My name is Michelle McIntosh and I am responsible for the Term Loans Department at Blue Copper Capital Corporation. That is how I introduce myself to applicants when responding to their application, I became a team member in September of 2016 when a company I was working for was acquired.
In this post, I will discuss the different types of loans we offer, what each product is, what to do and know before applying.
A “Term Loan” encompasses numerous types of loans;
• Personal Loan some companies call them installment loans
• Unsecured Loan
• Consolidation loan
• Collateral loan or Title loan
• Auto Loan
• Small business loan
• Credit rebuild loan
• 2nd Mortgage
Any of these loans could be with or without a co-signer.
Personal Loan (Installment loan)
This type of loan would usually be used for paying numerous items; home renovations, auto repairs, vacations, education, etc. Depending on the amount applied for, we may require collateral to secure the loan, any amount under $2,500.00 can usually be unsecured, however there are occasions where we will request security.
A Consolidation Loan is used to group a number of bills and/or collections into one loan, so that you only have one payment to make. Usually Blue Copper Capital would pay the funds to each directly, this is called a dispersal.
The largest misconception about a consolidation loan is that if you cannot qualify for $75K, it would still be helpful to take a $2,500.00 loan, likely this wouldn’t help your situation, it would only add to your current debt load.
Collateral or Title Loan
A collateral or “Title Loan” is generally an agreement that is made using property to secure the loan, usually this is a vehicle or piece of equipment that is paid in full has a free and clear title. The majority of the time this application is for more than $2,500, however there are occasions when someone’s situation warrants us requesting security under that amount.
When applying for this loan we would request that you provide the insurance and registration for the vehicle or equipment so we can perform a lien search, if the application is approved, a lien will be placed
through the registry, and we will request that you add us to your insurance as a lien holder, in the event of any damage to the property and we will also ask that you bring in a spare key.
An Auto loan is to purchase a vehicle, the way this product works one of two ways;
• You have funds to put towards the vehicle that you would like to purchase, usually 15-25% of the sale price and the remaining balance is paid directly to the seller. This ensures that the value of the vehicle will secure the loan with us.
• The value of the vehicle you would like to purchase exceeds the purchase price and the funds from the agreement will be secured by the vehicle (rare)
The rest of the process is usually us paying the funds directly to the seller, like the Collateral/Title Loan, we will require the VIN to perform a lien search prior to purchase, once/if the deposit has been given to the seller we would ask that they issue a bill of sale showing the particulars of the sale, insurance listing us as lien holder, a copy of the registration and a spare key.
Small Business Loan
If you are an entrepreneur/self-employed and are looking to fund a project, job, expansion or just need to clear up a couple of purchase orders until your next invoice is remitted, we can certainly look at your application, likely we have a solution.
Credit Rebuild Loan
A credit rebuild loan is for clients that have previously gotten themselves in a bit of financial trouble. Whether, at the end of a Consumer Proposal, discharged from a Bankruptcy, or completing a credit counseling or Orderly Payment of Debts Program, this loan could be a great start to increasing your credit score.
If you would like to be purposeful about their borrowing and are looking for positive reporting resulting from regular on time payments, this may be a great option for you, often this loan is issued for $800 – $1,000.00 and may require a co-signer.
A second mortgage is an equity loan, this type requires that there is equity in your home/property, we will need to see your mortgage agreement, your property assessment and any liens on the title. The calculation is as follows;
Current Property Assessment Value – Mortgage Amount (Balance) = Available Equity. The average would be approximately 60%* of the available equity could be used to fund a second mortgage, however there are legal fees involved in this type of loan, so that is also taken from the amount of equity. (* this % varies)
Applying with us
The different types of loans we offer are all so individual, I suggest that you complete an application www.bluecoppercapital.com/apply or join me on Chat on our primary website www.bluecoppercapital.com to have any additional questions answered in real time. If there are any questions that I don’t have the answer to, I will request your email, find the answer and get back to you ASAP. If you’d prefer to speak on the phone to someone, please go to our website www.bluecoppercapital.com . There’s a tab top right. Click on that and you’ll find the best location and phone number right there for you!
When you apply for credit, be prepared to answer questions about your credit report, about what you intend to use the funds for and about the activity on your bank statement.
Blue Copper Capital bases the final decision on an application by considering the whole picture, employment history/income, banking and finally your credit score. As a responsible lender, we feel transparency is key and we will be thorough when discussing the result of your application.
I would like to thank Jen for inviting me to write a guest post on the Blue Copper Club Blog allowing me to share and promote The Term Loans Department at Blue Copper Capital to our existing and prospective clients alike.
Looking forward to assisting you with your financial requirements in the future and wishing you financial health for 2020!