Most people fall into the trap of getting small business loans through small business lending companies, small lending companies are fine but you must read all of the fine print before you apply and sign all documents.Most people are fine when borrowing and work out a good loan repayment plan, but some people do not research the lending company and they find themselves in ugly predicaments…In the worst possible cases people end up losing everything they have. They lose their new small business, their homes, their vehicles and their entire lifestyles. This is all because they did not research the company they borrowed their funds from.With little known lending companies the risk is usually higher and the interest rates are too, if you choose to go with a small lending company make sure you apply for a unsecured small business loan and apply for loss of income insurance. When you apply for a small business loan make sure you have a well laid out plan, you will need to know the costs involved, how much people you expect to get through your doors and how much money you can afford to pay back.Large banks have more security and options which is most important, you can apply for secured or unsecured loans with a lower interest rates. Large banks are more lenient when it comes to payments and you will have a team of people ready to help you, they can also help you with your tax liabilities. If your looking to get your very first small business loan I highly recommend you apply through a well known bank or a lending company that someone you know has used.Other places to get small business loans:If you are wanting to start a brand new small business venture you can ask your a close member of your family, (they don’t have to have anything to do with the business you just have to sign a contract stating your have full ownership and they will receive a cut of the profits.)A close friend, why not approach a close friend with your small business plan? approach your friend in the same way you did with your family member. Make sure when your lending off of friends and family you have a legal document written up for you, this protects you and them.People will invest in you if you have a good idea and a really good business plan to match, you could even approach local business people in your area. All you have to do is offer these people a cut or cash, this is a win, win situation, you get the loan you need and your friend or family member has a part of a new small business.