Blog - OneBox Funding

November 30, 2017
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The loan underwriting is a process undertaken in order to analyze the data provided by the loan applicants. In addition, the credit score is being reviewed prior to the assessment – whether a certain applicant meets the minimum criteria for a loan or not. As a part of the loan underwriting process, all of the data is analyzed, verified and then summarized so the lenders can figure out the status of the applicant.

So, here are the three things that underwriters should look for  when applying for a loan:

Get to Know the Applicant’s Personal Status

It is important to understand the borrower’s personal information before giving them a chance to acquire the loan approval. By knowing who they are and what they do, you can definitely assess the right move for them.

The underwriters will thoroughly review the applicants, including their credit score, monthly gross revenue, and other related matters. Other key characteristics to be considered will be the applicant’s age, residential status, employment status, loan purpose, loan amount, and the numbers of earners in the house.

All of these will help the underwriters analyze and summarize the personal data of the borrower. This will help both parties make the process fast and easy with the proper cooperation.

Get to Know the Applicant’s Bank Statements

The underwriters need to review the applicant’s bank statements. The underwriters need to ask for recent bank statement copies of the borrower at the time of the underwriting process. This will help the underwriters understand how the borrowers manage their money. Also, the bank statements should not be overlooked, as it confirms the following data:

  • Applicant’s real full name and address
  • Applicant’s salary credits (to see if they are on a regular amount and on a regular basis)
  • History of the general transactions (whether they are on a regular payment made to the credit agreement)
  • To see if there are any unpaid or a reserved transaction
  • Use of an unauthorized credit limit

All of this data on the applicant’s bank statements has the impact on the loan, so this should be taken into account, as well.

Applicant Credit Search

The underwriters must use an electronic identification process by effectively connecting with the reference agencies so the identities of the borrowers will be identified. The underwriters need to compare the key credit score and information of the borrowers such as credit cards, mortgage, loans, as well as bank statement status towards the disclosed data in the application.

Aside from these three essential aspects, the lending company should also take a look at the potential financial frauds to avoid issues along the way.


November 22, 2017
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Most people believe that money is the most essential resource. However, that may not always be the case. The most important asset is time. Once it is gone, you can never get it back. You cannot go back into the past and correct your mistakes.

For a lending institution, time in business plays a vital role in the success and growth of the startup or company. There are many benefits of having longer time in business, here are some of them.

Prioritization

Running a lending agency is not easy. Despite your professional and personal competencies, you will find it hard to deal with all your duties. If you find yourself out of focus, you can lose out on good opportunities in an instant.

To get the most out of your business, effective time management is essential. Prioritize the largest and most urgent tasks at the top of your list. Keeping that thought in mind, you will surely improve your service and acquire potential clients in no time.

More clients, more revenue

Not all entrepreneurs today have enough budget to run their businesses. This is why they use the services of a reliable lending institution. With this being said, non-traditional financial providers have a high demand from a broad range of people, including small, medium, or large businesses.

Those who are in need of capital will be careful before making any decision. Even though you may be a trusted company, you could encounter resistances and will need to convince them to take advantage of your services. As long as you provide fast approval, reliable interest rates and minimum requirements from the applicants, you will have many good clients. Aside from that, you can expect more revenues within a short span of time.

Reduce bad credit

In the lending industry, it is difficult to find trustworthy clients. So, to avoid losses and difficulties, they consider credit history. When an applicant was not able to pay his credit in the past, his business loan would less likely be approved. By managing on-time payments, this issue can be avoided, which will benefit the business owners and lending company as well.

Fast process

Every individual who engages in this field dreams to provide an immediate process. Once you are surrounded with by a team of experts and state-of-the-art resources, you can make it come to life. A lot of small business owners would prefer working with you if your process is fast.

Time is imperative without a doubt. Though you can get swamped with applications, inquiries and other problems, try to manage everything smartly. Finish the most significant tasks first before moving on to other less urgent matters. Lead your company well and hire productive and reliable employees.


November 13, 2017
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Whatever the size of your business, a well-managed budget plays an essential role in your success. Nevertheless, being a small business owner, you might be pressured to manage your budget correctly. You will also encounter a difficulty with back-up funds. For you to make a profit and balance other expenditures, you have to create a strong, concrete and effective budgeting plan ahead of time.

