Author: Rachal Rodriguez

More than 60% of Instagram users have linked up to Facebook Messenger, exec says

Adoption of Facebook’s interoperability between Messenger and Instagram is ahead of expectations, the company’s head of Messenger told CNBC. 

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Correct Errors in Your Public Credit Record

Your Credit Record Can Have Errors

Either a personal or a business credit record can have errors in it. There are all sorts of reasons why you or your business would not be able to get funding. Correcting mistakes is one way to make it easier for your business to get money.

Let’s look at errors in public records.

Correcting a Credit Record Means Enhancing Fundability

But what’s fundability? Fundability is the ability of a business to get funding. This is everything from getting credit to business loans. Because every business needs money, it quite literally pays to enhance your fundability whenever and wherever you can.

Public Records Matter to Your Credit Record

In addition to how well your business pays its bills, and your personal credit score, and whether your industry is felt to be a risky one, there’s the matter of public records.

Public records include bankruptcy (both personal and business), liens, judgments, and UCC filings. Errors in any of these kinds of public records will affect fundability, so correcting such mistakes will enhance your ability to get cash for your business.

Find out why so many companies use our proven methods to get business loans, even during a recession.

Bankruptcy on a Credit Record

Bankruptcy is a process a business goes through in federal court. The idea is to help a business eliminate or repay its debt under the guidance and protection of the bankruptcy court. Business bankruptcies are often liquidations or reorganizations. This depends on the type of bankruptcy an entrepreneur takes.

3 Types of Business Bankruptcy

There are three kinds of business bankruptcy. They are Chapter 7, Chapter 11, and Chapter 13. These types depend on organizational structure. See thebalancesmb.com/what-is-business-bankruptcy-393017.

Chapter 7 and Chapter 11

Corporations are legal business entities separate from their owners. They are more truly separate than partnerships. But in the event of a bankruptcy, either type of structure commonly will file of Chapter 7 (bankruptcy protection), or Chapter 11 (reorganization). The chapters refer to the US Bankruptcy Code.

Chapter 7: Liquidation

This one may be the best choice when the business has no viable future. It is often used when the debts of the business are so overwhelming that restructuring them is not feasible. Chapter 7 bankruptcy can be used for sole proprietorships, partnerships, or corporations. It is also appropriate when the business does not have any substantial assets. To read the full text of Chapter 7, go here: law.cornell.edu/uscode/text/11/chapter-7.

Chapter 7 Details

If a business is a sole proprietorship, and an extension of an owner’s skills, it often does not pay to reorganize it. Hence Chapter 7 would be appropriate.

Before a Chapter 7 bankruptcy gets approval,  the applicant is subject to a “means” test. If their income is over a certain level, their application does not get approval. But if a Chapter 7 bankruptcy gets approval, the business is dissolved.

In a Chapter 7 bankruptcy, a trustee is appointed by the bankruptcy court. The trustee’s job is to take possession of the assets of the business and distribute them among all of the creditors.

The order in which creditors are paid can depend on the type of debt (secured vs. unsecured). Collateral is what you use to secure a debt. With no collateral, a debt is unsecured. As a result, those types of debts are further down the line when it comes to decided who will be paid in a bankruptcy.

After the distribution of the assets and paying the trustee, a sole proprietor gets a “discharge” at the end of the case. It means that the owner of the business is released from any obligation for the debts. But partnerships and corporations do not receive a discharge.

Chapter 11: Business Reorganization

Chapter 11 may be a better choice for businesses with a realistic chance to turn it all around. It is often used for partnerships and corporations.  It can also be used by sole proprietorships if their income level is too high to qualify for Chapter 13 bankruptcy. For the full text of Chapter 11 go to: cornell.edu/uscode/text/11/chapter-11.

Chapter 11 Details

Chapter 11 is a plan where a company reorganizes and continues in business under a court-appointed trustee. The company files a detailed plan of reorganization. Such a plan explains how it will deal with its creditors. The company can terminate contracts and leases, recover assets, and repay some of its debts, while discharging others to return to profitability.

The business presents the plan to its creditors who will vote on the plan. If the court finds the plan is fair and equitable, it will approve it. Reorganization plans provide for payments to creditors over some time. Chapter 11 bankruptcies are rather complex and not all of them succeed. It usually takes over a year to confirm a plan.

