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Business Loans
A business loan is money borrowed from a financial institution or third party lender to facilitate the operations of a business. In order to make the most out of your loan, it is essential to make certain considerations before you apply for the loan.
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Properties of this loan
- Online loans up to ₱1 000 000
- Term 12 - 36 months
- Easy bank application
Loan requirements
- Must be 21 years old and above to apply and not more than 60 years old upon loan maturity.
- Filipino Citizen.
- Working or residing within 30 kilometers from the nearest BPI branch
About company
More information about the company Bank of the Philippine Islands
Fast information
Properties of this loan
- Online loans up to ₱15 000
- Term 91 - 2 years
- Easy online application
Loan requirements
- Age 18+
- Bank card
- Mobile phone
- The Philippines citizenship
About company
More information about the company SIA ROKSORE
Fast information
Properties of this loan
- Online loans up to ₱2 000 000
- Term 12 - 36 months
- Easy bank application
Loan requirements
- At least 21 years old at the time of application but not more than 65 years old upon loan maturity
- Must be a Filipino Citizen Must have an office or residence landline
About company
More information about the company Security Bank Corporation
Fast information
Properties of this loan
- Online loans up to ₱250 000
- Term 24 - 36 months
- Easy bank application
Loan requirements
- Filipino Individuals residing in the Philippines
- Age of borrower from 22 years old to 54 years old upon application
- If employed, must be at least two years permanent work status with one year tenure in current employer
- If engaged in business, must be operating profitably for the last three years
- Gross monthly income of at least PhP15,000 for employed and PhP30,000 for self-employed
- With residential landline or mobile number, business landline and email address
- Preferably an active credit cardholder
About company
More information about the company Philippine Savings Bank
Remember a business loan carries a lot of risk because the business could fail and if the money is misappropriated, the purpose of taking on the loan will be futile in the long run. If you are thinking about taking a loan for your business, think long and hard about the following factors.
Purpose and Size of the Business Loan
When taking up a business loan in Philippines it is essential to have a clear cut strategy of how you will utilize the money. This is the reason why financial institutions ask you to provide a business plan before granting the loan.
Writing a business plan enables the lender to determine if the money you are asking for will be utilized in a manner that can guarantee returns. In simpler terms they need to see that their money can be recovered from the business. Additionally, the amount you need should be a little more than you actually need. Consider this as a cushion for unexpected expenditure.
Types of Loan You Want
The term business loan is a general term. In the Philippines, there are at least 18 different types of business loans that you can apply for.
Before deciding on which type of loan you want to take up, make sure you have conducted your due diligence in learning all about the various types of business loans in Philippines available. This will help you pick a loan that is designed to fit your business needs and give you the flexibility you need in business.
Interest Rates and Loan Duration
Different lenders provide business loans at different rates depending on a number of factors. It is therefore prudent to use business loan calculators to compare and contrast the different interest rates provided by different lenders.
Make sure you factor in the duration of the loan. Ideally, the quicker you repay a loan, the less you pay in accumulated interest. However, repaying a business loan too quickly can strain the financial capability of the business. You may want to opt for a long term loan that you can repay with ease over a long time to avoid financial discomfort. You can also opt for flexible or fixed monthly payments depending on how you estimate your business to perform during the life of the loan.
Mode of Loan Funding
Loan funding is the method by which you want your lender to provide the business with a loan. There are typically two methods to this. The first method involves the lender depositing the entire amount in your business’s account in one lump sum. The second method involves the lender rolling out portions of the loan in timed installments or on an as needed basis.
The method of funding is also dependent on the type of business loan you apply for. Thus, depending on how you plan to spend the money, it is advisable to also determine how you want to receive the loan before hand.
