First.... A Word Of Warning
Business loans are not subject to the same government regulations that protect your rights as a Home Loan is. Basically Business Lending is unregulated. In Business Lending there is much more room for excessive charges and what would appear to be unscrupulous practice. Especially around application fees. Beware of signing an application form for a business loan. Some applications form a binding contract to pay the lender thousands of dollars just for applying, wether the lender approves the loan or not. In many instances it was obvious that the loan was no chance or did not meet the companies policies, but they still took the application and money. These companies take advantage of people when they need help most.
The Business Loans that FAST DEBT HELP recommend do not come with huge application fees. We even have lenders without any application fees.
Business Loans can be divided into two types of loan.
- A loan that is secured against a home or property
These loans are very similar to a home loan, quite often it's the family home that is put up for security. In some instances where the security is the family home and there is a lot of equity in the property, you can get a similar Interest rate on a business loan to a normal home loan. But generally speaking business loans will be a little more expensive. These style loans are very competitively priced at the moment. They do need to be secured to property, either residential or commercial. They generally do need to have a bit more deposit or equity in the property than a residential loan.
- A loan that is secured against a business' assets or a personal guarantee.
These loans are generally high Interest short term loans. They can be used to buy stock or materials or fund cash flow while waiting for people to pay you. They are more expensive than a secured property loan. They are handy to take settlement discounts or cash discounts for stock or materials. Also good if you need to pay for stock or provisions up front and the cost can be built into the product. We also we have lenders who acts as a Debt Collector for you. They pay you once a sale is made to your customer and collect the money from the customer.
Fast Debt Help will generally collect all the required information from you and put your case out to multiple suitable lenders. Lenders do change their requirements constantly so researching what's on offer in the business loan area is a full time Job. Some we can just do on line with you.