If you as an entrepreneur need a little more financial room or want to have the opportunity to invest some extra money, taking out a loan is one of the options. To take out a loan, you must go to a lender. This is the person or institution that provides credit. There are both business and private lenders. This article looks at business lenders.
There are different lenders. There is, of course, the bank. But besides the bank, there are more options for you as an entrepreneur. For example, if you have a minimum annual turnover of € 250,000, you can go to Phyll Financiers. We are an experienced financier for SMEs. You can submit a financing application using the form on the right. Because we use customization, it is not possible to make a statement about certain things. Things like how much you have to pay back per month, how much you can borrow and how much interest you have to pay, all depend on your personal situation.
We do not provide loans to individuals, only to companies. Unfortunately, if you want to borrow as a private individual, we cannot help you further. When we have received your credit application in full and correctly, you will usually be contacted within 48 hours about the options.
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With business credit, you can invest in your company. For example, you can buy business premises, or purchase supplies, or purchase company cars. In addition, you often pay little interest, and it is not mandatory to repay the loan periodically.
When you use the money for an investment, you are likely to make more profit. This makes it easy for you to repay the loan.
Another advantage is that you do not have to claim your equity when you have taken out a loan. This allows you to make investments but also keeps your cash flow going.
In addition, a business loan does not have to be repaid immediately. Investments are easily made, but of course, it takes a while before you start making more profit. Clear agreements are made about when you will have to pay it back so that you know where you stand. This allows you to focus on your business without worrying about when you will have to pay back.
What does a lender do?
A lender provides, as the name implies, a credit. This can be for consumers, but also for business. This article focuses on business lenders. These are the lenders where you can obtain credit when you are an entrepreneur. If you have your own business, you may have to borrow money. This can have various reasons. You can borrow money for an expansion of your business, but also for example to help your cash flow.
Credit cannot simply be provided. Your financial past must be looked at. Are you the owner of a company, but do you have a negative BKR registration? Then it becomes a lot harder to get a loan. Phyll Financiers looks at your financial past, but also always looks at what is possible. It is, therefore, more difficult to get a loan with a negative BKR registration, but not impossible. Keep in mind that a negative BKR registration is generally equivalent to a greater risk for the lender. You will then probably have to pay more interest on the loan than someone without a negative BKR code.
We also look at your current financial situation. The lender must ensure that you borrow responsibly. This means that you do not borrow too much so that you can repay everything within the agreed period. In addition, it is important for you that a clear agreement is made so that you know what you must meet and the chance of late payment becomes as small as possible. So, credit is not just provided. The lender must look carefully at what suits you and your company, and at what level of the loan is justified.
Choosing a lender
The lender must conduct research on you, your company and your finances. But it is certainly wise for you as a borrower to do research. There are many different providers, with different requirements that you must meet. For example, one provider may have more flexible requirements than the other provider. This is not necessarily a good or bad thing. It is especially important to look at which provider best suits you, your company and the goal that you have in mind.
Make sure you choose the provider that best suits you. Look at the interest rate and the conditions. And also look at what they can do for you and your company. Some loans are perfect for one company but could cause problems for your company. So it is very important to choose the lender that fits your business. That way, you not only get a credit that allows you to get the most out of your business, it also looks at your business. This means the financial history of your company, whether you have payment arrears with a supplier and whether your company has sufficient capacity. It is not only important to find a suitable credit for your business so that you can achieve your goals and get the most out of your business. It is also important that the credit obtained fits your company, in a financial sense. You must be able to repay the credit including interest and any other costs.
If you are looking for a loan with the lowest possible interest rate, it is advisable to request a free quote from different lenders. That way you can compare the different providers and choose the cheapest for you. In addition, you must remove the risk from the lender as much as possible if you want the lowest possible interest. You do this by showing your annual figures and submitting them on time. Keep in mind that these must be prepared by an accredited accountant. If these figures are positive and the future looks bright, you have a better chance of a low-interest rate.
Phyll Financiers can help you
Phyll Financiers is an experienced financier for SMEs. We always look at what is possible, for example when you have a negative BKR registration. If you are an entrepreneur and have a minimum annual turnover of € 250,000, you can submit a financing application via the button below.
Because we use tailor-made solutions, it is not yet possible to make a statement about how much you will have to pay back per month, or about the interest rate. It is also not possible to make a statement about how much you can borrow. This all depends on your personal situation.
After submitting an application, you will usually be contacted within 48 hours.