Smart ways to fund your small business

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This is the third in a five-part series on small business success. Part Two: “You Built It, Why Didn’t They Come?

 

Questions about money come with the territory when you’re starting a small business. At first, it’s “How will I come up with the money to launch my business?” Then it shifts to “Where can I get the money to stay afloat in the early months?” and then to “Have I got what it takes to persuade someone to finance my business’s growth?”

 

As you can see, different dollar questions connect to different stages in the creation of a small business.

How Much Money Does It Take to Start a Business?

You don’t necessarily need a lot of money to get off the ground. According to the Small Business Administration (SBA) Office of Advocacy’s February 2022 report, just over half (50.9%) of all new small businesses start with less than $25,000 in funding. Only 12% of businesses use over $250,000 to start.

 

In fact, when it comes to small businesses (defined by the SBA as having up to 500 employees), 24% of them got started with less than $5,000, which is the largest group in the report. The SBA says 11.7% of the businesses started with $5,000 to $9,999, and 15% started with $10,000 to $24,999.

 

After you’ve been in business for a while, how hard is it to get financing? That’s become a hot topic. According to a June 2022 news report from the SBA, businesses are trying to ramp up post-pandemic, but banks aren’t always recognizing the needs.

 

“Demand for small business loans is gradually increasing while banks continue to tighten supply, albeit at a slowing pace,” said the SBA report. “The share of small firms that received the full amount of debt financing requested declined across all firm sizes in 2021 compared to 2019. The largest decline was in firms that have 1-4 employees.”

 

Small businesses need help. The SBA says that small businesses borrow mainly for four reasons: to start a business, to purchase inventory, to expand, or to strengthen the firm’s financial health. It can be a challenge to find the funding you need at any stage, but the more you know about this world, the better you’re positioned to make the right moves at the right time.

How Much Money Does It Take to Start a Business?

Small Business Funding: Debt vs. Equity

Basically, there are two types of funding available to small businesses—debt financing and equity financing. Both types have pros and cons.

Debt Financing

You are most likely very familiar with debt financing, even if the phrase is new. Purchasing a home, buying a car, or using a credit card are all examples.  With this financing, you are taking a loan from a business, a person, or another entity and pledging to pay it back, usually with interest. Many business owners, sooner or later, apply for a small business loan from a bank or other lender. Here’s a list of the types of debt financing:

  • Term loans
  • SBA loans
  • Business lines of credit
  • Invoice factoring
  • Business credit cards
  • Personal loans, usually from a family or friend
  • Peer-to-peer lending services

The advantage to debt financing is you can strengthen and expand your business thanks to this inflow of cash. And the lender has no control over your business. Once you pay back the loan, your relationship with this funder is over.

 

The downside is you must pay back your debts on time to avoid catastrophe to not just your business but your credit and sometimes worse if collateral is involved. Debt financing is unquestionably risky if you are not profitable.  If you take out a small business loan and you turn no profit, you’ll still have to pay back the loan plus interest.

Equity Financing

When you’re talking about equity, you’re talking about investors. You could be offering shares of your company to family, friends, and acquaintances in your networks in exchange for money. Depending on the planned size and scope of your startup, you could be pitching your dream to venture capitalists (employees of risk capital companies who invest money in companies) and angel investors (individuals who offer their own money in exchange for a piece of the business).

 

The forms of equity financing are:

  • Crowdfunding (such as CircleUp, EquityNet, WeFunder, and Fundable)
  • Angel investors, high net worth individuals who provide capital for startups
  • Venture capital firms, individuals, or companies that invest in young businesses

“The amount of venture and angel capital are a relatively small part of business financing,” says the SBA Advocacy report. However, the trend is on the upswing.

 

The chief advantage of equity financing is that there is no obligation to repay the money acquired through it. So you’re not going to spend sleepless nights worrying about loan payments and soaring interest. However, you are giving up some control of your business this way. In order to gain funding, you gave investors a percentage of your company. You’ll have to share your profits and consult with your partners any time you make big decisions.

