How to Get a $100,000 No Documentation Business Line of Credit

Learn how to receive a $100.000 No Documentation Business Line of Credit
Aquiring capital funds the currently "tight" money market is something harder to accomplish than it may sound. It has become more difficult for the consumer to obtain any capital, as more and more banks go belly up in the financial world. I will show you how it is possible, even in this market, to obtain unsecured business funds without having to show business bank statements, tax returns, balance sheets, profit and loss statements, etc. A basic business plan may be required, even without financial documentation.
You want to be certain that you select a lender that will not require you to pay any "upfront fees" or "application fees"." You shouldn't have to pay anything to apply for business capital. Most lenders should charge their fees from the "back end" (proceeds of the line of credit). Keep in mind that most unsecured "no doc" business loans will come with a higher price tag than one that is secured and is "full doc" You will need: bank, statement,business tax returns and a p&L statement for the last 3 years.. Reason is quite simple; non-secured funding, no other financial business loans expose the lender to greater risk. If the costs are not too much and have to be paid only when the loan is actually approved then it is better to go in for no documentation business loan.
Also, you should not have to pay a penalty if you pay off the loan early. And at anytime, you are free to pay the loan off the loan, without any penalty! Keep looking for a lender until you find one that will not charge you for paying off your loan early. A pre-payment penalty should be obsolete when you consider the multiple lending choices available.
Without documentation, business loans and lines of credit depend mostly on credit, assets, and years of experience. To be approved for a $100,000 business line of credit, lenders usually require a minimum 680 credit score. The credit score used by most business lenders is the Experian credit score, 2 years in business and home ownership. You can get a loan at a bank easier if you own your own home since your net worth is higher. When approved, you will get your book of checks. You can access funds by using these checks any time for any purpose. Best part is that you only pay interest on the outstanding balance - not the entire loan amount.
In order to keep your payment commitment affordable, you need to pay only the interest and a small portion of the principal. Some business lines of credit will need you to just make payment of interest for the initial period of 3-5 years. This length of time is known in the industry as the "draw" period. You can utilize this time for accessing your credit line and writing out checks. Once this period has passed, the loan usually converts to a 5-year to 7-year term loan, during which principal and interest payments are due.
The interest rates are very competitive since it's a credit based type of financing. Rates, usually a few percentage points above the WSJ Prime rate, can be anywhere from one to two percent over the prime. 5%, making this an inexpensive way to borrow business capital.
What happens if you have less than 2 years in business and/or don't own a home? You will have a hard time finding $100,000. Shoot for $15,000 - $50,000. There are many SBA (Small Business Administration) loans available for startups and require little or no assets.
An insider trick to get approved with lenders before any loans show on your credit report is to send numerous applications simultaneously! Using this technique virtually assures you of obtaining $100,000 up to $500,000.00.

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Paul Chavez is business consultant with over 10 years of experience specializing in assisting small business owners procure capital using unsecured, no documentation business loans and lines of credit. Free consultation, no obligation. We invite you to use our knowledge and experience to raise money for your business. Visit us at: www.candacapital.com/Business_20_Loans.html

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