Getting a commercial loan can be a daunting task, although it’s probably an essential one for the success of your business venture. However, not all loan providers are created equal. You’ll need to find good development finance partners that will understand what you’re trying to achieve and can help you secure the necessary funding.
If you’re looking for commercial loans you should take a look at these 5 options:
- Stornoway
This firm is a specialist private capital firm that has years of experience in raising capital without using traditional banks. They can also offer an array of debt solutions that can help you to restructure your finances and drive your business forward.
Applying with Stornoway is very simple, speak to them via email, phone, or in-person and they’ll guide you through every step of the process. It can help if you visit their development finance page first to see all the options in detail.
- Moula
This company is offering interest rates as low as O.61% per fortnight with no upfront fees and the funds available within 24 hours/.
In fact, you can apply to Moula online in less than 10 minutes. Of course, it should be noted that the maximum loan possible is $500,000.
- Lumi
Lumi is offering a non-secured business loan with a value of between $5,000 and $200,000. They are aiming exclusively at existing small businesses that don’t have the time to sort finance out.
In fact, you can apply to Lumi online or in-person and have a decision within 2 hours. The loan will need to be repaid over an agreed period of between 3 and 18 months but there are no hidden fees and no collateral is needed if you borrow less than $100k.
Once a decision has been given you can access the funds in your account on the same business day! It’s also worth noting that there are no early repayment fees if that becomes an option for you.
- Get Capital
GetCapital are offering rates as low as 0.87% per month and you can borrow up to $500k, and you can even make extra repayments and redraw funds if needed.
The firm will lend you between $10k and $500k and you’ll need to repay it over a period of between 6 and 12 years. That’s a good starting point.
You’ll be able to apply for your commercial loan online, the process is surprisingly simple and should be completed in less than 15 minutes. There is no fee to get started and you’ll receive approved funds the next day.
This is actually a great option if you want to keep borrowing to a minimum but you may need a little extra help from time to time.
- Prospa
This firm recognizes that every business is different, in response they’ve created a product that’s as flexible as possible.
You can get an unsecured loan from Prospa for between $5k and $300k. While the monthly payment is set, it is possible to overpay, reducing the amount of time it will take to repay any loan.
The application is also online and takes just a few moments to request your loan. Funds are released on the next day if your request is approved.
