Neal Business Funding are the leading Hard Money Lenders in NY
- Approved and Funded Quickly
- Few Lending Requirements
- We lend when conventional banks won’t
Contact Neal Business Funding for a Hard Money Loan 315-699-4703
Ask anyone who’s partaken in them, and they’ll tell you that the main problem with short term loans is that the interest rate spike hard and fast. Typically speaking, the interest rate for a short term loan is about 3-5% per month, which is a very big number if you break down the numbers. Obviously, you have to repay the debt, but it can seem impossible when you watch that number grow and grow over time. Luckily, there are strategies you can undertake before taking out a loan with Hard Money Lenders in NY that will help cushion the blow of the interest rate.
Have a Financial Safety Net
This is absolutely paramount as a precaution when you go in to get a loan. Almost immediately you’re going to be hit with not only the interest rate but also upfront fees and other fees along with the way that will add to the amount you need to pay. You’re going to need a backlog of money saved for a rainy day, like when income dries up and repayment is due. Make sure that you have a good amount of money saved up before you go in for a short term loan, as it may just save your skin when you need it.
Find Ways to Drum Up Business
If you’re looking for a short term loan, chances are you own a small business, as small business owners are the most common customers of short term loan companies. The most consistent way you’re going to pay back that loan, then, is by making sure that business stays consistently good month to month. Find ways, strategies and advertising methods to help drum up your business. If you have a good steady business this is still recommended, as more business means more revenue, an objectively good thing in this scenario.
Build Up Personal Savings
Not only can you have a financial safety net, but you can also have a personal one. While your company may build up the necessary savings for a safety net, you can provide a backup by saving a bit of money on the side, so if you need to pay back the repayments yourself for a month or two, you can. This will give your company time to recover from a bald spot on top of last month’s payments, and now you can be prepared for next month. Like with the other three, this still relies on the gamble that enough business will come in to provide you with that revenue, but if you have a steady business, then there isn’t any problem.
For more information about Hard Money Lenders in NY, contact Neal Business Funding.