Funding your business can be a stressful endeavor. From figuring out which lenders are reputable, to deciding how much for to apply, there are many opportunities to falter in your decisions if you are not well-informed. Luckily, there are a myriad of great financial apps to help you fund your business. *
Credit Score Apps
One of the most important factors that a financial institution will consider when deciding whether to loan you money is your credit score. For this reason, maintaining a good credit score is incredibly important. The following apps help you to maintain an excellent credit score.
Your personal credit score can be as high as 850, with a score of 750 and above being termed “excellent.” You can check your personal credit score with these apps:
• Equifax
• Experian
• TransUnion
Your business’s credit rating is judged on a scale of 0-100, with 80 and above being considered “great.” You can check your business’s credit score using the following apps:
• Dun & Bradstreet
• Equifax
• Experian
Apps for Additional Funding
If you made the mistake of not applying for enough funding, you can utilize an app like Kabbage to obtain additional funding right from your phone. You can qualify for up to $250,000 in less than ten minutes, and don’t have any obligation to use the credit you qualify for, making it a great “buffer” for your financial needs.
Apps for Varying Funding Needs
One of the worst blunders you can make when applying for funding for your company is to not understand all of your financing options. There are lenders for almost any scenario and finding the best one for you will likely take some research. Below are some common funding roadblocks and apps that may help.
• If your business’s credit score leaves something to be desired, you may want to use an app like Fundbox, who specializes in financing businesses with low credit scores
• According to The Hartford, BlueVine provides fast financing options with high funding ceilings for when you need cash quickly
• OnDeck Simple Business Financing is a well-rounded lender, with fast loan approval. They offer loans up to $500,000 with AIR as low as 9.99%
• If you’re looking for a lender with flexible payment options, you may want to consider Biz2Credit, which offers loans that can be paid back in more than five years.
For every financial stumbling block, there is an app that can help! Regardless of where your business is in its financial life, staying aware of the options available to you can help take the headache out of funding your business, so that you have more energy to focus on running it.
It is our recommendation that you stay away from loans/cash advances where credit card receipts are used to pay toward the balance daily. These usually carry high fees and can put you into an even more cash-strapped position than you are in already.
*Please note that Affordable Bookkeeping and Payroll is not personally recommending these apps, as we have not had clients use them. We are only sharing information so others are aware of the options available.
