Technology has made it easier for business owners to “shop around” for the best small business loans allowing you to skip your local bank (who may have already declined) and secure the best financing option suited to your needs. The key is to find the right lender who offers entrepreneurs solid financial options allowing you to get the capital that you need to grow your business.
Find the best business loan with our 3 tips to get started:
1. Get your house in order.
Before heading online to search for the financing option best suited to your needs you must first calculate the exact amount that you would like to and how quickly you need to obtain the capital – this will help to determine which lender to use. Unsecured loans are one of the best options for financing on the market when it comes to quick capital, as it only takes 3 days for approval and the loan amount is flexible allowing you to apply for anything between R50 000 – R1,5 mil without having to specify what you intend to use the capital for making unsecured loans flexible and a fast way to get instant capital.
2. Research small business loans and determine the best option for you
There are different types of business loans on the market, some will be better suited to your needs than others, so it is important to do the necessary research to determine which option will be most suited to your business.
Some options include:
- a small business line of credit,
- small business term loans,
- working capital loans,
- unsecured loans,
- equipment loans,
- small business credit cards,
- and more.
Traditional loans can take up to 3 months for approval, have a lengthy application process where you drown in the required documents and have to jump through a few hoops to be approved, whilst unsecured business loans are often a better option for businesses looking for a carefree application process as you are only need to complete a short online application form, have income of R1 mil turnover per annum and 6 months bank statements. For more information on applying for a unsecured business loan click here.
3. Prepare the required documents
Once you have selected which loan is best for your business it is time to prepare your application – remember preparation is key in the approval process. If you apply with one or more documents missing your application will not be approved. If you decide an unsecured business loan is your best option all you will need to prepare is a copy of your ID and 6 months bank statements! Ensuring that you can get the capital that you require quickly and hassle-free.
Spend time researching which is the best small business loan for your needs, prepare yourself adequately for the application, and take our above-listed considerations into account and you are on your way to receiving your small business loan.
If you need capital quickly and hassle-free and have:
- Income of R 1 million per annum or more…
- No security needed.
- Clean Credit record.
- 6 months bank statements.
- Consistent Cash flow.