What is a business loan?
A business loan is a type of loan that is specifically designed to help businesses grow and finance their operations.
FAQ
What is an unsecured loan?
An unsecured loan is a loan that is not backed by collateral, such as a house or car.
What is the interest rate on a loan?
The interest rate on a loan is the amount of money that the borrower pays to the lender in exchange for borrowing the money.
What is the difference between a term loan & a line of credit?
A term loan is a loan with a set repayment schedule, while a line of credit is a revolving loan that can be used as needed.
What is a debt to income ratio?
A debt-to-income ratio is the percentage of a person's income that is used to pay their debts, including loans and credit card balances.
What is a same day loan?
A same day loan is a type of loan that is designed to provide quick funding for unexpected expenses or emergencies.
How long does it take to get a loan?
The time it takes to get a loan depends on the lender and the type of loan. Some loans, such as same day loans, can be approved and funded within a few hours.
Can I get a loan with bad credit?
Yes, there are some loans available that do not require good credit. These loans are typically unsecured and have higher interest rates.
What is a balloon payment?
A balloon payment is a large payment that is due at the end of a loan term.
What is a bridge loan?
A bridge loan is a short-term loan that is used to bridge the gap between the purchase of a new property and the sale of an existing property.
What is a credit score?
A credit score is a number that represents a person's creditworthiness. It is calculated based on a person's credit history, including their payment history and outstanding debts.
What is a personal loan?
A personal loan is a type of loan that is used for personal expenses, such as paying for a vacation or consolidating debt.
What is a co-signer?
A co-signer is someone who agrees to be responsible for the loan if the borrower is unable to repay it.
What is the difference between a fixed & variable interest rate?
A fixed interest rate remains the same throughout the life of the loan, while a variable interest rate can change based on market conditions.
What is an SBA loan?
An SBA loan is a loan that is backed by the Small Business Administration. These loans are designed to help small businesses get the financing they need to grow and thrive.