 months, but this must be applied for in three separate stages.

However, once the recipient has entered into a repayment scheme it can become very difficult to halt or postpone payments. Banks are keen to retrieve their money even if employment circumstances change. With increasingly precarious labour conditions and the growth of zero-hour contracts, jobs will not necessarily remain secure for the entire repayment scheme.

Veering off-plan can cause long-lasting damage to your credit history and affect your future ability to gain credit. As with all bank loans, there is some degree of financial risk involved.

If recipients fail to meet payments, both the Co-operative and Barclays transfer the loan to a debt collector agency. The Co-op says they cannot disclose how frequently they transfer loans to a third-party debt agency because this is commercially sensitive data.

The Co-op says: If a customer encounters financial difficulties and is unable to pay back their loan, we would encourage them to contact us as soon as possible. We always strive to support customers facing financial difficulties and would only turn to a collection firm as a last resort.

BIS says: CDLs are commercial bank loans and as such the banks seek recoveries in the event someone misses regular repayments and so defaults.

The CDL may be far from a perfect solution to postgraduate funding, but it is one of the few funding options available.

If applicants think the course will further their vocational skills and career prospects, then the CDL may be a good option, but it is less so for those wishing to pursue a future in academia or any other career where a regular salary is not a safe bet.

Advice and an application pack are available if you call the information line on 0800 585 505, open Monday to Sunday, 8am to 10pm, or visit direct.gov.uk/pcdl for details.


ADN VS BSN #nursing-discussions, #area, #lpns, #hospitals, #currently, #that, #phased, #obtain, #become, #employed, #work, #even, #hire, #more, #advised, #toward, #they, #being, #because, #market, #would, #only, #current, #employees, #timeline, #given, #have, #many, #here, #which


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ADN VS BSN

Dec 23, ’14 by akulahawkRN. ASN, RN, EMT-P Pro

I’ll put it to you like this: ADN is not a complete waste of time. The core nursing stuff is identical in both ADN and BSN programs. The BSN program adds a few things extra that won’t be provided to the ADN because the BSN, by definition, is a 4 year degree. For the ADN that already has a Bachelor’s of Science in a healthcare field other than Nursing, there are essentially two areas that still are specific to the BSN: Nursing Advocacy and Community Health/Public Health Nursing.

That being said, because of various conditions at play now, employers have the ability to choose the kind of employee they want to hire and right now, many of them are preferring to hire BSN grads but will hire an ADN grad if there are no BSN grads that are suitable (does happen). Back when I started the process some 7 years ago, I knew that the BSN would be the way to go but being that I already had a Bachelor’s, I could either attend a very expensive program or not attend a BSN program at all because the local public university was closed to all second Bachelors students (like me). My only option was to attend an ADN program and do an RN-BSN upgrade another way, which is still my plan. I will earn a BSN within the next 2 years, if not sooner.

Thusly I give this advice: Getting licensed is better than still waiting to enter a program. To that end, apply everywhere you are qualified to apply to. Have an eye toward BSN. If you’re selected for an ADN program and you’re still qualified to attend a BSN program, apply to the BSN program until the start date for that is later than the start of your 3rd semester of an ADN program. The reason for that is simple: after that, it will take the same amount of time to do the traditional BSN as it would take to complete the ADN program and do an RN-BSN program. That route may also be cheaper.

Of my own employment opportunities, I am only shut out of one employer right now because I don’t have a BSN. The other hospitals prefer the BSN but they will just as readily hire ADN RN’s. With those employers, the BSN may get you into the interview room faster.

Dec 23, ’14 by caliotter3

An ASN is not a waste of time because one can use that degree to get an RN license and work somewhere. The BSN degree is more convenient in the long run because it will lead to an RN license and more job opportunities.


What are credit unions and how can they beat payday lenders? #credit #card #debt #consolidation


#loans for people with poor credit
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What are credit unions and how can they beat payday lenders?

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What are credit unions?

