There's a lot of hidden fees that lenders will charge you that you need to know about and
you should also know how to pay the lowest fees on business financing and that's exactly what
we're going to talk about during today's training I'm going to help you get all the information you
need to know to get the most financing at the best terms paying the smallest amount of fees I'm going
to give you my best tips and tactics along the way to help you get the most money for your business
at the absolute best terms if you stick around at the end, I'm getting you access to my funding
guide on 27 killer ways to get money to grow your business we got a lot to cover so let's dive in.
So there's a lot of hidden fees that lenders will charge you that you need to know about
underwriting fees packaging fees there's named a million different things depending on the
type of funding product you're looking at and the lender you're getting it from
but it's all wrapped up into one thing called the APR the Annual Percentage Rate now the
Annual Percentage Rate is basically annually what you're going to pay taking into account the interest
and total fees for the loan and you need to know about an APR because an APR really looks at
all these things combined into one number so some lenders will charge you a very low
interest rate but very high fees others will charge you very high fees but a very low
interest rate which is better for you well it's all compounded into the APR and if you
know the APR on the kind of funding you're getting that's always going to tell you the
kind of deal you're getting from one lender to the other and one funding program to another.
Now if you want to get the lowest APR funding well that really comes by having some kind of
asset you can pledge as collateral stocks bonds 401ks IRAs equipment inventory any kind of asset
you have that is valuable that a lender can actually take back if you default on the loan
provides a ton of value for them because it's secured financing and it's always going to give
you the lowest interest rates and lowest fees that you're going to pay on financing now SBA
loans are also notorious for charging very small fees a matter of fact, if you're a veteran you can
even get a lot of these fees waived with SBA, so SBA loans give you long terms low interest rates
and low fees making them very practical to be able to get the money you need for business and
SBA loans also lets you roll the fees into the loan as many lenders do
so something else you need to know it's not just what the APR is once you're paying in fees
it comes down to can you pay those fees as part of the financing or is it something you have
to pay out of pocket with SBA, it's wrapped up into the financing because many other kind of
financing are but some aren't so something else you need to know about business fees.
Now beyond that you're going to pay the higher fees on the highest risk lending
so things like cash flow financing or merchant cash advances where you can
get money in 72 hours or less, really fast easy money even with bad credit those tend
to have higher fees and higher interest rates you're going to pay way higher APR's on a type
of financing like a merchant cash advance than you ever will for an SBA loan as a
matter of fact the APR can be double or even triple with that kind of funding so again the
lower risk typically means the lower interest and the lower fees that you're going to have.
So how do you lower your risk, well you do things like make sure that you manage your bank account
responsibly have more money going in the bank account than going out, don't have a bunch of NSS
have positive ending bank ballots at the end of every month build your business credit that goes
a long way to helping you pay less in fees and lower interest rates as well, get set up with Dun
and Bradstreet get your Duns number build credit with Dun and Bradstreet Equifax Experian as well
and if you also come in and have good personal credit that goes a long way to helping you pay
lower fees and less interest on a lot of the kind of funding that you're going to
get also make sure you know that the better kind of funding requires more documentation
SBA loans that want to see your actual tax returns and have collateral and have good credit
those are going to give you the lowest fees and lowest interest rate, which is why they're so
hard to get and the fast easy money is almost always going to have the higher fees involved.
So if you want to get the lowest fees for your business I just gave you the essential tips to
do so but you got to know the kind of funding you can get right now, so make sure you grab our
funding guide on 27 killer ways to get money for your business at creditsuite.com/27ways
and if you want to get the most money at the best terms give us a call for a free consultation
on that consultation, we will actually talk to you about all the funding you can get right now
we'll help do a fundability assessment to help you fix the things that could
prevent you from getting funding or make it where you're going to pay higher interest
rates and more fees than you should we'll even help you get your business
credit reports at no cost and give you tips and tactics to improve and build
your business credit you can get that consultation by giving us a call at 877-600-2487
scheduling online at creditsuite.com/consult did you get value
from this training? Well, make sure you like and subscribe and keep your eye out for our next
training where we talk about more cool ways to get money to start and grow your business.