Chapter 11 and the Small Business Reorganization Act of 2019

The Small Business Reorganization Act of 2019 enacted a new subchapter V of Chapter 11. This subchapter of Chapter 11 seems to favor the side of the applicant for business bankruptcy. But it only applies if the applicant wants it to apply. See cornell.edu/uscode/text/11/chapter-11/subchapter-V.

For example, subchapter V does not require that a committee of creditors be appointed, or that creditors have to approve a court plan.

Per the U.S. Department of Justice, the act: “imposes shorter deadlines for completing the bankruptcy process, allows for greater flexibility in negotiating restructuring plans with creditors, and provides for a private trustee who will work with the small business debtor and its creditors to facilitate the development of a consensual plan of reorganization.” See justice.gov/opa/pr/us-trustee-program-ready-implement-small-business-reorganization-act-2019.

Chapter 13: Adjustment of Debts for Individuals with Regular Income

Chapter 13 bankruptcy is a form of bankruptcy for individuals. Since a sole proprietorship is an extension of its one owner, the owner is responsible for all assets and liabilities of the firm. It is most common for a sole proprietorship to take bankruptcy via Chapter 13. This is a reorganization bankruptcy. For the full text of Chapter 13, go to: law.cornell.edu/uscode/text/11/chapter-13.

Chapter 13 Details

Use Chapter 13 small businesses when a reorganization is the goal instead of liquidation. The entrepreneur files a repayment plan with the bankruptcy court. This details how they will repay their debts. Note: Chapter 13 and Chapter 7 bankruptcies are very different for businesses.

Chapter 13 is vital for individuals whose personal assets are tied up with their business assets, because they can avoid problems like losing a home if they file Chapter 13 versus Chapter 7. Chapter 13 lets a business stay in business and pay its debts. But Chapter 7 does not.

Chapters 12 and 15

There are two other forms of individual bankruptcy. These are less common. Chapter 12 is bankruptcy protection for family farmers and family fisherman. See uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-12-bankruptcy-basics.

Chapter 15 is bankruptcy protection when a bankruptcy matter involves people from another country. See uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-15-bankruptcy-basics.

Correcting Bankruptcy Errors

In general, to correct bankruptcy issues, all you or your lawyer will need to do is file an amendment to your bankruptcy petition. These can be errors like forgetting to list an item of property. Or it can be disclosing an incorrect property value or forgetting a creditor or income from a side business. See alllaw.com/articles/nolo/bankruptcy/bankruptcy-petition-mistake.html.

Liens in a Credit Record

What’s a lien?

Per Investopedia: “A lien is a claim or legal right against assets that are typically used as collateral to satisfy a debt. A lien could be established by a creditor or a legal judgement. A lien serves to guarantee an underlying obligation, such as the repayment of a loan. If the underlying obligation is not satisfied, the creditor may be able to seize the asset that is the subject of the lien. There are many types of liens that are used to secure assets.”

Errors in Liens

Some of the worst errors when it comes to liens can involve real estate if using land to secure a debt. Minor or typographical errors are called Scrivener’s errors. You can often correct them by rerecording the deed of trust or by recording an instrument explaining and correcting the error. But you cannot cure more substantial errors except by a Reformation lawsuit. This type of lawsuit asks a court to correct the deed of trust to reflect the parties’ intent.

Find out why so many companies use our proven methods to get business loans, even during a recession.

Legal Judgments in a Credit Record

Businesses of all sizes can be on the defense end of a lawsuit. Lawsuits can be for everything from a customer slipping on ice in your parking lot to a supplier suing to get you to pay them.

The main ways you can lose in court are if you default at the start and never answer a summons and complaint. Or you could lose a motion for summary judgment brought by the other side. Another way to lose is to lose a bench or jury trial. Or you could exhaust all appeals and end up on the losing end.

If you or your business lose in court, then a judgment may be entered against you. Judgments generally take the form of paying damages, which is money. Or the judgment could be for specific performance where you’re required to do (or not do) something. Another option is an injunction is entered and you may be prevented from doing something. A civil judgment can’t send you to jail. That’s criminal, which is rather different.