A credit union is a co-operative offering current accounts, savings accounts and loans to its members. Traditionally, members have had to share something in common, such as a locality, industry or workplace. This is known as a common bond. In 2012, the law changed so that credit unions can offer membership to people who don’t share that common bond.

How long have they existed?

The first credit unions were formed in Germany in the 19 th century, and the idea later spread to the US and elsewhere. The UK was late to the party: one of the first credit unions in Britain was the Hornsey co-operative, formed in 1964 by West Indian immigrants who couldn’t get access to loans from banks.

What is the advantage of joining a credit union?

Credit unions are run for the benefit of their members, not for shareholders, so there are no management charges on savings or loans.

They are a particularly good option for people who are on low incomes. Credit unions tend to be more more flexible than traditional lenders, says Lindsey Appleyard, a research fellow at Coventry University. “They respond to people’s needs; so if they need to wait an extra couple of days for their loan to be repaid or if they need to make the payments lower for a longer period of time, they have the facility to do so.”

Is the UK credit union movement growing?

Yes. Growth was slow at first, and it took 40 years for credit unions to reach half a million members. In the last 10 years, however, that membership has doubled: new figures from the Bank of England show that there are now 1.1 million adult members of credit unions, which have assets of 1.2bn .

The Association of British Credit Unions Limited (ABCUL) hopes that membership will reach 2 million by 2020. The movement has been helped to grow by 38m of funding from central government in the last two years.

What are the challenges facing credit unions?

Not everyone is aware of credit unions – they don’t have the capacity of payday lenders to advertise their services.

To be sustainable, credit unions have to attract better-off people to save with them. Making lots of small loans is expensive, so credit unions also have to attract more credit-worthy members who want to take out larger, long-term loans. Frank McKillop, policy manager at ABCUL Scotland, says they face competition from other lenders: “People who are good for a loan are constantly being offered by credit.”

Many payday lenders offer their services over the internet, and are often prepared to make instant loans. Credit unions, traditionally offering a face-to-face service, have been left behind, but increasingly, says Appleyard, they are moving online in order to compete.

Are they markedly better than payday lenders?

Yes – hugely so. Credit unions cannot charge more than 3% interest a month, which works out at 42.6% APR. Since January 2015, there has been a cap on payday lenders. imposed by UK watchdog the Financial Conduct Authority, with interest and fees capped at 0.8% a day and the total cost of a loan limited to 100% of the original sum. As experts point out that still means payday lenders are far more expensive. “The cap for payday lenders is eight times more expensive than the most expensive credit union loan,” says McKillop.

Why are councils getting involved with credit unions?

If local people are borrowing from local credit unions rather than payday lenders, the money stays within the community, boosting the local economy. Councils also want to prevent poorer residents from falling heavily into debt to high-interest lenders. Finally, councils benefit if their employees join credit unions – research shows that money worries have an impact on productivity.

How are they getting involved?

Many encourage their employees to join credit unions. Others offer funding to credit unions or work in partnership with them. Leeds city council, for example, has helped increase membership of the Leeds City Credit Union from 11,000 to 31,000 in 10 years. The council provides access to the credit union services through its own one-stop shops and community hubs.

Which councils have the strongest links to credit unions?

Glasgow has very strong historic links. About 25% of the city’s population belongs to a credit union, and that is in part due to support from the city council. None of the city’s 34 credit unions is charged rates, says McKillop, and council officers provide the unions with guidance. Council employees can save in a credit union through their payroll, and also take out and pay back loans through payroll.

Earlier this year, Sheffield city council set up Sheffield Money in response to research showing that that 50,000 people in the city were borrowing a total of 40m a year from high-cost lenders. It acts as a one-stop shop bringing together credit unions and other organisations, such as Five Lamps. a charity providing loans, and white-goods providers willing to sell products with low-interest repayments. It’s a model that has attracted a lot of interest from other councils.

The service offers an initial triage to assess people’s needs – whether, for example, they need a loan or help managing their utility bills. Mazher Iqbal, cabinet member for public health and equality at Sheffield city council, who helped establish Sheffield Money, wants to make the service as accessible as possible: “If we can’t respond to what’s out there on the high street, we’ve lost the battle.”