Money or finances is a complicated topic to deal with. But lack of efficient financial planning could cause your startup to fail in an instant. By spending your time to focus on your budget, you will not use your precious time on expenses. You will heed on your business instead. So, how are you going to manage your principal effectively?

Budget by department

Even though your startup might be small and may not have many departments, it is imperative to manage your budget just like large corporations do. You can take your past financial plan as your guideline and base your future budget on it. That way, you can determine where your leftover budget came from, which departments met their goals, etc.

You can also hire a professional who specializes in this process for a more effective and efficient departmental budget.

Always plan ahead

Looking ahead at the calendar of your business is useful. You can start by asking yourself what your future expenses will be. It is also significant to focus on the larger aspects of your business such as new staff recruitment and office renovation.

To utilize your money properly, plan out your expenses and consult with your team, so you don’t find yourself at a point where you have underestimated your budget.

Be ready to experience the worst scenarios

Unexpected expenses can be your worst nightmare. You have to be prepared to experience such problems. You should always have an emergency fund in case you fall into a financial dilemma.

In case you do not have a backup budget, do not worry as there are companies that provide small business loans. OneBox Funding can help you find the right loan for your business.

Learn how to prioritize

If your business has been  making high revenues for the past few months, make sure to prioritize your expenses so you don’t find your self in a loss. It will help you reduce unnecessary costs and balance your financials.

When your budget is not enough to meet your goals, why not consider OneBox Funding. As long as you can pay your debt, you have high chances for a loan approval with fair interest rates.


October 24, 2017
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Many people are too busy at work to take breaks. The workload is overwhelming and you frequently feel stressed. Stress takes up a significant amount of cognitive and emotional bandwidth, which soon enough will result in lack of motivation. Your to-do list is always full of tasks and you often feel tired or drained of energy. The solution? Take a break.

Discover the reasons why you need to take breaks at work.

Small Mistakes

When you find work too much and you cannot avoid making small mistakes, it means its time for you take a break. You cannot avoid blunders from work.

When you feel burned out, mistakes are much easier to make.

When you are already burnt out of work, it is likely for you to slip up more than you would normally do. All employees can get caught into a moment that they feel they are no longer happy at their workplace. Restoring your energy is crucial, the best solution is taking a break.

Tired and Irritable

Do you wake up in the morning and by noon, you just feel like you need a nap? Unfortunately, most workplaces frown upon napping. Make sure to take a few short breaks at work to walk around, stretch out and get some fresh air. “Your calm mind is the ultimate weapon against your challenges. So relax.”
Said Bryant McGill

Lack of Focus

Do you often spend your time looking at your phone? Do you look at your screen and find yourself drifting off? One of the more common issues at work is being able to focus for many hours. Taking a break will clear your mind and allow you to regain your focus. Some studies have shown that the mind solves its stickiest problems while daydreaming. That’s because the relaxation associated with daydream mode “can allow the brain to hook up and return valuable insights

Lack of motivation

When you are not motivated to wake up in the morning to go to work, you will not be performing well. A motivated person tends to feel good and does well at work. Your motivation must be consistent. However, if your motivation has been low for a while and you are not living up to your full potential, you should consider taking a short vacation. Taking a break from work will guarantee you become more productive. Taking any sort of vacations is important once in a while.


October 19, 2017
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Every business operates successfully as a result of its stability when it comes to finances. However, there are some companies who would avail business loans in order to maintain the operations. But not all companies are able to pay their debts successfully. As a result, they acquire bad credit and their credit score is affected.

A business with bad credit may harm its reputation. As we all know, consumers trust companies that they know are stable and will never have a problem when it comes to money. If your business has bad credit, you better fix it right away to avoid affecting your credit score.

Furthermore, there are companies who don’t give importance to their credit score. Without knowing, having a good credit score is their ticket in acquiring small business loans since this score shows that your finances are in a healthy state.

Also, with a good credit score, your way to bad credit is far and will be able to acquire business loans which you can use for your business’ capital and fund the growth of your venture.

Fixing Business Bad Credit: How?

It is not easy to fix your business bad credit but you can do it one step a time and eventually, you may be free from the bad credit and start earning good credit score again.

Here are some actions you can take to fix your bad credit in your business.

