Credit Cards

Credit Builder

The easiest way to get credit for your business is through a business credit card.

Start building your business credit, then Get working capital for your business regardless of your credit, and then Finance your businesses equipment.

The CitiBusiness Card and CitiBusiness with Thank You Points Reward Credit Card has been Discontinued.

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Business Credit Cards with Rewards

What's Right For You?

Choosing a Loan That's Really Right For You

When it comes to choosing loans, choices are many and in fact choosing can be a bit confusing. One of the things you should know before choosing a loan is that loans are categorized according to types. Different types of loans are designed to match the specific financial needs of borrowers. Each loan type presents different options for you. Let's consider the basic points you should know about loans available in the market.

Secured Loans and Unsecured Loans

Secured loans are ideal for bigger financial projects. These loans can use property, business equipment, cars, mortgages etc as collateral. In case of default, the lender has the right to foreclose the property or take possession of the collateral submitted. For this reason, secured loans are also granted for those with less-than-perfect credit scores. The collateral they submit serves as protection for the lender in case the borrower fails to complete the repayment on his loan.

Take note that you are putting your home or your property on the line when you obtain a secured loan. To ensure that you will not lose your property, utmost care must be taken on keeping up with your payment obligations. Despite the risks, many borrowers still prefer to apply for a secured loan because it gives more flexibility, greater approval rates and in many cases (depending on the collateral) more loan options.

On the other hand, unsecured loans do not require any form of security to be submitted. Unsecured loan lenders however may require their applicants to have an excellent credit rating to be approved. If you have a high credit score, you may have no problem getting an approval for an unsecured loan.

Fixed Rate and Variable Rate Loans

Loans can also be categorized based on the interest rates they offer. Fixed-rate loans generally are slightly higher than variable rate loans. Still, a fixed-rate loan will give you the assurance that the interest rate of your loan will not change regardless of the Prime Rate in the market. With regards to variable-rate loans, the interest rates may start low but is subject to change depending on the Index Rate.

If you're thinking of getting a long-term loan, it is recommended to look for a fixed-rate loan with reasonable charge. This way, you know exactly how much your monthly payment would be for the entire duration of your loan's term. Settling with an adjustable rate loan because of its low interest rate can mislead you. You might be surprised that in the middle of your loan's term, the interest rate could change or soar.

Guaranteed Approval Loans

What about guaranteed approval loans? These loans are created to cater those with bad credit problems. They are also called cash advance loans, or payday loans. These loans are guaranteed approval as long as you have a job and generally make about $1200 a month. If you're in need of a loan immediately, a guaranteed approval loan can help you. Take note however, that instant approval loans or bad credit loans are usually accompanied by high interest rates. If it is possible for you to work on improving your credit first before securing a loan, then that should be your first move.

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Start Up Business Credit

Startup Loans For First Time Business Owners

Being a newcomer in the business industry can be tough. For one, an entrepreneur needs a stable source of financing not only for establishing the business or getting started but also in keeping the business alive.
True, a sufficient funding is one of the keys to a successful business. With this said however, most new business owners start up with only a limited budget. Experiences show that many of them have been successful in their respective endeavors. How were they able to survive?

Business start up Loans For Newbies

Aspiring entrepreneurs are not alone with their struggles. It is good to know that there are a number of start-up financing options available for new business owners. Regardless of the type of business you're in, surely you can find a business start-up loan that's right for you. Let's consider some of your choices:

Bank Loans

Bank loans are traditional funding resources that can provide a significant financial assistance for a business. Nevertheless, a few may hesitate to seek a bank loan because the process can be more complicated and lengthy compared to other business financing options.