How to Fund Your Business Idea

Where do most small businesses come up with their startup financing? THE SBA Office of Advocacy breaks it down:

  • 75% Personal savings
  • 19% Bank loan
  • 10% Personal credit card
  • 7% Other sources
  • 6% Business credit card
  • 6% Home equity
  • 2% Government loan

How to Fund Your Business Idea

Traditional debt financing can be tough if you’re still in the planning stages. No matter how amazing your idea is and what kind of killer business plan you’ve written, it’s not realistic to expect to automatically get a loan from a bank before your venture is off the ground. Not unreasonably, banks want to see some revenue first. Some say you’ll need six months of operation before you’re in a position to apply for a small business loan. Others say you’re likely to need at least a year in business. Still others say you’ll be required to show two years of operation.

 

But these rules are not set in stone. “You can get a business loan at the beginning of starting a business,” says DeLisa Clift, a certified mentor with SCORE, the nation’s largest network of volunteer expert business mentors.

 

“The ideal time to seek funding is when you know that you have a viable product or service that is needed and wanted by customers,” Clift explains. “You need to develop a business plan that is written to attract loans from financial institutions, family and friends, and other investors. Another ideal time to seek funding is when the business is in the growth phase, and you are looking to add more products or services and to expand your business into new markets. You can also look at non-traditional banks like Community Development Financial Institutions (CDFI) for funding solutions.”

 

The options for getting money to support your business are:

Self Funding

Many people use their own money to pay for early expenses. It can be scary to watch your savings go down. On the other hand, you won’t lose control of your business to investors or be on the hook for a loan. And it shows passion for your idea to commit your own money.Some people say it’s smart to keep a traditional full- or part-time job while starting your business as a side hustle. But bear in mind that being overly cautious might stifle growth. In your business plan, come up with a strategy for growing your business to the point that you can quit the day job.

Friends and Family

This is a popular path to raising money for your business. Perhaps it will come as a no-strings donation, or maybe the financial support will take the form of a loan, or even an offer of money in exchange for equity. There’s an obvious drawback, however. Mixing money matters with friends and family can end in tears.

 

Ken Colwell, author of the bestselling book Starting a Business: QuickStart Guide, says, “I always recommend what I call the Thanksgiving Dinner test. Imagine your business doesn’t work out, and you lose all your investment funding. Would that ruin your Thanksgiving dinner, or would your family be okay with it? Is the money you’re borrowing immaterial to them, or are you risking their entire life savings? Think carefully about these questions.”

 

Tip: For every dollar that a friend or family member gives to your business, you need to put the understanding in writing.

Crowdfunding

There are different types of crowdfunding financing available for startups.

 

Rewards-based crowdfunding: Supporters make donations to your business and receive a token of your appreciation in return. Example: Kickstarter.

 

Equity crowdfunding: Supporters receive equity in your company while expecting future returns. Example: Wefunder.

 

Debt-based crowdfunding: Supporters give you a loan, which you pay back on a prescribed schedule with interest or fee. Example: Mainvest.

 

Running a winning campaign can give you a big boost. However, not all business ideas are a good fit for crowdfunding.

 

These campaigns demand a lot of time and effort, and it’s hard to stand out in the crowd. And you may need to wait a bit for the campaign to close and money to materialize.

Debt Financing

While a Main Street bank might shy away from giving a loan to a startup, there are strategies and options to explore, even if you’re in the earliest stages.

Business checking account

You won’t get a loan or investment of money this way, but it will establish your business, especially if you link it to a Paypal account or other system that shows money passing back and forth. Three months’ worth of business checking account activity can help you build a case for yourself to get debt financing.

Business credit card

business credit card can give you a cash influx, and some are available for entrepreneurs just getting started, if your credit is strong. The interest could be high here, so be careful. There are cards with 0% APR introductory financing. See if you can qualify for one of those. But always scrutinize the fine print for fees.

Microloans

Yes, there are loans available for startups, but they’re not a shoo-in to get. With a favorable credit history and an excellent business plan, entrepreneurs can sometimes obtain microloans for small businesses, typically up to $50,000.  Microloans are offered by nonprofits, individuals, and alternative lenders. The purpose of a microloan is to provide entrepreneurs who otherwise wouldn’t be eligible for a business loan with access to affordable working capital. They are used to fund business ideas, expenses, or expansion. And yes, microloans have to be repaid with interest. Moreover, you may be asked to offer collateral or a personal guarantee, depending on your credit rating.

