Different financing options for businesses

Irrespective of its size, a business always needs financing. There is a number of ways through which businesses can avail financing from moneylending services in Singapore. These plans are tailor made to specifically cater the needs of business houses.

Money lender Singapore have a lot of plans to help businesses avail finances and succeed in their endeavors.The following are some of the financing options that businesses can consider to fulfill their requirements of funds-

  • Bank Term Loans

These loans are one of the most common sources of finance for businesses around the world. Bank Term loans are not easy to avail but are worth the wait as they are the cheapest source of finance with the interest rates ranging between 4-5 %. If you want to buy assets, machinery and are looking for capital, then this is the best type of loan for you.

  • Equipment loans

These are tailor made loans for businesses in order to provide them finances to avail a equipment for their business. This type of loan is very popular among small and large businesses alike as they can be used to ease up the cash flow. The best thing about this loan is that there is no collateral required as the machine is treated as a collateral. These have flexible interest rates from 8-25% based on the age and credibility of your firm and are perfect for new businesses.

  • Personal loans for start-up

This is a great financing source for entrepreneurs that have a good credit score as it requires a credit score of over 700. Despite the fact that they are called personal loans, they are allowed to be used for business purposes. Interest rates range around 6-36% based on the lender you chose and your qualification. The repayment period is about 5-6 years for a maximum loan amount of around $40,000.

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