5 Questions to ask before you take out a small business loan.
1. What can I use this financing for?
The biggest mistake in business financing is taking out loan that you don't know what to use on yet. It is easy to assume that as your company grows, you should take on a large amount of capital to handle the growth and have sufficient funding to pay for anything you might need. But it is imperative to have a business plan with the funding. As long as your business can put the funds to work, it will help with growth and stability. Click-N-Loans.com helps discover and uncover potential room for growth with our clients, give us a call today at (561) 525-5497 to find out how we can help fund your business.
2. Do I have good enough credit?
Good credit is a major key to all financing products. But great news for you and your business, you only need a minimum of 500 to be eligible for a small business loan. While you can’t alter the reality of your company’s financials, you can time your application to show your business in the best possible light. Fortunately Click N Loans is much more flexible than a regular bank. Click here to see how much you qualify for!
3. Am I comfortable working with this lender?
The lending business is so competitive that you will have your choice of dozens of companies trying to meet your financing needs. Usually the best choice is typically the lender with the lowest rates, but comfort is another factor. If you feel your lender isn’t being responsive or creative enough to meet your business needs, you’re better off looking elsewhere. That's why at Click N Loans, each business gets their own dedicated funding specialist. Our funding specialist are dedicated to learning about you and your business. They help set you up with the best deal for your business and chance at success.
4. What type of loan is the best fit for my company?
Different businesses have different needs. While a longer term loan might be the best option for some businesses, others might benefit more from short term. For example if you were able to find 10,000 N95 mask in 2020 and make 500% on the money, a long term 50k deal that distributes 25k at a time might not suffice compared to a short term deal that gives you 50k the same day. You need to decide what helps your situation best, call (561) 525-5497 to speak to a funding specialist today!
5. Where are interest rates headed in the near future?
No one can say exactly where rates are headed. But as most people can see it does not seem rates are going down anytime in the near future, if anything they are going up further still. Rates are high and going higher it seems, as inflation continues to roar out of control. From Click N Loan's honest (non-financial advice) perspective, it does not seem like rates will be cheaper this year at least. Now is the time to apply for funding from Click-N-Loans.com before rates go up even higher.
The Main Point
Taking out a loan for your business isn’t something to be afraid of. In fact, business financing can be necessary part of life for most businesses. You should be able to leverage out the capital you borrow from a business loan to help your business grow. But before your company takes out a business loan, make sure to do your homework to ensure you can afford it and put it to work properly.