 

SBA’s Microloan program provides direct, government-backed loans to intermediary microlenders who can then offer borrowers necessary funding and training to start and run a small business. Some programs are specific to women, veterans, and other underserved communities. SBA loans are desirable because they often have lower interest rates than other business loans. However, practice patience. Receiving a microloan can take anywhere between 30 and 90 days.

 

Other microloan programs include Acorn, Kiva, and Rising Tide.

Peer Lending

Peer-to-peer lending programs eliminate the bank as a middleman, making it easier for borrowers and lenders to connect via online platforms. For many borrowers, this financing offers faster approval and financing. For investors, it can be an opportunity to support businesses they believe in. The downsides: Limited regulations on peer-to-peer business lending and Interest rates can vary greatly depending on a borrower’s qualifications

Business lines of credit

Business lines of credit are similar to business credit cards. A line of credit gives you access to a set amount of funding, and you can spend as needed up to the limit. Once you repay what you withdraw, you can borrow funds up to your credit limit again. It’s possible to get a business line of credit after you’ve been in business for six months. Note: Business lines of credit have interest rates and possibly fees.

Loans for Equipment Financing

Having the right equipment could be crucial to your success, whether you’ve opened a restaurant or an accounting firm. But because of how pricey it can be, many small business owners lack the funds to purchase essential equipment and machinery. Some startups can successfully obtain a small equipment loan. It helps a lot to have good credit.

The Importance of Business Credit

Having a good credit score makes all the difference when getting your small business off the ground.

 

If you apply for any kind of business loan, the lender will look at both your personal credit score and your business credit score if you have one. Minimum requirements vary widely, depending on the lender and type of loan. But, generally, a good personal score to get a business loan is 720 and above, while a good business credit score is often 80 or above.

 

If you’re wondering about your business credit score, your business credit is linked to you by your Employer Identification Number (EIN), which is how the government recognizes your business for tax purposes. You can check your credit score through Experian, Dun & Bradstreet, or FICO. Tip: None of them allow you to check it for free, but you can do so during their introductory offer period.

 

Each of these business credit bureaus uses a slightly different “formula” for determining your credit score for small business loans, but the factors are:

  • How much debt your business has compared to its available credit
  • Whether you pay bills on time
  • How old your credit accounts are
  • Your industry
  • Your company’s size

Clearly, the better your business credit, the more opportunities you will have to grow your business. When considering funding options and risk vs. reward, always keep your business credit score in mind.

 

Learn More:

This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.

 

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Small business grants for veterans

 

After serving in the military, many veterans turn to small business ownership. The appeal of creating something from scratch and doing what they love has attracted millions of vets to become entrepreneurs in the United States. But as you know, running a business typically has a hefty price tag attached to it.

 

Funding one can include small business loans for veterans as well as small business grants for veterans. There are pros and cons to both types of funding, and small business owners may rely on a combination of the two. We’ll cover information to help you better understand small business grants for veterans, including:

  • What small business grants for veterans are
  • Where to find small business grants for veterans
  • How to get a small business grant for veterans
  • General eligibility requirements
  • Other funding options for veteran business owners
  • Additional training and resources for veterans

Related: Pros & cons of working after retirement

 

Drazen Zigic / istockphoto

 

When it comes to finding money to help you launch or grow a business, you have a few options. One is a business loan, which needs to be paid back over time. You can also seek investors who, in exchange for giving you capital, will typically then own a piece of equity in your business. Your third option is a small business grant.

 

Unlike a loan, a grant doesn’t usually have to be paid back. It is essentially debt-free financing that allows you to have the capital you need to start or grow a business. Almost any business can apply for a grant, but there are some grants specifically geared toward veteran-run businesses. Given the amount of competition the average federal grant sees, you may have more of a fighting chance of getting one if the pool is limited to only veteran business owners.

 

Grants provide capital that can be used for many purposes in a business, from covering startup costs to allowing you to hire employees. You could use the funds to buy equipment or technology that helps you work more productively — it all depends on the grant itself.

 

Olivier Le Moal / Getty

 

There are many government small business grants available to veterans. It’s just a matter of knowing where to look in order to find the right one for you and your business. Whether you’re seeking small business startup grants for veterans or business grants for disabled veterans, here are some resources to get a start on your search.