Student loan interest rates rise, and they won t come back down #mortgage #interest #rates


#student loans rates
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Student loan interest rates rise, and they won’t come back down

LANSING — Interest rates on federal student loans went up July 1, but unlike last year, there won’t be a rush to get them back down.

The rate on undergraduate Direct Loans is now 4.66 percent, while the rate for graduate Direct Loans is 6.21 percent and the rate for graduate PLUS loans is 7.21 percent.

The increases came about as a result of the agreement brokered in Congress last summer over student loans that indexed interest rates annually to the yield on 10-year Treasury bonds.

The Bipartisan Student Loan Certainty Act of 2013 cut interest rates for some borrowers last summer, but tied future loan increases to bond rates instead of requiring Congress to set the rates itself.

The rates apply to all loans issued between July 1, 2014 and June 30, 2015, but will not change the rates on loans already issued.

College costs have been a hot topic in recent months, with tuition increasing for another year at virtually all of Michigan’s colleges and universities and some saying reliance on student loans is creating a “bubble” that could have serious effects on the economy.

An analysis by Vox suggests rates could continue to increase for borrowers in future years as bond rates continue to climb.


Career development loans: are they a good way to fund your master s? #student #loans #no #cosigner


#career development loan
#

Career development loans: are they a good way to fund your master’s?

F unding is the biggest headache faced by students wanting to continue their studies after their undergrad degree. Taught master’s degrees no longer qualify for research council funding, and while some students manage to put together a funding package through scholarships and sponsorships, others are drawn to taking out a bank loan. But is this a good move?

Career development loans (CDLs) have become an increasingly common funding option for those undertaking postgraduate study. There are only two banks currently offering them – the Co-operative bank and Barclays .

Since the government-supported scheme began in 1988, over 304,000 people have taken out a CDL. In this 25-year period, banks have lent in excess of 1.34bn. The Co-operative says: We have seen a steady increase. In 2013, almost 5,000 people took out a CDL with the Co-operative bank.

The CDL funds full- or part-time vocational and professional study. Although it is a commercial bank loan, the government pays the interest for the duration of the course and recipients do not have to repay the loan until they complete their studies.

In recent years, the number of students undertaking postgraduate study has fallen due to following a rise in course fees. A postgraduate taught course now costs an average of just under 6,000 a year, an increase of 7% since 2012-2013.

The number of part-time students has fallen even further. Between 2010-11 and 2012-13, UK and EU students entering part-time postgraduate courses dropped 27% – the equivalent of 25,000 students.

Despite the fall in numbers of those undertaking postgrad study, there’s been a rise in CDL applications, because of the funding cuts.

The Department for Business, Innovation and Skills (BIS) explains the point of the loans: Professional career development loans are short-term finance offers which enable adults to undertake vocational and professional study, with the aim of moving on in work or into work quickly. Recipients are able to concentrate on the learning or training without needing to meet repayments. Repayment only begins one month after they leave their course.

Nevertheless, CDLs have come under some scrutiny and the University and College Union (UCU) argues that high interest rates, non-income contingent payback terms and the need for a good credit record mean that they are not suitable for everyone.

UCU points to a worrying effect on access to postgrad study: Students from less advantaged socio-economic backgrounds tend to be more risk-averse, and the benefits of further learning and the increased salaries that postgraduate qualifications can bring are being skewed towards more advantaged learners only.

You can take out a loan for any amount between 300 and 10,000, and both banks offer an interest rate of 9.9%. CDLs are available to those aged between 18 and 69 with an unlimited right to stay in the UK. However, you need to have been resident in Britain for at least three years, so if you have been abroad for over six months then the banks are likely to reject your application.

The banks will also reject your application if your credit rating doesn’t match their eligibility criteria. While neither the Co-operative nor Barclays were able to disclose the number of applications they rejected, I spoke to a number of students who had their applications declined.

