Business Loan Glossary Auburn Hills MI

The following contains a glossary with terms and information you should know about a business loan . Read on if you are interested in obtaining a business loan in Auburn Hills and want to get started.

Local Companies

Fidelity Bank
(248) 364-9700
3201 University Dr
Auburn Hills, MI
Advance America Cash Advance
(248) 874-0661
625 S Opdyke Rd
Auburn Hills, MI
Msu Federal Credit Union Oakland University Branch
(248) 370-3545
3265 Five Points Dr
Auburn Hills, MI
Owner Builder Loan Services
(734) 677-3000
2035 Hogback Rd
Ann Arbor, MI
Citifinancial
(989) 839-6814
1311 Washington St
Midland, MI
Armada Cash Advance
(248) 461-2140
4670 W Walton Blvd
Waterford, MI
Dart Bank
(517) 676-3661
368 S Park St
Mason, MI
Chase
(810) 364-5575
1650 Busha Hwy
Marysville, MI
Check N Go of Michigan Inc
(313) 342-9620
14844 W 7 Mile Rd
Detroit, MI
Community Focus Federal Credit Union
(734) 281-3900
18925 Telegraph
Wyandotte, MI

The following information was sourced from businesstown.com.

Accounts Receivable Financing - A loan gained by borrowing against receivables. Loans are paid down as receivables are collected.

Annual Fee - The amount charged by the lender each year to cover the administrative costs of the loan.

Business Credit Card - An amount of money, which a business can borrow against at times it needs capital. Using a card accesses the money.

Commercial Real Estate Loans - Similar to residential mortgages, but collateral is business property. Interest rates are usually fixed, the length of the loan can range from 5 - 20 years and payments due monthly.

Commercial Term Loans - Loans made to businesses that can be either secured and unsecured. Usually made to mid-size and large businesses.

Credit Rating - A predictor of the ability to pay back a loan. The credit rating is a result of credit scoring.

Credit Report - Financial history supplied by a credit information company like Dun and Bradstreet, Equifax, Experian or TransUnion. Contains credit information on a business or an individual, including payment history of bank cards, store cards, mortgages, student loans, and trade payments.

Credit Scoring - The evaluation system used by lending institutions to determine relative credit riskiness of a business or consumer. When evaluating businesses, it generally considers factors such as credit payment history, new credit sought by owner of business, and financial strength and longevity of business.

CreditFYI - A web site for checking business credit reports.

Debt Financing - A loan with pre-agreed terms, including payback schedule and interest.

Dun & Bradstreet - Leading provider of business credit information.

Equifax - One of three leading providers of personal credit information.

Equipment Leases - Leases allowing companies to purchase new equipment.

Experian - One of three leading providers of personal and business credit information.

Fixed Interest Rate - An interest rate that is the same throughout the life of a loan.

Interest Rate - The amount charged by a lender for the money borrowed. It can be fixed or variable.

Inventory Financing - Money borrowed on the basis of finished inventory. The loan is paid as inventory is sold.

Line of Credit - An amount of money, which a business can borrow against at times it needs capital. Often accessed by check, ATM, or business card.

LiveCapital.com - A web site for small business loan offers from a variety of lenders instantly.

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Featured Local Company

Annacore Business Capital

866-767-9723
P.O. Box 701015
Plymouth, MI
www.annacorebusinesscapital.com

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