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As an independent entrepreneur you naturally want to borrow as cheaply as possible. What conditions must you meet in order to be eligible for credit as a self-employed person? What are the interest rates and additional costs? On this website you will see in one overview the best known and most reliable providers of business credit for your company. Compare business loans based on the lowest interest.
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the loans have a term of 48 months
We compare business loans with different providers. View the types of loans we offer and easily compare between the providers. We make it as easy as possible, so you don't have to look any further.
If you want to be eligible for a loan from a bank, your company must of course be registered with the Chamber of Commerce. And thus be established in the Netherlands. In addition, having a VAT number is mandatory. In addition, some lenders require a minimum annual turnover and a minimum life span. In some cases, you must provide a business plan in which you indicate that you the business loan want to use and what will be the expected results of your company, both in the short and long term.
It may happen that a lender asks for a business plan when you want to take out a business loan. This plan assesses the viability of your business. In this way, the lender can estimate whether you are able to meet your obligations to repay the loan within the term. It is therefore wise to draw up a business plan. If you are asked for it, you can provide it. This prevents delay and a possible rejection of your application.
If you have a sole proprietorship , a company under a firm or a public limited company, you can take out a business credit yourself. In these legal forms you are in most cases personally liable for the repayment of the business loans. This means that if the company is unable to meet the repayment obligations, your private assets and private assets, such as movable and immovable property, will be used for repayment. This is different in the case of the Private Company (Ltd). With a Ltd you are not personally liable for the debts of the Ltd.
The term of your loan depends on the term you choose yourself. Depending on the amount of the loan, you can generally determine the term of the loan yourself. When you borrow a large amount, the term of the loan will be longer. Because otherwise the monthly repayments are not feasible. In addition, a relatively low loan will also be repaid earlier. For example, a low amount will not be paid off in 60 months. You will therefore have to choose a short term for this. When applying for a business loan, the options are listed that match the amount you want to borrow.
Most lenders work with a minimum and a maximum amount that you can borrow. How much you can borrow depends entirely on your current situation. The lender will assess the maximum amount of your repayment obligation on the basis of the turnover of your company. It is of course important not to borrow too much money. Borrow what you need, do not borrow (much) anymore. In this way you keep your repayment obligation feasible and you will not run into unnecessary problems.
Do you have an entrepreneurial credit? And do you want to transfer this because you can borrow the amount elsewhere at a significantly lower interest rate? Then that is possible in many cases. In addition, you can choose to merge multiple loans so that you only have to make a repayment to one party. However, be aware of costs that may be charged if you wish to transfer a current loan. These extra costs can be uncomfortably high.
There are numerous business loan providers. mchservicesinc.com helps you as a consumer to find a loan that meets your needs. We have created a clear overview of all providers, so that you can quickly and easily take out a business credit.
Do you want to take out a loan independently? Then there is almost always a check by the Credit Registration Office (BKR). This BKR test is used to assess whether it is justified to provide you with a loan. All lenders are obliged to register all loans and financial obligations with the BKR. Recently, this also includes a telephone subscription if the monthly amount is above a certain maximum. This creates a realistic picture of your financial situation. Lenders can see exactly which loans you already have and whether you are in arrears. Based on this information, loan providers decide whether or not to grant you a loan. With a negative registration with the BKR, your request may be rejected. Do you want to take out a business loan as a self-employed person? Then a BKR assessment is in many cases not an issue. After all, when taking out a business loan, it is a loan for your company. Business credits are not specifically registered with the BKR. It is therefore possible to borrow business money without BKR .
When you take out a business loan as an independent entrepreneur, this entails a number of risks. When you take out a business loan, you agree to the terms and conditions of your lender. In almost all cases, this means that your private assets and assets can be called upon if you are unable to meet the payment obligations of your business loan. Have you already missed a number of repayment terms? Then you will still have to pay off the installments of your business loan through your private capital and assets. Do you already have the necessary debts or financial obligations in your private life? And you have received a loan without BKR assessment? In that case, failure to meet your repayment obligations can have unpleasant consequences. Consider, for example, a forced sale of your home or a sale of your household effects. Therefore, always be realistic about your own financial situation and think carefully before entering into a loan agreement for your company.
