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Are you self-employed or have a fluctuating income? If so, you may have struggled to qualify for traditional loans in the past. But have you heard of bank statement loans? This type of loan uses your recent bank statements to determine your ability to repay the loan, making it a great option for those with unconventional income sources.
So, how do you qualify for a bank statement loan? Here are some of the key factors that lenders look for:
Bank Statement History: Lenders will review your recent bank statements to determine your average monthly income. This includes deposits from your business or personal accounts, as well as any other sources of income. It's important to have a consistent history of deposits, as this shows that you have a stable source of income.
Residency and Citizenship: Bank statement loans are typically only available to U.S. citizens or permanent residents. Lenders will want to verify your residency and citizenship status to ensure that you're eligible for the loan.
Credit Score: Although a good credit score is not a requirement for a bank statement loan, it can still impact your ability to qualify. Lenders may look at your credit score as a secondary factor in their loan decision, so it's important to maintain a healthy credit history.
Business Stability: Lenders will also want to see that your business is stable and has a history of success. This includes factors such as the length of time you've been in business, your business model, and your overall revenue.
By meeting these qualifications, you can increase your chances of being approved for a bank statement loan. Here are some popular lenders that offer bank statement loans and their websites:
Fundbox: https://www.fundbox.com/
OnDeck: https://www.ondeck.com/
BlueVine: https://www.bluevine.com/
It's always a good idea to compare offers from multiple lenders and thoroughly research each one before making a decision. Bank statement loans can be a great financing solution for those with unconventional income sources, but it's important to understand the qualifications and requirements before applying. By following these tips, you can unleash the power of bank statement loans and secure the financing you need to grow your business.
For more educational information on investments, real estate for both commercial and residential, and lets not forget business management; Check out my YouTube channel Justin R Harris
Brought to you by Palm Beach Commercial Division