Errors in Legal Judgments

Errors often take the form of a judgment entered against the wrong person and/or company, or a typo in the amount of money damages listed in the court’s records. Or the judgment is entered but it’s already been satisfied (paid). Another kind of error is fraud or other misrepresentation on the part of one of the parties. Plus there could be excusable neglect. For example, a city recovering from a major hurricane might not make the proper clerical entry of judgments a priority.

Correcting these errors can take several forms. Different states have differing rules. But every state wants their records to be correct. They just have different ways you need to go about correcting the record.

Correcting Errors in Legal Judgments

You or your lawyer will need to look up how to correct mistakes in a legal judgment in your state (or the District of Columbia or a US territory, like Puerto Rico).

For example, in Massachusetts, you or your lawyer will need to make a motion before the court under Rule 60(a). See mass.gov/rules-of-civil-procedure/civil-procedure-rule-60-relief-from-judgment-or-order. But in Texas, you or your lawyer would need to file a motion for judgment nunc pro tunc. This is a motion to correct the judgment. See texaslawhelp.org/article/correcting-clerical-error-court-order-answers-common-questions#toc-9.

In Georgia, correcting a judgment comes under the general umbrella of relief from judgments. See law.justia.com/codes/georgia/2010/title-9/chapter-11/article-7/9-11-60. In Louisiana, it falls under an Amendment of Judgment, and you can fix calculation or language errors ia motion. See law.justia.com/codes/louisiana/2015/code-codeofcivilprocedure/ccp-1951/.

Like with most things, the faster you work to correct a legal judgment, the less it will cost you. In particular if the wrong person (you) is the defendant, acting as quickly as possible will save you in legal fees. Ignoring these problems will not make them go away.

Find out why so many companies use our proven methods to get business loans, even during a recession.

UCC Filings in a Credit Record

When you secure a loan with property, creditors can tell other creditors about any of your assets in use as collateral for the secured transaction. UCC liens filed with Secretary of State offices act as a creditor’s public notice of their interest in the property.

It’s in a creditor’s best interests to check for UCC filings. This is so they can make sure they’re the only creditor with a claim on that collateral.

Errors in UCC Filings

Like anything else, there can be typographical errors in UCC filings. But the law says that, unless the errors “make the financing statement seriously misleading”, the UCC filing is still in effect. Are you depending on a typo to get out of a UCC filing? You might want to rethink that strategy. See law.cornell.edu/ucc/9/9-506.

Correcting Errors in UCC Filings

For the most part, unless the errors are seriously misleading, the UCC says you don’t have to fix them. This is because of the policy behind the law governing secured transactions under the UCC. Essentially, financing statements exist to provide notice of a transaction. And they are also meant to give enough information to later potential creditors that the debtor’s property may be covered by an earlier creditor’s security interest.

Hence, a financing statement exists as a starting point in a later creditor’s due diligence process, not the conclusion. See jdsupra.com/legalnews/it-may-be-foul-but-there-is-no-harm-not-11403/.

Correcting the Public Document Errors in Your Credit Record: Takeaways

Your personal credit record can directly impact your business credit record. Both need to be right. And correct records are more likely to get your business money.

It’s possible to fix errors in public documents like judgments and UCC filings. But the mechanism for doing so will differ. This depends on the error, the type of record, and the jurisdiction. The more quickly you act, the better and cheaper it will be for you. Ignoring these mistakes will not make them go away. Correcting mistakes can make your business more fundable.

For more information on fundability and getting business credit, contact us today.

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Think Outside the Box When Choosing Business Funding Companies

When you think of business funding companies, you are probably thinking about traditional financing institutions. Large banks, community banks, credit unions and such definitely do offer business loans.  However, if you are a small business, you may need to think outside of the traditional funding box a bit. 

Business Funding Companies Come in Many Forms

There are many different options when it comes to funding your business.  There are private lenders, which you may have heard referred to as alternative lenders. There are cash advance options which are bad news on all fronts, but especially for funding a business.  What you probably haven’t heard of however, is the small niche of business funding companies that do more than just offer business financing.  In addition, they offer help improving fundability. This may include consultation, coaching, educational opportunities, and more.  

These companies not only help you find the financing you need now, but they can also help you improve business credit and fundability so that you qualify for more and better funding throughout the life of your business. 

business funding companies Credit Suite

Find out why so many companies use our proven methods to get business loans. 

