What approach should I take when looking for a small loan? What factors do I need to take into consideration before applying?
Answers | 1
1. Is it likely I will qualify for the loan?
You're only going to hurt your credit if you apply for a loan you won't get. "Just like if you get declined for a personal credit card, it makes it more difficult to borrow in the future,"
2. How much do I really need?
Before you approach the bank, make sure you have a good handle on how much cash you actually need. The best way to determine this is to create a monthly cash-flow projection.
3. Do I have adequate cash flow to repay the loan?
4. Will the money help you grow?