With our promising economy, low doc business loans is a necessity for most small business owners who want to make it big this year.
Finance companies offer numerous business loan options to help you pay for your business expenses without requiring voluminous documents. To determine the right low doc business loan for you, you’ll have to consider your actual financial need, together with the basic loan terms of the loan, such as repayment period, interest rate and hidden costs.
Low doc business loans structure
Do not rely on the amount of the monthly payment. Include the total cost of the loan. You may have low monthly payments but if it is long term-such as 72 to 96 months, it can cost you a lot. For instance, a $500 payment over 30 months will cost you $15,000; a $400 monthly payment within 42 months would cost $16,800, or an extra $1,800 in interest. If you cannot afford higher payments, consider lowering the amount of loan.
ALC Commercial offers low doc business loans options from $10,000 to $3 million, depending on the amount you qualify for. We provide competitive rates that would enable you to pay back what you owe within your preferred time frame while you work on increasing your business profits and clearing your debts. We can provide you with the access to the funds you need for your business without having to submit financial statements and documents commonly required by traditional loans. All types of low doc business loans have flexible terms and competitive interest rates.
Loan options, loan costs, requirements and repayment plans
Understand the different types of low doc business loans available to you before you submit your application form. Remember that your loan decisions would affect your finances in the coming years, or until your repayment period ends. Exploring through the maze of lending products, considering the costs such as interest rates, and other hidden fees and thinking about your repayment plan can help you choose your business loans. This will help you achieve your business goals without putting your other life goals on hold.
When asking about the low doc loan options, it is important to ask the following questions:
- Who is eligible to apply for your low doc business loans?
- How much is the interest rate? Discuss the payment terms and the company policy in case of default.
- When do I have to start paying interest?
- When do I have to start repaying?
- What is the maximum amount I qualify for?
It is also important to consider the advantages of each loan type, in terms of interest rate, default payments, repayment term and other costs associated with the loan.
Reviewing the loan offer and terms
You have the option to accept or decline the business loan offer. Discuss the terms with the loan officer to make sure that you understand what you are getting into.
ALC Commercial can help you qualify for low doc business loans through our easy loan processing system. We do not discriminate applicants. Everyone who needs business loans can qualify, regardless if you have no credit history, or you have bad credit and limited cash flow. No-income verification and history of defaults won’t stop us from helping you reach your business goals.