Business Loan Glossary Berkley 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 Berkley and want to get started.

Local Companies

Annacore Business Capital
866-767-9723
P.O. Box 701015
Plymouth, MI
Check 'n Go
(810) 715-5555
3017 S Dort Hwy
Flint, MI
Assurafirst Financial
(734) 222-7075
455 E Eisenhower Pkwy Ste 100
Ann Arbor, MI
American Home Mortgage
(269) 968-0019
131 Columbia Ave E
Battle Creek, MI
Greenstone Farm Credit Services
(989) 354-4343
2200 M 32 W
Alpena, MI
Wells Fargo Financial
(248) 619-0521
3978 Rochester Rd
Troy, MI
Beneficial Michigan Inc
(734) 285-8001
15345 Dix Toledo Rd
Southgate, MI
Check 'n Go Inc
(810) 953-9946
545 E Grand Blanc Rd
Grand Blanc, MI
Greenstone Farm Credit Services
(231) 946-5710
3491 Hartman Rd
Traverse City, MI
Instant Cash Advance
(734) 641-7300
6594 N Wayne Rd
Westland, 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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A personal or unsecured loan is also known as a signature loan. There is no collateral involved, and lenders will only rely on your previous credit records as assurance. If you left a bad credit loan record in the past, lenders may not immediately approve your loan application unless you can recommend a co-borrower who can guarantee subsidiary payment in case you are not able to settle the loan.
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