Business Term Loan
Business loans are a good choice if your business needs a steady income and wants to make fixed payments. Rapid Finance offers both unsecured loans (Business Term Loans) and secured loans (Asset Based Loans).
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A business loan can be a good option if you need to borrow money at some point in the future but aren’t sure when. It offers you a window where you can withdraw funds from your available credit limit. You only pay interest on the amount you withdraw.
Invoice factoring is designed to meet your short-term business needs. You can use it to sell unpaid invoices to an invoice factoring company for a cut of the money upfront, less a fee. The factoring company then collects the invoices and pays you the balance. To be eligible, your lender will analyze your customers’ creditworthiness and let you set invoice payment terms to net 30, 60, or 90 days.
Asset Based Loan
One way to get cheaper interest rates—especially if you have less than stellar business credit credentials—is to put up something from your business as collateral, such as a loan. B. a business account, a company vehicle or account claims. However, remember that if you default, the lender can take possession of this collateral to cover their losses.
According to Rapid Finance, you may be able to earn even lower interest rates by using more “liquid” collateral, such as savings accounts or accounts receivable.
Bridging loans are short, time-limited loans that help you bridge the gap between unexpected business expenses and better, longer-term financing.
Merchant cash advance
MCAs give business owners quick access to cash without having to go through the traditional business loan application process. The advance can be less than, equal to or much greater than your monthly turnover. Instead of making fixed monthly payments like a business loan, money is paid back over time as a percentage of sales.
To qualify for a merchant cash advance through Rapid Finance, you must accept credit card payments or similar account demands in order for the repayments to be calculated and deducted automatically.