These loans can be used for any purpose, offer fixed terms, and are paid back in monthly intervals at a fixed interest rate.
Unlike business loans that require 1 or 2 years in business and established revenue, personal loans only require good personal credit and a relatively low debt-to-income ratio. For new businesses, personal loans are a great way to secure financing with low rates and long payment terms.
Make sure you have access to your last year's tax returns, W-2, or recent pay stubs if employed or last 2 years tax returns if self-employed.
Set up an appointment with a Betterfin financing specialist by phone, email, or direct link.
Betterfin can get you submitted and funded within two weeks. Betterfin's service is completely free of charge. We are paid by our lending partners.
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Yes. Applications are accepted for individuals with a FICO score of 650 or higher, but 680 or higher is optimal for securing funding.
Yes. Other criteria are listed below:
- Minimum of 4 tradelines
- Max 50% credit utilization
- No major derogatories
- No more than 4-5 recent inquiries per bureau
- Debt-to-Income Ratio < 40%
If you are employed:
Last year’s W2, or
Last year’s tax return, or
Last 2 recent pay stubs
If you are self-employed:
Last 2 years’ tax returns
The average loan is $60,000, but these loans can fund up to $500,000.
The average time to receive funds is 2 weeks.
There are no down payments, upfront fees, or collateral required.
There is a negotiable 9%+ closing fee that is paid as a one time cost out of the loan proceeds after funding is completed. You may use the loan to pay it and make monthly payments on it to the lender.
No. There is a minimum of one installment that must be paid, but there is no early repayment penalty after that.