Business loans serve a beneficial purpose. Even if you don’t have a lot of collateral, you can still get the business loan you want. Getting a zero-down payment business loan is easier than ever.
Understanding the Process
The process of applying for a loan can be pretty confusing. That’s why those at Lantern by SoFi do their best to make it easier and less stressful. As they state at Lantern by SoFi, all you have to do to apply is “Fill out one simple form.” So not only is it easy to find small business loans from Lantern by SoFi, it’s also easy to apply for one.
Different Options
Different options are easy to find when you know what you’re looking for in a business loan. So it’s helpful to sit down and explore what kind o options you have. Keep in mind you might still need to put some money down or show evidence of assets at some point in time for the loan, even if you don’t have to put any money down at first.
SBA Microloan
The Small Business Administration is there to serve the business community’s needs. One of the many services they offer clients is loans. This includes large business loans. It also has what is known as microloans. Borrowers can borrow up to $50,000. Unlike standard loans, they are not guaranteed by the government.
However, such loans are primarily designed to serve the needs of otherwise underserved communities. That means that lenders are looking for ways to ensure that all applicants for these loans have access to the business funds they need.
Term Loan
A term loan is another option that many business owners can turn to for help with the money they want for their businesses. As those at Lantern by SoFi remind their clients, this kind of loan is “A flexible form of financing that can be used for almost any business need.” Term loans do not require you to put up a down payment to get one.
However, keep in mind you might have to pay fees when you take out the loan. You might also have to demonstrate that you have certain assets to the lender, especially if you take out a larger loan.
Business Line of Credit
Business lines of credit are a common means of funding any business, no matter how big. A line of credit has a lot to recommend it. It’s one way to get access to the credit you need. These short term loans act very much like a credit card.
You apply for the line of credit you need the same way you apply for any other loan. In turn, the lender determines the amount of credit you can access. A business owner then pays back the loan as they use it, typically every month.
Modern business loan methods make it easy to get access to ready credit.
