Tips to Taking Out a Business Loan with Liberty Lending Group

The Value of New Business Loans

Whatever your financial needs, a business loan can be a great tool to help you grow your business. It can help you fund a new endeavor, buy new equipment, replace broken machinery, or help you scale up existing operations.

Navigating the business loan process alone, however, can be difficult and even confusing. There are a variety of aspects that need to be considered before you take on a new business loan. At Liberty Lending Group, we understand the needs of business owners and have specialized services to meet your needs. We have compiled a list of tips to consider when taking out a business loan to help you better understand your options.

How to Get a Small Business Loan with Liberty Lending Group

In order to get a loan for your operation through Liberty Lending Group, you must first schedule an appointment with one of our lending experts. They will walk you through our approval process, explain our rates and timelines, and tailor our lending solutions to perfectly align with your needs. Meeting with one of our experts allows us to better understand your needs and provide you with the best possible service.

Our Business Loan Basics

  • Tip #1: Know Your Payment Terms
    Payment terms are one of the key aspects to consider when taking out a business loan with Liberty Lending Group. The terms of your business loan will determine how much you pay each month, as well as how long you will be making those payments. We will work with you and review your finances to figure out how much you can afford.
  • Tip #2: Go for Low Interest Rates
    The interest rate is another key component to take into consideration when taking out a new business loan. At Liberty Lending Group, we offer low interest rates in order to keep your monthly payments more affordable. During your free consultation, we will review your business’ financial and credit history in order to determine the right rate for you.
  • Tip #3: Watch Out for Hidden Fees or Penalties
    Other lenders have hidden fees or prepayment penalties, which can make your end-cost even more. At Liberty Lending Group, we have no hidden fees or penalties with our new business loans.
  • Tip #4: Know Your Budget
    As any owner knows, an indispensable part of owning a business is staying on budget. It is important to always remember this when trying to determine what type of business loan to pursue, because you will be able to easily track all of your monthly expenses and see how much of a loan payment you are able to make each month. Have your budget and financial information ready before you begin the application process in order to avoid delays.
  • Tip #5: Have a Plan
    This may seem like simple business advice, but having a plan is one of the most important parts of taking out a new business loan. It is important to know why you need the additional funds and how you will be able to pay them back in a timely manner. Having a plan with set, actionable goals will make sure that you know exactly how you will use the funds you receive from your business loan.

Doing some research before you start your business loan journey will really help to make the process even more efficient. If you follow these tips and do your own research, you will be able to enjoy the process. It will help you to make more informed decisions and to be aware of all possible options. At Liberty Lending Group, we walk you through the business loan process and help you to compare multiple options. Our goal is to make sure that you make the best choice to perfectly match the needs of your business.

Meeting and Exceeding Your Business Needs

Getting a new business loan could be exactly what your endeavor needs to reach its full potential. Before taking out a loan, be sure to review your business plan and goals to determine what exactly your operation needs. Taking out a business loan with Liberty Lending Group means you will have the financial freedom and backing to continue to build and grow your organization.

Industry Expertise with Liberty Lending Group

At Liberty Lending Group we have industry leading expertise that allows us to cater to all of your financial needs. We understand what it’s like to be a small business owner, which is why we are able to tailor our services to meet your specific needs.

Call today to schedule a free consultation with one of our lending experts to learn more about how Liberty Lending Group can help you secure a new business loan.

What Terms Do I Look for in a Personal Loan?

An Introduction to a Personal Loan Agreement

Whatever your financial needs, getting the best personal loans can help you reach your goals. They can be a great way to help you get ahead or get back on track after unexpected expenses. It is important to know, however, that there are certain terms to look out for when trying to secure a personal loan and also certain things to avoid.

It can be difficult to know where to start. At Liberty Lending Group, we are specialized in helping meet your lending needs. That is why we have compiled the basic terms to look for when trying to secure a personal loan, as well as an overview.

What is a Personal Loan?

These are considered unsecured debt, which means you are not required to have collateral to obtain one. For example, if you are unable to pay back the money, your lender or bank can’t take your car or home as payment.

A personal loan agreement typically contains a set amount and is only disbursed to you once. The money you can borrow is typically based on a number of factors, including income-to-debt ratio and credit score. They do often offer better rates than some credit cards. At Liberty Lending Group, we work with you to determine the maximum amount you can borrow, at the right rate for you.

Basic Personal Loan Terms

Interest Rate: Your interest rate is one of the most important aspects of your personal loan. It is essentially the cost of your debt and will greatly influence how much additional money you will have to pay. The better your credit score, the better interest rate you will usually be able to get. Having a lower interest rate is ideal because your personal will ultimately cost you less in the long run.

Any Fees or Charges: Fees and charges are also important to know when it comes to your personal loan. You should always be aware if there are any hidden fee or charges (such as origination or application fees). Additionally some personal loan terms may have higher late charges, so be sure to do your research.

Repayment Plans: A typical personal loan agreement will have a fixed repayment period that is divided into 12, 24 or even 48 months. Having a longer repayment period means that your monthly loan payment amount will be lower, but this also means you will have to pay more in interest. Alternatively, you can make larger payments that go above the monthly amount due so more goes towards the principal. Either way, be sure to know how much you can afford per month when considering a personal loan.

Your Credit Score: It is also important to remember that getting a personal loan will also have an impact on your credit score. When you apply for your personal loan, your lender will check your credit report which will automatically lower your score. If you are approved for the loan, your lender will report the details to the credit bureaus, and this will be included in your credit report. This means that, if you miss any payments or keep a high loan balance, it will have a negative impact on your score. To keep your credit score high, be sure to keep your loan balance as low as possible and keep up with your monthly payment.

Your Financial Future

A personal loan agreement could be exactly what you need to reach your financial goals or get back on track. At Liberty Lending Group, we pride ourselves on our industry knowledge and expertise with lending. We specialize in loans and making sure that our clients have the best possible options in order to meet their financial needs. Whatever your needs, contact Liberty Lending Group to find a solution for you.