Business Loan Applications
What happens when you need money to buy supplies, but your clients are yet to pay? If you are already running a business, you are well aware of how overwhelming business expenses are. Your business relies on profits to pay salaries, bills, and buy supplies. However, such a situation is only ideal when you make adequate sales.
In situations where creditors take long to pay, a business may need a capital injection in the form of financial assistance. Such assistance can be in the form of loans. Here are some loan applications for business that you can consider the next time your business needs some additional moany to operate.
When your business runs out of operating cash, and you need somewhere to borrow, this is the app for you. This app connects you to other investors and allows you to interact with them. These investors can then lend you money in times when your business is in need. The app uses peer to peer lending principle. As a result, the loan rates have a fair interest rate.
However, note that Funding Circle has a strict application guideline for members to meet. For instance, your business must operate for some years before you qualify for a loan. Nonetheless, it is a worthwhile and business-friendly app whose option for monthly loan repayments allows the business to plan and settle the debt amicably.
This one is an exciting app because it connects you to your bank. The app notes how the business runs. When you apply for a loan, it directs your information to your bank. If the app collects positive information about you, the bank approves the loan instantly. Your business makes the most out of this app if it has low credit. Nonetheless, this app is excellent because of its automation and low requirements for loan approval. The only downside to this app is that the maximum loan it can offer is quite low.
If your business requires a significant amount to offset some of the financial problems it is facing, try this app. Blue Vine offers lines of credit, invoice factoring, and term loans. All you have to do is weigh which of the three is best for your business needs and apply. The application process is easy. Also, the qualifications that your business needs to meet are not strict.
Moreover, Blue Vine offers invoice financing to the tune of millions. Therefore, if your business needs some serious funding, this loan app can be of great help. Other advantages include low credit score requirements, a simple application process, and fast approval of loans. However, it takes a process before you can qualify for the huge amounts.
This app offers microloans to businesses. If your business requires a financial injection of $10000 or less, Kiva is the app to consider. The app is terrific because the loan interest rate is 0%. Yes, that’s right, no interest at all on the loans that this app offers. However, there is a catch. You have to enlist your friends and family members to contribute to the loan. The rest of the loan is then crowdfunded.
Acquiring a loan from the app is a lengthy process. Therefore, go for this option if your business has adequate time to wait for the loan request to mature.
This loan promotes repeat borrowing. If your business requires continuous injection of cash, consider this app. It is friendly to repeat borrowers. The repeat borrowers get better loan deals and, therefore, pay lesser rates. However, the app has strict loan qualification procedures that you must meet. However, the reduced interest as you continue to borrow makes it a valuable source of operating capital for your business.
Sometimes businesses have a hard time raising the amount of money it requires to remain operational. However, with the advent of loan applications, your company does not have to suffer a lack of finance. All you need to do is review available loan apps and their conditions.
Also, review the financial requirements of your business and choose the loan app that best matches your needs. Our advice is that you try to avoid high-interest loans because these will reflect negatively on your balance sheet. Go for the loan app the is most convenient for your business needs.