The “Multiples” Mistakes that Ruin Your Credit Score

Poor Credit Score Report

When faced with a financial emergency, your best bet for some relief is to turn to a licensed moneylender in Singapore. These institutions provide the funds you need to start a business, pay off a debt, or settle an unexpected bill. They offer a quick and painless application process, and they are often more lenient than banks.

The catch is that you need a good credit score for moneylenders to approve your application, whether it’s for a business, personal, or foreigner loan. In Singapore, a good credit score is your ticket to fast loan approvals, and you have to take care of it as early as today.
The Importance of Your Credit Score

Credit scores are like a grade from financial institutions in the country. They review your accounts and payment history from different banks and calculate a score. The higher your credit score (the highest rating is an AA, which corresponds to a numerical score between 1911 and 2000), the more confident moneylenders are that you will pay them back on time.

There are, however, many spending behaviours that would ruin your credit score — among them the fault of keeping multiples. These “multiples” mistakes might seem harmless, but they are red flags that banks and moneylenders look out for.

Applying for Multiple Loans

It’s alright to apply for several loans, but they should be scattered over a long period. Applying for one loan after another is a sign that your financial circumstances are not as rosy as they used to be. For instance, homebuyers in Singapore might apply for a personal loan to settle the down payment for a home loan, and so on.

Multiple, successive loans indicate a precarious financial situation. It shows you’re a riskier bet for moneylenders, so your credit score will likely dip.

As much as possible, do not apply for multiple small loans that might not be enough to cover everything. Instead, save up for one sizable loan that would cover all the foreseeable expenses. In these cases, foresight of expenses is key.

Having Multiple Open Credit Accounts

Credit accounts are necessary to establish a credit history, but too many open accounts are detrimental to your score. It shows that you owe several institutions money, and this might be a red flag for other moneylenders.

Even if you only owe small amounts on each account, the aggregate could still affect your credit score. For instance, owing small amounts across seven credit cards adds up to a sizable credit. So, keep your credit accounts to a minimum.

Some financial experts say two cards are enough (one as the main card, one for a back up and rewards). For people with larger expenditures, four cards are enough, but you have to take care not to max out each one.
Applying for Multiple Credit Card Applications

Similar to having several loans, applying for several credit cards shows that you might not be in a stable financial situation. This might hurt your credit score; financial institutions are hesitant to lend money to someone who suddenly applies for more than one credit card.

To preserve your credit score, apply for one credit card only. If you’re rejected, wait for a month before applying for another credit card.

You can always find out if your credit score needs to be remedied. Check your score at the Credit Bureau of Singapore. If your score is low, review the mistakes you might have committed and avoid repeating them.

If your credit score is healthy, and you’re planning to start your own business or pay off an emergency bill, turn to Capital Funds Investment, a Ministry of Law-approved and licensed moneylender that helps you achieve financial well-being.

Call us on (65) 6281 7736 or email us at enquiry@loancfi.com today. You can also send us a message here.

Be Careful Of Sharks: Why Legal Money Lenders Are Still The Better Option

Man Disputing Loan

Despite having limited land resources, Singapore has established itself as one of Asia’s most competitive economies. It has developed into a well-known financial centre and a growing wealth management hub. Singapore’s strong links with London as well as its effective economic policies have attracted businesses into investing in the country.

The emergence of Singapore as a wealth management hub has led to the establishment of numerous lending entities. The number of legal money lenders in Singapore has grown over the years. As of August 2019, there are 158 money lenders registered with Singapore’s Ministry of Law.

However, many people still choose to borrow money from loan sharks or unregistered money lenders because the process is easier. Loan sharks are lenient when it comes to requirements and they lend money faster than legal lenders. What borrowers don’t know is that they could be sinking themselves into horrendous debt when they borrow money from loan sharks.

High-interest rates

Loan sharks specifically design their payment schemes so that they can enjoy high levels of interest rates. These loan agreements do not take into consideration whether or not the borrower can pay on time. If the payment is set on a weekly basis and the borrower fails to pay, additional charges are incurred for late payments.

Unregulated

Unregistered lenders are not regulated by the government and they do not report their transactions to authorised credit agencies. It becomes difficult to find a course of redress if there are problems with your transactions.

