When it comes to business loans especially for small businesses, the entrepreneur has a lot of hurdles to navigate. Not all lenders are eager to finance new and smaller business set-ups and this makes the choices rather limited.
Given how critical funding is to the running, growth and overall sustenance of a business, it’s only fair that small business owners are always on the lookout for avenues that will help them build funds and secure the future of the business.
While most people consider traditional banks to be the first and most preferred options for loan applications, it is important to understand that banks have stringent and more in-depth requirements as vetting processes for start ups and small business and in fact make it a little difficult to secure funds.
What are the options then, one might ask? There are alternative methods available and that’s what we are going to talk about here.
Easiest small business loans to obtain
Lets talk non-banking financial institutions. These are platforms that exist and cater to the borrowing needs of the small businessmen. One of the biggest advantages of applying to a non-banking financial institution is that they understand the challenges of small businesses in sometimes not being able to meet all the requirements (for e.g. not having the best credit score) and are willing to approve and give out money despite that. In some cases, the interest rates charged can be slightly higher but in the existing circumstances, being able to get the money is far more important and critical.
Where to get them
Then too, while there are a number of alternative lending platforms in the market and some are much better than the others in what they offer. Lendingkart.com is the leading loan provider to small and new businesses and there is a good reason for that.
Here are some of the features and services they offer that make them the number one in the list of companies that have the easiest small business loans to obtain:
Flexibility: This is a key feature that is highly beneficial for a borrower. The option of having a high degree of flexibility when it comes to the amount of the loan, the tenure for which the loan can be given as well the repayment methods comes a big relief for a business owner. Not many platforms allow the applicant so many options to literally customize their loan and have the power to build on it according to their own convenience.
Simplicity of process: Another reason why lendingkart.com has the easiest small business loans to obtain is straightforward and easy application that can be done online with the minimum possible eligibility criterion. No long drawn applications and mountains of documentation are required and a loan can be applied for with just the bare minimum i.e. bank statements and VAT returns.
Interest rates: This is a big one. The interest rates are not back breaking. A number of non financial banking platforms while offer the facility of a loan to a new business owner, they end up charging interest rates that become a huge burden in the long run. With rates that are fair and calculated keeping the capacity of the borrower in mind, lendingkart.com makes it easy to stay on track with repayments.
No Collateral: For a small business owner, having the facility of being able to apply for a loan without a mortgage is highly beneficial. While traditional banks will never budge on collateral and will need something to cover their risk, such is not the case here. A collateral free loan knocks off a major eligibility criterion and removes a big roadblock in the process of getting a loan for a small business.
Quick turnaround on decisions: It does not take forever to get the loan approved at Lendingkart. For a business owner, time is money and working capital isnormally required at short notice. Having a very quick turnaround time on approvals and instant loan disbursal caters very effectively to such needs of the borrower.