Always be on time when paying your bills

Your credit score can be affected by the way you pay your bills. If you always fail to pay on time, you will surely end up having a bad credit. On the other hand, if you are always on time when it comes to bills payment, your credit score will surely increase.

Separate personal and business funds

If you want to fix your bad credit, don’t let your personal funds mix up with your business funds. Thus, whenever you would purchase something, it is best if you have separate accounts for your business and personal funds. This way, you can easily track your finances.

Establish good relationship with vendors

Having a well-established relationship with vendors will help you get out of bad business credit. Thus, you should build a good connection with your suppliers and merchants for them to always report on time to credit bureaus. Your relationship between vendors can be a good way to let them report that you have good payments on agencies that handle credit reporting.

Having bad credit for a business is not good because it may risk your reputation and may harm your business’s operations. If you have bad credit, don’t wait for it to get worse, act immediately and fix it in order to regain the good credit score you once had. When you have a good credit score, you will be able to apply for different small business loans which you can use as capital or as a fund for your operations. OneBox Funding experts will take you through all the steps of acquiring a loan for your business.


October 16, 2017
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Every small business owner ran into financial issues at one point or another. Financial difficulties can come in many ways and forms. From those first few “lean” years where the money’s going out faster than it’s coming in. To times when expansion is looming on the not so distant horizon, with unexpected expenses crawling up everywhere, the company checking account is empty and the credit cards are maxed out.

Naturally, There are many more situations when cash flow is crucial for a small business’s success. It goes without saying that the traditional banks are just not an option for many of the 28 million small businesses operating in the US currently. In fact, there has been a steady decline in bank loan approvals for small businesses over the last three years, and several private lenders are reporting to follow suit in light of economic uncertainty and increasing regulatory expenses.

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One unique option for getting the cash flow you need for your business is OneBox Funding. Operating from Tampa FL they offer something a bit different from big banks. Different in that it offers small business owners the ability to get Superfast cashflow, enabling them to get out of cash-strapped situations in a hurry, with a fast and easy approval process for strong businesses that meet their less stringent criteria over that of the bank’s. Keep in mind that they can not approve everyone, but if you have a small business that is not under bankruptcy and is grossing over $8,000 a month, OneBox is likely just the solution you’ve been looking for.

What are The Benefits with OneBox Funding?

OneBox Funding offers several benefits:

  • Any funding amount between $5,000 to $750,000 for eligible businesses, with good or bad credit.
  • Single page online application form.
  • Funds released as soon as next day funding
  • Top of the line quality offers for rates and terms
  • Expert level customer service throughout the entire funding process.
  • Bad credit merchants accepted.

OneBox’s funds are acquired through a network of business-minded angels who recognize that there are lots of stable, growing businesses out there that simply are not eligible for business bank loans or government grants. Often bad credit scores and businesses entrenched in volatile markets pose too much of a risk to conventional financial institutions, and they aren’t willing to risk losing their money.

OneBox Services Offered to Small Business Owners

  • Merchant Cash Advance: This is the preferred option for most small and medium-sized, cash-stressed businesses, good or bad credit accepted. OneBox staff are trained to get you approved for this service quickly and efficiently, so you can get your cash woes settled quick and continue to grow your business.
  • Short Term Loan: This is no different from a small business loan you’d get from a bank. Credit can be a factor when determining interest rates and loan terms, but businesses that are currently generating revenues and have enough collateral to back the loan will definitely benefit from this service.
  • Business Line of Credit: A premium level financial service, you must have a credit score of 550 and $300,000 or more in yearly revenues to qualify. Not everyone will be eligible, but the OneBox reps will definitely work diligently to find a lending solution that works for your business.
  • Debt Consolidation Service: Another premium product, business owners can pay off multiple loans and other financial liabilities by combining them into a larger debt; normally with lower rates and monthly payments if they qualify.

As mentioned, the Merchant Cash advance service is one of the easiest to get approved for, and often most desirable for growing small businesses who find themselves in a temporary cash crisis.

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Fast & Flexible Funding Solutions

Since early 2017, OneBox has funded well over 1,000 small businesses. Of the typical loan applications submitted, the company has a loan approval rating of 79% currently, with a funding renewal rate currently at 86% and growing.

With a head office located centrally in Florida, North American businesses can be assured the company’s team of funding angels are available during business hours to approve funding requests and provide support whenever needed.

