Request your credit reports

To gauge your chances for obtaining approval from consumer lending companies you will need to evaluate your credit rating. To do this you will need to request your credit reports from the top three credit reporting agencies: TransUnion, Experian and Equifax. You will also want to request your FICO score. Each of these companies scores its credit reports differently so you will need to average your three FICO scores to determine you "actual" FICO score.

I recommend: Equifax, TransUnion and Experian all offer credit reports and FICO scores.

Determine how much money you need to borrow

Before you can apply for a consumer loan, you will need to know how much money to ask for. Lenders are going to look more favorably on applicants that have done their research and who have identified valuable deals on small business equipment.

I recommend: Office supply companies like Quill offer large order discounts and have a very liberal return policy. They carry office equipment like calculators, printers, fax machines and 3-in-one machines, as well as phone systems, headsets and other communication equipment. If you are interested in computers then you will find the best deals by visiting websites like Dell and Newegg. When comparing prices try to look for similar computer components. For reconditioned equipment consider sites like Overstock.com.

Select a lender, request quotes and fill out loan applications

Lenders now have their own websites where you can find all the information you need to understand your loan options, to request a loan quote and to access online applications.

I recommend: Bank of America offers both personal private loans and business loans. Citi Financial also offers consumer loans.