Emma Finamore, currently doing a journalism master’s at Goldsmiths, University of London, says: My application was rejected even though I hadn’t been in any trouble with the bank or phone companies. This nearly stopped me from pursuing my dream of studying journalism.

If I hadn’t started a crowd-sourcing campaign and known someone who was prepared to lend me 5,000, I wouldn’t have been able to do this master’s.

The government covers the interest for one month after the course finishes, but after that the loan operates as a normal bank loan. The student is then fully liable for repayment. Recipients are given between one and five years to repay their loan; but obviously the longer they take, the more interest they accrue. The Co-op bank says the average term on a CDL is five years.

Unlike ordinary loans, CDLs come without arrangement fees or early settlement charges – if you want to end your repayment plan prematurely you can settle without additional charges.

If a graduate is still unemployed after they complete their course, there are protections in place and repayments can be deferred for up to 17 months, but this must be applied for in three separate stages.

However, once the recipient has entered into a repayment scheme it can become very difficult to halt or postpone payments. Banks are keen to retrieve their money even if employment circumstances change. With increasingly precarious labour conditions and the growth of zero-hour contracts, jobs will not necessarily remain secure for the entire repayment scheme.

Veering off-plan can cause long-lasting damage to your credit history and affect your future ability to gain credit. As with all bank loans, there is some degree of financial risk involved.

If recipients fail to meet payments, both the Co-operative and Barclays transfer the loan to a debt collector agency. The Co-op says they cannot disclose how frequently they transfer loans to a third-party debt agency because this is commercially sensitive data.

The Co-op says: If a customer encounters financial difficulties and is unable to pay back their loan, we would encourage them to contact us as soon as possible. We always strive to support customers facing financial difficulties and would only turn to a collection firm as a last resort.

BIS says: CDLs are commercial bank loans and as such the banks seek recoveries in the event someone misses regular repayments and so defaults.

The CDL may be far from a perfect solution to postgraduate funding, but it is one of the few funding options available.

If applicants think the course will further their vocational skills and career prospects, then the CDL may be a good option, but it is less so for those wishing to pursue a future in academia or any other career where a regular salary is not a safe bet.

Advice and an application pack are available if you call the information line on 0800 585 505, open Monday to Sunday, 8am to 10pm, or visit direct.gov.uk/pcdl for details.


SBA Loan Rates – Current Interest Rates and How They Work #used #auto #loans


#business loan interest rates
#

SBA Loan Rates Current Interest Rates and How They Work

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As mentioned in our Ultimate Guide to SBA Loans. there are two primary types of SBA loans, 7A loans and CDC / 504 Loans. SBA 7A loans can be used for a variety of purposes, while CDC / 504 loans are specifically for the purchase of real estate.

November 2015 Maximum interest rates on SBA 7A Loans range from 5.5% to 8.0%. Full Table

November 2015 Maximum interest rates the CDC portion of CDC / 504 Loan currently range from 3.43% to 4.25% including fees. Full Table

Before reading further, make sure you are qualified. The 4 general requirements for getting an SBA loan of any type are:

    In business at least 2 years Personal credit score is 660+ Seeking at least $30,000 At least $100,000 in revenues for the past 12 months

line-height: 1.2;”>Pro Tip!

Did you know that you don’t need to fill out any SBA forms for a 7A loan for $150,000 or less?

Even though the SBA doesn’t require it, many banks still force you to fill out unnecessary paperwork. Our recommended provider of SBA loans, SmartBiz. has streamlined the process of getting an SBA loan. In a few minutes, you can find out the size of the loan that you should qualify for, directly on their website. If you decide to move ahead and get approved, you can have the money in as little as 7 days.

Current SBA (7A) Loan Interest Rates and Explanation

The Small Business Administration (SBA) sets the maximum interest rates that banks can charge on 7A loans. The current maximum interest rate ranges from from 5.50%   8.00%, depending on the size of the loan and the amount being borrowed.


