Fast, online, non-bank loans are associated as sources of cash for those who are in a bad financial situation or are facing sudden expenses over their home budget. Although of course financing strictly intended for consumers is the most popular form taken by online loans, there are also offers for entrepreneurs – both for sole proprietorships, small businesses and larger market players.
Get the best online small loans for small business when you need it most
Any person running their own business can borrow. The great convenience as shown on Oak Park Financial`s website, however, is that you do not need to submit any registration or accounting documents, and the entire process for online small loans for small business is done online.
Who, how and for how much? That’s how Polish entrepreneurs borrow
The group that most extends to non-bank loans is micro-enterprises with over 2.1 million on the market today. Furthermore, BIK research shows that they are in debt over $ 20 billion annually! Of course, the largest part of this amount is bank loans, whose number last year was as much as 8 percentage points higher than in the previous year. Others who do not have their own funds or have no chance of a bank obligation are increasingly turning to non-bank companies. The reasons for this decision are usually the company’s poor financial condition, insufficient operating time (banks usually require at least 12 months) and the company’s debt at ZUS and the Tax Office.
What are the loans for? Usually, which is partly due to low financial credibility, the money from the loan is intended to pay off debt or pay overdue invoices. Less often, however, non-bank financing is treated as an investment loan for companies that have been around for a long time. It looks different in the case of people who have just set up a sole proprietorship and are looking for funds to start – buying equipment or goods, renting an office. In this case, however, there is much greater potential for obtaining the necessary money.
One-man business is easier
The disproportion between the number of non-bank offers for companies and the number of offers for natural persons is considerable. The good news for people running a sole proprietorship is that company activities can also be financed from own funds – even loans. Moreover, the costs of obtaining it can be deducted from revenues. Such people are therefore not limited to company offers only, but they can also be interested in an ordinary consumer loan and, simply using the ranking or comparison engine, simply choose the best one. Of course, whether they use a regular payday loan or a dedicated business loan will determine the amount they earn:
- payday loans are usually amounts of 1000-3000 $, although more and more often you can meet the range of 5000-1000 $ – such high payday loans in many banks (record payday amount – $ 10,000);
- consumer installment loans without guarantors and pledges do not exceed $ 10-20 thousand in the following companies: Snappi Loans, Niminent, Melow Finance, Zengga;
- the range of loans for companies is much larger – it starts from a few thousand USD, and can reach up to a million in size!
Where else will entrepreneurs lend?
The above offers are one of the most interesting, but they are not the only ones. Smaller and larger entrepreneurs can also count on the following companies:
- Cropet – up to $ 6,000 for development.
- Zelt credit – up to $ 500 thousand against real estate.
- Niminent for companies – up to $ 15,000 for development.
- Sole loan – up to $ 10,000 for development and current expenses (Aasa is the real lender).
- Cremati Finance – up to $ 150,000 in six packages (including against real estate).
- Car-capital – up to $ 100,000 against a car.
- Polskier – up to $ 5 million against real estate or shares in a company.
Non-bank corporate loans are usually targeted at people who cannot get financing elsewhere, but also for those who appreciate the simplicity of solutions and convenient repayment terms without sacrificing security.
Is it worth using them? This should depend on the individual assessment of each person running their own business. However, it should be borne in mind that, unfortunately, the development and success of a company depend very much not only on energy expenditure but also on financial expenditure. Without it, often even brilliant ideas that could conquer the market have no chance of success.