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Understanding Unsecured Business Loan Funding Requirements < Level 1,2,3>

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  • Understanding Unsecured Business Loan Funding Requirements < Level 1,2,3>


    I have many people asking me what it takes to obtain an Unsecured Business Loan. In the industry, there are 3 levels of lenders;

    Level 1 (Prime Lending)
    Level 2 (Sub Lending)
    Level 3 (High Risk Lending)

    To gain a better understanding of the indivigual factors/requirements that group a potential borrower into the above mentioned levels would be as follows:

    Level 1
    In Business 5 years
    Verifiable monthly income of atleast $25000
    Credit Scores are 650+ without Tax Liens or Judgements
    Average Daily Balance is $8000+
    Bank Statement Requested 6-12
    Tax returns Requested 1 year
    Average Term 3-24 months
    Average Rate 1.18


    Level 2
    In Business 2 years
    Verifiable monthly income of atleast $6000
    Credit Scores are 550-600 with Tax Liens or Judgents under 25k
    Average Daily Balance is $3000+
    Bank Statments Requested 6 months
    Tax returns Requested - None
    Average Term 3-18 Months
    Average Rate 1.28

    Level 3
    In Business 6 months+
    Verifiable monthly income of atleast $3000
    Credit Scores - Not a Factor
    Average Daily Balance - Not a Factor
    Bank Statements Requested 3 months
    Tax returns Requested - None
    Average Term 3-12 Months
    Average Rate 1.38

    Hope this helps..
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