Business Funding  Companies: Credit Suite

This is exactly what Credit Suite does.  A business credit expert will consult with you to help determine where you currently stand in regards to fundability.  Then, they can not only help you find the best business funding for you now, but they can help you improve your fundability to ensure you qualify for even more funding, with better terms! 

A business credit expert can help you in ways you probably do not even realize. They have an inside track to what lenders are actually looking for. They can also help you steer clear of predatory lenders, which are all too prevalent in the world of business funding companies.  These experts are also aware of which lenders report to business credit reports to help build business credit, which ones do not require a person credit check or guarantee, and more.  

Working with a business credit expert will save you time, and in the long-term, money. The cost far outweighs the benefit, and you definitely get a bigger bank for your buck. 

Business Funding Companies: Alternative (Private) Lenders

The vast sea of alternative lenders is hard to swim in.  It is full of sharks that are searching for easy prey in the form of small businesses that need money.  If you aren’t careful, you will get swallowed up quickly.  Unfortunately, the industry is wrought with predatory lending practices.   

The key is to find a legitimate business funding company that fits your current needs.  A business credit expert is the best way to do this, but here are some good options from U.S. News and World Report to give you an idea of what is out there. 

As with all loans, rate, fees, minimums, maximums, terms, and other details can change without notice Be sure to check with the lender directly for the most up to date information.

BlueVine 

Loans are available from BlueVine  up to $100,000. Annual revenue must be $120,000 or more and the borrower must be in business for at least 6 months. Your personal credit score has to be 600 or above. It is important to note also, that BlueVine does not offer a line of credit in all states.  

Funding Circle

At Funding Circle, borrow up to$500,000. Decisions come in as little as 24 hours, and you can get funding in as little as 5 days. Repay on terms from 6 months to 5 years.

Funding Circle’s rates start at 4.99% per year. There are no prepayment penalties, there are also relatively fast decisions and funding. 

They do have a ton of fees, including for origination, missing payments, and insufficient funds. Also, some maximum rates are high!

OnDeck 

Obtaining financing from OnDeck is quick and easy. First, you apply online and receive your decision once application processing is complete. If you receive approval, your loan funds will go directly to your bank account. The minimum loan can be up to $500,000.
business funding companies Credit Suite

Find out why so many companies use our proven methods to get business loans. 

 Just like any other online lender, they do have certain requirements to qualify for a loan.  For example, a personal credit score of 600 or more.  Also, you must be in business for at least one year. Annual revenue must be at or exceed $100,000. In addition, there can be no bankruptcy on file in the past 2 years and no unresolved liens or judgements. 

Rapid Finance

Rapid Finance offers a couple of different options.  Which one is right for you will depend on a number of variables. 

Small Business Term Loans

These range up to $1 million in funding, with terms from 3 to 60 months. Your business needs to be generating revenue to qualify. 

You will need to supply a government-issued ID (like a driver’s license), a void check from your business banking account, and the last three statements from your business bank account.

Merchant Cash Advances 

You can get up to $500,000 in funding. In a merchant cash advance.  This is funding based on your average daily credit card sales.  

You will need to supply a government-issued ID (like a driver’s license), a void check from your business banking account, your last three credit card processing statements, and the last three statements from your business bank account to apply for this.

Bad credit is no problem with this type of funding because typically, repayment is taken directly from credit card sales. 

Credit Line Hybrid: Out of the Box Business Funding

In addition to the lines of credit, merchant cash advances, and invoice funding that many alternative lenders offer, you might also try a credit line hybrid.  This is unsecured business financing.  It is also no-doc financing.  That means you need no collateral and you do not have to turn in any financial statement documents like bank statements or check stubs to qualify.  
business funding companies Credit Suite

Find out why so many companies use our proven methods to get business loans. 

You do need a 680+ credit score and there are a few other requirements.  However, if you don’t meet them all you can choose to use a credit partner. This could be a friend, family member, or partner that does meet the requirements.  You can use their good credit to apply for the credit line hybrid, but the payments would still be reported in the name of the business thus building business credit. 

Business Funding Companies Are Not Always What You Think

It’s not always about a bank or a credit union.  You may need to think outside the box for a number of reasons.  Maybe you want an option without collateral.  Maybe you want to use non-traditional types of collateral such as invoices.  Perhaps you do not qualify for a loan at a traditional bank. 