 

DepositPhotos.com

 

Grants.gov is a large database of all the federal grants available to anyone, including vets. You can search by agency, category or eligibility. Each grant has different eligibility requirements, and only certain types of organizations may apply. It’s important to read those requirements carefully to make sure you qualify.

 

 

Another database to spend some time on is GrantWatch. Here, you can find grants from federal, state and local government agencies, as well as foundations and corporations in each state.

 

 

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Most states have web portals with resources for veterans living in that state. For example, California’s CalVet lists resources for veterans and service-disabled vets, which may include self-employment grants for service-disabled veterans. You can also find local Veteran Business Outreach Centers (VBOCs) by zipcode here.

 

 

Motortion / istockphoto

 

There are small business grants for veterans in a variety of situations, from disabled vets to those starting a brand new business. Requirements will vary, but most require you to be a veteran, reserve or transitioning active duty member of any branch of the U.S. military. Some grants are also open to spouses or children of military members.

 

 

Zinkevych / istockphoto

 

To apply for a grant, first review the eligibility requirements to ensure you meet them. Pay attention as well to deadlines so you don’t waste time filling out paperwork for a grant that’s already closed its window for applications.

 

 

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Gather the required paperwork, which might include a business plan, financial statements or mission statement. Next, allot plenty of time to write your grant proposal and/or fill out the application. You may be asked how your business started or what you plan to do with the funds. Answer honestly, but don’t be shy about singing your company’s praise. This is your opportunity to display what is unique about your business.

 

 

DepositPhotos.com

 

Finally, carefully review your application and make sure you included everything required. Proofread your proposal, maybe asking a colleague to provide a second set of eyes. You want your application to be as flawless and engaging as possible.

 

You may also consider hiring a grant writer. This is someone who fills out grant applications for a living. They will likely be more familiar with the process and what reviewers are looking for in an application.

 

Prostock-Studio/ istockphoto

 

Grants are often difficult to get, with so much competition for each of them. You may still have other financing options, many of which are also geared specifically for veterans.

 

 

istockphoto / yacobchuk

 

While you may qualify for any business loan, when applying for small business loans, look for those that offer preference to vets. StreetShares, for example, offers both small business loans and lines of credit at low rates for veterans.

 

The SBA provides a variety of small business loans for veterans, including the Military Reservist Economic Injury Disaster Loan program, which provides capital to eligible small businesses to cover expenses it couldn’t otherwise cover because an essential employee was “called up” to active duty in the military reserve. There is also the Veteran’s Advantage Guaranteed Loans program, which provides up to $150,000 fee-free loans to veteran-owned businesses.

 

When evaluating loan options, it’s important to look at interest rates and terms. This includes how long you will be paying back the loan and how much you will spend over the length of that loan.

 

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Angel investments or venture capital can provide another option for financing. Hivers and Strivers is an angel investment group that funds early-stage startup companies founded and run by graduates of the U.S. Military Academies. In addition to investing capital, the organization also provides useful contacts, industry experience and mentorship.

 

 

Ridofranz // istockphoto

 

If you happen to be a female vet, you may have even more resources at your disposal. There are small business loans for women, as well as small business grants for women, that can help you find the capital you need to grow your business.

 

Some cater specifically to female vets, like StreetShares Foundation’s Female Founders Veteran Small Business Award. This award gives three women $25,000 in total and provides them with the opportunity to pitch their ideas to investors.

 

To qualify for StreetShares Foundation’s grant, you must be a veteran, reserve or transitioning active duty member of any of the United States Armed Forces, a spouse of a military member or the child or immediate family member of a military member who died on active duty.

 

You must be 21 and own at least 51% of the veteran-owned business. The grant is given to qualified applicants who lack financial means to start or grow an early-stage business or non-profit.

 

vadimguzhva / istockphoto

 

Beyond grants and loans, there are resources that can help you plan, launch, and grow your veteran-owned business.

 

The Small Business Administration’s Office of Veterans Business Development provides resources and small business programs as well as training, counseling, and mentorship, as well as information on Federal procurement programs for veterans.Who is eligible for these services?

  • Veterans
  • Service-disabled veterans
  • Reserve component members
  • Their dependents or survivors

Here are some other funding options to consider.

