Skip to Content loading...

Not a member yet?

Listerhill Credit Union is a nonprofit financial cooperative improving lives in our community.

If you live in Alabama, Georgia, Mississippi, Florida, or Tennessee, you are eligible to become a member. Depending on your individual eligibility, we may require membership into an approved association at no cost to you.

You can also qualify for membership by being a family member of a current or potential Listerhill member.

With only $5, you can join Listerhill today and start taking advantage of a lifetime membership.

Signing Loan

The Ultimate Guide to Applying for a Business Loan

Learn more about what steps to take to apply for a business loan.

Does your business need an infusion of cash to help it grow? A business loan can provide you with the resources your business needs and offer an affordable payback plan.

Here’s all you need to know about applying for a business loan:

1. Check your credit

Before you apply, check your personal and business credit health.

Personal credit scores range from 300-850. A score that falls in a range of 580-669 is fair, 670-739 is good, 740-799 is very good and 800-850 is exceptional.

Business credit scores are measured differently. Experian uses Intelliscore Plus as its credit scoring model, with scores ranging from 1 to 100. Equifax assigns each business a payment index score, which ranges from 0 to 100; a credit risk score ranging from 100 to 992 and a business failure score ranging from 1,000 to 1,880. The D&B score, assigned by the Dun & Bradstreet Corporation ranges from 0 to 100. Finally, the FICO Small Business Scoring Service score ranges from 0 to 300.

If your personal and/or business credit scores are low, work on improving your credit before applying for a loan.

2. Update your business plan

Be sure to have a comprehensive business plan to show a prospective lender. The plan should include details about how the company intends to use the funds, the anticipated increase in revenue and plans for repaying the loan.

3. Consider arranging supplemental collateral

Lenders prefer to reduce the risk of a borrower defaulting on a loan by securing collateral for the loan. For business loans, this usually takes the form of the company’s accounts receivable, equipment or other assets.

When applying for a business loan, you can offer additional collateral to the lender, such as personal assets like real estate. This will make you more likely to qualify for the loan and may bring down the interest rate on your loan.

4. Organize your personal and business documents

You’ll need the following documents and identifying paperwork to apply for a business loan:

∙ Photo ID

∙ Accurate monthly financial statements from the past two years

∙ Business license

∙ Any commercial leases

∙ Business insurance plans

∙ Payroll records

∙ Incorporation documents

∙ Current financial obligations

∙ 3 months of bank statements

∙ Personal and business tax returns

∙ Collateral

5. Research potential lenders

It’s best to take some time researching potential lenders before applying for a loan. Learn about each lender’s eligibility criteria and the average interest rates on their loans.

Consider applying for a business loan through a credit union. A credit union will offer you personalized service and a competitive interest rate. Learn more about Listerhill's business lending opportunities here.

6. Submit your application

You’re ready to apply for a loan! With luck, you’ll soon have the funds you need to take your business to the next level.

Want to learn more about the products you need for managing and tracking business expenses? Click here.

default icon for Solution Finder Intro
What can we help you with?
default icon for Checking For Mature Members
What are you borrowing for?
default icon for Checking For Mature Members
Vehicle Options
default icon for Checking For Mature Members
Home Options
default icon for Carrolls
What are you saving for?
default icon for Carrolls
How old are your kids?
default icon for Cord
Which of these banking options are you interested in?
default icon for Cord
How old are you (or your child)?
default icon for Cord
How old are you?
default icon for Cord
What kind of account are you looking for?
search popup background

What are you looking for?

Common Links

Frequently Asked Questions

  • What if I prefer to make my payments through a pre-authorized automatic payment arrangement (ACH)?

    Please contact TruHome at 844-203-3642 to set up automatic payments or visit here to set them up yourself.

  • What if I prefer to make my payments through the Listerhill Mobile Banking app or Online Banking?

    Unfortunately, when the transfer occurs, mortgages will not be displayed on our app or in online banking, but we are working to bring that functionality ASAP.

    In the meantime, please visit here to view all mortgage information and payment options.

  • What if I prefer to make my payments through the "Pay Your Loan" link on the Listerhill website?

    Unfortunately, after the transfer you will not be able to use this link to pay your mortgage. However, you can visit here to view all mortgage information and payment options.

  • What if I prefer to make my payments over the phone?

    You can reach TruHome's payment center by calling 844-203-3642.

  • What if I prefer to make my payments by mail or through Bill Pay at another financial institution?

    As a national servicing company, TruHome will probably be in your other financial institution's list of payees who accept electronic payments. If not, you can set up the account using the address below:

    TruHome Solutions, LLC

    P.O. Box 219958

    Kansas City, MO 64121-9958