Working capital loans can be pivotal to the growth of small or medium sized business. For the uninitiated, these loans are generally used for the day-to-day operations and running of the business and are integral to sustainability as well as the smooth running of any enterprise.
Like any other loan or form of fund raising, procuring working capital comes with its challenges for small business owners especially when it comes to meeting all requirements to the T. When it comes to traditional lenders such as banks, getting approvals can be tough, as most banks do not go for high risk lending and are extremely stringent with meeting the eligibility criteria.
The natural question therefore to ask is, which private finance company to apply for small working capital loan?
The answer is simpler than one might think for it to be. Non-banking financial institutions are the way to go. These platforms operate on the business model of providing easy and quick loans to small and medium sized enterprises and because they are aware of the operational challenges as well as the difficulties with fulfilling eligibility criteria they are supportive in their processes and work with the applicant to ensure the loan comes through. Of course, there are certain basic requirements that need to be met, but even so the chances of approval are much higher than with traditional lenders.
Which private finance company to apply for small working capital loan
Lendingkart.com is the industry leader when it comes to SME loans and there is good reason for that. The USP of the organization is to understand the needs of the applicant and come up with loan solutions and packages that are not only effective but also planned in a way that repayments are made easy and sustainable.
Here’s why they work and are the best option to explore:
–Quick online process: Clearly a big advantage on offer. Most lending companies get the applicants to apply online and the rest of the process is done manually and face-to-face. While this is cumbersome and time intensive, the end-to-end online facility with lendingkart.com is a breeze.
-Quick approvals and disbursal: The importance of this cannot be emphasized enough. Most small and medium sized businesses need working capital loans for everyday operations and expectedly, the quicker the money comes through the better it is. The turnaround time is fast and so the process of money coming into the applicant’s account.
–No collaterals: Not being able to provide collaterals is the single biggest deterrent that stops small and medium sized business owners from getting loans by traditional lenders. Lendingkart.com clears the way with having a no collateral requirement and this goes a long way for small and medium enterprises in securing the funds that they need. It’s a huge relief given the struggle and challenge of providing collaterals is extremely stressful.
-Nominal interest rates: Since most of the non-banking lending comes under unsecured loans, the risk factor is rather high. Most platforms tend to charge a high rate of interest in order to cover themselves as well as make up for the risk that they are exposing themselves to. Not so with lendingkart.com. The interest rates charged do not burn a hole in the pocket of the borrower and as mentioned earlier, the repayment plan is also created keeping in mind the loan amount as well as the repayment capacity of the borrower.
The point is to go with someone where the experience is hassle free and both time and returns are optimized. So when thinking which private finance company to apply for small working capital loan, lendingkart.com is a strong contender.