Where Can I Get A Standby Letter Of Credit?

A Standby Letter of Credit (called“SLC or “LC” ) are written obligations of an issuing bank to pay a sum of money to a beneficiary on behalf of their customer in the event that the customer does not pay the beneficiary.  It is important to note that standby letters of credit apply only whenever the issuing bank's commitment to pay is not contingent on the existence, validity and enforceability of…

What is The Difference Between a Personal Line of Credit and a Credit Card?

A line of credit allows you to make buys, usually through your bank account and then you will have to pay it back. A credit cards allows you to make buys with a credit limit.
 
A line of credit is an account set up with a limit established and you can write checks against it , up to the credit limit. You pay interest on any money used until it is paid back, there is no…

How is a Credit Score For a Small Business Established?

Typically three types of information regarding your business in considered:
 
1) Credit obligation information from your suppliers and lenders
2) Legal filings from local, county and state courts
3)Company background information from independent sources, including state filing offices, public records, credit card companies, collection agencies, corporate…

How Does AFS Decide Whether to Finance a Business?

We take time to understand where your business is going and what lessons you have learned. We focus more on the present and future than on the past. We look for creative ways to lessen factors that other lenders might see as risk. One way we do this is by referring the business owner with a performance coach.
 
Even if we can’t approve your loan request, we will refer you…

What is an installment loan?

An installment loan is a long-term loan, usually due in small installments spread out over several weeks.  Under an installment loan, the lender gives the borrower a certain amount of credit. Unlike payday loans, which usually need to be repaid within 14-31 days, an installment loan is paid out in monthly installments over the course of several months.
 
To avoid the interest…

How do I reduce my business loan payments if my business is struggling?

There are several ways that business loan borrowers can reduce their payments if their business is struggling. Businesses have been intensely competing in the ongoing recovery, making business loan repayment a sometimes difficult feat.
 
Borrowers should try to stretch out amortization if they are having trouble with the business loans they borrowed thus exteding the payment…

Can I get a business loan if I am still in college?

Yes, you can get a commercial loan if you are still in college!  However, you will need to put some work into it since there are a few obstacles that young borrowers—like college students—specifically face.
 
“College students face the triple hurdle of insufficient credit history, low collateral, and if they have student loans, high current debt load. This makes them a…

Can I defer a payday loan?

It is usually possible to defer a payday loan. Unfortunately, though, not all lenders allow their borrowers to delay payments on their short-term loans. In order to defer debt, payday loan borrowers should read their agreement. Different companies have different policies. While most allow some form of deferment, some completely omit an option for customers that want to delay a payment.
 
If…

Which loan should I pay off first?

If you’re struggling under multiple kinds of debt, the best strategy is to assess your financial situation and develop a plan to pay off each loan. Individuals with serious debt problems should focus on four kinds of financial obligations: basic necessities, secured debt, unsecured debt, and savings.
 
Basic necessities
 
Food, clothing,…

What is the difference between a home equity loan and a home equity line of credit?

It can be confusing, since both the home equity loan and the home equity line of credit use your home as collateral. Plus, both are sometimes referred to as a second mortgage, because they are secured by your property, just like your original (first) mortgage.
 
A home equity loan, sometimes called a term loan, supplies you with a fixed amount of money, payable over a fixed…

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