It can be a little nerve-wracking applying for a bank loan.

You’ve heard horror stories about loans that were never paid off and turned into debt. You have iffy credit and aren’t sure what your options are. These concerns are par for the course when it comes to asking the bank for help, but rest easy. Whether you need a business loan to kickstart your dream or a car loan to help you finally get more freedom in the day-to-day, you have variety and you have options. The best way to move forward is to supplement your journey with some recent knowledge.

Here are five quick facts you should know about banking loans and how they can help move you forward, not set you back.

Small Businesses Are Growing Faster

Are you thinking of applying for business loans? You’re not alone. Small businesses (defined as businesses that have fewer than 500 employees) account for over 95% of all businesses in the country. According to the U.S. Small Business Administration there are nearly 30 million small businesses owned and operated today. While two-thirds will survive the first two years of action, just half will survive five years and one-third will last the decade. A smart business loan can help ensure you’re one of the long-lasting ones.

Cash Flow Problems Are A Major Roadblock

What sets back so many businesses, anyway? You can blame poor cash flow for that. Paying off a loan should be a steady process, accomplished little-by-little each month. According to a survey on small business woes, over 80% of businesses still fail to do so because of sporadic cash flow. Back in 2015 the average Small Business Association 7(a) loan remained steady at $370,000.

Debt Is A Common Problem Today

It’s not just business debt that causes trouble. Many Americans today are familiar with some form of debt. One survey released by the Federal Reserve Bank Of New York revealed a record high of 105 million Americans (that’s 45% of the adult population) have auto loan debt. That doesn’t even scratch the surface of medical bill debt, credit card debt, homeowner debt, student loan debt, and combinations of the above. Qualifying for a home equity loan or a personal loan means getting back in touch with your credit score.

Good Credit Is A Strong Foundation

If your credit is mediocre, don’t fret. It’s possible to bring it back up to speed and set you up for success. Total mortgage debt today sits at $10 trillion, with the average new mortgage balance at $245,000. The median credit score for a new mortgage should be around 755, though this can change with rare exception. Loan companies have useful tools like the mortgage calculator to help determine your mortgage rates and what, exactly, will suit your unique situation best.

Loans Are Flexible And Can Match Your Lifestyle Closely

A loan can seem like setting yourself up for failure. What’s to stop you from becoming one of so many statistics that see businesses going belly-up and homeowners losing their house? The first thing you need to do is analyze your personal checking account and look for any holes or loose ends that could keep you from a good credit score. Your bank can sit you down and discuss the finer points of the loan you need to ensure nothing slips under your nose. Whether it’s paying off your car or figuring out your mortgage, you have options.

Loans are tools. Use yours wisely by talking with your banks in Oklahoma about your resources.