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Collateral Lending Companies: When Bank Loan Isn’t Likely
You received the bad news: your bank loan application was disapproved. Your poor credit rating was the first reason. The second was that your small business is just new; it has not yet recorded annual revenue that would satisfy the strict guidelines on bank loans. The bank felt that you would have difficulty in paying the monthly amortization. But you need to raise additional funds for your enterprise. If this is the case, you may turn to collateral lending companies in Arizona.
Loan with collateral is your best alternative when borrowing from bank is not possible. First, it does not mind at all if you have bad business credit score. It does not even check if your business is performing well. Most loaning firms that offer collateral loans aim to assist borrowers in surviving or growing their businesses. Additionally, they do not make it difficult for entrepreneurs to apply. The application process is easier with less paper work to submit. Approval is also faster and may be guaranteed because of their precious items.
Collateral lending companies in Arizona accept several pieces from borrowers. It can range from ...
... gold, silver and platinum; jewelry; diamonds; high-end watches; auto title; motorcycle and RV; estate and antique jewelry and high-end electronics and bags. You will even be surprised to know that some organizations will allow you to borrow against artwork; antiques; and sports and music memorabilia. What you deemed as your private home collections are actually your investments.
In case you fail to pay your monthly amortizations, you will have to sell them. If price is more than what you loaned for, you will be given the excess cash. On the other hand, if the amount received from your item(s) is not sufficient to pay off your debts, you will have to raise the deficiency to be able to settle everything.
The process of loans with collateral does not aim to force borrowers to pay; it is the private lenders’ way to secure their capital - which should be understandable to you. Remember, you have bad credit score and your annual profit does not demonstrate financial stability. Put yourself in their shoes and you will know what I mean. But if you make good, you will get back your pricey (or priceless) possession(s). What is most important is that you are given the chance to make your business stable or grow. Banks cannot show this kind of sympathy to loan applicants. They are after the security of their money (which is again, should be reasonable on your part).
Collateral lending companies in Arizona offer lifeline to small businesses. When banks often reject them; they come to the rescue. They provide owners like you with the opportunity to improve or grow your business operations. All you have to do is to entrust to them your most valued possessions. You may search for these firms online; majority of them have websites. You may start your inquiry. But remember to also do background check to make sure that you are not dealing with scammers.
Arizona Based Biltmore Loans and Jewelry offers cash loans in Arizona and is one of the most trusted and reliable company that buy and sells estate jewelry in Phoenix and neighboring cities.
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