6. Loan Prep

Included with: All R.I.G. membership levels

Performed: On Demand

Borrow and Build.

Getting a loan can be a game changer for your trucking business, but the process can feel overwhelming. That’s where our on-demand Loan Prep service comes in. We help you get all your ducks in a row so you can apply for a loan with confidence. From gathering essential documents to strategizing your loan application, we’ve got you covered. No financial jargon, just step-by-step guidance to help you secure the funding you need to grow your business..
 

How Loan Prep Works on the RIG

What it is NOT.

A loan from BLF.

BLF is not a lender. We are consultants and loan packagers with an extensive network of vetted funding partners.

A guarantee of approval

Applications for lending/funding are approved by the merit of the business. While we do everything ahead of time to make sure you are in the best shape possible, we cannot offer a guarantee that every client will be approved for exactly what they want.

Always .

Credit repair services is not a program that lowers monthly payments or arranges settlement payoffs. While we can, and will, advise you on what debts to pay down and when, we don’t really get too involved in requesting/offering payment arrangements to creditors (although we do sometimes). We can however, make a recommendation to a non-profit credit counseling organization that can assist you in these matters.

Entirely up to us.

If you are truly serious about building your personal credit you are going to need to be a part of the process with us. This means you might need to make some changes to the way you have previously done things (or not done them!). It might not be easy at first, but it will be worth it.

Frequently Asked Questions

Do I need to be a R.I.G. member to apply for a loan?

No. Loan prep is something we do an a daily basis, for many truckers. R.I.G. membership does however, come with advantages when applying for lending. This is because we will be a) intimately involved with R.I.G. truckers, b) often game planning loan submissions weeks or even in months in advance. This can result in loan apps for R.I.G. members being stronger when they go off to lenders.

Can I get more than one loan?

You can get as many loans as your heart desires. However, R.I.G. members also receive consultation from BLF, so we will make recommendations for how many makes sense.

Can I join the R.I.G. and cancel after I get my loan?

Sure. R.I.G. membership can be cancelled (and also reactivated) at any time. All of your information will remain with us, and should you rejoin in the future we won’t need to begin the onboarding process from scratch.

Is my loan application sent all over the place?

No. This practice (called “shotgunning”) is a hallmark of inexperienced loan brokers, and is ill advised. It’s also bad for your credit as it results in numerous inquiries. While we may apply with more than one lender at a time, or at different times (called “rounds” at BLF), we are always still targeting specific lenders who we feel confident are a good match.

Are there any fees to apply?

No. BLF does sometimes charged loan packaging/consulting fees for loan applications. However, as a benefit to R.I.G. members, these fees are waived.

How long is the decision period?

For most types of funding, usually a few days at the max. For larger bank term loans, lines of credit, it may take longer. And for SBA loans, the decision period can be a month or more. It all depends on the size and complexity of the lending you are seeking.

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