There are a host of new companies that provide online loans for businesses. These companies use sophisticated algorithms and different benchmarks to disburse loans greatly increasing the chances of your business in securing a loan. One such company making waves online among entrepreneurs is Spot-cap. If you are just looking for a personal loan you can should consider checking out this article about expeditious loans.
Easy Low-Cost Finance For Startups
Easy Low-Cost Finance For Startups
Spotcap provides unsecured loans with a flexible schedule for repayment of loans. Spotcap was started in 2014 and has diversified operations in the UK, Europe, New Zealand and Australia. The different types of businesses eligible to apply for loans are :
Limited Companies Partnerships Sole Traders
Some of the unique features of their business loan is that the entire process is automated, all you need to do is submit your business documents in a digital format. Once you submit a completed application it will be processed within 24 hours and in case it’s the weekend on the next business day.
Some Of The Unique Benefits They Offer Are:
No penalty or loan closure fees if you make repayments early. All the loans given by the company are unsecured. That way you can use your business assets as collateral at other banks. An SME loan can be a viable alternative to other forms of financing, such as
Loan Features
Successful business owners whose credit line is approved will get immediate access to an online credit line which could range from £ 10,000 to 150,000. You can then withdraw whatever amount is required, whenever you need cash. You will only be charged an interest rate on the amount withdrawn from the date of withdrawal and not from the date when the loan is sanctioned. Once you have incurred debt you will need to start repayment on a monthly basis. The loan repayment tenure is usually between 12 to 15 months. The interest rate charged on the amount withdrawn starts at 0.5% per month but can go up to 2% per month depending on the risk profile of the borrowing firm. If your firm has a weak or over-leveraged balance sheet then you should expect to pay a higher interest rate.
Eligibility Criteria
To get a loan your company needs not be a well-established family business. You can get loans even if you are an ambitious new startup.
