Running your own business is not only associated with financial freedom and independence from superiors, but also with great financial responsibility. People who have their own business often have to invest in it – both at the start and in the later stages of doing business. So often you have to use various types of loans and borrowings.
A lot of money is needed right from the start, when you need to invest in starting a business, buying or renting premises for an office, warehouse or service activity, as well as to make contact with suppliers. Later, additional funds may be needed for the development of the company or simply for its ongoing operations in the event of temporary financial problems. How to take a loan for a company so that you do not have additional problems with its repayment in the future?
Bank loans tailored to the clients’ needs
If we need additional money for a company, it is worth looking around in the offer of banks that have a lot of cash, revolving and investment loans to choose from. The type of loan should be adapted to its purpose. If we need financial support, the best will be a cash loan. However, if we want to invest in the company’s development, purchase of new equipment or expanding sales markets, the best solution will be an investment loan. It is a good idea to check the offer of the bank in which we have a business account first. Banks have much better offers for their regular customers. But not always. It is therefore worth reviewing the offer of at least several banks before making a decision. It is necessary to compare the basic parameters of the loan – not only the interest rate, but also the margin, commission, costs of starting the loan, as well as insurance costs. In most banks, credit with insurance is more expensive, but it offers many possibilities in case of problems with loan repayment. When making a credit decision, you should also check whether it is possible to take a loan holiday in your loan offer. They are useful in the months when the company thrives a bit less because of less seasonal interest.
It is worth looking into the offer of parabanks
In addition to bank loans, a large offer for companies also has parabanks that offer loans without BIK. Unlike bank loans, parabanks have a more lenient loan policy, do not require many formalities, and the entire process of applying for and granting a loan is much shorter. Non-bank loans are a good solution for small companies that need a small injection. Interestingly, in addition to popular payday loans, in parabanks you can also find a wide offer of installment loans that are almost the same as bank loans. Although they are slightly higher, they are perfect if the bank refuses to grant a loan and we need the extra money.