Short Term Unsecured Business Loans offered by the digital lenders help the small business to grow faster with complete flexibility and ease. Here are some top reasons.
It is a known fact that small businesses face an acute shortage of funds that are needed for their business growth, as the traditional lenders require collaterals to process the business loans and most of the small businesses are unable to furnish the same. While at the same time it is not just the collaterals, there are multiple other factors as well that keep the small businesses out of the business loan net from the traditional lenders. Some of these factors are- the archaic business loan process, rigid repayments and so on.
The digital lenders are now transforming the way small businesses can access business loans without any collaterals, as they offer both long term and short term unsecured business loans. Here are the top 5 reasons why unsecured loans help small businesses to grow faster.
- Quick Loans
While the traditional lenders take a really long time to process the business loan applications and as they process collateral, valuations, multiple documentations etc. it often takes a few weeks or even months which renders the business loan almost useless for the small businesses. The digital lenders like Indifi on the other hand offer short term unsecured business loans as well as unsecured loans for long term with a quick and simple process where a small business has to simply fill an easy online form with basic business and KYC details and they get to know the decision on their short term unsecured business loans within 24 hours itself. Such speed of loan processing helps the small businesses to be able to use these business loans for various purposes as and when the need arises.
- Loans without Collaterals
Collaterals are certainly the biggest reason why small businesses have not been able to get access to easy business loans for their business growth. Most small businesses operate on a leased or rented premises and hence can not avail the short term unsecured business loans. The leading digital lenders like Indifi offer both long term and short term unsecured business loans based on their business transactions, helping small businesses to realise their true potential based on their own business transactions. For example, the travel agents can get access to short term unsecured business loans based on their transactions with the large travel aggregators without any collaterals.
- Fuss-Free to Manage
Managing business loans should not be a task in itself, as the small businesses run on a tight schedule and need to deliver to their clients on a tight deadline. The traditional lenders, on the other hand, require the small businesses to maintain long paperwork and maintain files of repayments and so on. Even the copies of receipts etc. are to be maintained in physical. Also, it becomes very difficult for small businesses to access their previous transactions and upcoming payment reminders and so on. The top digital lenders like Indifi offer fuss-free management via fast and powerful Indifi app that enables all the options to business owners for their short term unsecured business loans.
- Repayments Flexibility
Traditional lenders offer standard repayment options for the business loans offered by them. Small businesses are expected to repay equated monthly instalments irrespective of their business transactions and cycle. A lot of small businesses face challenges with this as their business goes through lots of ups and downs and not every time they can make the same payments. The short term unsecured business loans offered by the digital lenders like Indifi offer complete flexibility to the small businesses as their transactions are linked to the repayments and business pay more when they earn more and vice-versa leading to their business growth.
- Cover Multiple Usages
Unlike traditional lenders that offer only standard business loans. The short term unsecured business loans offered by the digital lenders like Indifi offer business loans for every usage starting from a 7-day loan for a travel agency to repay the travel aggregators to a long term where a hotel needs funds to add a restaurant or bar to its compound. The short term unsecured business loans cover multiple usages and offer avenues of growth for small businesses.