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

A How To Guide to Receiving $100K Business Line of Credit with No Documentation
Obtaining capital in this "tight money market" is easier said than done these days. As more and more banks go belly up, lenders are increasingly making it more difficult to obtain capital. I can demonstrate how you can get unsecured business loans with no traditionally required financial documentation. There won't be any financial documentation needed but keep in mind that you will need an easy business plan.
Make sure when you are working with a lender that you pay absolutely zero "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). Always remember that a secured, traditional business loan will be less expensive than an unsecured paperless loan. (banking documents, tax returns for your company, etc.). The reason for this is quite clear; giving money through no financial business loans without any collateral can backfire for a loan company. 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, these type of loans have no penalties for early pay-off. 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. With an abundance of lending choices available, having a pre-payment penalty would be highly unlikely.
No documentation business loans and lines of credit rely heavily on credit, assets and years of experience. For $100,000 business lines of credit, most lender guidelines call for a minimum 680 credit score The credit score used by most business lenders is the Experian credit scoreIn order to qualify for the loan, you have to own a house and have been employed at least two years. Most lender statistics are biased toward homeowners, and are more likely to lend capital if you are indeed a homeowner, even though these loans are actually unsecured. When approved, you will get your book of checks. By using these checks, you can acquire funds for any need or want. 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 period is known as the "draw" period. During this time you can access your credit line and write 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.
This is credit based financing, therefore the interest rates tend to be really competitive. Typically, rates are only several percentage points over Prime rate reported by The Wall Street Journal: typically from Prime rate plus one or two percentage points.5%, making this an inexpensive way to borrow business capital.
What if you are not a homeowner or have been in business for less than two years? You will have a hard time finding $100,000. Aim for between fifteen and fifty thousand dollars. 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! If you use this strategy, you can easily get a loan for anywhere from 100,000 to 500,000 dollars.00.

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. No cost consultation with no further obligation. We invite you to use our knowledge and experience to raise money for your business. Learn more about us at: www.candacapital.com/Business_20_Loans.html

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