Loan for professionals is not always easy to find, especially when organizations ask for a bond and a personal contribution to guarantee the repayment of the debt, institutions agree to finance business projects without these guarantees.
Discover more information about online small loans for small business
When a company solicits a bank or credit institution to obtain a loan of money, it is not the same approach as for an individual. For an individual, we will ask him for a long-term employment contract, his statements of account and his income. A bank advisor can quickly assess the applicant’s borrowing capacity and especially its solvency. For a company, particularly in the growth phase, there are not as many guarantees and banks are often required to request a personal contribution or a deposit.
The contribution can simply result from a cash or the sale of a property in the name of the company or the name of the manager, the idea is to have a sum of money to propose to take charge of expenses and part of the interest. The bond is a guarantee that can be physical or moral, when it is physical it can be simple or solitary, in the context of solidarity, the bank can turn to the person who stands surety in the same way as the borrower to recover his money. The moral guarantee is taken care of by a surety company, which guarantees the company.
To obtain an online small loan for small business, it is advisable to apply for this loan online via https://oakparkfinancial.com/.
Get your business credit without the contribution and without bond
A record without the contribution and without a bond must be solid, whether for the purchase of equipment, to support an activity or to buy a business, obtaining a business loan without these guarantees implies have sufficient guarantees to convince the banks. It will take at least the last three balance sheets to be able to apply for a professional loan without the contribution and without guarantee, with ideally a precise estimate of the desired amount and its use.
The loan must also be a consumer loan and more specifically a personal loan, an amount that can be obtained on demand more easily than in the context of a real estate investment. As the terms are shorter and the amounts smaller, the guarantees can be reduced, as some banks apply different commercial policies and accept unassisted and unsecured files.