 

AndreyPopov/istock

 

The federal government has the aim to award at least 3% of all federal contracting dollars to service-disabled veteran businesses each year. The Service-Disabled Veteran-Owned Small Businesses program assists service-disabled veterans in securing those government contracts. Their eligibility criteria is as followings:

  • Small business
  • At least 51% owned and controlled by one or more service-disabled veterans
  • Have one or more service-disabled veterans manage day-to-day operations and make long-term decisions
  • Service-connected disability

 

EvgeniyShkolenko / istockphoto

 

The Warrior Rising program includes the Warrior Academy, designed to help “vetrepreneurs” at every stage of business growth succeed. It also provides vets with mentoring, assistance in finding funding options, and a community of veteran business owners who offer one another support. Warrior Rising’s process includes:

  • Intake and tracking: Phone interview to understand your background and determine where you most need help
  • Instruction: Warrior Academy: Self-paced video modules with homework and feedback
  • Mentoring: One-on-one coaching in specific areas like marketing or accounting
  • Funding opportunities: Assistance helping you find the best grants or loans
  • Warrior Community: Connects you with other “vetrepreneurs” in your area

 

Peppersmint / istockphoto

 

Patriot Boot Camp provides educational small business programs, mentors, and a community of experts and peers to active duty service members, veterans and their spouses looking to start a business. Programs offered include:

  • 3-day bootcamps
  • Lunch and learn sessions
  • Webinars

 

Johnrob

 

Veterans Business Resource Center provides counseling and mentoring services for new veteran business owners, as well as training and webinars to continue their education. Services offered include:

  • Marketing plan assistance
  • Training and events
  • Financial analysis
  • Business strategy
  • Consulting
  • Government contracting assistance

 

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Another entrepreneurship program, V-WISE IGNITE, targets women veterans looking to start a business. The one-day training event provides resources and support to help them on their path.Who is eligible for these services?

  • National Guard and Reserve components
  • Active duty women service members of any military branch, including National Guard and Reserve components
  • Women spouses/same-sex life partners of above (including widowed spouses/partners)

 

DepositPhotos.com

 

The U.S. Department of Veterans Affairs has a program, Veteran Readiness and Employment (VR&E) Self-Employment Track, that provides assistance to veterans with service-connected disabilities or employment barriers. The program assists in creating a business plan, analyzing your business concept, and providing you with the resources you need to succeed. Who is eligible for these services?

  • Service member or veteran with an employment barrier or handicap
  • Service-connected disability makes it hard for you to prepare for, obtain and maintain suitable employment

 

qingwa / istockphoto

 

Boots to Business (B2B) is a program created by the SBA and Office of Veterans Business Development, and it provides courses to help vets become successful business owners.Who is eligible for these services?

  • Transitioning service members (including National Guard and Reserve)
  • Their spouses on military installations worldwide

 

Depositphotos

 

The Entrepreneurship Bootcamp for Veterans (EBV) program is offered free of charge to post-9/11 veterans and their families. It targets businesses in early-growth mode, providing entrepreneurship and business management training. Programs available include:

  • EBV Accelerate: A bootcamp-style program that provides insight and education on financial, management, marketing, and strategic planning challenges established businesses encounter.
  • EBV Program: cutting edge, experiential training in entrepreneurship and business management for companies in early growth mode.
  • EBV-Families Program: Provides the same training to family of qualified veterans.

 

istockphoto/Ridofranz

 

If you are interested in bidding on government contracts, explore the Vets First Verification Program. Run through the Office of Small & Disadvantaged Business Utilization (OSDBU), this program gives vets priority when bidding on federal and state government contracts, as well as better access to capital and tax relief.Who is eligible for these services?

  • Veteran owns 51% or more of the company
  • Veteran has full control over the day-to-day management, decision-making, and strategic policy of the business
  • Veteran has managerial experience
  • Veteran is the highest-paid person in the company
  • Veteran works in the business full time
  • Veteran holds the highest officer position in the company

 

DepositPhotos.com

 

Small business grants for veterans provide a unique opportunity: access to capital free of charge that can help you realize your entrepreneurial dreams. Realize that the grant process may be slow, so it’s important to start your homework early to find the grants that you qualify for. In general, you can apply for and accept multiple grants.

 

You can also combine multiple financing options to launch or expand your business. This can mean a combination of grants and loans, and possibly investors as well. It’s a good idea to evaluate all funding sources to find what works best for you.

