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Why Apply for a Business Loan with Fair Fincorp?

By: f2cpvtltd

Are you unable to give a strong base to your business? Or thinking of expanding your business, but the lack of funds crushes your dream? Worry not! It isn’t the end.

Whether you manage a micro-business or full-fledged enterprises, it isn’t easy to run any business. Situations become alarming when you’re struggling to make payments for purchases or unable to take advantage of the opportunities available due to the cash crunch. 

It’s the time when business loans come into the picture. Nowadays, business loans have become an essential weapon for today’s entrepreneurs to fight cash deficiency. The ability to avail of this credit facility helps you run & grow your business smoothly when you’ve got a deficit in funds.

[ Also read: Looking for a business loan consultant in Dehradun? ]

Apart from this, business loans help you- 

  • Enhance your cash flow 
  • Renew or renovate your infrastructure
  • Purchase new machinery for workplace
  • Hire new joiners or train new staff 
  • Expand your business

Why do I need a business loan? 

The most crucial point of taking a business loan is that you don’t have to disturb or compromise your company’s current ownership structure. For example, you need cash to expand your business. Now when you request your friend, relative, or anyone to fulfill the requirement. They may demand partnership or ownership rights in return.

It isn’t Easy to Get a Business Loan from Banks or NBFCs

Getting business loans isn’t a one-night game. The lender wants to ensure that your business is capable enough to make the repayment. Also, they closely look at various factors such as expected profits & the size of your business. 

Lender Rejects Business Loan Application Without Any Proper Justification

You may think that an excellent credit score is enough to get you a loan. But this isn’t true. A good credit score can’t guarantee business loan approval every time. We’ve uncovered some undisclosed secrets when your lender rejects your business loan application.

  • Inferior cash flow 

The lender wants to ensure that you can repay the loan despite covering the premises’ rent, payroll & other expenditures. But if you’ve been spending more than the incoming, chances are that the lender will reject the business loan application.

  • Overburdened with existing debts  

You’ll turn away all the potential lenders if you’re already weighing existing debts. Remember, a lender has nothing to do with your business. All they care about is the probability of the repayment.

  • Your business has recently started 

Lenders always analyze your past performance & your expertise before sanctioning any credit facility. If you’ve recently started your business or have minimal industry experience, creditors may reject your business loan application. 

  • Absence or Shortage of Collaterals

 Tangible security can back up the trust of your lender. If you don’t have any assets like a home or have limited assets, then chances are very slim for a business loan approval. Bankers never prefer to take risks while lending money when they see that they may not be able to recover if they’re unable to repay in the future.

  • Your Logic for Borrowing Doesn’t Make Any Sense

The first question your lender may ask is, why do you exactly need a business loan. You need a credit facility for essential workplace equipment, introducing a new project, or modernizing the infrastructure; if you’re not sure about the exact reason, then it may turn down your credit request. 

  • A Risky Investment Due to the Market Disruption

At times, the external environment can play a crucial role & influence your creditor’s mind. For example, the Government has issued an SOP for work from home for a more extended period. And you’re asking for credit for an app-based cab business; then your lender may deny your request for the time being. These external conditions can affect your capability to repay the loan.

Why Should You Choose Fair Fincorp? 

Fair Fincorp is your best friend when it comes to a hassle & collateral-free business loan. Being one of the finest business loan consultants in Dehradun, We serve the entire Uttarakhand, including Delhi/NCR, and help you get loan approval before getting pizza delivered to your home. Some of the factors below make us an outstanding business loan consultant.

  • Easy Application Process
    We ensure a quick & seamless application process with minimum or no visit to the bank.
  • Lowest Rate of Interest
    When you seek any credit facility, indirectly, you pay for your lender’s expense. Yes, your bank earns from you in the form of a high interest & processing fee rate. Fair Fincorp negotiates this on your behalf & ensure you get the lowest interest rate.
  • Swift Disbursal of Your Business loan
    When You’re a potential member of Fair Fincorp, you get the added priority. Therefore, you get a fast disbursal compared to a traditional borrower.
  • Our Service Promise for Every Fair Fincorp Member
    When it comes to our service promise, we take pride due to the following reason-
  1. Instant Loan Approval
  2. Direct Transfer to Your Bank Account
  3. No Application fee 
  4. 100% collateral-free business loan 
  5. Flexible Repayment Options 

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