Many loan sharks do not follow legal protocols and do not have the required licenses to operate. They have no legal records and are not bound by any legal agreement. So if you are a borrower with a bad credit history, you will still not be able to improve on your credit image even if you pay them on time.

A never-ending process of borrowing

Borrowing money from loan sharks can be attractive because it seems convenient. However, such convenience might get you trapped in a cycle of never-ending borrowing. You might be tempted to apply for a higher amount than what is needed just because it is readily available for you. And with online loan applications becoming available, it becomes easier and more accessible to those who desperately need the money.

Legal lenders are always the best option

It is always better to borrow money from legal lenders. True, the process is more stringent and it does require more time to actually receive the loan, but the process is there for the protection of the borrower as well as the lender.

Legal lenders are regulated by the law requiring them to report to credit agencies, so paying back a loan improves the credit rating of the borrower and improves their credit history. It is also the case that legal lenders are much more likely to give sound financial advice.

Capital Funds Investment is a trusted legal money lender in Singapore. Whether it is for business or personal purposes, we provide fast loans. Our loans are tailored to suit or clients requirements.

Need cash now?

Apply here to get a loan customised just for you. Contact us if you need more information about our services.

The Worst Debt Consolidation Mistakes to Avoid

Money Lender Handing Money

Debt consolidation is when you take out a loan in hopes of eliminating your other debts. It is rather paradoxical because you will acquire another debt in the process, but it can be highly effective when executed properly.

To find a legal money lender in Singapore and make the most out of this gamble, avoid these terrible mistakes:

Opting Not to Consolidate Debts Due to Bad Credit

A common error of individuals with bad credit is thinking that debt consolidation is not a viable option because of their situation. It may be hard to find a lender who is willing to extend you credit when your credentials say that you will likely default on your loan, but there are suitable financial products for you. Although they may come with high interest, they can surely help you reduce your overall indebtedness.

Applying for a Debt Consolidation Mortgage

Many deeply indebted individuals choose to refinance their mortgage to access extra cash to cover other debts with higher interest. Borrowing against your property again may work wonders, but it involves major long-term consequences.

Firstly, it will reset the clock of your mortgage, which means you will go back from the start and possibly offset the gains you have made after paying it for years. Secondly, you may expose yourself to a greater likelihood of foreclosure.

Shunning Credit Counselling Singapore

It is almost a crime to pursue debt consolidation without expert advice. Before you pull the trigger, you need a clear strategy and deep knowledge of all the options to make an informed decision. Otherwise, you may inadvertently dig yourself a deeper financial hole.

Credit Counselling Singapore, for instance, can assist you in speaking with lenders and breaking bad habits to prevent beginning a new cycle of indebtedness. Moreover, you may learn different best practices when it comes to debt consolidation.

Forgetting About Prepayment Penalties

Another rookie mistake is taking just the unpaid balances into account. If you have creditors that penalises prepayment, you may fail to obtain the necessary funds to settle your bills. Many lenders charge fees for extra payments to maximise the profit they could make out of the deal.

Review your existing loan contracts to find out whether you will be punished for paying your debts in advance. If there is a pre-payment penalty, include it in the equation to borrow adequate funds to cover it.

Deciding Not to Check the Moneylender Registry

When choosing a moneylender, it is best to check the Ministry of Law’s Registry of Moneylenders. This way, you can avoid dealing with an unlicensed lender. Companies in the illegal money lending business do not play by the rules and are usually guilty of abusive behaviour.

Debt consolidation has the potential to help you bounce back financially in the long run or put you in a worse situation. Do due diligence to calculate its risks and avoid mistakes that you may regret for a long time.

 

Be Your Own Boss: Becoming a Freelancer in Singapore

Laptop, Cellphone, Notepad and Coffee on Table

Freedom, flexibility and financial control. These are three common reasons why people want to ditch their full-time jobs and become freelancers.

In Singapore, the freelancing and self-employed community is slowly but steadily increasing. As of 2017, there are between 180,000 to 200,000 freelance and self-employed workers in the country, forming almost 10 percent of the workforce.

