6 Dos and Don’ts of Getting a Business Loan
The age-old saying ‘You need money to make money’ certainly holds true. Not many small-to-medium businesses have spare cash lying around. That’s why getting a business loan can come in handy to help you grow your business.
There are a couple of tried-and-tested dos and don’ts that you should bear in mind when getting a business loan:
- DO use a reputable lender. Nowadays you don’t need to rely on the bank to get a business loan. Thankfully, because large financial institutions are notorious for turning small business owners away. When choosing an alternative lender, make sure the lender has a rock-solid reputation. That’s where Become comes in. This free online service will match you to one of the top Australian lenders, saving you time and getting you money.
- DO borrow what you need when you need it. Apply for a loan as you need it. Don’t hold up your business success because you don’t have the cash to expand. Get your loan right away and grow your business!
- DO get multiple quotes. Compare quotes from top lenders to find the right loan for your business. Instead of shopping around, you can get multiple quotes with just one application through an online loan marketplace.
And now for those don’ts….
- DON’T take out more than one loan at a time. Take out just one loan at a time. Overextending your debt with multiple loans can put your business at risk.
- DON’T focus only on interest rates. Focus on other important criteria such as loan terms, flexibility, and loan requirements.
- DON’T put your business assets at risk. There are many unsecured loan options from alternative lenders whereby you don’t need to provide security for a loan. No security means your business assets are never at risk.
Get the money you need to grow your business and succeed.
Disclaimer: The above information is of a general nature. Before receiving a business loan you should consider the loan agreement and finance documents provided by the lender, and whether the loan is suitable for your business.