Many business gurus would agree with the statement that the toughest part of launching a business is sourcing the funding. That was certainly true before the digital age, and lack of funding has been the reason why so many exciting new ventures never got off the drawing board, yet with modern business loan providers, you can by-pass the traditional methods of applying for a business startup loan by using an online finance company that approves loan applications within minutes rather than days.
Credit Rating
This is a crucial element when borrowing money, and for Australian citizens, every adult has a credit score, and any loan application would be considered based upon the applicant’s credit history. That doesn’t mean a poor score eliminates you, as some loan providers even accept bad credit ratings, but the higher it, the better. There are online resources where you can check your own credit score, which is always a good idea prior to making the business loan application, and by using an established loan provider, you can select the right repayment package.
Super Fast Loan Approvals
This is a very welcome feature for many would be entrepreneurs, and with online unsecured small business loans, you can expect to receive your pre-approval within a few minutes. The majority of loan applications are approved and the funds are transferred on the same day the application was made, making the whole process simple and fast. Unlike the traditional bank manager, the online finance company does not need to know the ins and outs of your new venture, and by answering a few questions through an online form, the process can begin. The pre-approval process takes literally a minute or two, and once you have that, you can send the relevant documents and the approval process will be over before you know it.
Tailored Repayment Plan
Typically, an unsecured business startup loan would run for a period of 12 months, and there are several repayment options. It is never a good idea to put a new venture under financial pressure, therefore the loan repayments should be practical and affordable, and with the flexibility of added payments with zero penalty, you can pay off the loan ahead of time if business is booming.
Unsecured Business Finance
Banks typically prefer to have some form of security with a new business loan, yet online loan providers realise that not everyone has the assets to secure a loan, and providing the income requirements are met and the applicant has a half reasonable credit score, approval is the likely outcome. If you are tired of the delaying tactics from the traditional banks, talk to an online business loan provider, and things will happen sooner rather than later.
It is important to factor in everything when calculating the loan amount, and with the right lender, you can tailor the package to perfectly suit your business, and with the funding in your account, the world is your oyster.
