Need some money for your business? Click here to get our free guide .:
How to get a small business loan
# 1 P2P loans for business purposes
Peer-to-Peer (P2P) credit providers allow you to get an immediate interest rate quote on a three or five year loan, fill out a loan application online and find investors willing to lend you money. For entrepreneurs who need $ 35,000 or less in financing, a personal loan P2P can be an attractive option to raise money for the bond. Well, P2P lenders offer business loans for larger sums
- registration regulations .: Strong personal credit score and history. Those with scores of 620 or less is not necessarily
- Pros .: Provides means of 1 and 5 years with interest rates typically around 15%
- Cons , Non-payment of personal credit score is violated
recommended P2P loan provider is Lending Club
visit Lending Club
more information about P2P :. Provision of up to $ 250,000 loan.
# 2 Alternative Short Term Loans
With banks increasingly small business lending, have a number of companies, the gap filled in. Financing for small businesses working capital
- Admission :. generally lenders are looking for profitable companies that have more than 1 year in the business to be
- [1945010Pros] Quick approval (1-2 days) for 1 to 24 month loans. Can help build a business credit
- Disadvantages: .. interest rates of 40% or more
recommended Short Term Loan Provider Is OnDeck
Visit OnDeck
Learn about short term loans.
# 3 Credit Cards
Many companies use credit money for their business to borrow because it is quick and easy. It is surprisingly cheaper than merchant cash advances, alternative lenders and invoice factoring. You can also of rewards points, 0% Intro April periods and balance transfers profit debt consolidation
- registration regulations .: you need a personal credit score above 660 to qualify most credit cards, although with lower credit
- Pros .: Quick and easy cost burdening some options for those on your card; 0% Intro April periods; Rewards programs to make money back; , Cheaper than some other forms of short-term financing (APR 16%)
- Disadvantages: to credit line Limited; more expensive than bank and SBA loans.
recommended business credit card is Chase Ink Plus
Visit Chase
Learn about your business with credit financing.
# 4 merchant cash advance
to sell for retail, future credit and debit card sales is to access a popular method of working capital.
- Requirements: most companies that apply to merchant cash advances are approved. Company to lose money and entrepreneurs can be approved with low credit scores
- advantages: .. Quick approval process and no personal guarantee of repayment if the company fails
- disadvantages: Very high costs money. Effective interest rates of 80% or more.
recommended merchant cash advance provider is CAN capital
Visit capital
Learn more about merchant cash advance.
# 5 invoice factoring
companies with commercial or governmental customers invoices not immediately make money
- authorization .: Depending on a variety of factors, including the financial history of a company and the financial history of their customers
- Pros .: Quick approval for short-term financing of up to 0 days. To compare the rates from 28 to 60%, low compared to most short-term funding
- Cons : For most factors, you need to ask your customers to send payments to the factor .. This is not the case with Fundbox, recommended providers for under $ 25K. We like BlueVine for credit lines over $ 25K. While your customers need to send payment to BlueVine, the process is so seamlessly that your customers do not know, use BlueVine.
recommended factor is BlueVine for over $ 25K
Visit BlueVine
recommended factor is Fundbox for under $ 25K
visit Fundbox
Learn about invoice factoring.
# 6 Rollover for Business Startups (ROBS)
Enables entrepreneurs their company to fund with pension
- licensing requirements. : must establish a C Corp and specific type of pension. , No request funds or debt payments to pay back Recommended for those with more than 50,000 $ in pension funds
- Pros .: , make
- Disadvantages: Expensive set ($ 5,000). Business owner is, payments risking retirement.
recommended ROBS provider Guidant Financial
Visit Guidant Financial
Learn about ROBS
# 7 Cash Advance for online businesses (PayPal, square)
If your company receives payment via PayPal, processing credit cards on place or doing business through eBay, you can have a lump sum advance against future sales received payments
- registration regulations .: the key is a consistent historical track record of sales / incoming revenue on the platform. Available for operators with low personal credit scores
- advantages: .. Quick approval process and no personal guarantee of repayment if the company fails
- Disadvantages: Higher cost of money than bank loans. Effective interest rates of 15-35%. You can usually borrow only a small amount of capital.
recommended Online Cash Advance providers are PayPal working capital for companies PayPal and Square Capital for companies that use space.
Visit guaranteed PayPal working capital
Visit Square Capital
# 8 SBA 7 (A) Loan
SBA loans are a traditional form of financing. However, the recommended provider SmartBiz has revolutionized the application process. Now you can have your money in less than 1 week
- registration regulations .: In general, must have a high personal credit score and two years of history as a successful company
- advantages: provides funding of up to as low as 6%
- to 10 years at interest rates of disadvantages: for conventional banks can take weeks and sometimes months approvals.
recommended SBA loan provider is SmartBiz
visit SmartBiz
Learn more about SBA loans.
Have a question about one of the above methods of your business finance? Let me a comment below.
Need some money for your business? Click here to get our free guide.
How to get a Small Business Loan
0 Komentar