Page 199 - Winning The Credit Game Bundle (CK Patrick)

How fast do you need the money? Some types of loans
take longer to approve than others, and larger loans are
often slower to be approved.
How much money do you really need? Will you
benefit more from a $500,000 investment, or will $50,
000 get the job done and allow your business to level
up?
What will be the total cost of debt if you take this loan?
Consider factors like interest rates and any penalties for
early repayment (some banks will charge fees if you
repay your loan early because the interest that accrues
over time is their source of profit). A good accountant or
financial advisor may be helpful to you when analyzing
these questions.

Several types of business loans are available that you may
wish to investigate. These include:

Bank loans. These can range in size from $10,000 to $1,
000,000. They can be more challenging to get than
some types of loans, but they also tend to have lower
interest rates than loans that are easier to obtain, so if
you get approved you will likely save money over
time.
Small Business Administration loans. The Small
Business Administration is an agency run by the
federal government with the mission of helping small
businesses to grow and thrive. The approval process
for SBA loans can be slow, but they offer a wide range
of interest rates from low to high and can offer longer
repayment terms than other loan types meaning you
will have longer to pay back the money. They can
range in size from $30,000 to $5,000,000.
Business term loans. These may be offered by online
lenders, and range in size from $100 to $500,000. They
typically have shorter repayment terms, which is good

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