Generally, banks require a business to submit a well-defined business plan that clearly presents the nature of the business, the type of business proposed, the business's target market, the business's owner/s, its financial capacity, and other important information. Aside from this, a business needs to submit proofs that it has been approved by the government and that it has completed all licensing and registration procedures required by the State. Banks also check credit reports to determine one's credit worthiness.
Despite the strict regulations, bank loans are ideal because a business can obtain a bigger amount of funding. Typically, bank loans can be paid for a longer repayment period which gives a business more leeway as it tries to establish itself in the market. Preparing the required documentations, having the right business plan and an excellent credit report should make the process easier for those who would like to apply for a bank loan.

Business Equipment Loan

A business equipment loan provides financing assistance specifically on the production aspect of the business. Purchasing equipment can be very expensive and can eat up a large portion of the business's budget. With a business equipment loan, an entrepreneur can borrow a sum of money to purchase equipment or machineries needed for the business. This type of business loan is secured using the equipment purchased as collateral. Throughout the loan's term, the owner can pay off the money he borrowed for the purchase of equipment in easy installment payment.

Business Equipment Leasing

Another ideal start-up financing resource is business equipment leasing. Instead of buying new equipment, a business may choose to lease or rent equipment from a leasing company. This eliminates the need for purchasing brand new equipment or devices which are obviously more expensive.

Leasing enables a business to start its operations immediately even with a limited budget. Just like an equipment loan, an equipment lease can also be paid in installments. However, with an equipment lease, a business has a choice of owning the equipment or returning the equipment to the leasing company after the lease term.

Need Financing For Your Business?

Getting A Better Credit

Simple Steps To Better Credit

Ordering a copy of your credit report is just the first step in protecting your credit. Analyzing the information contained in your credit report and taking action are the more important steps for you to take. Are you up to that challenge of using your credit report in improving your credit standing and increasing your credit score? If yes, then use this credit report guide that will help you face up to the challenge.

Be a responsible payer. Obviously, the best way to boost your credit is to be a responsible borrower. This means, you should not only strive to pay your debts but to always submit your payments on time. This may seem like a really easy step but putting it into practice can prove to be harder than you think. If you're really serious about improving your credit score, paying your debts on time should always be your priority.

Don't get too many credit cards. Owning several credit cards will not do much in improving your credit score. In fact, too many credit cards can even cost your credit score to drop if you keep incurring unpaid balances on these cards. Having just one or two credit cards should be enough to help you build credit. It will also help you put your credit card usage under control.

Pay off your credit card balance in full. If you are in the habit of paying only the minimum due, you're putting yourself at risk of mounting debts and lowering your credit score at the same time. Carrying over your balances from month to month costs you additional interest payments which you can altogether avoid if you completely pay off your balance by the end of the month. Think about how much you can save and what a big improvement it can make on your credit score.

Choose creditors wisely. Whenever you're applying for a credit card or a loan, take the time in researching and comparing different lenders. It is so easy to believe what the ads say. All lenders promise to give you the best deals but only few can live up to their promises and it is up to you to find them.

Control your spending. When it comes to avoiding debt problems, everything all comes down your spending habits. How well you manage your earnings and how you control your expenses makes a big difference in building your credit. The key is to use only your credit cards on important expenses and to know your priorities. If you're not going to borrow more than what you can afford to pay back, you should have no worries about not being able to pay your debts at all.

Be aware of what your credit report says about you. Check your credit report at least once every six months to ensure that there are no false charges or inaccuracies. This will help you maintain your good credit standing. In case there are errors to be corrected, checking your report will enable you to make a dispute right away and have this potentially damaging information removed from your credit report.

The Basics on Personal Loans

Every once in a while, each one of us is confronted with a financial need and in order to meet this need, obtaining a personal loan is a must. Sometimes, you need the money to buy a car, improve your home, go on a trip, or start your own business. Whatever your reason is for taking out a personal loan, here are the basic things that you should know about it:

Secured loans and Unsecured loans

Loans can be classified as either a secured or unsecured loan. Secured loans usually come with a lower rate of interest but you would be required to submit collateral such as your home in order to be approved. On the other hand, an unsecured loan may come with higher interest rates but you won't have to submit a security for your loan.

