The maximum amount of funding that can be obtained is based on a number of factors; credit history, location (city and state) purpose of the loan, etc…
Credit history is a very important factor when looking at the amount of money that someone is applying for. While credit scores are a factor, they are not the most important. Initial Lending Group is looking for clients with a responsible credit history. Let us use this example: client A has a credit score of 780 and client B has a credit score of 689. Client A has credit for one year with their highest credit card limit being $2,000. Client B has credit for twenty years and their highest credit card limit is $30,000. By looking at the credit score you would assume that client A has much better credit. But nothing could be further from the truth. Client B will get more money than client A.
Location also plays a big part in how much a client is able to get funded. Certain locations have better credit providers than others. The amount of money that you may receive will depend on what credit providers are available for your location.
The purpose of the loan plays a part as well. Credit providers assess risk when deciding on what amount to lend out. A Client using funding for home improvement will get more than a client looking for funds because of a hot stock tip.
Income will also determine how much you will qualify for (usually not the case for Business Loans). Credit Providers want to know that you will have the ability to pay the loan back. All things being equal, if someone is making $25,000 (the minimum income required) and another $110,000 obviously the higher income will be able to get more funding.
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