Micro Loans
SKU# 0006 ($250.00 + fee)
Get $50k - $200k lines of credit with a 700+ FICO personal guarantee, all within a few weeks
You can get approved for these lines of credit quickly! Usually your first $50k is approved within four weeks. This is a completely DIFFERENT program than the Business Credit Program. This program is for people who are willing to personally guarantee their initial business credit OR who can recruit a credit partner who will do the personal guaranteeing. These are called micro loans.
You may have heard about the mortgage market meltdown that started in December of 2006, and continues to intensify through to today. The "No Document" and "stated income" mortgage that started being written in HUGH volumes about five years ago are finally showing some performance problems, and so they are having trouble being sold on Wall Street.
Banks and lenders are not going to sit around and NOT lend money. They have to "feed the machine" or they literally go out of business. So what have banks and lenders done? They have started offering a whole new product line of easy to qualify for ONE PAGE APPLICATION, no-doc and stated income products for business owners. These products don't yet have a bad name on Wall Street, and so the lenders are giving them out with ease.
So the right questions to be asking: Who do you go to for these loans? What are the basic qualifying criteria? We show you right in the program who to go to. We even give you copies of the loan applications.
The two most important things we do for you is: #1: Explain the HOT SPOTS - the things that they look for that will get you declined and #2: Explain the underwriting criteria so that you know what kind of answers on the application equal what kind of approval.
The two important things above, we cover in detail for each lender isn't something that they tell you, nor do they print it on the front of the application. We have gained this knowledge through hard won experience helping a volume of clients get approved and seeing what's gone wrong and why. You CAN side step most application disasters before they occur. The value we're bringing you here is that once you are declined, you cannot change your answers and go back. There are three or four main lenders doing this, and you only get one shot with each of them.
These loans did not exist in their present form three years ago. It used to be that you would have to give a bank or a business lender your full business plan, financial statements, balance sheet, tax returns, and bank statements to apply, and if everything didn't look great, you could forget about getting funding.
The program covers in detail:
- Banks who are offering zero percent financing
- The Banks that are the most aggressive in offering these Micro Loans
- WHICH banks verify the income you stated and which one's don't
- The actual applications available right on the lender's site
Qualification Criteria
In order to qualify for the micro loans, someone will need to sign the application as personal guarantor. This person will need to have excellent credit. The ideal credit partner is someone with a 700+ Experian FICO score, with no negative credit such as collections, judgments, late payments, or a previous bankruptcy. This person should not be "maxed out" on their credit cards.
If you DO HAVE this kind of credit, you are literally weeks away from being able to get up to $200k in unsecured business credit.
Do these lines of credit show up on the personal guarantor's credit report, or effect their debt ratio when they apply for loans?
No. They don't effect the financial life of the person who signs at all - it's like nothing ever happened - unless the business stops making the payments.
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