Bad Credit

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 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 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 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.