Singaporeans, particularly millennials, find freelancing an attractive career option for the same reasons as freelancers from other countries. Being self-employed means you work on your own terms, allowing for work-life balance. You can also work for multiple employers instead of one, increasing your income.

Starting a Freelancing Gig

The basic essence of freelancing is that you have a valuable skill, an audience willing to pay for it, a method of reaching your target audience and repeat clients. You can either make this business a full-time gig or use it to earn supplementary income.

You usually don’t need a license to freelance in Singapore, if you’re offering creative and development services. Usually, clients will only request to view a portfolio of your existing work. More specialised jobs such as real estate and insurance require you to apply for a license, which involves attending a mandatory course and passing a written examination.

Freelancing also involves putting your marketing and networking skills to the test. Ensure that your online profile is detailed – it should show your skills, achievements and portfolio. Go to your prospective clients and pitch to them your work and what sets you apart from other companies and freelancers. Make sure you deliver the work on time and ask clients for testimonials.

Financial Considerations

Income from freelance work is taxable under the Inland Revenue Authority of Singapore. You’re expected to pay your taxes in a lump sum for a 12-month given accounting period. Like regular businesses, you’re required file your taxes on April 15, and you have the option to file them in person or through the IRA’s official website.

Unlike when you’re under regular employment, freelancing involves handling employee benefits on your own. You have to continually contribute to your Medishield to cover medical treatment and hospitalisation expenses.

It’s tempting to become your own boss instead of being confined to a 9-to-5 job. However, freelancing has its challenges as well. Once you’re familiar with the fundamentals of creating your own business, you can focus on developing your skills and widening your network.

Give Your Freelancing Gig a Jump Start

Working on your own terms and being your own boss can be appealing, but being a freelancer comes with its own challenges. How can you start a gig when you need money for equipment, marketing and rent?

Capital Funds Investments provides you with urgent cash resources to give your freelancing job a head start. We firmly believe that no one should be restrained from starting their business because of a lack of opportunity to raise capital.

We are a licensed moneylender that provides a variety of easy and flexible loans to a large number of clients in Singapore. To apply for a loan, simply fill out our form and submit the necessary requirements. Our personal finance specialists will get in touch with you and find the right loan based on your needs.

We’ll take care of your financial needs. If you need assistance, send us an email on enquiry@loancfi.com.

Quitting Your Day Job To Start A Small Business

small business owner

At one point or another, people who have a 9-5 job daydream of quitting to take the risk of starting their own small businesses. The idea of earning from the comfort of your own home, being your own boss, and having complete control of your time sounds incredibly appealing. But a decision as big as walking away from a stable source of income needs to be carefully evaluated.

No matter how amazing your business idea is, remember that you can’t just impulsively hand in your resignation letter and leave everything behind.

If you’re already seriously thinking about it, here are things you need to consider first before you take the plunge.

Create a business plan

Launching your own business takes a lot of research, no matter how small it is. You need to know everything about the product or service you’re offering, from your marketing channels and down to your competitors.

Preparing a business plan before your launch is essential for the success of any business. It’s an overview of your upcoming business and will help you determine your strategies, objectives, and overall vision.

Secure your finances

If you don’t think your personal savings are enough to get you through, there are two options to consider.

First, you can find another income stream. Quitting your job will free up a lot of your time. While you will spend most of it for your start-up, you can use some of it to find another source of income. It can be an easy freelance work, or simply selling some of your stuff online.

For a more secure option, you can choose to get a personal loan from a reliable money lender to take care of your finances while you focus on your company.

Leave properly

Before you quit to start your own venture, make sure that you don’t cause any inconvenience for people you’re about to leave behind. You should make this transition as easy as possible and completing your final projects and training your possible replacement should be your top priorities.

Remember not to burn any bridges as these workmates you’re about to part from can be future customers or connections to potential clients for your business.

Get ready for the lifestyle change

managing a business

You should understand that walking away from your 9-5 job involves a lot of sacrifices. Now that your income is unstable and unpredictable, you may have to say goodbye to the certain luxuries such as night outs, impulsive purchases, and maybe even your gym subscription. You may have to accept that tightening up or being frugal is just being prudent when you’re in the early days of a new business.

