When it comes to obtaining financing for a business, whether it is a startup, SME or large companies, you need to have a lot of liquidity that gives you room to carry out the project or idea you have in mind. If you need a business loan we bring you a guide to the key aspects to know what to look out for when you apply with MrFinan:
What can I finance with a business loan?
A business loan is credit designed exclusively to pay for business expenses arising from:
- Working capital, such as seasonal financing, export loans, revolving credit and refinanced business debts
- Fixed assets, such as furniture, real estate, equipment, construction and remodeling
Depending on the reason for your application, we at MrFinan show you different levels of business financing up to a maximum of $100,000 and a repayment term up to a maximum of 7 years.Once you fill in the form with this information, we will indicate the next steps until your application is formalised.
MrFinan is a 100% free online service that you can access any day of the week. If you apply on a bank holiday or weekend, it may take up to a few working days to receive your capital.
What to look out for when applying for business loan?
When applying for a business loan you should take into account the conditions offered by the banks and make sure that you can meet the payments during the term of the loan.
Before applying for any type of loan at MrFinan, we recommend that you look at:
- The exact amount you need, so you don't take on unnecessary extra debt, otherwise you could be over-indebted, you can borrow up to $100,000
- The repayment capacity, to avoid resorting to defaults or arrears that generate an increase in fees that damage your credit history, this period of time ranges from 12 to 84 months
- Look at the Annual Percentage Rate, the lower the interest rate, the lower the actual cost of the loan, the minimum at MrFinan is 5,40%
- Pay attention to the conditions that each type of institution offers, read the clauses well and be aware that some will ask you to pay extra for origination fees, early payoff fees or late fees, or other links with your banking institution
Advantages of business loan in MrFinan
Getting business loan, can be very safe and fast with the technology that MrFinan offers, as it combines an online service aggregator and personalisation, which is also synonymous with multiple advantages:
- Security: the whole process is carried out in a secure data protection environment, where the information provided is to show you the most suitable options
- Possibilities great success, as we have one of the highest approval rates in the market, our customers recommend us
- Time saving: time saving: in just a few minutes the platform analyses your credit information and shows you the loans that best suit your financial situation
- Freedom of schedule: because it is an online platform, you can access financial offers at any time of the day and from wherever you are through your electronic device with access to the network
Business loan documentation with MrFinan
When applying for a business loan with MrFinan, you will be surprised at how easy it is and how few documents you will have to provide. The documentation required is basic:
- Up-to-date personal identification document
- Proof that you are the holder of the bank account you provide
- Proof that you have a salary or provable income
- A valid contact telephone number
- A frequently used e-mail address
Business loan requirements with MrFinan
The business loan requirements with MrFinan are quite simple, you just need to meet the following requirements and you will be able to get your financing in record time:
- Be of legal age (18 years old) at the time of application
- Be a resident of the United States
- A bank account into which you can deposit the borrowed capital
- Have a steady monthly income