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People have a large option of online lenders to choose from and this has made getting loan quite easy and simple. This is also associated with business loans. Small business loans require easy application process, manageable repayment terms and fast funding process. After providing all personal and financial information, it does not take long to get approval and funds within hours, saving your time to focus on your business.
A business loan can help you a lot in starting up or expanding your business in a right way. Getting business loan from traditional banks has become increasingly difficult but it is easy to get online business loan. Still many elements are involved to meet the criteria of online lenders and qualify for business loan. Business loans are risky for lenders and require strict eligibility rules for customers. Requirements and criteria may vary from lender to lender, but common factors are here to help you meet their standards.
Business loan requirements
Credit score
Main and important thing is your credit score which should be in good shape. Lenders always check credit history before approving you loan and good to excellent credit allows you to get business loan with low interest rates. Building high credit score for business itself creates good impression on your credit report.
Age of business
First-time businessmen find it difficult to get funding as most lenders lend only to businessmen doing business at least for two years.
Cash flow and income
Lenders require a stable cash flow and look at debt-to-income ratio of a business to avoid risk. A high income makes you more eligible of getting approval of funding for your business.
Collateral
A loan application having collateral makes it more favorable and less risky for lenders. Collateral-based loan is easier to get and having low interest rate.
Type of business
Lenders will assess if your business type is successful or not. Some businesses are easier to get loan than others.
Current amount of debt
The lenders will check your current amount of debts on your business and they may reject your business loan application.
There are various online loan options for business needs and funding, including merchant cash advances, working capital loans, equipment financing and term loans. Every business has different needs and every type of loan may not be right for your specific business requirements. Shop around before deciding a business loan for you.
Term loans
There are two types of term loans, short-term loans and long-term loans. As the name shows short-term loans are for shorter period of time, range from 3 to 24 months and used to provide quick cash for small projects such as launching marketing, buying equipment and working capital.
Long-term loans are for 1 to 5 years, used on larger and long-term projects like expanding the business or making large renovations.
Equipment purchasing
For a business, equipment is a necessity to run it successfully, such as machinery, transportation and computers. It is an important investment in business and need cash to pay.
Invoice financing
When customers delay your invoice payment and disturb your cash flow. You can use invoice financing to sell your unpaid invoices.
Merchant cash advance
The lender advances you cash, which you will payback by allowing the lender to take a fixed percentage of your daily debit and credit card sales till the loan is paid off.
