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As an owner of a business you may require funding to increase cash flow, purchase new equipment or expand operations. With a business loan you take out a loan and repay it in installments with interest. Based on the kind of business loan and lender you choose, there will be different terms and requirements as well as whether the loan is secured or the need for a guarantee. To increase your chances of getting approved, make sure to apply with the lender that is considering the financial strength of your company as well as your own personal credit score and past history.
When comparing business loans, be sure to take a look at the total amount of the loan, including the annual rate, as well as any fees or penalties. You should also determine whether the loan is secured, which usually requires a form of collateral such as inventory, real estate, or assets. Unsecured business loan, on the contrary, does not require collateral, but is subject to higher interest rates.
All lenders will look at your credit score prior to giving you any loan. They may also consider your business plan, along with other documents during the application process. It’s important to be prepared when applying for a commercial loan so that you can submit the required documentation quickly. You can provide your personal and business tax returns, bank statements, and cash flow forecasts. Some lenders provide expedited processing for those who are eligible to borrow.