Business Loans helps your business find the funding it needs. Learn about business loan options below and read more information about the process.

A Business Loan Can Help Your Business Grow

A business loan is similar to a personal loan but tuned for business use.
A business loan’s monthly payment and interest rate are fixed for a certain period of time, making them ideal for small businesses and startups.

Starting and running a business can be a taxing process, emotionally and financially. For the latter, an online business loan may help relieve that pressure. Using this new capital wisely can be key to a business’ success.

How Can a Business Loan Give You a Boost?

  • Help with cash flow when times are tough
  • Quick access to capital
  • Helps meet employee needs
  • Helps with expansion, which leads to more profits
  • Covers unexpected expenses
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Are You Eligible for a Business Loan?

Different lenders have varying rules on how to apply for a loan, but there are a few basic rules:
  • The business is registered and has a tax ID number
  • A credit score of between 350 and 800
  • Ability to offer collateral
  • Steady cash flow
  • Must show a profit
  • A plan laying out the money’s intended use

Take advantage of our business-loan calculator and compare 18 different lenders.

An online business loan can help you increase your working capital. This is especially helpful when you find it difficult to make ends meet. There are various online lenders with less stringent application rules who are willing to partner with business owners.

Make a Smart Decision

It is all too easy to get excited at the thought of additional capital injected into your business, but use caution.  Make sure you understand the terms. Don’t enter into any agreement without the following information:
  • The frequency and flexibility of payments
  • Interest-calculation methods
  • Any penalties associated with defaulting
  • The business loan rates and terms
  • How to reach customer service

Talk to various lenders when shopping for a business loan. With caution and patience, you can make wise decisions.

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Do You Really Need a Business Loan?

Every business’ needs are unique. If you want to expand your business, a loan may be beneficial, but are there other avenues you can take to raise funds for this expansion? If there are no other avenues, then a loan may be the best route to take, but remember to search for the best business loan rates.

It’s also good to evaluate your business’ past performance. You don’t want to take a loan when your business is on shaky ground. Besides, a lack of cash flow may result in your loan application getting rejected.

Once you find a business loan with rates and payment terms you’re comfortable, you can proceed and help take your business to the next level.

What Really Affects Business Loan Rates?

When looking at getting a business loan, most owners are concerned about the interest rate. The interest rate, which is calculated as a percent of the principal, is what you pay the lender for issuing your company the loan. These rates can vary for many reasons, but they all point back to the risk the lender takes by issuing the business loan.

You can use our online business loan calculator to check your rates.

Some factors that can affect business loans rates are:

  • Your business’ credit history
  • Your credit history
  • The type of business
  • The length of time in business
  • Business plan
  • Business capital and cash flow

The Types of Interest Rates

  • Simple interest: Calculated monthly based on the unpaid principal
  • Precalculated interest: Calculated at funding based on the amount borrowed

It’s in a lender’s best interest to connect you with a business loan that fits your needs, so consult with several lenders before agreeing to any terms.