Will Applying for a Business Loan Hurt Your Personal Credit Score?When applying for a business loan, entrepreneurs may be concerned about the impact to personal credit scores.*

Most loans to small businesses require a personal guarantee. This makes it necessary to check or “run” a business owner's personal credit in order to make a loan offer.

Many business owners seeking financing are concerned about having their credit run multiple times. Those concerns are often valid. 

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How Does Principal & Interest Work for Term Loans?  LoanMe’s customers sometimes ask about how principal and interest works for small business loans. It’s an important question. Many borrowers with longer term financing complain that principal isn’t being paid down fast enough. 

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Pros and cons of building up an emergency savings fundEven when you think you're prepared for the unexpected, there are a variety of expenses that could come out of nowhere.  From auto repairs to medical bills, surprises like this can devastate a budget. Rather than be caught with an emptying bank account when incidents happen, consider having emergency funds at the ready.* 

 

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How to Qualify for a Fast Small Business Loan

Many entrepreneurs think getting a small business loan is a long and difficult process.* This is due partially to resources online that describe arduous application processes in detail. These resources are often very helpful for folks with: Ample time to wait for money; Willingness to spend many hours preparing documents; Established businesses with strong cash flows, profits, and pristine credit.

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