If you operate a small business, you want a funding solution that will increase your capital quickly – one where you can borrow from $1,000 to $250,000 online. Pre-approval for the loan should not take longer than five minutes, and the loan term should span from one month to a year.
Meeting the Criteria for Funding
If you can find an unsecured loan featuring the above criteria, you can meet the start-up needs of your business. To make sure you receive the money you require, you should have trading experience of at least six months. Your monthly turnover of earnings should be at least $6,000. You should also have a fairly good credit score.
If you can meet the eligibility requirements, you will find that applying for unsecured business loans is realisable. Normally, this type of loan features an interest rate of at least 1.80% per month and is designed for businesses such as restaurants and cafes, retailers, service providers, and people working in the trading industry.
Applying for a Loan
When you are pre-approved for this type of financing online, it allows you to see if you can proceed with a loan application. Once you receive the okay for pre-approval, you can apply for a loan. To speed up the process, you need to include supporting documents that show your monthly turnover of earnings. It is also helpful to apply with another person. Doing so increases your chances of approval. No credit check is performed until the supporting paperwork is verified.
No Hidden Fees
After the loan is signed, the funds are electronically deposited into your bank account. Also, a repayment schedule is sent so you can choose your preference for repayment. In addition, when you opt for this type of financing, you do not have to worry about hidden charges or fees. Everything is transparent and clear. An early loan payoff will also help you save money on the loan itself.
Applying for a Loan Electronically
If you are granted pre-approval, you will need to provide the login details for your bank account. Doing so will enable loan specialists to access a read-only version of your bank account statements. You can also upload the needed documentation manually.
To make sure your application information is secured online, an encryption method is used that is also employed by financial institutions and banks. The lender never sees the applicant’s username or password. It is only used to obtain an applicant’s financial statements for the past three months.
Types of Loan Packages
Online funding is typically represented by fast business loans in amounts of $1,000 to $20,000, premium business funding in amounts ranging from $20,000 to $500,000, and unsecured financing in amounts of $1,000 to $200,000. The choice you make will depend primarily on your credit history, your current income, and the term of the financing.