There are basically three major types of lenders. Collateral-based, revenue-based, and credit-based. Let’s review their differences and some lending criteria for each. This is meant to be a cursory review not an in-depth overview. Collateral-Based Also known as asset-based lending. This refers to valuable assets owned by the borrower that are used as security for the loan. Common examples include real estate (like mortgage notes), equipment, inventory, and accounts receivable. Secured loans offer the best rates as the risk is obviously lower than unsecured loans. The collateral itself has intrinsic value. Some little-known uncommon examples of asset-based lending are appraised artwork, appraised coins & card collections, and exotic cars. Lenders will provide a portion (they determine risk) of the value of the asset as a secured loan. Meaning if you have an exotic car worth $300,000, you will not be offered a $300,000 loan. You will receive a portion of its value in the form of a loan determined by the lender. For the uncommon examples the collateral is often held in a secured facility until the loan has been repaid fully. Revenue-Based Revenue-based lenders provide funding to companies in exchange for a percentage of their future revenue, rather than traditional fixed payments or equity. This means the repayment amount (usually daily or weekly) fluctuates with the borrower's sales, making it a flexible option for businesses, especially those with fluctuating revenue streams. Today, many revenue lenders offer fixed based amortized loans as well. Generally speaking, you don’t need good personal credit (500+). Your credit lines are based solely on revenue. Less than $15,000 per month revenue generates offers of 25%-75% of your average monthly revenue as a short-term loan (4-months to 12-months). $15,000 per month revenue or more generates offers of 100%-200% of your average monthly revenue as a short-term loan (4-months to 12-months). Some lenders require as little as 4-months in business. Revenue-based loans use factor rates (1.18-1.60), not interest rates.

I wanted to know using my personal address to open a business checking account and credit cards only is ideal in the current funding landscape. My LLC formation used a virtual address to safeguard my home address being public. I ask because Banks are starting to flag and even deny applications because of the virtual address. I guess what I'm asking is if using my personal address for Business Checking Accounts and Credit Cards only would be the ideal scenario? Thanks and have a great day. @Evan Rugen

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Has anyone figured out a legitimate way to waive LLC state filing fees? I'm looking to see if there are any approved methods, exemptions, or programs that reduce or eliminate the cost of filing an LLC with the state.