 

Learn more:

This article originally appeared on LanternCredit.comand was syndicated by MediaFeed.org.

 

Lantern by SoFi:

This Lantern website is owned by SoFi Lending Corp., a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license number 6054612; NMLS number 1121636. (www.nmlsconsumeraccess.org)

 

All rates, fees, and terms are presented without guarantee and are subject to change pursuant to each provider’s discretion. There is no guarantee you will be approved or qualify for the advertised rates, fees, or terms presented. The actual terms you may receive depends on the things like benefits requested, your credit score, usage, history and other factors.

 

*Check your rate: To check the rates and terms you qualify for, Lantern conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender(s) you choose will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

 

All loan terms, including interest rate, and Annual Percentage Rate (APR), and monthly payments shown on this website are from lenders and are estimates based upon the limited information you provided and are for information purposes only. Estimated APR includes all applicable fees as required under the Truth in Lending Act. The actual loan terms you receive, including APR, will depend on the lender you select, their underwriting criteria, and your personal financial factors. 

 

The loan terms and rates presented are provided by the lenders and not by SoFi Lending Corp. or Lantern. Please review each lender’s Terms and Conditions for additional details.

 

Personal Loan:

SoFi Lending Corp. (“SoFi”) operates this Personal Loan product in cooperation with Even Financial Corp. (“Even”). If you submit a loan inquiry, SoFi will deliver your information to Even, and Even will deliver to its network of lenders/partners to review to determine if you are eligible for pre-qualified or pre-approved offers. 

 

The lenders/partners receiving your information will also obtain your credit information from a credit reporting agency. If you meet one or more lender’s and/or partner’s conditions for eligibility, pre-qualified and pre-approved offers from one or more lenders/partners will be presented to you here on the Lantern website. More information about Even, the process, and its lenders/partners is described on the loan inquiry form you will reach by visiting our Personal Loans page as well as our Student Loan Refinance page. 

 

Student Loan Refinance:

SoFi Lending Corp. (“SoFi”) operates this Student Loan Refinance product in cooperation with Even Financial Corp. (“Even”). If you submit a loan inquiry, SoFi will deliver your information to Even, and Even will deliver to its network of lenders/partners to review to determine if you are eligible for pre-qualified or pre-approved offers. The lender’s receiving your information will also obtain your credit information from a credit reporting agency. If you meet one or more lender’s and/or partner’s conditions for eligibility, pre-qualified and pre-approved offers from one or more lenders/partners will be presented to you here on the Lantern website. 

 

More information about Even, the process, and its lenders/partners is described on the loan inquiry form you will reach by visiting our Personal Loans page as well as our Student Loan Refinance page. Click to learn more about Even’s Licenses and Disclosures, Terms of Service, and Privacy Policy.

Student loan refinance loans offered through Lantern are private loans and do not have the debt forgiveness or repayment options that the federal loan program offers, or that may become available, including Income Based Repayment or Income Contingent Repayment or Pay as you Earn (PAYE).

 

Notice: Recent legislative changes have suspended all federal student loan payments and waived interest charges on federally held loans until 09/30/21. Please carefully consider these changes before refinancing federally held loans, as in doing so you will no longer qualify for these changes or other future benefits applicable to federally held loans.

 

Auto Loan Refinance:

Automobile refinancing loan information presented on this Lantern website is from MotoRefi. Auto loan refinance information presented on this Lantern site is indicative and subject to you fulfilling the lender’s requirements, including: you must meet the lender’s credit standards, the loan amount must be at least $10,000, and the vehicle is no more than 10 years old with odometer reading of no more than 125,000 miles. Loan rates and terms as presented on this Lantern site are subject to change when you reach the lender and may depend on your creditworthiness. Additional terms and conditions may apply and all terms may vary by your state of residence.

Secured Lending Disclosure:

 

Terms, conditions, state restrictions, and minimum loan amounts apply. Before you apply for a secured loan, we encourage you to carefully consider whether this loan type is the right choice for you. If you can’t make your payments on a secured personal loan, you could end up losing the assets you provided for collateral. Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on the ability to meet underwriting requirements (including, but not limited to, a responsible credit history, sufficient income after monthly expenses, and availability of collateral) that will vary by lender.

 

Life Insurance:

Information about insurance is provided on Lantern by SoFi Life Insurance Agency, LLC.

 

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