The testimonials located on the homepage make it clear the team isn’t just there to sell financial funding products, but also to make sure you get the best rates and terms possible, even if it delays approval by a day or two.

Interested in Letting OneBox Fund Your Business?

You can contact them right now for more information here, or if you’re interested in applying via the web, you can download the PDF application and submit via the email and fax information supplied at the bottom of the form.

 

 


October 10, 2017
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Whenever a person is out of cash or needs money for a business, applying for a loan is the best solution. When you are qualified for taking a loan, you will instantly receive the money you have borrowed from the lender. On the other hand, having bad credit is a drawback for people who would like to acquire a loan. Since some lenders will look into the credit history, having a bad record may not allow you to apply for business loans or any type of loan.

Debt consolidation loan is becoming the answer for those people who would like to merge all their debts into a single loan, to minimize the expenses on a monthly basis. This loan is a big help for those individuals who have several debts to pay, as they will be able to combine and replace existing debt in a single loan without risking too much of their money.

What is a Debt Consolidation Loan?

Debt consolidation is a process wherein a person will avail one loan which will be used to pay two or more debts. With this loan, individuals can pay their several loans with only one monthly payment, since all the debts are combined into one. A debt consolidation loan can also be good for people with bad credit, since they can pay their debts using the loan and will only have to pay once every month with a fixed interest rate.

Furthermore, if you are someone who would like to acquire a debt consolidation loan but does not know how, here are the things you need consider when applying for this loan.

  • Check your earnings – this is one of the requirements that a lender will look into before he or she approves your debt consolidation loan. The creditor will check if you are capable of paying the loan. Your earnings can be the basis for whether you can apply for loan consolidation or not.
  • Records for payment – a creditor will also look into your records when it comes to paying debts, in order to identify if you have bad credit or not. This is another requirement that you should comply with when you are applying for a debt consolidation loan, as the creditor will look into your records to understand the way you pay.
  • Steadiness – another requirement needed when you are applying for a debt consolidation loan. The creditor will see if you have stability when it comes to your home and work.

When you apply for a debt consolidation loan, you always have to consider the requirements to avoid problems and have the loan be processed smoothly. Bad credit may cause setback when applying for a loan however, if you work within the demands and requirements of the loan, you may be able to get it in no time. OneBox Funding experts will guide you through all the steps of acquiring a debt consolidation loan.


October 2, 2017
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One of the most common questions by many business owners is how much money should be asked for when applying for a business loan. This loan serves as a great working capital for them. So, they are quite eager to apply for a particular business loan.

When you are deciding how much money you are going to ask for, you need to be very careful. If you fail to choose the right amount, you could be facing a business dilemma. Fortunately, there are plenty of ways you can try in order to figure out how much money you can ask for your next funding.

DETERMINE YOUR PURPOSE BEHIND THE BUSINESS LOAN

Whether you are launching your startup or you need a working capital for the improvements of your business, a business loan is very useful. If you can successfully get a loan for your business, it will be easier for you to find new resources, provide your employees valuable training and gain significant benefits.

If working capital is the reason for applying for a loan or for any other purpose, such as business renovations, marketing budget or even paying off your debts. You will be asked to produce documentation that can verify the reason your debt occurred.

WORK WITH A PROFESSIONAL FINANCIAL CONSULTANT

After determining the real purpose behind the business loan, you need to consult reliable financial professionals. That way you can avoid confusion about the right amount you should ask for. As you work with financial consultants, particular financials will be reviewed and then, they can help you determine the approximate amount you will need for working capital.

Remember not to be lazy about understanding your existing financials. Lack of knowledge, bad credit, sloppy bookkeeping can prevent you from receiving a business loan. At OneBox Funding, we offer solutions for all of these matters.

CONDUCT A CASH FLOW ANALYSIS

Conducting a cash flow analysis is one of the best ways to effectively determine how much money you will need for your funding.  This can also help you figure out the length of your loan and the amount you can pay off.

Also, this includes the auto loan payments or mortgage payments. Therefore, with the help of cash flow analysis, it becomes easier for you to develop more variable estimates of how much you will borrow.

CONSIDER THE PAYMENT TERMS

After analyzing the financial situation, you are required to decide how long you want to pay the business loan. This can actually result in producing a more rational figure opposing to the amount you cannot discharge based on your debts or finances.

