Does your company need additional financing right away? No problem! Now a wide range of company loans is available, which can be obtained practically on the spot and for any purpose. Who offers them? What conditions must be met? How fast can the funds be on your account?
Many companies are currently opting for external financing sources such as bank and non-bank cash loans. They are selected by both the largest players in their industry, as well as beginners and smaller entrepreneurs who do not have such high profits yet.
Loans allow for easy financing of many different current expenses when the company does not have the appropriate resources but also can be used as support for start-ups or as an aid in the implementation of investments.
When a company wants to decide on a loan, it should, first of all, remember to choose the most advantageous offer. What should we pay special attention to when we want to get a company loan right away? We invite you to familiarize yourself with our guide!
– A loan from the hand – or what?
– What affects the speed of the loan?
– What conditions must be met to receive a quick loan?
– In a bank or a non-bank loan company?
The times when you had to wait many days to get a loan, we have a long time ago. Currently, we can get a cash loan even in one day and without the need to go to a lender’s office – everything can be done online.
Quick loans allow you to easily fund unexpected expenses for which there is no money in the company’s cash register. That is why they are so often chosen by many entrepreneurs looking for financial support right away.
What loans can be obtained instantly? How much can you borrow them? What is the repayment period for such commitments? What can the funds be allocated?
A business loan is available immediately
If the entrepreneur is looking for quick financial support, the best solution will be this content for a business loan.
Cash loans, which are granted in accordance with the provisions of the Civil Code, allow obtaining funds on favorable terms. They are eagerly chosen both by private persons as well as by companies that can finance virtually every expense.
As these loans are for smaller amounts, they are generally not connected with the necessity to meet many excessive conditions. They are often even called loans as evidence because the lenders do not require any additional documents.
The simplified procedure for obtaining a cash loan for the company also means that you can get it in a shortened period of time – sometimes even within a dozen minutes of submitting the loan application.
How much money can you get with a company loan?
As we mentioned, fast cash loans for companies allow you to borrow smaller amounts, nevertheless, the final amount of financing depends to a large extent on the borrower himself.
Usually, the amount of such company loans is from PLN 1,000 to PLN 10,000, but in the case of higher creditworthiness, the company can count up to several hundred thousand zlotys of loans immediately. It is worth noting, however, that such sums are granted only to regular and trusted clients who have high creditworthiness.
Therefore, fast loans generally refer to smaller sums, which does not mean, however, that they are not helpful in running a business. On the contrary, they are invaluable support when a company needs smaller amounts immediately, without the need to meet excessive requirements.
What is the repayment period for quick loans for companies?
Quick loans do not have to be paid quickly. Thanks to them you can get financing for even a few years depending on the chosen offer.
In banks, the repayment period of such commitments may be up to 10 years, but usually, it is about 5 years. Non-bank loan companies offer quick loans for approximately 2 years.
Repayment of debt takes place in monthly installments, which allows you to easily select the optimal installment amount. The longer the repayment period, the lower the installment, therefore it is recommended to extend it in a situation when the entrepreneur does not achieve high profits and wants to maintain financial stability even after taking out a loan for a larger sum.
Fast payday loans are also available as part of fast company loans, but they enjoy low interest. These loans are intended to be repaid within one month, which also increases their risk.
What can you finance with a fast corporate loan?
Basically, a cash loan does not require informing the lender about what the client wants to spend money on. Therefore, he has the freedom to have the sum obtained at its full amount.
Entrepreneurs incurring cash loans generally spend them on various expenses in their companies, for example, such as:
– purchase of necessary equipment, services, and software
– stocking the store
– repayment of invoices of the upcoming date
– payment of contributions and taxes
– payment of rent and other bills
– payment for business trips
– costs related to setting up a business
– small investments related to the company
As you can see, the possibility of spending company loans available to you is really very wide and they can be used both when the company is in a good financial situation, as well as when it is in a slightly worse condition and needs additional support.
A big plus is a possibility of obtaining loans of this kind by entrepreneurs just starting their business activity. They often have a lot of difficulty in obtaining the necessary financing, because they do not have any profits yet. A cash loan for business then allows you to raise funds for all expenses related to the establishment of a company regardless of its industry.
