#creditworthiness

A cosigner would make a big difference on appealing the landlord's decision. But I'd be very, VERY careful about this. Or rather, your FRIEND should be careful.

Through no fault of your own, your credit sucks. And through no fault of your own (or through you being an asshole, but don't do that), you could ruin your friend's credit as well if they cosign for you. It's very generous of them to be willing to cosign, but you all need to research and understand the consequences of this deal.

It would be safer to find a way to get your tips reported for tax purposes, for the credit reporting bureaus to amend your credit report to reflect the identity theft, and for your husband to start making an income. In fact, your husband getting any sort of job on paper will likely be the fastest way to get approved for a lease.

Good luck, kitten.

Season 1, Episode 3: "My Parents Have Bad Credit. Should I Help by Co-signing Their Mortgage?"

The Equifax Data Breach and Identity Theft: Dafuq Just Happened? 

A business loan can be really convenient for the self-employed as these can be used for several purposes which include business expansion, meeting operational expenses, providing fresh working capital, purchasing inventory, etc. However, getting a loan is quite harder for the self-employed as compare to a salaried professional, as it involves higher risks.

Let’s explore a list of factors to keep in mind while applying for a business loan with Mehul Mathrani.

Prepare a good business plan

A well-framed business plan is advisable as it will help you in convincing the lender to grant you the funds. Your business plan should clearly define your project’s objective, marketing and development strategies, revenue generation plans, etc. Since lenders consider your revenue generation plans to analyze your business’ viability and repayment capacity, so make sure you have a strong revenue model that explains how you would be repaying the loan on time and your anticipated use of the funds.

Be ready with documentation

Even if you have a perfect business plan with well-explained goals, lack of proper documentation can lead to a complete rejection of your business loan application. Before applying for the loan, make sure that you carry all the required documents which the bank may ask for. Documents needed to complete the process include last few years’ KYC documents, entity’s proof, income tax returns, audit reports, bank statements, etc.

Check your cash flows

Your businesses’ cash flow forecasts play a great role in your business loan approval. A solid history of high revenue generation increases the company’s chances of getting the loan approved. In case your business has a weak history including irregular or low cash flows, you may either have to pay a higher interest or your loan application might get rejected. Therefore, before you apply for the loan, double-check the cash flow statements and forecasts to make sure that your cash flow statement would be enough to repay your loan along with the interest levied.

Look at other borrowing options

As different lenders have variable parameters to assess your business’ creditworthiness. Therefore, do not limit your loan applications to specific lenders. NBFCs, and Digital lenders along with banks, also offer a platform to compare and choose the right business loan and also the suitable lender.

Assess your creditworthiness

Banks and financial institutions consider personal as well as your business credit history while assessing a loan application. A lower credit score shows you as more likely to default and can prove to be unfavorable to your loan approval chances. Hence, it is advisable to evaluate both your and your business credit report to ensure that your loan application isn’t rejected due to lack of credibility.

Identify risks that lenders assess

When you apply for a business loan, make yourself aware of various traits which may be risky for you. Possibly, it includes weak accounting system, low vintage, repetitive defaults in credit history or irregular revenue. Ensure that your business is not considered risky due to the presence of any such traits.

Final Words

So, these are the few useful tips from Mehul Mathrani, to make your business loan application win-win.

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Handling Our Business: Why Does Everyone Else Make Money Off Of Blacks? - The LanceScurv Show

This was one of our most information packed conversations that zeroed in on how we should attend to our business and all things financial as lots of very important facts were shared by the panel of The LanceScurv Show Family whose passion toward this topic was unrivaled as we righteously shared with each other all night long until the sun came up!

Join us in our uncensored adult conversation as we go in hard on the hot topics of the day! Call in live at 888.575.3769. Text Lance at 407.590.0755 if you have any inquiries about the program or desire an interview.

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The 5 C’s of Credit: What Every Business Owner Should Know

ver wondered how lenders decide if your business is creditworthy? It all comes down to the Five C's of Credit — a framework used to evaluate risk and reliability.

📌 Character 📌 Capacity 📌 Capital 📌 Collateral 📌 Conditions

Each of these plays a critical role in how banks and creditors assess your business. Learn how to strengthen each area and increase your chances of securing funding:

In today's digital lending landscape, assessing a borrower's creditworthiness extends beyond traditional metrics like credit scores and banking history. Lenders are increasingly turning to real-world data points to minimize fraud, enhance underwriting processes, and ensure responsible lending. One such critical component is Contact Point Verification (CPV).​

Why CPV Matters More Than Ever

Verifying a borrower's contact details, especially their physical address, has become a vital risk management tool. This is particularly crucial for unsecured loans and digital credit platforms where in-person interactions are minimal. Inaccurate or fabricated address information can hinder loan recovery efforts, increase default risks, and pose regulatory compliance challenges. CPV serves as the bridge between digital applications and real-world verification, ensuring the authenticity of borrower information.​

Real-World Challenges Addressed by CPV

A leading digital payments and credit platform partnered with OnGrid to tackle challenges such as:​

Inaccurate Address Inputs: Borrowers providing vague or incorrect location details complicate communication and recovery.

Identity Verification Gaps: Without reliable address verification, confirming a borrower's authenticity becomes difficult.

Fraud Exposure & Compliance Risks: Unverified data heightens exposure to financial crime and regulatory penalties.​

OnGrid’s Comprehensive CPV Solution

OnGrid addressed these issues with a robust CPV solution designed to validate borrower identities and addresses at scale:​

Physical Address Validation: Field agents conducted door-to-door address verification, ensuring the provided location matched the application details. Nearby landmarks were recorded to assist future visits.​

Data-Rich Verification: The process included checks on identity documents, ownership or rental status of premises, type and size of locality, and inputs from neighbors for additional validation.

Geo-location Capturing: CPV incorporated geo-tagging to verify the borrower's presence at the specified address using GPS coordinates.​

Fraud Prevention by Design: By capturing comprehensive contact data and triangulating it with other verification sources, OnGrid's CPV helped curb fraudulent applications and minimized exposure to bad loans.

Business Impact: Beyond Just Verification

Implementing CPV led to measurable outcomes for the lender:​

Improved Loan Recovery: Enhanced contact accuracy resulted in higher engagement and recovery rates.

Lower Non-Performing Assets (NPAs): Early detection of fake or incomplete addresses helped reduce defaults.

Enhanced Operational Efficiency: Automated data collection freed up operational bandwidth.

Regulatory Compliance: Verified borrower data aligned with KYC/AML mandates, ensuring audit readiness.​

Conclusion: Building Trust at the Point of Contact

In lending, trust begins with accurate data. CPV has evolved from a procedural step to a strategic necessity for lenders aiming to scale responsibly while mitigating risks. OnGrid's Contact Point Verification offers a proven framework for establishing trust by connecting borrowers' digital footprints with their real-world presence.​

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