Capital keeps the business going. Your small company needs sufficient funding for you to grow, it is inevitable that finance is needed in the financial world.
The unavoidable extra is allocated to certain needs of small industries to walk alongside trends. You need money to expand, to fulfill capital fluctuations, and for the seasonal expenses that are sometimes unprecedented.
- Business Myths:
- Applying for a business loan means you are nearing bankruptcy
- Online lenders rejected more business loans than approved ones
- The long and grueling process of business loan applications
- Banks are better than online lenders
- The Biggest Truth About Loans and Financing
- Another Truth: BlendPH assures you with secured online lending
With the emerging online lenders that exist on the internet today, you and your business could smooth sail some business dilemmas that you might encounter in the course of your business journey.
You may be one of the people who are thinking of starting a business or you already have a small one and you are lost if you should apply for a business loan or not. If you are either of the two or just a passerby, this article will debunk common misconceptions about business loans in the Philippines.
Business Loans Myths
1. Applying for a business loan means you are nearing bankruptcy
This is a myth. Debt is an effective way to fill what your finances lack in your business.
Filipinos often apply for loans or work for debt as their final struggle to survive the lack of finance, and it is noticeable how we project this mindset into businesses. If you have a clear set goal of where the money will be then debt is not an issue.
You can apply for a business loan to market your small business. For example, pay for an influencer to promote your product or service, boost your content on social media, or personalize a website. These marketing expenses can generate income in the long run, do not be afraid to take risks which is the mantra of entrepreneurs.
Positive cash flow is a good sign and business loans can help you balance it out if fluctuation dooms. Negative cash flow is crucial to your business, it is when you spend more money than what you get, remember, businesses do not always stay at their peak.
2. Online lenders rejected more business loans than approved ones
Verdict: Myth. When business loan options are limited and banks are the only ones available for businesses, rejection is inevitable. Traditional banks have higher standards in choosing which businesses should be approved.
Today, financing sources are everywhere to be found and you are more likely to reject offers than to be rejected. Alternative lending solutions populates half of the financing world and they usually work with legality and ethics.
What is essential when applying for a business loan is your eligibility, some online lenders are nitpicky towards their borrowers but some are willing as long as your business existed for one year or more. In BlendPH, one of the most trusted online lenders in the Philippines lenders usually look for Filipino citizens who are business owners and are adults from ages 20 to 60, if this is you, check them out now.
3. The long and grueling process of business loan applications
This is a Myth. If you are giving up the chance to loan because of the hassle, don’t, there are simpler ways to apply.
One of your reasons to be skeptical when applying for a business loan could be the long and grueling process of business loan applications. Lengthy processes could dishearten you and so are other small business owners.
Options are now available for you and other business loan applicants. If you are in immediate need of funding or do not want to waste time, online lenders are available 24/7 in the automated and sped-up process.
Traditional banks usually process business loan applications for more than a month but online lenders step up their game by using technology and the internet to their advantage.
To speed up the process, even more, scroll through the internet for possible requirements and acquire them as early as possible. If you have all of what is needed, then you can just wait for the approval of the application and the amount you applied for.
In BlendPH, processes are a breeze. The trusted online lending financial institution offers fast and reliable online applications with security and protection of privacy. The approval time of your application can be processed as fast as 14 days. Do not wait for a month when you have BlendPH to send your application to. Check BlendPH’s website and apply now!
4. Banks are better than online lenders
Verdict: Business Myth. Online and alternative lenders are everywhere and the competition keeps them in check.
The competition for online lenders is always open as long as these online lenders are awake. As this type of business is populated by competitors, better offers became available for business owners like you to apply. With the usual 9 am to 5 pm schedule of open banks, online lenders rise with the whole day, every day, every year schedule.
Banks work within a long process and stick-to-one debt interest rate leaving you with fewer options, but online lenders have a wide variety of choices where you can select what suits your needs best.
The Biggest Truth about Loans and Financing
With the high standard of banks for business loan applications, there are online lenders who sometimes take advantage of their borrowers which is why you, as a responsible borrower choose an ethical online lender to process your business loans.
Be critical and read reviews about the online lender you are collaborating with. Look for the most recommended and see which online lenders value you and your interests as a borrower.
Another Truth: BlendPH assures you with secured online lending
Another truth is BlendPH is an ethical online lender that offers business loans from a hundred thousand to two million pesos. You can choose how long you want to pay for your loans, from 12 to 36 months.
BlendPH is an online lending website that offers Filipinos tailored loans. You can apply for a personal, franchise, and more. The company is under Inclusive Financial Technologies which aims to connect borrowers and numerous financial institutions that are willing to lend as an investment.
The secured lending process could take as fast as 14 days, why wait for months like bank loan applications when you could have BlendPH? Start by creating an account and checking out our business loan options based on the amount that you need and the time you want to spend paying for it. Our interest rates are as low as 10%.
The major partners of BlendPH are Netbank, Forbes Lending Solutions Corporation, Welcome Finance Inc., and Right Choice Finance.
BlendPH works with its partner lenders to give you as many options as they can and assure that you are secured in your business loan application process. If you are in need of additional capital, want to balance out your cash flow, needs an emergency fund, or trying to expand your business, BlendPH is always there for you every time of the day.
If you are looking for a trustworthy online lender for your business loan that would prioritize you and your data privacy, BlendPH is available on their website and their Facebook, Instagram and Twitter accounts.