How to get a new business line of credit? Now is the time. Interest rates are down.
Lending requirements are slack. There is money out there to be gotten and it is
time for you to get your share. Let's go.
I'm going to share with you the easy way to get a line of credit now without much
hassle. I'm going to give you my cheat codes so that you can definitely get approved
I'm going to tell you exactly who to go to and how they're approving people so you
know exactly what to expect. And I'm going to share with you my secret sauce on
how I just got another student 6 figures and funding for their business.
So, the way you want to get a new business line of credit, okay? So, there
are tons of lenders that are actually out there doing this. However. Many of
them do not advertise and many of them have very high interest rates and very
crazy requirements or crazy payment plans. So, I'm going to give you the ones
that are best. Because when it comes to business funding, you will come across
options where people are offering you to pay back the money daily weekly or
monthly. Now again, most of us are used to paying things back monthly. You know, if
you get a credit card or if you get a rent or whatever it is, it's due monthly.
And that's probably the best thing for you. So, if you want to get a business
line of credit, you usually want one that has monthly payments. However, there are a
couple other options if you are flexible and able to make weekly or even daily
payments. And I'm going to share some of that with you and I'm going to tell you how
to make sure you're able to keep up with those payments because it can get a
little scary if you don't do this right. So, to get started, you're going to need a
business checking account. So, this is not going to work at all nothing I can say,
"You can go ahead and just stop the video if you have no intention or if you
cannot get a business checking account." But pretty much everyone can get a
business checking account. I actually made an entire video, I'll put
a link there that tells you exactly how to do it so that you can get a business
checking account. Because most of the lenders they're gonna require that.
They're going to want to see that you're established and that someone else
essentially has given you something in your business's name. What you don't
realize is getting a business checking account is almost like a bank vouching
for you in some way shape or form. Because remember, not everyone can or
does go get a business checking account. Now, remember I basically told you how to
do it with bad credit. But so many people don't even know that so they don't even
think that they can. And the general consensus
the general thought out in the public that I'm telling you is wrong is that
only people with good credit can get a business checking account. And the thing
that makes that so fun is I'm telling you that's not true.
But since people believe that, since lenders believe that and if you have a
business checking account, they will already see that you have something
established, okay? So, get your business checking account and you're going to need
three months worth of bank statements. Once you have your business checking
account, you're going to need three months bank statements. So, with those 3
months bank statements, they're just going to be looking at the deposits, okay?
I'm basically telling you the secret sauce. So, think about that for a second.
They do not look at all of the withdrawals necessarily. They look at the
deposits. So, if you are able to go ahead and start putting money into that
account and get money into that account on a regular consistent basis, they will
use 3 months of your business checking account to determine and
qualify you for a business line of credit. So, if you have a business
checking account for example and the average deposits are like 6, 8
thousand dollars per month, they will base their lending on that number. They
will look at the bank account and they were like, "Oh, wow. This person is
depositing X amount of dollars into the account, we're gonna give them a line of
credit based on that income", okay? So, again, the amount of money that you are
depositing into the business checking account, they are going to look at as the
monthly income, okay? So, think about that for one second. Remind this if you need
to. The money that you are depositing into your business checking account, they
will just look at the deposits and they will determine and use that number as
your income. So, think about that you'll have 3 months of worth of bank
statements that they will need. Know the money does not have to stay in the
account, they expect that you put the money in the account and that you spend
it because that's how businesses work. So, it is okay that if you put $6,000
in and $5,999 went
back out, that's usually okay. They're really just looking at the deposits. Once
you do this, of course you can go to the bank that you are banking with and you
can apply for a business line of credit. And they will likely approve you if you
have decent personal credit. Now, if you don't have decent personal credit, there
are lenders for you. There's a lender called Kabbage
with a K. And then there's also blue vine. There's quite a few others. And if
you want to know a whole list you know I'm not gonna go in this whole video and
tell you all about all of the lenders. But you can give a call to my office if
you are ready to apply and you feel like you have some of these
things. You can give my office a call and we can help you through it. Once you get
your business line of credit approved, the first thing that you want to do is
use it, okay? I know. Many people are like, "Wait, but I'm going to save that money" Or
"I'm going to do this for that." Yeah, but if you don't use the line of credit, they
will take it away, okay? So, if you just go out and you get credit and credit cards
and lines of credit and you just let them sit dormant, the blender will close
the account. So, the first thing that I want you to do is make a small purchase.
You know, buy gas for your car or buy some supplies for your business' pens,
paper, toner ink. You know, whatever it is that you may need.
You know, just start small where you know that you can make the payments. Do not
under no circumstance should you ever max out that line of credit. I don't care
it has to be an absolute emergency for you to max out that line of credit.
Because one of the things that you want to make sure that you're able to do if
you had to is pay the loan back with some of the line of credit. Now, again, I'm
not going to get into a we're on YouTube and they're going to be like, "Whoa, what are
you talking about?" But here's the deal and because I've done this. And I'm not
going to I'm gonna tell you what I've done. I have literally paid my line of credit
with my line of credit. Now, you can't just do it, just take the money
right out of pay. There's some couple of things that you're going to have to do. I'm
not going to say on this video. But again, if you do not use the whole line of credit
and you keep some of that money. So, use an example you get a $10,000
line of credit, you should never use maybe more than 8,000. You want
to keep 2,000 so that you have some money in case you ever need it
to pay those payments on the line of credit. You have some of that access. Do
not max out the line of credit. And every 6 months go ahead and tell them that
you need an increase no matter what. And in many cases I'm gonna tell you an
awesome story one of my students he did this exact same thing and they literally
doubled his line of credit after 6 months, okay? So, if you follow what I'm
saying, you use the line of credit as soon as
you get it. You start making a couple of small purchases.
You make those 6 payments on time. Do not pay them late. Then you call them
back after 6 months. You tell them I need an increase and you do not want to
hard increase. You want a soft pull or whatever. You know, some of these
different terms. In other words, meaning, do not pull your whole credit report
again. Because if they do that, to hell with it. You can just go get apply for
somewhere else for a whole new line of credit. But most of the time, if you've
made the payments after 6 months, you give them a call and you ask them to
increase the limit, usually they will. So, go ahead and make sure that you are
watching all of the videos in this playlist. I have made an entire playlist
teaching you on this. I basically have a free course right here for you. Go ahead
and take a moment to like this video. Please, please, please. It helps me bring
you more content like this. If you have any questions, please comment below. Again,
what are you having trouble with? What do you need videos on? What do you need help
with? I read all of the comments and I am replying to them. So, please go ahead and
comment below. Tell me what's going on, what you need. I am here for you. To your
success.