Do you want to take out a business loan as a self-employed person, for example to finance the business equipment or for other necessary financing? Then you will usually be asked to submit your annual figures. Many lenders want to be able to assess whether you have sufficient turnover to qualify for a credit. In addition, there are often the conditions that you must be “in business” for 1 or 2 years, which means that your company must have been running for at least 1 or 2 years before you are eligible for a business loan. However, you can also prove this without financial data. By registering with the Chamber of Commerce you can prove when you started your business. In some cases it can be difficult or even impossible to submit the annual figures. Are you in such a situation? Then a loan for which this is not required is of course a solution.
As a starting entrepreneur, it is often self-evident that you cannot submit annual figures yet. If you have just started your company, it is logical that you have not been “in business” for a year or longer and do not yet have demonstrable annual accounts. At most, you can show your lenders a forecast of the expected operating profit. In such a case, as a starter, you cannot borrow money from many providers for a business credit. Many loan providers require that they want to see your annual figures in order to assess your creditworthiness. Fortunately, there are also lenders who want to give you a loan without providing your annual figures. This is a tremendous outcome for start-up entrepreneurs who need capital to get their business off the ground.
Are you a starting entrepreneur? And do you need capital to get your business off the ground? Then it is important to draw up a good business plan in which you describe the potential of your company. When a lender sees a good plan for a potentially healthy business, in many cases you can still find financing for your start-up business. Although you do not have years of experience as a company and cannot provide annual figures, as a starting entrepreneur there are opportunities to borrow business money.
As any advertisement for loans tells you, the general rule applies: Be careful, borrowing money costs money! To give you insight into the costs of a business credit, we give you a calculation example here. By means of this calculation example you can easily calculate for your own situation how much money you will spend on your business loan.
Imagine that as a starter you need money to finance equipment and office furnishings for your company. In this calculation example we assume that it concerns an amount of $ 10,000. You want to take out a business credit for this amount. You will then have to deal with the following costs:
How is the amount of the interest determined?
You pay an interest rate for every business loan that you take out. The interest is nothing more than the compensation that the lender receives for making money available. Moreover, lending money entails risks. There is a chance that the company cannot repay the borrowed money. The person who lends the money will therefore want to hedge himself against this risk and look at how high this risk is individually per application. The interest rate on a business loan can therefore differ for the different providers of business loans.
Many providers allow you to repay without penalty. However, it does not affect the total amount of interest you owe. Do you fully repay your business loan six months earlier than agreed? Then in most cases you still pay the interest calculated over the original term. In addition, lenders have different conditions with regard to early repayment. Some lenders charge a fine if you want to repay earlier than agreed. If this is the case, you can of course consider not making early repayments.
You can apply for a loan for your business from a bank, even if you operate your company abroad. However, the condition is that your company has a registered address in the Netherlands. In many cases, you are also required to reside in the Netherlands as an applicant, have the Dutch nationality or have a valid residence status. When you apply for a business credit, this information is always checked.
Some lenders require collateral as a guarantee for the repayment of a business credit. If this is the case, you must indicate this with the application. This could be your business premises or house, for example. When you offer your home as collateral, you must of course take into account the consequences of not being able to meet your obligations. Do you not have collateral? Then it may be that your application is rejected. There are also lenders who do not ask for collateral. Do you want to take out a business loan? Then you can include this in your consideration for a lender.
Your application for a loan from a bank or lender is usually assessed within one day or at most a few days. In most cases, once your application has been approved, you will have the amount you requested within 24 hours . It may happen that your lender asks for additional information, such as a business plan or the annual figures for one or more years. If this is the case, it will of course cause a delay. It is therefore important to have all documents available digitally. In this way you can send the necessary information faster so that your application can be processed more quickly.
If you are looking for a consumer loan, it is best to click on this link . The relevant site provides a broad overview of personal loans and revolving loans, all sorted by amount and interest.
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