Magilla is an online search engine that connects prospective borrowers with banks without requiring any private information: no name, phone number, or SSN is ever required. After answering a handful of questions, a borrower can receive multiple loan proposals from FDIC-insured banks and other lending options within a few hours. The loan proposals are presented on our patented MagChart™ (like a unified term sheet) which enables a borrower to easily compare and contrast the terms from various banks on one sheet. Magilla is fast, anonymous and free.
Unlike other sites, Magilla empowers the BORROWER to choose with whom s/he wishes to close the loan. There will NEVER be phone calls from random lenders.
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Dean Sioukas, co-founder of Magilla Loans and a banking expert, adds, “Try to only use ATMs that you’re familiar with. And it’s got to be a bank’s ATM. I never use a standalone machine. It’s just not a good idea. Not even an unbranded one in a nice hotel.” Where will you find the most secure ATMs? Either inside the financial institution itself, says Sioukas, or behind protective doors.
If that's the case for your business, cofounder of Magilla Loans (@MagillaLoans) Dean Sioukas says financing might make sense. However, he recommends finding out the lifespan of the equipment you plan to finance. That way you can look for loan terms that match.
Additionally, Sioukas says, "It may be a good idea to consider a business line of credit, which offers flexible terms and may have competitive rates." Pro tip: Getting a loan isn't as simple as asking for it. Sioukas says small-business owners should provide lenders with a detailed business plan to show how the new equipment will increase their profitability.
Last year, due to a lack of inventory, the housing market could not keep up with buyer demand and we definitely noticed an influx of home loan requests. Home-flipping is making a comeback and big bank lenders are starting to extend credit lines to companies specializing in home-flipping. From what we can predict, the housing market will continue to stay strong in 2017, especially in commercial real estate and home-flipping.
Dean Sioukas, founder of Magilla Loans
Dean Sioukas, founder of Magilla Loans in Sacramento, CA, also advises not using more than 30% of your available credit, as recommended by the credit bureaus.
"Don’t overspend during the holiday season," says Dean Sioukas founder of Magilla Loans, an online lending exchange. "Especially on impulse purchases that can be tempting during the holidays."