There are many considerations when it comes to a business loan; and the amount of money you will need to ask for will depend on your purpose, cash flow and time. Make sure to have all these factors in check, to ensure you get a fast business approval. OneBox Funding experts will guide you through every step of the way, so you can start with your working capital as soon as possible.


September 27, 2017
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Acquiring a construction loan for a business is indeed not an easy thing to do. So, this article aims to guide you throught the entire process, from looking for a lending company where you can apply for the loan to getting the money that you need for your construction project. We would be explaining everything to you in detail but first, let us explain what this kind of loan is.

What is a construction loan?

It is basically the amount of money lent to a company for the purpose of constructing a building, which would then be repaid at a given amount of time. This kind of business loan may cover the cost for acquiring the land, the supplies needed and the construction process itself. Hence, this is considered to be a big help for companies who plans to construct new buildings but lacks the funds to do so. Nevertheless, they would be required to prepare and submit documentation. Also, it may take a while for the bank or the financial institution to approve the loan for they need to consider a wide range of things like the profitability of the building that is about to be constructed. They may also look at the condition of the business’ market at present and in the future.

The process of getting a construction loan

First and foremost, you need to look for a bank or any financial institution that can offer you such loan. Then, you would be asked to fill out an application form that includes the projected cost for the project and submit the necessary documentation like your company’s tax returns, your current real estate holdings and the business plan for your construction project. They would then go over your application. In this process, they would look over different variables such as your credit score. This is the reason why you should avoid having a bad credit for having a bad credit can reduce the chance of your loan getting approved. They would also be considering the risk of the loan. Now, in case the loan looks good, then your initial application would be approved.

After that, the terms of the construction loan would then be drafted and it would be sent to you for reviewing. After you have read all the terms and for you, it looks good, then you can sign it. On the other hand, in case you do not agree with a term included in the contract, then you can negotiate it with the institution where you have applied for the loan. Once you have reached an agreement, then you can both sign the contract and that means that the terms of the contract starts to take effect.

You would then be provided with your needed funds as promised and you also need to repay it in accordance to the contract’s terms. You can then proceed with your construction project without worrying about the possibility of you not having enough funds. Just make sure that you choose your loan provider wisely.

 

Need a construction loan? Contact us Here


September 18, 2017
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A Quick Guide to Building Your Credit Score

You probably were not thinking about the possibility of applying for a loan in your bank, hence you did not pay enough attention to improving your credit score. But when a time comes when you would like to start a new business, you will need business loans.

Here, you will be concerned about getting approved but if you do not have an ideal credit score, you might not be able to apply for any loan. Fortunately, there are a lot of ways to improve it at the right time. Here are some:

Ask increase in the limit of your credit

A great and easy to way to increase your credit score is requesting an increase to your credit limit. When you are already a regular customer with an ideal credit history, chances are it will not be long until your request gets approved by the card issuer.

If you are looking to renew from a new credit company, be sure that the new credit offers a great credit limit even for first-time clients. When applying for your new card, it is common to be questioned about previous credit history which can be a blow to your score but not bad enough.

Pay off a chunk of your existing balance

Having a credit card balance should not worry you too much, although it would cost you more in interest payments it can also boost up your credit usage ratio in a very good way. Pay at least even a portion of your existing balance can prove to be a good way to increase credit score.

It is important to find ways to earn an extra profit to keep chipping at your current balance. Doing this is key to decreasing your credit utilization rate to a minimum while increasing your credit score quickly.

Be an authorized user on another person’s card

Getting someone you are friends or family with to authorize you as a user in the use of their existing credit account is a fine option for those not looking to open a new credit card. This can prove beneficial to you in a variety of ways. A good example would be if your friend is the primary cardholder is a regular bills payer, all of their on-time payments can make your record be sky rocket.

In addition to that, your current limit would be added to the other person’s credit limit doubling the rate at which your credit usage ratio would decrease. It is important to note that building credit limit takes a long time but these maneuvers can help boost your score rapidly.

Correct credit report errors

A credit report error could become your respectable scores’ worst nightmare. Spotting an immediate error on your credit reports must be noted and corrected quickly helping you boost your record talk about killing two bird with a stone. Recent studies suggest that 20% of clients that take action with their credit report errors have their scores increased as an effect.