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5 Ways Credit Rating Is Vital for Small Business Financing

Posted onAugust 06/2018By

The small business market is a highly competitive sector of the economy. Securing a favourable financing arrangement is an important factor in starting the business, and in continually growing the business. One thing your business should aim for is qualifying for an interest rate on the lower end of the spectrum. As well, consider the duration of the financing arrangement and the frequency of payments. Another significant aspect is whether the arrangement allows for intermittent lump sum payments, which can lower the term length of the loan. Whichever financing arrangement you choose, these five points below will help guide you to a better understanding of how credit rating is vital for small business financing. Get funding to grow During the process of setting up your small business financing, ensure that the total amount covers not only the expenses needed to start the business, but also expenses you are projected to…

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How to Build Your Credit Rating Without Getting a Credit Card

Posted onJuly 17/2018By

Studies project that one out of every three millennials will never own a home. The projections indicate that this population segment of millennials will still be renting apartments or housing when they retire. Housing prices are soaring, which means that the sizes of a potential deposit are soaring as well, and the cost to rent a home or apartment is spiralling out of control. Millennials, the generation typically defined as the people born between the 1980s and the late 1990s, don’t have the economic means to enter the real estate market. Even more troubling, an alarming number of millennials have a poor credit score — or no credit rating at all. This can add yet another barrier to potential homeowners. Some millennials have poor credit scores even though they are consistently making monthly rent payments. An Explanation of Credit Ratings A credit rating, in its simplest definition, is a number…

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