BUSINESS LOANS INFORMATION

Please see information on Business Loans below.

        

Business Loans

What is a Business Loan?

A business loan is a loan for a business, whether it is just getting starting or you want to expand. Whatever the size or type of your business you can find a wide range of loans that can suit your corporate requirements.

Business loans are offered by many banks and independent lenders across South Africa and they can help you realize your aspirations for your company. You can get secured or unsecured business loans but the right loan for you will depend on your individual corporate requirements.

Business loans can have many flexible aspects so take your time and compare the different loan offers. Before selecting your loan provider it is worth assessing how much you can afford to borrow.

Secured Business Loans

A secured loan is a loan where a significant asset is used as collateral against the loan. With a secured business loan you will need to pledge a security on the loan which can be business property, materials, machinery or even land. With a secured business loan more risk is involved for the borrower because should you default on your repayments you risk having this asset seized. However, as the lender is at less risk this should keep the interest rates lower than other types of loans. It also means that you will be able to borrow more money over a longer period of time.

Unsecured Business Loans

Unsecured Loans are considered by many to be the safer option. Unlike a secured loan you do not have to provide an asset as collateral on the loan which you risk having repossessed is you fail to meet the loan agreement. However, unsecured business loans are likely to have higher interest rates because the lender is at more risk. It also means that you won't be able to borrow as much money as you would with a secured loan and they often have shorter tenures. With this in mind unsecured business loans are perhaps best used for short-term cash needs for your company.

How much can I Borrow?

The amount you can borrow will depend on your business and each lender will have its own criteria. The exact amount you can borrow is usually based on the size or type of you business but could also be determined by what you need the money for. You should be prepared that you may be required to provide documentation regarding yourself and your business before you can obtain the loan.

        


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