Stationary and online
Today, quick loans for companies can be obtained both at bank branches and loan companies, as well as can be requested completely via the Internet.
Internet loans are particularly popular because they allow you to complete formalities without leaving your company. It is, therefore, a convenient and quick solution for modern entrepreneurs who want to finance their business even easier.
All these advantages make corporate loans a proven choice for any entrepreneur looking for additional financial support – quickly, conveniently and for any purpose!
What affects the speed of the loan?
However, how fast can a fast company loan be that is available immediately? The lenders insist on transferring funds to their clients in the shortest possible time. In this way, the customer can obtain money without long waiting for the application to be processed.
It is worth pointing out, however, that it is not always fast corporate loan that allows you to obtain funds at an express pace. What affects them?
The speed of the loan depends on:
– the speed of writing out the loan application
– speed of consideration of the loan application
– speed of transfer of money by the lender
In addition, in the case of online loans, the identity verification method chosen by the customer is also relevant.
Thus, it may indeed happen that a loan can be obtained in a few minutes, but it may well be available only after a few business days. Below we present exactly information about the pace of company loans and what can modify them.
Speed of writing out the loan application
Of course, the sooner we prepare the application, the better. Most often, however, there are many headings to be printed out, which is why we have to spend about a quarter of an hour for this purpose.
Faster can be done only as a lender’s regular customer – then the application is usually partially completed.
Speed of customer identity verification
Along with the issuing of a loan application in the case of online loans, it may also be necessary to verify your identity. It is intended to check whether the person actually applying for the loan is the one for which he/she is applying. This prevents the dangerous effects of identity theft.
Verification is usually done by online transfer, but some loan companies, including Burke, also allow you to use other methods, for example, a GIRO check carried out at a post office.
When we perform the verification by bank transfer, it is best to choose an offer with a quick transfer, that is using online payment systems. Burke for Business uses the Blue Media system, which allows the instant transfer of payments from recipients. Then you do not have to wait for the transfer to be posted, which can take up to one business day according to. Therefore, it significantly speeds up the process of obtaining a loan.
Of course, in the case of fixed loans, the verification takes place immediately on the basis of the data from the ID card.
Speed of considering the loan application
As we noted earlier, lenders currently put a lot of emphasis on the speed of processing applications. This is also related to the fact that currently they are not completely analyzed manually, but with the use of special IT systems that significantly facilitate this procedure.
In general, the examination of the application takes from several minutes to an hour. At Burke, we guarantee such a time and we inform the customer about the loan decision by SMS or by e-mail.
Sometimes, however, due to errors in the application, incomplete data or difficulties in analyzing the creditworthiness of the client, the time of examining the application may be extended.
Attention! Most banks and loan companies consider applications only during their working hours. Therefore, when we submit an application outside the lender’s working days and hours, it will be processed only on the next business day!
The speed of money transfer by the lender
Let us not forget also that the speed of money transfer by the lender after a positive loan decision is of great importance.
If we choose online loans, the money is usually transferred to a bank account. When the transfer takes place with the use of quick payment systems online, such as Blue Media at Burke, it is immediately credited to the customer’s account. Otherwise, the wait can be extended.
When we choose the option of withdrawing money through a GIRO check, we can simultaneously verify the identity and sign a loan agreement, as well as collect money – all in one window.
Therefore, if we manage to issue a loan application in the short term, then it will also be processed immediately, and the money will be transferred immediately, we can receive a company loan even within a quarter of an hour. Remember, however, that this time can extend up to 7 days!
What conditions must be met to receive a quick loan?
In order to obtain a fast company loan, we do not have to meet a number of excessive conditions. Today, these loans are available on very attractive terms for anyone interested, but this does not mean that we do not have to meet any requirements.
Quick loans, both those offered by banks and non-banking loan companies, are primarily granted to borrowers with the appropriate creditworthiness. If it is at the appropriate level, the lender does not even ask to provide documents confirming this ability – everything can then be arranged much more conveniently and quickly.
So, what conditions must be met by the entrepreneur so that he can receive a quick business loan virtually on the spot?
– activity registered in Poland
– adequate creditworthiness
– lack of debts recorded in debtors’ databases
These are the three main conditions that are associated with obtaining a loan for entrepreneurs. Of course, it is worth pointing out that the lenders may approach different of these conditions differently, which is why we will take a closer look at them below.
