The TRUTH About 'NO DOC' Business Loans! #shorts #ell

Показать описание

Business besties, let’s talk pros & cons 👏🏾💯 comment FUNDING below for the invite to my Free Business Plans & Funding class this Thursday!

“No Doc” loans are just another way to categorize business loans and products that require less collateral and personal credit history than other traditional products!

In EVERY loan you apply for you’ll have to give some form of documentation lol! Don’t believe every reel on IG. Now with “no doc” you may not need to give two years of tax returns, collateral and have the best personal credit so that makes them more accessible than other products.

Here’s some pros:
- faster processing especially if you need cash now
- not heavily based on credit more focus on business income and sales in the last few months
- shorter payment periods which may be beneficial depending on your needs

Now let’s talk about the CONS because I need y’all to understand allll aspects!
- HIGHHHH interest rates!
- the shorter payment periods mean your loan payment is high! (For reference, I got a “No Doc” loan in 2021 for $250k and my payments were $10ka month. Now I could afford that but not every business can.)
- limited access to capital especially if you need more than $100k

Now depending on your needs a No Doc loan could be the way to go but your other options are:
- credit Unions
-CDFIs
- your local Minority Business Development Agency chapter
- the SBA
- business credit cards

Make sure y’all come to my free funding class this Thursday at 7est where we will talk about this more in detail! & don’t forget to add on your prep kit! See you there 👏🏾

Рекомендации по теме

Комментарии

I’m so really excited to apply at the first time. All thanks to Patricia tanner and her Grant channel the Grant writers I hired. I was approved and founded for my Grant application business through her service she’s indeed a good Grant application writer

HarleyQuincey

How can I get a list of no doc, no pg (EIN only) business loans for my LLCs?

generationalwealthbuilderf

EIN only loans ...are they available??? There's no caption....does anyone else in the comments have real leads

tyashazola

But how to get the business credit card if your personal credit is messed up and you have no business credit. Plus you work part time? 😞
I just want to be financially stable and free from clocking in to somebody’s job.

adamsfamilyvlog