Whatever the reason, there are a number of options, and sometimes alternative lenders are the answer.  However, this industry has a fair share of predatory lenders.  The best ways to avoid the sharks is to work with one of the business funding companies that can help with more than funding. 

The business credit experts at a company like this offer not only help finding the perfect funding for your needs right now, but also can help assess and improve business credit and overall fundability.  

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Fly.io (YC W20) Is Hiring Elixir Developer Advocates (Remote)

Fly.io is a hosting platform for distributed applications. Our users give us containers; we transmute them into fleets of Firecracker micro-VMs and run them on a WireGuard-backed network that runs app servers close to end users.

We are (almost) the ideal Elixir/Phoenix hosting infrastructure because:

* Built in encrypted private networking means simple and secure clustering

* Running app processes close to users minimizes LiveView latency

* HA PostgreSQL clusters are the default

We are hiring an Elixir dev advocate to improve our tooling and show people how to get the most out of Elixir on Fly.io. This is important – our primary goal is to attract more Elixir devs as customers.

## The Work

We do content based developer outreach, this is not a high travel job. We think the work will break down like this:

* 20% working on the [Fly.io](https://fly.io) UX for deploying and operating Elixir apps. This will mean working in Go and wrangling Docker – so Elixir folks don’t have to.

* 80% community engagement: examples, blog posts, and community outreach. Hopefully you like working with open source projects and showing other people how to get the most out of them.

That 80% covers a lot! If you are actively working on a relevant open source project, you could theoretically spend almost all that time developing your work, posting about it on our blog, and showing people in the community how to use it.

Some of your content might be useful for talks. We want you to help us decide how valuable meetup and conference talks are. Later. When the pandemic is over.

This is our first attempt at focused developer relations. There is a lot to figure out. Your work will determine how we spend money on future marketing. If you’re the type of person who wants to try a bunch of outreach to see what works, help build a dev relations organization from the bottom up, and even hire people to do the same work in other communities, you might _really_ like this job.

## The Hiring Process

Our hiring process is project based. We want to let you try the job on, see your work, and pay you to do a little more work.

1. Email jobs+elixir@fly.io, tell us in a few sentences what you like about Elixir.

2. Schedule a call with us so we can pitch the company to you and answer all your questions. We’ll also tell you the bad parts.

3. Sample project: we have a small Phoenix + LiveView demo we want you to improve. This should only take about 2 hours, but you can spend as much time on it as you want: https://github.com/superfly/elixir-hiring-project#flyio-elix…

We rate the sample projects as objectively as possible. The best projects do what they’re supposed to, use idiomatic Elixir, and are read-to-show.

In our experience, the hardest part of a sample project like this is just getting it done.

## A Larger, paid project

If we like your sample project work, we want to pay you to work on a larger project. We will offer a paid project ($1,000 flat rate) to about half the people who submit complete sample projects.

The goal here is to get a real, firm idea of what doing the job will be like. We’ll get you setup with Slack access, a channel to work in, and future coworkers to collaborate with.

We want you to do four things for us:

* Write “Elixir community report” describing where Fly fits well with a plan for community outreach.

* Come up with a bunch of sample project ideas (like, 10). Single sentence descriptions of projects to demo Elixir on Fly.

* Build a from-scratch Elixir app to demo.

* Write a blog post about the demo app.

When you’re done, we’ll ask you if we can publish it.

## Working at Fly.io

We are a remote-first company with people in Chicago, Montreal, Boulder, and London. We’re hoping we can take field trips to visit each other soon, right now all our work happens over chat with periodic audio breaks.

We’re not a family, but we do _have_ families and try to keep work prioritized from dominating our lives.

Benefits are pretty typical for a company of our size – pretty-good healthcare for US based employees, flexible vacation time, and a hardware/phone allowance.

But, we’re small! We all wear many hats and sometimes multiple hats at the same time. Come wear a hat for us.

To apply, email jobs+elixir@fly.io and tell us in a few sentences what you like about Elixir.


