When you think of online loans for businesses, you'll think of it as a quick solution to keep your business afloat. However, successful companies actually see it as an untapped potential and opportunity for them to grow and scale-up. In fact, we'll not recommend any businesses to borrow just for the sake of keeping the business alive. Interest and processing rate will continue to grow and it will affect you negatively if you have no plans or confidence in turning it around.
Whether you're a startup, Small Medium Enterprise (SME) or Micro, Small and Medium Enterprise (MSME), operating your business with a healthy flow of cash flow is key. A lack of Working Capital might impose risks for your business. Admittedly, depending on which industry the business is operating in, it is tough to always keep the cash flow healthy.
This is when an online loan and online business financing companies can step in and assist your business.
Even though the digital economy is estimated to grow more than six times to reach more than $200 billion per year, many emerging startups and businesses say that there's a high barrier to get access to working capital from a bank. (cr: TechCrunch)
Traditional banks are more conservative in their lending practices, giving small business owners very few places to turn to to get the working capital they need to thrive. Fortunately, platform lenders provide online loans that offer many benefits to small business owners.
We believe that small businesses shouldn't be penalized for their size. Every company is unique, which is why we believe all businesses should be reviewed on a case-by-case basis. Platform lenders like Aspire look into the overall health of business when evaluating and do not require other fixed requirements such as reach a certain turnover threshold to be eligible for a loan or operating for at least 2 years. A review of current cash flow and the performance of the business will allow the lender to have a good snapshot of the business.
As compared to the traditional method to get a loan offline from the bank, you can get approval and funding as quickly as in 24 hours, avoid long queue and no more extensive paperwork. In fact, most alternative lenders are only operating online which means that applications are 100% and hassle-free. In Aspire, opening an account will only take up 2 mins to complete and businesses are able to draw down funds on the same day.
A flexible line of credit online loan for business
Most online business loans encompass a line of credit, which means that your business has the ability to choose how much you want to borrow. While tapping into a line of credit is not something new, the convenient, flexible way you can get approval and working capital is a new benefit for small businesses.
Innovation has changed the loan process as we used to know it. After completing an online application, business owners can be approved for an online loan in just minutes – a vast upgrade compared with loans from traditional banks, which can take days or weeks.
While easy eligibility criteria impose greater risk, we believe it’s a risk worth taking. It’s why we can provide solutions to promising entrepreneurs deemed ineligible for bank loans, and who wouldn’t secure funds otherwise.
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Apply and unlock an online loan for your business today: aspireapp.com/register