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A company cash loan can be a good solution when you need a larger injection of cash and want to pay back a liability for a long time. It is true that with a credit card or account limit you can also apply for high amounts, but it is worth remembering that they are mainly available for companies with sufficiently high monthly turnover – those that give the bank a guarantee that the liability will be repaid in a few months. Cash loans can be a long-term commitment, which means that higher amounts will also be available to companies with lower turnover.
Types of corporate loans
A cash loan It is worth choosing it when you want to maintain financial liquidity. One of the fastest and easiest options, because you don’t have to specify the purpose of borrowing.
Investment loan Such credit helps finance the further development of your business. Thanks to it, you can carry out investment to increase the value of your company’s assets. Funds from the loan can be used to buy new machines and equipment, to hire new employees or to modernize your company’s headquarters. Important – when you decide on an investment loan, you may need a down payment.
Revolving loan If you need money for your current business, choose a working capital loan. You can spend it on buying goods or materials for production. This is definitely the best solution for active and developing companies. A revolving loan can be obtained relatively easily, and its receipt does not require the preparation of additional documents. Depending on the bank, the working capital loan is available as an installment working capital loan or a revolving overdraft facility.
If you choose a working capital overdraft, you will receive cash within the set credit limit. You will be able to use it to cover your obligations. It is a type of revolving loan because when you repay the loan, you have the option of using your debit again. The big advantage is that the interest is charged on the actual amount used. So if you don’t use it completely, or if you don’t use it at all in a given month, your costs will be less zero.
In the case of an installment working capital loan, we pay the principal and interest with each installment. Such a loan can be a good complement to the financial resources at your disposal. The amount for which the working capital loan is granted to companies varies from bank to bank and depends on the company’s turnover and revenues. The loan period is shorter than for an investment loan. The whole procedure is quite easy. Currently, many banks allow you to submit an application even electronically, which saves time and money.
Company loan costs
The loan interest rate consists of the WIBOR rate and the margin, determined individually for the client and subject to negotiation. The bank adjusts the margin individually, often based on the current situation of the applicant. When analyzing offers, pay attention to around-credit fees. In addition to comparing the interest rate itself, it is worth checking whether the bank’s TOiP provides additional fees for early repayment, loan granting or application consideration. Also, check if you incur any costs if the loan is not finally granted to you.
Also check whether during the contract period you have the option of using the grace period in debt repayment.
Form of collateral for the company loan
At lower loan amounts (up to tens of thousands of zlotys) we have the option of choosing a loan with or without collateral. If you choose a secured loan, you can count on a higher amount and a longer repayment period. An unsecured loan involves longer processing time and higher costs. Few banks offer unsecured loans for new companies.
Entrepreneurs can take advantage of various forms of financing today, depending on what they want to use the money they borrow. It’s worth spending some time searching for the perfect solution, analyzing the products on the market in detail and choosing the ones best suited to our current business and budget situation. Our financial comparison tool can help you choose the best product.