Getting a loan without collateral - this is an excellent opportunity to find additional funding for their own business, if available there is no corresponding property, suitable for the status of collateral. This type of unsecured loan business has its own advantages and disadvantages, which will be covered later in this article.
Considering the bank offers on unsecured business loans, special attention should be paid to some of the nuances, namely:
- Maximum loan amount (in different banks credit amount is set different limits).
- Interest rate (already included the commissions and fees for loan servicing).
- The maximum allowable credit term.
- Period of time, required for registration and obtaining credit.
The interest rate on the loan and the Commission imposed
In some banks, the interest rate on unsecured loans declared within 10-12%. However, it should not deceive ourselves such a low level, as the various commissions may be imposed on it (as hidden, and explicit), as a result leading to significant overpayments. That is why the choice of a particular bank offers calculates the effective interest rate. This takes into account not only the amount of overpayment on the loan based on the interest rate, but different amounts of commissions, service charges, belay payments, etc..
More clearly visible in the amount of the overpayment numeric version:
| Terms of unsecured business loans | Bank A | Bank B |
| Credit amount | 3 000 000 rub. | 3 000 000 rub. |
| The crediting period | 3 of the year | 3 of the year |
| Interest rate | 22% | 10% |
| for the issuance of the Commission | 2% | 1% |
| Other fees | not | 25 000 rub. monthly account maintenance |
| Overpayment on the loan including all fees | 1 097 018 rub. | 1 401 372 rub. |
| effective rate | 12,2% | 15,56% |
According to this table clearly seen, that only through an effective credit rate can be determined more favorable credit offer.
The maximum term of unsecured lending
Before you go to the bank for obtaining unsecured business loans, It should set a date, to which the loan is required. To do this, you need to relate the amount of the monthly mortgage payments to monthly net business profits (calculated as the difference in gross income and monthly expenses - production and personal). If the credit payout is 50-60% of the net profit, it is the best balance for the successful conduct of business. The maximum allowable ratio of the loan amount to the monthly income should not exceed 70%, otherwise in granting credit is denied.
Documents and the period of registration
On average, banks, provide unsecured loans for business development, its registration not spend more 7-14 days. Going to the primary conversation with the bank representative to discuss all the details of the loan, you should check with him the full list of required documents.
Many banks provided a lightweight procedure for obtaining unsecured loan product for business. Within its framework is not required to provide various certificates and other documents to verify the financial condition of the business, from the bank itself is not delegated to the expert for the economic assessment of the organization on the ground, and the whole period of processing the loan takes no more than a week. However, this type of loan the bank must insure against non-payment, For this reason, interest rates on such loans considerably overstated - 30-40%.
In other banks, the conditions for obtaining unsecured loan more complicated, and consist in documenting the solvency of the organization. As supporting evidence can be presented:
- businessman records;
- cashbooks;
- reports on trade;
- invoices, etc..
Also directly on the company is delegated to the banking expert, conducting an economic assessment of the business situation. Only after all of the above checks the bank can be made positive or negative decision to grant unsecured loans, for your business.
With all inspections procedure of registration of unsecured business loans increased somewhat, and it may take more 7-14 days, but rates on such loan products is significantly lower, and are within the 18-25%.
Important to remember, that the real term of registration for the business loan, It can be much larger than advertised, so the question is better to check with the bank's representative.
findings
In this way, considering the bank offers on unsecured lending, Please note the following points:
- Effective interest rate (calculated taking into account all bank fees imposed).
- Maximum loan amount, acceptable to the favorable course of a particular business.
- Real time processing the loan.
- The package is available upon request of the bank documents.
