Looking for an easy term loan, cash advance, asset based loan or inventory based loan? Which loan is the best option for your business and your current situation? When you compare business loans, you are making a decision that has such a lasting effect on your business, and that can be daunting, but online business loan lenders can make the process simple and stress-free.
Financial decision making is a skill that can be, but is never actually taught. The current education has not made strides to teach these skills, which is why Ace Biz Funding can help you compare business loans with ease, lending you not only cash for your business, but also valuable information for seeking and obtaining business loans.
It is a little more difficult to compare business loans that are not similar in type. Take a look at which loan meets the needs of your specific situaton or business operations.
- Cash Advance: Cash advances are likely the most common business loan that you will find. Cash advances from Ace Biz Funding are similar to a line of credit in the fact that once the loan has been paid off to half the amount owed, you can renew the loan. This loan is best for businesses that need an immediate cash injection.
- Easy Term Loan: Easy term loans are the more traditional type loan you can obtain for your business. There is a repayment schedule worked out and, as an example, the term at Ace Biz Funding is three, four or four years.
- Asset Based Loan: If your business is asset heavy you can use your business assets as collateral to secure a business loan.
Annual Percentage Rate
Everyone is familiar with this acronym (APR) because you see it almost everywhere that a loan is advertised. It is in car commercials, personal loan billboards, and it matters when you compare business loans.
APR is an overarching term that refers to the yearly amount that you will pay the online lender, including the principle loan, which usually always means additional fees and interest. If you see interest rates, that is good, but that is not all you need to know. Finding out the APR makes a big difference. To get a really good business loan comparison, look at the APR of each loan.
How long is the term of the loan? When you compare business loans, time period will affect repayment amounts and the ARP overall. Short term loans are best for businesses that require funds to make it over a hump or through an off season.
It is in the best interest of alternative lenders like Ace Biz Funding, for our clients to know how to compare business loans. We want our clientele to be as informed as possible to make a business loan decision that will positively affect their business.