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When you're looking for a business loan, it makes sense to keep looking until you find the "best" loan for you. But what makes a business loan the best?
Find out what to look for and compare business loans below.
There’s no single loan that’s best for everyone as all our needs are different - and what’s best for you might not be best for someone else. Keep in mind that we don’t compare every product in the market, but we hope that our tools and information will allow you to compare your options and find the best loan for you.
100% confidential application
An unsecured business loan with online application and no upfront or early repayment fees.
If your business has been affected by COVID-19 there are a number of options available to help you financially:
The banks are offering various relief measures to help small businesses during this time of uncertainty. This includes measures such as payment deferrals, fee and interest waivers and discounted rates on business loans.
The government is employing various tax relief measures including: refunds, deferrals, and waivers to help businesses retain staff and purchase new equipment during this time.
State governments have also revealed their own grants schemes, tax relief, and interest-free business loans designed to provide cashflow assistance to SMEs.
There is no single factor that determines what is the best loan for your business, but there are a number of things you need to keep in mind when considering a business loan. With the number of finance options currently available to businesses, it pays to have a clear understanding of both your business's current situation and financial needs before you apply for a loan.
The business loan that is best for a start-up with no trading history will be different to the one that is best for an established business, and so you will need to consider the following when working out what business loan may be the best for your business.
See what the best business loan options are for businesses in the following positions:
Most business lenders will have certain criteria that you will need to meet in order to be eligible. Consider the following to determine whether you're likely to be approved for a business loan:
By now, you probably have a good idea of what type of business loan could be the "best" business loan for your circumstances and can compare loans using the table above.
Once you have found a business loan that suits your needs, check through the eligibility criteria for that particular lender and loan product to make sure you qualify.
When you're ready to apply, click the "Go to site" button to begin the loan application process.
100% confidential application
An unsecured business loan with online application and no upfront or early repayment fees.
Picture: Getty Images
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