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New comment by chaigh in "Ask HN: Who is hiring? (February 2021)"

Legalist, Inc. (fintech) | First product hire | Full-time | Remote (US based) | Full-time Legalist is hiring its first product hire (product lead). We’re looking for somebody who is comfortable wearing many hats; has a data science/data analysis background; and who wants to help build products that support Legalist, a multi-hundred million dollar fintech …

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Fight Back: Get an Unsecured Business Line of Credit in a Recession

The COVID-19 pandemic has quite literally turned the economy on its head.  Businesses are suffering, and recession is imminent.  Not only that, but aside from the influx of federal funds to the SBA, banks are not going to keep lending so freely for much longer. The time to get funding to help your business survive the recession is now.  Still, is it even possible to get an unsecured business line of credit in a recession?

Everything You Need to Know Before You Apply for an Unsecured Business Line of Credit in a Recession

Even during a recession, it is almost impossible to run a business without financing.  At some point you will need a large supply of cash that you do not have. Even if you do have sizeable cash reserves, it is typically not a good idea to deplete them all at once.  A line of credit can be a huge help, because the credit line is revolving. This means you do not have to continually apply for it. It is just there to use as needed. The problem is, small business lending drastically decreases during a recession.   How do businesses survive then? How can you get an unsecured business line of credit in a recession?

Before You Learn How, Learn Why

Before the how, know the why.  An unsecured business line of credit in a recession can help you make repairs, cover a cash gap, or just take advantage of an awesome wholesale promotion without reapplying for credit. You are likely not going to have all the cash on hand.  This is especially during a recession.

Even if you do, a business line of credit is a great way to build business credit and manage cash flow.  If you use it properly. The question then becomes not “if” you need business financing, but rather “what type” of business financing do you need.

The options are many. Which one is best for your business will depend on multiple factors. There are both unsecured and secured lines of credit, term loans, various types of invoice lending, credit cards and more.  During hard economic times, some financing options are more available than others. The greatest cutbacks on lending are in the larger banks. Typically, traditional term loans are squeezed the hardest.

Therefore, finding an unsecured line of credit in a recession isn’t impossible.  It may not be as easy to come by as during an economic boom, but it is possible. You are likely to have better luck at the smaller banks.

Check out how our reliable process will help your business get the best business credit cards, even during a recession.

The Fine Print

Under each lending option there are sub options for specific types of borrowers, specific borrower needs, secured, unsecured, and even options with cash back and other rewards.

The best way to make a decision is to learn as much as you can about each one.  Do this before you need financing. Then when the time comes, you already know what you need.

The unsecured line of credit is one option that is often misunderstood. It can be difficult to determine why you would choose this option over a secured line of credit or a term loan, and if you do, what are the benefits?

Why Choose a Line of Credit?

The best way to explain this is to line up the unsecured line of credit head to head with the most commonly used other options.

Unsecured Line of Credit in a Recession vs. Term Loans

Besides the fact that it is much harder to get a term loan during a recession, the answer here is pretty straight forward. If you need cash occasionally for various reasons, a line of credit is your best bet.  If you have a large, specific purchase or project, then a term loan could work better depending on a number of variables.

Consider the following scenarios:

One company is beginning to see cash gaps due to a lag in customer payments.  The recession is hitting everyone hard, and while no one has completely stopped paying, the average time receivables stay on the books has increased. In this situation, a line of credit is the best option. You will have the financing to use from month to month.  Also, you can take only what you need, and pay it back once the invoices are paid.

The next company needs to add another truck to its fleet to handle the shipping for increased orders.  This kind of growth is fortunate given the recession, but they need to finance the truck. In this situation, a term loan would be best.  It may be difficult to find given the slow economy, but the smaller banks may just come through.

Unsecured Line of Credit in a Recession vs. a Business Credit Card

A credit card is very similar to a line of credit. Most often the glaring difference is the use of a card, though some business lines of credit offer a card for access in addition to checks.  Similar to how some credit cards offer checks for access as well as a card.

Another difference is that sometimes you can use your lending institution’s online banking option to make direct transfers from a line of credit to a checking account, if the accounts are at the same institution. Also, if you need cash, there is no cash withdrawal fee usually with a line of credit. Credit card cash advance fees can expensive.

Credit cards tend to have higher interest rates than business lines of credit also, though unsecured lines of credit in a recession can have very high interest rates as well.

