In general, there is a range of documents and financial details that you will need to submit to the lender as part of the loan application. Read on to find out what are the 7 most common requirements for you to qualify for small business loans.
Though applying for an online loan is much easier and quicker compared to a traditional bank loan, getting an online loan approval might be a bit tricky. We have listed 5 things that you might overlook when trying to get your online loan approval
Working capital loan is designed to fund a company’s day-to-day operational expenses, such as supplier payments. These types of loans typically carry short repayment terms, not for financing long term business needs like large scale expansion projects.
With the rise of every young upstart, there's an uneasy incumbent guarding the status quo. We're seeing an interesting stand-off emerge in Singapore's financial services sector: pitting the old vs. the new, the physical vs. the digital, the banks vs. alternative lenders. So... who will win?
Building a company not only requires a brilliant idea, but enough capital must also be prepared. If you think realistically, no business can be started and expanded without financial flow. Do you know that many small business owners give up on their global changing idea because of financial difficulties?
“What do you intend to do with the money?”, “Are you sure that you need that much?”, “Will you be able to cover the monthly repayments comfortably?”. We do this because most of the times when people come to us for help staying afloat they don’t have a plan for how to climb back into the ring.
A business line of credit, gives borrowers access to a predetermined sum of capital. It functions like a credit card; you can draw from the sum as and when required (as long as you don’t exceed your credit limit) and interest is charged only on the amount drawn. Once this sum is repaid, your credit limit goes back up.
You’re an SME owner who needs fund for your business and are weighing out different external financing options. The right kind of financing needs to offer flexibility - you’re looking at an option that can fund a variety of expenses, and which you can tap into time and time again. If this checks off all the boxes on your list, a credit line may be right up your alley.