Tired of Paperwork for Loan Application? Keep the basic ones Ready!
Getting business funding for your corporate venture may not be a complicated process after all! Not all lenders require elaborate paperwork and lengthy application processes to ensure the best deals on loans. There are companies offering business funding in Texas, with minimal hassles and just about preliminary paperwork. Irrespective of the apparent simplicity of such processes, some requirements will still be there!
There are some rules every state needs to follow for loans and cash advances near you. Even at the bare minimum, here are some documents you will still need.
Some Basic Documents Required for Loan Processing
A Written Application for your Loan: A formal document will be needed to be filled in by the borrower and submitted for initiating the lending process. Although every lender will have a unique set of requirements, primarily, an application form will involve basic information, the amount you wish to borrow, and the reason for borrowing. In most cases, an online application form needs to be filled out. However, there are still some brick and mortar institutions that need submission of the application in paper.
Proof of Identification: Proof of identification will be necessary for any loan application. Most lenders will need applicants to submit a couple of forms as official proof of identification that they are adults and are legal citizens of the United States of America. This precaution reduces the chances of identity theft. Acceptable identification documents include state-issued ID, driver’s license, passports, birth certificate, citizenship certificate, and military identification certificate.
Address Proof: In addition to your proof of identification, lenders may seek proof of permanent residence. You can provide a recent utility bill like electricity or water bill, a copy of your rental or lease agreement, your voter ID card that bears your permanent address, proof of your home or car insurance document that includes your address, and so on.
Income Proof: There are lenders who will ask for salary slips. There are others who may wish to seek a bank statement of a couple of months or more. If you have filed tax returns, you can submit documentation for the same. You can also submit paystubs or even the contact information of your employer.
With basic documentation in place, you can choose between secured and unsecured loans. Secured loans will require collateral, like property or account receivables. Unsecured loans will not require any guarantee. There are lending companies that can provide a cash advance in Texas with no security and minimal paperwork. You just need to know how to find them.
It is important to understand that unsecured loans may end up being more expensive than secured loans because there is no collateral involved. If you are looking for merchant cash advances SBA without any collateral, be prepared to shell out comparatively more in terms of EMIs. If you have collateral, leveraging it could be a great idea to keep finances in check.
Remember to borrow only as much as you need. Never borrow in excess. Excessive borrowing may be tempting but could lead you right into a debt trap. Borrow wisely. Repay installments in time. Manage finances with vigilance. These steps are likely to go a long way in ensuring the financial health of your business.