What if You Could Have Both? Credit Line Hybrid

What if there were an option that allowed you to have an even better interest rate than a secured loan, and yet get the money faster and easier than any type of traditional funding.  What if you could get business funding similar to an unsecured business line of credit without having to supply any bank statements or check stubs? Imagine that you could get funding in a few days rather than weeks without supplying any collateral or documents? This is exactly what the credit line hybrid allows you to do.

What is a Credit Line Hybrid?

A credit line hybrid is basically revolving, unsecured financing.  It allows you to fund your business without putting up collateral, and you only pay back what you use.

What are the Qualifications?

How hard is it to qualify?  Not as hard as you may think.  You do need good personal credit.  That is, your personal credit score should be at least 685.  In addition, you can’t have any liens, judgments, bankruptcies or late payments.  Also, in the past 6 months, you should have less than 5 credit inquiries, and you should have less than a 45% balance on all business and personal credit cards.  It’s also preferred that you have established business credit as well as personal credit.

If you do not meet all of the requirements, all is not lost. You can take on a credit partner that meets each of these requirements.  Many business owners work with a friend or relative to fund their business. If a relative or a friend meets all of these requirements, they can partner with you to allow you to tap into their credit to access funding.

Unsecured Line of Credit in a Recession vs Secured Line of Credit

Now that you can see the benefit of using a line of credit over other financing options in certain situations, you need to know when and why to choose an unsecured line of credit.

The fact is, an unsecured line of credit in a recession, or in times of a strong economy, is harder to get. It typically has the higher interest rate of the two as well.

Check out how our reliable process will help your business get the best business credit cards, even during a recession.

This is due to increased risk to the lender. A secured business line of credit has collateral. If you don’t pay, the lender can still use the collateral to recover some if not all of the loss.

Some business owners either do not have collateral to offer, or they have no interest in tying up their assets with financing. In these cases, they may be able to get line of credit without security.

An unsecured line of credit in a recession typically has strict approval guidelines and qualifications. Due to the increased credit risk, it will likely have higher interest rates and less favorable repayment terms as well.

Where Can You Find an Unsecured Line of Credit in a Recession?

As a general rule, the same places you could any other time.  Not all lenders offer this as a product, but there are options available at many traditional and alternative type lenders. Which one you go with depends, again, on your specific situation.  During an economic downturn, alternative lenders may be your best bet.

Traditional lenders offer the lowest interest rates, but their repayment terms may be less flexible. They will also have qualifications that are harder to meet and a longer approval process. In addition, it can take several days after approval to have access to the funds.

An alternative lender will usually have easier to meet qualifications and more flexible repayment terms, but the interest rates are much higher. The approval process is much faster though, and usually takes place all online.  In some cases, you can have access to funds in as little as 24 hours.

Application Preparation

The items you need to apply for an unsecured line of credit in a recession are the same as what you would need for any other time. It will vary from lender to lender, but a general list includes:

· Bank statements

· Financial statements

· Tax returns

Some lenders will check your business credit score, and sometimes even your personal credit score as well. A score of 620 is usually the minimum requirement for approval, but some alternative lenders do not require a minimum score.  Some traditional lenders may require a higher score for an unsecured business line of credit in a recession than it would otherwise.

They are looking for minimum annual revenue as well.  Traditional banks are more likely to grant approval at $180,000 or more of revenue annually.  Alternative lenders usually have a lower threshold.

Basically, lenders want to see how long you have been in business and what your annual revenue is, thought exactly what they need to see to grant approval varies from lender to lender.

Examples of Unsecured Line of Credit in a Recession Options Unsecured Business Line of Credit in a Recession Credit Suite2from Real Lenders

Seeing exactly what types of products are currently available from real lenders can be helpful in understanding the difference between what traditional and alternative lenders offer.  Please note that lenders change product offerings and terms at their leisure, and then a change in economic client with trigger a change. Therefore, there is no guarantee these products have not been adjusted since this writing.

Traditional Lenders

Bank of America

There is currently an unsecured line of credit product available from Bank of American that ranges from $10,000 to $100,000. There is a $50 origination fee if approved. The origination fee is a limited time offer.  It is usually $150.

A business must have been in business for two years and have a minimum of $100,000 in annual revenue to qualify.

Alternative Lenders

Fundbox

The unsecured line of credit offered by Fundbox goes up to $100,000. You will also have to have a business bank account. 

