- Business Lending Institution. These type of lending organization can cater even medium business organization. The requirement for these lending organization is your business plan. Proper documentation is very important in order to get your loan approved. If you are in the Philippines, there are cooperative organization that could actually lend a helping hand. In fact, it gives the necessary loan even for small business.
- Bank Loan. Bank is one of the big institutions that could help you finance your business. However, you will be needing a collateral in order to get your loan approved. The authenticity of your collateral will be scrutinized. The documentation of the property will be thoroughly inspected. Your monthly income should be declared as well. Note that there is a corresponding interest once your loan is approved. It is mandatory that payment is constant once the payment period starts. Failure to do so would mean losing the property that is pledged to the bank.
- Credit Card Loan. You should have a good credit record before your loan would be approved. Further, the amount that you can borrow will be based on your credit limit. Therefore, if your credit limit is only up to 50,000, that is the most that you could borrow. But then, there are occasions when you could request the increase your credit limit. Such request is still for approval, of course. The good aspect of the credit card loan is that you do not need to pledge a collateral. There is, however, a corresponding interest rate that will be added to the principal amount of your loan. Some credit card companies gives 3.5% interest.
- SSS/GSIS Loan. If you are in the Philippines, we have an institution where we could loan in case of necessity. SSS could help for private companies. For employees who are in the government, GSIS can help in getting the funding you would need. For SSS, there is also a corresponding interest rate that will be added on top of your principal loan. The amount that you could borrow will depend you your contribution and if you were already able to pass a successful loan before.
Picture courtesy of walcoo