Activities registered in Poland
First of all, the entrepreneur should have registered business in Poland. A loan can be obtained if it is a sole proprietorship as well as a company.
When writing out a loan application, the entrepreneur is then asked to provide his company’s details, including, but not limited to, its name, business address, personal data, information about the date of the company’s establishment and its industry. These are therefore different registration data, which also require a look at the company’s registration documents – it is worth having them at hand.
In general, there is no need to submit registration documents by the company, which significantly speeds up the process of granting the loan.
Attention! It is possible to obtain a company loan from the first day of running a business. This offer is also available at Burke, so you can submit your application even on the very day the company was founded!
The correct creditworthiness is very important in the process of obtaining a company loan. Under this term, there is the ability to settle the borrower’s obligation (loan capital and its costs) at the indicated time.
Most often in the case of smaller amounts of cash loans for business, there is no need to provide a number of documents related to the activity, which significantly improves the loan process. You can, therefore, do without passing accounting, tax or banking documents. We can, however, be asked for them when the lender reaches the conclusion that we do not have sufficient creditworthiness.
The creditworthiness of a company consists of:
– the amount of income earned by the company
– sources and regularity of income
– company liabilities, for example, rents, bills, fees, taxes, and other operating costs
– assets owned by the company, that is assets
– company capital structure
– company’s industry, its competitiveness
– time of doing business
It is worth noting that not all of these factors are taken into account or they are not so important for the company’s creditworthiness. In the case of quick loans, banks and loan companies approach to examine this ability in a more relaxed way, so you can get financing even when the company is in a slightly worse financial condition.
No debt recorded in debtors’ databases
Very important in the process of applying for a company loan is also whether the borrower has some debt. I am talking specifically about the debts that can be recorded in debtors’ databases, namely BIG – economic information offices.
The business information office is an institution that collects, stores and makes available data on unreliable debtors. Therefore, if we do not settle liabilities in a timely manner, then we can be entered into the BIG database. On the list of debtors, you can find inter alia for an unpaid invoice, rent, bills, contributions, alimony, fines.
The largest BIG in Poland:
– ERIF Economic Information Office
– BIG InfoMonitor
– National Debt Register BIG
These databases operate independently of each other, therefore they do not exchange information. Loan companies and banks usually check all of them or only one or two depending on the requirements.
If a client who wants to get a loan is on the list, then the chance of getting financing decreases.
Is it possible to somehow disappear from BIG databases and get a loan? The simplest is to pay off the liability. The creditor is then obliged to apply for deleting the debtor from the database.
This is, therefore, the three main conditions to be met in loan companies and banks when we want to get a loan immediately. However, it is worth pointing out that there may also be other requirements – each lender is different in this respect. In addition, it may happen that we will not get a loan in one institution, but in the other one, we will get it easily.
In a bank or a non-bank loan company?
After a quick loan for the company, we can go to both the bank and the non-banking loan company. Both of these types of institutions have their pros and cons when it comes to corporate loans.
Banks are chosen most often, but it does not mean that they have the best offers. Today, loan companies are also becoming more and more popular. They have attractive financing proposals for business customers in amounts up to PLN 10,000 with easy repayment in installments.
It is worth pointing out that when it comes to conditions to be met, it is in non-bank lending companies that they are generally less expensive, which is why a good choice for smaller, new companies that do not have high creditworthiness, are in a worse financial situation and need support.
However, we should always remember to check the lender and his offer carefully before submitting the application – for this purpose, you can use the opinions of existing customers available online. If we do not find any information about the lender, it is worth remembering that it is better to look for another one for security.
Today, virtually every company can get an attractive loan right away – excellent for financing current operations, unexpected expenses and future-oriented investments.
Thanks to banks and non-bank lending companies, financing can be obtained even via the Internet – without the need to provide a number of documents and a long wait to process a loan application. Funds can be available even within one hour!
To get acquainted with your company loan offer invites Burke – thanks to us you can obtain an amount of up to PLN 10,000 for a period of 2 years with a convenient payment in installments. You can submit your loan application even online at this time. We provide loans from the first day of operation. Welcome!