The interest rate will increase based on annual revenue and time in business.

OnDeck

OnDeck offers an unsecured business line of credit of up to $100,000.  You repay it weekly for up to 6 months.

Check out how our reliable process will help your business get the best business credit cards, even during a recession.

Blue Vine

This one ranges from $5,000 to $250,000.  The repayment term is from 6 to 12 months.

StreetShares

With repayment terms from 3 to 36 months, this is a good option if you qualify. Amounts start at $5,000 and range up to $150,000. They also offer some specialty products with lower interest rates.

An Unsecured Business Line of Credit in a Recession Is a Viable Option

Even if the recession has caused lenders to cut back, an unsecured line of credit in a recession could be an option.  It is way better than a term loan during a recession for a number of reasons. The first is that you can control payments.  

A term loan requires a set payment each month, while a line of credit requires you only to make payments on the amount you use.  If you only use what you need, you will very likely come out with a lower monthly payment.

If you don’t have collateral or do not want to tie up your assets with financing, an unsecured line of credit is an option. The repayment only on what you use may cost less than an unsecured term loan despite the higher interest due to being unsecured.

The bottom line is that an unsecured business line of credit can be more costly than a secured line of credit, but less costly than a term loan. While they are easier to get if you have been in business longer, have higher annual revenue, and have a great credit score, they are not impossible to get without these things. If you are not sure how much you need, or the need could vary, and you do not want to tie up assets or do not have assets to offer as security, then an unsecured business line of credit could be for you.

The post Fight Back: Get an Unsecured Business Line of Credit in a Recession appeared first on Credit Suite.

Tips For Learning About The Stock Market

Tips For Learning About The Stock Market

There are many methods to start learning more about the securities market. With simply a little bit of study, it ends up being clear that there is tons of day readily available on finding out about the stock exchange.

Possibly the very first area to go when finding out regarding the supply market is the Internet. The supply market is possibly one of the largest subjects on the Internet. Of training course, when finding out regarding the supply market, you desire to be particular that all of the details you are collecting is practically appropriate.

To aid ensure that the points you are discovering regarding the supply market are proper, go to well-known websites, like ones funded by the New York Stock Exchange as well as NASDAQ. Some of the info they supply will certainly aid you in discovering regarding the supply market.

If you do not desire to invest cash getting publications on discovering regarding the supply market, document the titles of the bestsellers and also make a see to your regional collection. There will possibly be plenty much more titles on discovering regarding the supply market than the ones you brought with you.

When discovering concerning the supply market as well, be certain to inspect the social networking websites. You will certainly locate a great deal of details concerning the securities market and also individual money at locations like YouTube, Facebook, as well as Twitter.

Whether you are finding out about the stock exchange as a college job or since you believe that you could be thinking about spending, you will certainly discover lots of valuable details is readily available. The securities market mores than 2 a century old as well as individuals have actually been taping details concerning it because it started.

When discovering concerning the supply market is a supply market time line, one of the points you could discover handy. There are a selection of these plan readily available. They have an on-going document of one of the most essential occasions in the background of the stock exchange considering that it started to existing day.

It would possibly be an excellent suggestion to tighten your search, also originally, to ensure that you do not come to be also swamped with info. When learning more about the securities market, you might intend to approach it one topic each time based upon what details most rate of interests you or what details you require to establish.

Whatever your factor, I make certain that you will certainly locate learning more about the stock exchange to be a tough and also satisfying job.

Possibly the initial location to go when finding out regarding the supply market is the Internet. Of program, when finding out regarding the supply market, you desire to be specific that all of the details you are collecting is practically appropriate. To aid assure that the points you are discovering regarding the supply market are right, go to well-known websites, like ones funded by the New York Stock Exchange as well as NASDAQ. Some of the info they offer will certainly aid you in finding out concerning the supply market.

One of the points you could locate practical when discovering regarding the supply market is a supply market time line.

The post Tips For Learning About The Stock Market appeared first on ROI Credit Builders.

What are Penny Stocks?

What are Penny Stocks? Purely talking, dime supplies are supplies that the starting financier, in several situations, can in fact manage to acquire. For the benefit of this write-up nevertheless, cent supplies are in some cases large business going with a descending spiral, which makes them, simply like the brand-new firms, rather of a danger. …