What is working capital & how do you calculate it?

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There are many ways you might run into the term “working capital.” If you’ve just started managing your business’s finances, this is one of those unfamiliar terms you’re likely to encounter, like calculating cash flow or creating balance sheets. Or maybe you’re applying for small business loans, and the lender wants to know what your working capital looks like.

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So what is working capital? Why is it important? How much should you have?

Before you start panicking, take a deep breath. This term is quite straightforward, as you’ll see when we walk through it. Working capital is, in a nutshell, the difference between your business’s current assets and its current liabilities. It measures how much liquid capital you have available after your current liabilities are paid. It can be calculated as a simple dollar total, but knowing how to calculate working capital ratio can also be useful, depending on what you need the metric for. We’ll go through what you need to know.

Related: Automated Clearing House: What is an ACH payment?

What Is Working Capital?

Now that you know that working capital involves the difference between your business’s current assets and liabilities, let’s dive deeper into what assets and liabilities actually mean. Your current assets can include:

  • Cash in checking and savings accounts
  • Mutual funds, bonds, stocks, and exchange-traded funds (ETFs)
  • Inventory
  • Accounts receivable

Basically, an asset is anything that could be turned into cash within the year. Your current liabilities can include:

  • Accounts payable
  • Rent
  • Utilities
  • Supplies
  • Loan payments
  • Taxes

Current liabilities are limited to those that can be paid off within a year, too, rather than longer-term debt. Working capital (or, as it’s sometimes called, net working capital) is the difference between your business’s current assets and liabilities. As such, it’s a measure of liquidity. Your working capital is the money that you have at hand and can use for expenses that come up.

 

Another reason why understanding and calculating your working capital is so important? If you’re applying for loans, you may be asked what your working capital is. That’s because lenders want to see how risky you are to lend to. They want to see that you have enough working capital to make payments on your loan.

Formula for Working Capital

Depending on why you’re figuring out your working capital, there are several ways to calculate it. If you want to know how much working capital you have as a cash figure, rather than a ratio, you simply subtract liabilities from assets. That way you get a dollar value for the liquid assets you’d have available after paying off current liabilities.

 

Start by adding up your current assets. Then, separately, add up your current liabilities. Then use the following formula.

 

Current assets – Current liabilities = Working capital

 

So let’s say, for example, that your company has $300,000 in current assets and $100,000 in current liabilities. Then the following would be your calculation:

 

$300,000 – $100,000 = $200,000

Adjustments to the Working Capital Formula

You can also use this formula:

 

Accounts receivable + Inventory – Accounts payable = Working capital

 

In this case, let’s say you have $150,000 that’s owed to you by your clients and $150,000 in inventory, and you owe $100,000 to suppliers, your working capital is $200,000.

 

($150,000 + $150,000) – $100,000 = $200,000

How to Figure Out Working Capital Ratio

Now let’s look at how to calculate the working capital ratio (also called current ratio). This is a way to look at how much you have in current assets in comparison to how much you have in current liabilities. Quite simply, it involves dividing your business’s current assets by its current liabilities. Start by adding up your current assets. Then, separately, add up your current liabilities.

 

Current assets / Current liabilities = Working capital ratio

 

It may help to look at an example. Let’s say, again, that your business has $300,000 in assets and $100,000 in liabilities.

 

So to calculate your working capital ratio, you would do the following:  $300,000 / 100,000 = 3

 

A working capital ratio greater than one says that your current assets are greater than liabilities (something likely to appeal to lenders or investors). The higher the ratio, the better, since you have high liquidity. If you were, for example, to take out a cash flow loan, you might qualify for a lower interest rate, since your working capital ratio is high enough to indicate to lenders that you can afford to pay off the loan.

Positive vs. Negative Working Capital

When you’re working to build business credit, you’ll likely want your business to have positive working capital. That means that it has enough assets that you could cash out to cover its liabilities. It also means it’s more likely to be appealing to lenders as a loan applicant.

 

However, you might also have negative working capital. In this case, when you subtract liabilities from assets, you have a negative number. This might indicate that you’ve taken on more debt than you can afford or that your assets aren’t being used wisely. If your business has negative working capital, you might find it difficult to qualify for low-interest loans. You may also pay more for financing if you get it, since the lender will likely perceive you as a greater risk.

When Negative Working Capital Isn’t a Problem

That being said, having negative working capital isn’t always a bad thing. When you’re applying for small business grants, you may not even be asked about your working capital at all, (though you likely will be when applying for loans). And certain kinds of companies, like restaurants or grocery stores, tend to have high inventory turnover rates and not need much working capital. If you buy inventory from suppliers and sell it to customers before you have to pay your invoices, you can create working capital quickly.

How Changes in Working Capital Affect Cash Flow

When you’re trying to understand what net working capital is, it’s helpful to consider cash flow, too. That’s the cash and cash equivalents that flow in and out of your company. Investors and lenders often look for a positive cash flow, meaning that your business is taking in more cash than it’s spending. This shows that your liquid assets are growing, so you can easily pay your liabilities. Working capital and cash flow can impact one another.

 

For example, let’s say you decided to invest in commercial real estate for your business. Your cash flow would decrease because you’ve put some of your cash down on the property and taken out a loan for the rest. Your working capital would also decrease because some of the cash you’d included in your assets would be reduced. However, even though you took a loan out for the property, that’s a long-term liability rather than a current liability, so nothing would change for current liabilities in your working capital formula.

 

To take another example, if you were to sell a property, this would increase your cash flow and your working capital. That’s because you would have increased your ready cash. If you have clients who are slow to pay you, this can also lower both cash flow and working capital. That’s why having a payment policy in place can be a good idea, since the faster you can get clients to pay, the more cash you have available.

The Takeaway

Now that you’re fully briefed on what working capital is, you can use this information to make smart financial decisions for your business. If your working capital ratio is high and you have ideas about how to grow your business but need capital to do so, you might consider taking out a small business loan. SBA loan rates are low if you qualify.

 

Learn More:

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

 

The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

 

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. Click to learn more about Even’s Licenses and DisclosuresTerms of Service, and Privacy Policy.

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 DisclosuresTerms 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 01/31/22. 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. Click here to view our licenses.

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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.

 

 

DepositPhotos.com

 

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.

 

 

DepositPhotos.com

 

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.

 

DepositPhotos.com

 

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

 

DepositPhotos.com

 

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.

 

DepositPhotos.com

 

Featured Image Credit: DepositPhotos.com.

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