Small business finance can be difficult to get right. It’s best to do your research beforehand so you avoid some of the most common pitfalls.
Know more about Finimpact
Why Should I Choose Finimpact?
A: Finimpact is partnered with the most reputable online lenders to streamline the entire loan application process. Finimpact can help you to navigate through the maze of alternative lenders, ultimately saving you time and money.
How long has Finimpact been in business?
A: Finimpact has been in business since 2011. We have been helping out small business owners for nearly a decade now.
What countries is Finimpact available in?
A: Finimpact is currently available in the US, UK, Germany, and Australia.
In which industries does Finimpact lend to businesses?
A: Different industries will have different terms and conditions with regard to loans. We have experience in loan acquisition within retail, construction, business services, wholesale, manufacturing, leisure and hospitality, e-Commerce, healthcare, and real estate.
Is Finimpact a direct lender?
A: No, Finimpact is not a lender or a bank. We are simply the most direct path to the best alternative lending institutions within the US, UK, Germany, and Australia. Our unique technology helps you find the best funding solution for your business, and connects you to them within minutes.
Does Finimpact charge to match me to a funding solution? / How much do your services cost?
A: No. Our service is free for small and medium businesses. We earn our fees from our funding partners.
What value does Finimpact provide?
A: Millions of businesses and entrepreneurs seek funding and business loans every year. The process of securing funding can be overwhelming and stressful. Traditional banks usually deny these loans because of inability to facilitate their credit needs and requirements. It is clear that mainstream institutions have left a gap in the market and are failing to assist small and medium sized business capital loan needs. Businesses are left helpless without knowing that there are additional options with non-bank lenders.
Finimpact helps businesses discover and get matched with the right funding solution for them, accompanied by transparency brought to the alternative lending space. We are committed to empowering small businesses and work hard to select and prescreen our network of lenders. and we believe we have assembled the highest quality funding sources for you.
How does Finimpact select its business funding partners?
A: Finimpact handpicks and pre-screens all the business lenders in our network. We evaluate and make sure that all of the lenders are registered, have a strong track record, competitive and fair rates, and accommodating customer service. We have also made sure that our network of lenders include a wide range of funding solutions and products so that we can match you with the best solution for your business.
How long with the Finimpact form loan application process take?
A: The Finimpact loan application process takes less than 10 minutes to complete.
What does Finimpact do to secure my information and application?
A: At Finimpact we take security very seriously and have applied top security bank standards to ensure that your information is safe. We will not share or sell your data to third parties without your permission.
Before you get a small business loan, ask yourself:
What’s an online lending marketplace?
A: An online lending marketplace is a peer-to-peer platform that connects lenders and borrowers for a fee. The term is sometimes used to denote direct online lending marketplaces, with the platform always operating as the lender.
What do I need the extra capital for?
A: Keep in mind what the loan will be used for – there are many different loan options depending on what the end goal is. The most common requirement for loan applications is for working capital – these are the payments needed to keep the business up and running (utilities, wages, stock, etc). Don’t blindly chase money – give serious consideration to what you intend to use the funds for.
How much money am I looking for?
A: if you look for too much money, then you will need to satisfy more terms and conditions and potentially deal with higher risk and steeper interest rates. But if you go too small, then you may not have enough for basic business expenses. Analyze your expenditure to see how much you need, and then aim for 10% higher, just in case.
What does my credit profile look like?
A: Your credit profile can be accessed from any one of the 3 major credit agencies (Experian, TransUnion, Equifax). You can access this credit profile for free once every year. Your credit profile is largely made up of your payment history, account age, and total outstanding debt. Most online lenders will require a credit score of at least 550. For better loans, you will need a credit score of 600 and above.
How quickly do I need the funds?
A: Some loans can be generated as quickly as the next business day. Others can take months to qualify for. It all depends on how much you are looking for and how quickly it is needed. Many online lenders will fund you within the next business day after a quick application process.
Can I get a business loan with bad credit?
A: You can get a business loan with a poor credit score, contrary to popular belief. A poor credit score is one below 580 according to the FICO system. There are some online lenders that will generate a loan without a credit score. But the rates will be higher to justify the increased risk for the lending institution.
Will I need collateral for a business loan?
A: Whether or not you need collateral for a business loan will depend on the loan size and your credit score. Typically, a loan above $100,000 will need to be collateralized. It can also depend on the loan type. Some loan types, such as equipment financing, will require collateral.
Does the lender report my payment history to the appropriate business credit bureaus?
A: With a few exceptions, practically all lenders will report payment history to the credit bureaus. Make sure to check this before your application, or you won’t be building your credit score.
What are the interest rates and the total cost?
A: After your application, the lenders will tell you the loan that you qualify for, including the interest rate and total cost. However, some lenders have hidden fees, which is why you should trust only the top lenders with transparent terms and conditions.
What will my payment schedule be?
A: The payment schedule varies depending on the type of loan, as well as the lender. Typically, you will need to pay off the loan (principal and interest) monthly or quarterly. However, there has been an increase in the number of weekly and daily payment schedules from online lenders. This makes it easier for the lender, but it might make it more difficult for the borrower, especially those with irregular cash flows.
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