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Whether you are seeking personal finance for a home or a car, or a business loan to initiate or expand your business; RS4RP can help you access optimal funding.
At RS4RP, we explore and educate our clients about the different funding possibilities, for both personal and business purposes. Instead of leaving things to chance, we work towards ensuring funding for you.
We specialize in understanding the underwriting guidelines and have you set up in a position of strength before hand. By making sure you qualify for funds upfront, we ensure smooth transition into the world of good credit and functioning of your businesses.
Individuals who live the ‘good’ life with good credit can now personally guarantee if need be’, with no hesitation or complications.
Some Important Steps to ensure Funding:
1. Proof of Income:
All potential debtors must show their income statement of past two years, and recent pay stubs that show amount of income. Borrowers also need to disclose any additional income, such as, alimony, bonuses, etc., and a statement of your tax returns for at least last two years.
2. Proof of Assets/ Balance Sheet:
You may need to present various bank statements and investment account statements to the potential funding agency. Your balance sheet is a measure of your financial worth, and a good balance sheet can help you get an affordable loan, collateral loans being the most economical loans.
3. Good Credit Score:
Credit Score is the most important measure to determine your credibility. Most lenders are keen on offering low interest loans to borrowers with score of 650 or above. Anything less than 680 will cost you a higher interest rate.
4. Employment Verification or Tax returns:
Lenders want to minimize their risks by lending to borrowers with stable jobs only. They may call up your employer to confirm your salary and nature of your employment. In case you switched jobs recently, they may even call your previous employer to check on you. Self- employed borrowers need to provide additional documentation to prove their business and income. Usually up to three years of tax returns.
5. Documentation and Paper Work:
Obtaining funding requires a lot of paper work and documentation. You’ll be required to submit a copy of your social security number, driver’s license and your signature; for lender to pull a FINAL credit report. You will also need Pre-approval session and then actual lending session, both require lots of documents and proofs.