Microloans: How They Work and Where to Get One #guaranteed #bad #credit #loans


#micro loans
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Microloans: How They Work and Where to Get One

By Lahle Wolfe. Women in Business Expert

Lahle A. Wolfe, a single mom of four, is an entrepreneur, author, speaker, web programmer and application developer. She is founder and CEO of LA Wolfe Marketing and its two subsidiaries. Wolfe has extensive experience in both the nonprofit and for-profit business world. Read more

What are Microloans?

Microloans are small business loans that are usually lent for up to $35,000, however some lenders will allow microloans up to $50,000. Microloans are generally used for start-up cash but are sometimes given to newly launched small businesses for working capital.

Continue Reading Below

Does the SBA Give Out Microloans?

No. The Small Business Administration (SBA) does not lend money to businesses or individuals. However, the SBA does have many programs that small businesses can apply to for loans and other business support.  The SBA does provide funding to certain nonprofit community lenders that go to fund lending nonprofits. These lenders then make microloans to small businesses, usually within their own communities.

Suggested Reading:

What Are General Terms of Micro Loans?

Each microlender will have their own requirements for repayment of a microloan. In general, the maximum term for microloans is six (6) years, but interest rates and collateral requirements vary considerably between microlenders.

Most microlenders require a personal guarantee by at least one of the business owners.

At one time, microloans were relatively easy to obtain compared to traditional bank loans. However, with the downturn in the United States economy in 2008, microloans can be more difficult to get now.

Continue Reading Below

Microloans obtained through SBA-backed or other related programs typically require the applicant to fulfill certain business training and planning requirements (which vary) before a business owner can submit an application for a microloan.

Where Can I Find an SBA-Partnered Microlender?

You can find SBA-partnered microlenders throughout the United States (currently 46 states have SBA-partnered microlenders) as well as the District of Columbia and Puerto Rico.  You can find a list of microlenders in your state on the SBA s website .

Are There Other Lenders Not Associated With The SBA That Make Microloans?

Yes. Here are a few places to check into:

Kiva – A website that facilitates person-to-person microloans to entrepreneurs in other countries.  Kiva allows you to lend as little as $25 to help individuals start small businesses in other countries.  To date, Kiva donors have lent more than $7.7 million dollars to small businesses throughout the world (as of October 2015).

Opportunity Fund   – Nonprofit microlender that offers a variety of microloans and small business loans that can be used for working capital, equipment purchases, remodeling, and other business development expenses.

Accion USA – For existing businesses, Accion loans that range from $500 to $50,000. These loans are commonly granted to be used for things like working capital, operating costs, vehicle purchase, inventory purchase, equipment purchase, location changes and marketing.

Kiva – A website that facilitates person-to-person microloans to entrepreneurs in other countries.  Kiva allows you to lend as little as $25 to help individuals start small businesses in other countries.  To date, Kiva donors have lent more than $7.7 million dollars to small businesses throughout the world (as of October 2015).

Local economic development organizations also make microloans to local community members.  Call your local municipality or chamber of commerce and ask for information about mircolenders in your area.

Here are a few more resources to help you get started:

Is It Hard to Qualify for a Microloan?

Your ability to qualify for any loan depends on your own unique financial situation and credit rating and the individual qualification requirements of different lendors.  However, there are some things you can do to improve your chances of being approved for a business loan.

If you are applying for any type of business loan have a professional quality business plan.

Be prepared to be asked about your experience in business and your ability to start and run a successful business.  You may be asked about your education, special skills, and professional experience and credentials that can help reassure the lendor that you know what you are doing.

You should also be prepared to show what you have already invested in the business personally.  Investors may believe more in your business idea if you have already shown a willingness to sacrifice to make your dreams come true.

Bring financial data with you to the lendor including budgets, a balance sheet, and any other documentation you have to show past performance and current assets.

Can I Use a Microloan for Any Business Purpose?

No.  Lendors will want to know exactly what you plan to do with the loan and usually place restrictions on what you can use the money for.  Be sure to ask any questions you may have about what you can borrow money for and how much you can borrow before you submit a formal application.

Show that you have done your homework and that you can be trusted and you may just get the loan you need to start the business of your dreams.