Helpwithmyloan’s platform is for individuals, brokers, business owners and banks needing assistance in the full spectrum of lending.
Even with great credit and a detailed business plan, many businesses struggle to get loans. For some, the bad news is instant. As soon as the information is entered into the bank’s underwriting system or lending software, applicants are rejected.
No wonder so many small businesses are bypassing banks to secure financing through Helpwithmyloan.
What makes a loan application high-risk for traditional lenders? It might surprise you:
Challenge: Speculation
Whether you run a pawn shop, trade vintage comics, invest in real estate, or sell stamps to collectors, it can be difficult to get approved for a loan. These ‘speculation’ businesses rarely, if ever, qualify for SBA loans. Instead, Helpwithmyloan connects clients to a direct lending source.
Challenge: Affiliation
What if you’re running your own business but another entity has some control? Insurance agents and independent sales contractors run into this issue. If affiliation triggers are getting in the way of financing, a private business loan might be easier to secure.
Challenge: Going Solo
Big banks typically refuse to work with sole proprietors, even though they account for more than 80% of registered small businesses in the US. If you’re injured or unable to work, the business may cease to exist. Try applying for a business credit card or line of credit to fill the gap.
Challenge: Barely Legal
The least surprising challenge is for ‘grey area’ businesses – those that are legal at the state level but can’t meet federal guidelines. Adult entertainment, CBD, cannabis, and gambling businesses typically need alternative loan servicing software to connect with private lenders.
Helpwithmyloan helps break down barriers so that legitimate businesses can access the funding they need, despite working in a ‘high-risk’ industry. With a 95% funding rate, our automated underwriting system can secure your loan in as little as 24 hours.
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California loans made pursuant to the California Finance Lenders Law, Division 9 (commencing with Section 22000) of the Finance Code. All such loans made through Helpwithmyloan and a licensed finance lender/broker, California Finance Lenders License No. 60DBO-84212.