Whether you’re starting a new venture or growing your business, a business loan can be a lifesaver. If you’re short on funds, a loan will help you acquire the required sum of money, fund your project on time, and achieve excellent results.
This blog will walk you through the most common types of business loans. Understand your requirements, grasp what each loan entails, and make a smart decision for your business. Let’s begin.
1. Short-Term Loan
A short-term business loan is the most popular type of loan owing to its convenience and flexibility. The repayment timeline is between 6 and 18 months. As a result, a short-term loan can be acquired quickly.
Since there’s less risk involved, you don’t have to wait for months to get qualified. If you require urgent funding, this is an excellent option. The terms are flexible and can be negotiated based on your requirements and ease.
At Whitestone Fund, our loans range between $5,000 and $500,000. We don’t charge any origination or processing fees. You will be required to make daily or weekly payments.
Short-term loans have a very high acceptance rate. You don’t have to worry about enduring a long wait or getting rejected. At Whitestone Fund, our clients enjoy an acceptance rate of 95%.
2. Merchant Cash Advance
A merchant cash advance is speedier than a short-term loan. This should be your go-to option if you require approval within 24 hours and cash in your account within 72 hours. All documents are received in a timely manner to ensure speedy processing and funding. The terms are also flexible.
At Whitestone Fund, we provide cash advances of up to $1,500,000. The repayment cost will depend on the amount advanced and the payback terms. You will be presented with several options. Our funding coordinators and loan agents work closely with each client to create a loan package that checks off all the right boxes for their business.
3. Bank Loan
If you’re interested in business financing, a bank loan is your third option. You will borrow a sum of money from the bank and repay it like a regular loan. However, bank loans have a lot of drawbacks.
For starters, the acceptance rate is very low. Many businesses end up getting rejected. Banks also charge exorbitantly high interest rates. Qualification can take several weeks or even months, which isn’t ideal if you require urgent funding.
Looking for professional business loan services in Yonkers, NY? Whitestone Fund should be your first call. As one of the most established short-term business loan and cash advance providers in NYC, we boast:
- Variable loan amounts
- Convenient terms
- High loan request acceptance rates
- Continued access
We go the extra mile to meet each client’s expectations. If you’re interested in smart, secure, and convenient business financing in NYC, give our business loan agents in NYC a call today! You can also submit an online application.