If you are planning to expand your small business operations or want to take your startup to the next level, you must have readily available funds. Even if you do not plan to expand business any time sooner, having handy funds is a must, just to avoid running out of money and closing down the business.
However, small business and startup funding can be tiresome at times, especially when you cannot approach angel investors or do not want to share the control and bank loan approval is subjected to too much documentation or it’s taking too long.
Applying for installment loans online is probably one of the fastest and hassle free options in such a scenario when you need funds faster. Many times you need cash in emergency situations, i.e. when the client payment is delayed and you need money to pay for the business expenditures, unplanned expenses etc.
Services like Just Right Installment Loans make things easier for all such situations; with a big number of trusted lenders onboard, online application system and customer satisfaction standards you can apply for an installment loan with confidence.
How it Works?
It’s simple to submit your online loan application which is processed immediately; it is evaluated to identify what loans you qualify for and offers are sent to you.
You can go through multiple offers, analyze them and select the one that best meets your requirements. The lender will start processing your loan amount immediately after you sign the loan agreement.
Some Key Advantages of Online Installment Loans:
- They accept all types of credit score, so it’s a big plus if you are building a startup with bad credit history.
- Unlike payday loans, these loans have lower interest rate.
- These loans are easy to refinance; just in case if you have difficulty in repaying your loan, you can modify the terms to make repayments smoother.
- Unlike payday loans companies who require complete repayment of principal and interest, you only have to pay a small amount of the money each month when refinanced.
- These loans are easiest to renew, as soon as the original amount is repaid, you can obtain a second loan.
Knowing the Installment Loan Agreement:
Before you sign the loan agreement, it is very important to go through all the details written within, just to make sure that you’re fine with the terms and conditions. (The agreement terms must comply with Truth in Lending Act).
How Much Can I Borrow with These Loan?
Depending upon your credit score you can have loan up to $5000. The higher credit score lowers the risk in lending to you, but people of all types of credit history are eligible to apply for installment loans online.
A proof of employment/regular income is enough to get you qualified for an installment loan. The best way to get an installment loan for a business startup is to:
- Have good personal credit
- Have a co-signer ready to provide additional security
- Be ready to work with the lender to provide additional guarantees on the loan, i.e. vehicle as a collateral or some other belonging.
The Bottom Line:
Late payments by clients, small accidents, unexpected/unplanned expenses and some other small issues may cause a temporary blockage in cash flow, but it should not stop your business operations. Having an emergency funding plan for your startup is an essential and make sure to keep online installment loans in this plan so you can obtain a loan faster when needed in any of such situation!