I have had a professional and personal relationship with Jason Hagen and others as MSI Lending, MSI Financial and World Group Securities for several… 11. Guardian Savings Bank. 501 Southland Dr Lexington, KY 40503. Bluegrass Mortgage, Inc. 2808 Palumbo Dr Ste 200 Lexington, KY 40509. Kentucky Mortgage Company.

Does my personal credit rating affect business loan application

Borrowers can take more than one loan. However, you are not allowed to renew or extend the term of a loan since all loans should be repaid on time. You can take a new loan while still repaying the old loan as long as you pay 25for the latter. Of course, this would mean additional fees. Its always vital for a borrower to be very attentive to details and thoroughly read the fine print. Ensure you underrated all the details of a loan before signing anything.

Does my personal credit rating affect business loan application

Lenders are within their rights to file reports with the three major credit bureausвЂExperian, Equifax and TransunionвЂif you fail to repay your loan.

This negative remark will lower your credit score and may make it impossible for you to obtain short term loans or other forms of credit in the future. However, once you have repaid your debt to your lender in full, this will be reported to the credit agencies and the negative remark will be removed from your credit history.

Does my personal credit rating affect business loan application of the lenders in our network participate in what is known as automatic loan renewal. Simply put, if your loan is beyond a specific amount of time past due, your lender will rollover your loan. This may be offered to you in addition to options like repaying your loan in full at a later date or repaying your debt in installments over time.

The minimum term for an automatic renewal is 15 days and you will likely be required to pay renewal fees and additional interest charges.

Does my personal credit rating affect business loan application