What are your options?
We work with various lenders where you can quickly get a business loan, from € 1,000 to € 250,000. However, it is more common for small amounts up to € 50,000, which are often repaid within 1 year.
There are several providers who can lend money quickly, within 24 hours. This makes your options quite flexible. It is quite easy to qualify. You do not need annual figures. Only an export of the bank transactions of the past 6 months, that is enough to assess Your application.
The loan amount is paid in one go and is on your account the same or the next one day. You repay the loan in monthly installments, so that you know where you stand and can plan your finances properly.
Interest, term and wage bill: You should pay attention to this if you need business credit quickly
Due to the extremely fast payout, lenders often charge a higher interest rate. They do not have time to do extensive checks and controls Prior to. A lender does not know exactly how creditworthy you are, and therefore takes a higher risk.
As a result, you pay more interest. On the other hand, it also makes it easier for you to qualify for a loan. The borrowing process is quite simple and no extensive paperwork or complicated guarantees are required.
Loan interest rates vary widely, from 8% to 46%, depending on the term, loan amount and your creditworthiness.
A realistic and average percentage for an emergency loan is 12% - 24%.
Interest on a monthly basis
Normally an interest rate is communicated on an annual basis, for example 10% per year. This means that you pay 10 percent interest over the term of 1 year. Do you borrow € 10,000? Then you pay € 1,000 in interest.
Because fast business credit is usually repaid within 12 months (or even faster), lenders often communicate an interest on a monthly basis. For example 1.5% per month. This means that the lender charges 1.5% interest every month . On an annual basis, this amounts to 18% (1.5% per month x 12 months).