What is a
Business Loan?
Reasons for a business loan.
Operating a business can be ridiculously expensive, not to mention hard work. You need to think about the future. Hiring staff, purchasing new equipment, expanding and growing your operations. This all adds up…
When you find yourself in this situation, you need options and that’s where a business loan may be right for you. But how do you know if you’re getting the best deal? This is where shopping around helps, but if you’re running a business, you don’t have the time to be window shopping for business loans.
Why choose LoanOptions.
LoanOptions takes the heavy lifting out of the search. Once you input your details and the Ai works its magic and synthesises your information, that hours of searching is reduced to seconds!
Being able to compare with open eyes, you can weigh the pros/cons and apply them to your situation. Comparing your options can help you get the best business loan for you!
We got you covered.
Business loans are a valuable way to support various aspects of your organisation. From working capital to everyday expenses, a business loan has got you covered.
As a business owner you need to be on top of it all. If you’re not, then it's pretty much chaos. Finding the right loan can also be just that if you don’t know what you are looking for. Don’t disappear down the rabbit hole searching through endless financial product descriptions, interest rate offers and advertisements. The best way to find the right personal loan for you is to compare what is out in the market right now. Compare, Compare, Compare! Comparing your options will get you the best deal for your circumstances. You can also consider the below to give you a headstart when you start your search.
The Right
Interest rate.
These days on the news all you hear about is interest rates rising. You can thank the Reserve Bank of Australia (RBA) for that. Interest rates play a vital role, as they dictate the amount you pay on a loan in any given year. When you are looking to get a business loan, be sure to be smart about it, don’t be a dummy and go with the first loan you see. Use LoanOptions to compare and find yourself (without any need to contact anyone else) the best loan for you! More Options. More You.
More Return (ROI).
Cashflow is King! If you have a proper financing solution in place, you can see your business grow and generate additional (ROI). The saying you have to spend money to make money rings true. The money spent on marketing or other growth opportunities could lead to additional revenue that offsets any interest paid. It allows for more rapid expansion when cashflow would otherwise not allow it. There are many options these days when it comes to structuring your finance, including Overdrafts, lines of credit, working capital loans and invoice/debtor financing. Talk to our Customer Service professionals at LoanOptions today!
We have said it before, and we’ll say it again, not every loan is the same! When you are applying for a loan it can be either an unsecured or secured loan. Finding the right loan can be confusing and to make it easier we’ve defined the below.
Secured.
A secured loan uses the asset being purchased, in this case the car, as security for the loan. If you the borrower can’t repay the loan, the lender can reclaim the asset to cover the costs. Although if the sale of the asset doesn’t cover the full amount owing, the borrower must pay the difference.
The benefits of secured loans is that they usually result in achieving a lower interest rates, due to the lower risk factors from a lenders point of view
Unsecured.
In an unsecured loan scenario the lender does not use any assets as a security (no collateral). This comes with a higher charge interest rates when compared to secured as the risk is more for the lender.
These types of loans are not generally for cars, because you can usually save money by using the vehicle as security. Some situations that an unsecured loan might be useful for a car, is if the car being purchased is not an acceptable asset for that specific lender, if the asset is too old or even if you wish to borrow more than the actual purchase price by a substantial amount to cover costs or customisations to the car.
We’ll tell you what you need to know, enquire with LoanOptions and take one step closer to getting your business loan.
Secret fees.
The devil is in the details, and it can be more than a pain if you do not read the fine print properly or if not all associated fees are brought to your attention as a borrower.
Ask yourself these questions:
Entry/Exit Fees.
Are there any entry or exit fees?
Late Payments.
What are the late repayment fees?
Early Payments.
Are there fees for paying your loan off early?
Added Costs.
Are there any other added costs that could come up?
Still have questions?
If you have any questions or enquiries,
visit our FAQ bunker or give us a call
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