Most people prefer to get a secured loan because they are more affordable for their budget and tend to have higher credit limits. Nevertheless, some people dislike the idea of putting their home on the line so they choose to apply for an unsecured personal loan. Your choice would really depend on your needs and your capacity to make payments.

Fixed-rate and Variable-rate Loans

Loans can also be defined based on their interest rates. Fixed-rate loans may cost slightly higher than variable-rate loans but you can be assured that the amount of your monthly mortgage will not change all through-out your loans term. Meanwhile, loans with a variable rate of interest may start out real low but they are also bound to change and increase as the Prime Rate in the market increases. If you need your payments to stay the same for the life of the loan, then you're better off with a fixed-rate loan.

You and lenders

There are thousands of personal loan providers on the market and each one them promises to give you the best deals. But don't simply rely on what the advertisements tell you. Do your own research. Check on the history and background of the lending company. Inquire about its policies on lending. Find out all the costs that are associated with your loan and don't just compare the interest rates alone.

Prepare your paperwork. Know the requirements you'll need to submit in order to get approved. If you're going to apply for a secured personal loan, you'll need to submit more documents. Preparing them in advance will enable your application to get processed and approved more quickly.

Alternatives to Personal Loans

Also, before applying for a loan, consider what other options are available for you. For instance, will a credit card be a more practical choice for your current financial need? Is it really necessary for you to get a loan at this moment? Will you be capable of keeping up with your payments? Make sure that you are ready to take on your obligations as a borrower especially if you're applying for a secured loan. Remember, you can lose your home or whatever collateral you put up for security if you fail to keep up with your lender's repayment terms.

Factoring Explained

Invoice Factoring Basics Explained

Budgeting or business financing can be considered as one of the biggest challenges that all businesses must face. Sellers often need to wait for 30 to 60 days before their customers complete their payments. Because of this, a large portion of the business budget is often tied up in the customer invoices. For businesses with a limited budget, this could pose a big problem. If you're an entrepreneur, what can you do solve this problem?

The Role of invoice factoring

When working capital is not available, your existing invoices can help you save the business. How? By acquiring invoice factoring services, you can take out the cash advance you need from your unpaid invoices.

Invoice factoring is also known as account receivables funding or purchase order financing. This is done by selling your invoices to a factoring service provider. Thus, instead of waiting for 60 days until your invoices are paid, you can take out the cash advance you need right when you need it.

How does accounts receivable factoring work? Rates may vary from one factoring company to another. The average rate given by most companies in the market is usually 80% cash advance from the total amount of the invoices submitted. Other factoring companies may give only 70% cash advance while others may offer a higher cash advance of 90%.

After receiving your cash advance, your factoring company would take charge over the collection of payment from your customers. When your customers have completed their payments, you will receive the remaining percentage or rebates from the invoices you submitted. In case your customers failed to make repayment, the rebates will be lost. This is why business owners should choose the invoices for factoring with care.

Accounts Receivables Factoring and Your Business

Factoring business invoices is a popular method of financing used by both small business and large companies alike. This is because invoice factoring is a lot easier to obtain than trying to apply for a bank business loan.

Any type of business can acquire account receivables factoring services as long as they have already been in the operations for at least two years. This is a common requirement for most factoring service providers. The products listed on the purchase order you'll submit must also be delivered and received by your customer.

When your accounts receivable factoring application has been approved, the cash advance can be sent through wire money transfer or through your bank account, depending on the factoring company. The funds can be obtained on the same day or for as little as 5 business days. Afterwards, your customer will receive a notice from your factoring company informing them about the factoring process. Many business suppliers are already familiar with the concept of invoice factoring so this should not be a problem.

Again, we emphasize the importance of choosing invoices from your good customers only. Customers with good credit history and who have been loyal clients of your business are the perfect candidates for invoice factoring. This is because you can be sure that these customers would complete their payments from their purchase orders.

Invoice Factoring Basics Explained