Chasing your dreams means you have to be ready to give up some things, but these sacrifices will be worth it once you’ve reached your goal.

If you need assistance with your personal finances while you jumpstart your business in Singapore, Capital Funds Investment offers personal loans through a simple application process. Email us at enquiry@loancfi.com or call us on (65) 6281 7736 and our financial experts will get right back to you.

Surviving in Expensive Cities

Concept of coins and progressivecity

When choosing a new place to live in, most people dream of residing in a big and developed city. While the countryside offers a peaceful and scenic view, urban locations generally tend to offer more professional opportunities, a variety of social scenes, and the chance to redefine yourself.

However, one major downside of living in a developed city is the cost of living. While money could be a struggle anywhere you live, this is especially true for cities such as London, Singapore, Tokyo and any other major global city.

If you are going to relocate to the city or are new to one, here’s how to stretch your finances.

Don’t live alone

Sharing your space with someone significantly cuts down your living cost. Getting a roommate is the quickest way to cut your rent bill in half, including splitting the cost of utilities such as water, internet and electricity.

Of course, this is easier said than done and finding someone you feel comfortable with may require rigorous vetting and some luck. You can also consider living with two or more people in a larger space so you can save even more money.

Use public transportation

The public transportation of nearly every city has its drawbacks. However, using public transport is still one of the most effective ways to cut down your expenses. If you have the time and energy, riding the bike or walking to work can also be a great option.

Instead of driving your own car or hailing a cab, try riding the bus or taking the train. Just prepare yourself to be patient about the inconveniences public transportation can cause you.

Limit eating out

Living in a big and developed city means more temptation to eat out, party, and try new establishments. One of the main advantages of living in a big city is the culture and social scene. However, make it a point to evaluate if you’re already spending too much on food and drinks.

There’s no harm in treating yourself to a nice dinner once in a while, but don’t develop a habit of buying coffee every morning or getting drinks in a local bar after work. To cut down your expenses, buy groceries and cook for yourself or maybe start small and brew your own coffee every morning.

Ask for help

If you find yourself about to live in the city and need to set yourself up, you may need some financial help. Don’t be ashamed or afraid to ask for help, whether it’s from your family, friends or even a licensed moneylender. Just make sure to budget well in order to be able to pay it back right away.

If you live in Singapore and are in need of an injection of cash, whether it be for moving house or making a necessary purchase, Capital Funds Investment, the premier licensed moneylender in Singapore, offers personal loans. Email us at enquiry@loancfi.com or call us on (65) 6281 7736 and our financial experts will respond as soon as possible.

Beware of Loan Predators: Common Loan Shark Scams and How to Avoid Them

Woman handed the pen for signing in loan document

Many foreigners in Singapore find themselves strapped for cash from time to time, especially when they need money for medical emergencies or to pay their bills. These foreigners are in dire need of personal loans to settle their payables, and are, therefore, the most vulnerable to loan shark traps.

Some unlicensed money lenders or loan sharks in the state offer small loans with extremely high interest rates and hidden fees. Their tactics, in fact, have become brazen in recent years, with some targeting unsuspecting victims who have never done business with them directly. These loan sharks even threaten people with violence, charge them large interests, and cause millions of dollars in property damage.

As with all scams, the best defence is knowledge. So, let’s take a look at the common loan shark scams in Singapore and how you can avoid them.

1. The licensed moneylender impersonator

These tech-savvy Ah Longs advertise their ‘service’ through text messages, emails, SMS blasts, Whatsapp and other social media platforms. At first glance, they seem professional and legitimate, putting up a whole facade. Unknown to the common folk, they impersonate licensed moneylenders by using legitimate registration numbers from the Singaporean Monetary Authority. They use important credentials and information illegally, from the business name to the business address and registration number. Be wary when you receive offers about loan programs you never applied for, or be generally vigilant if you’re thinking of taking a loan.

2. The loan collector scam

This scam is pretty simple, but many still fall for it. The loan shark acquires the victim’s phone number and calls them, claiming that the victim has borrowed money and they are asking for repayments. In some cases, they bluff and make up stories, explaining that a third party has cheated the victim and that they are there to get the payment for the lending company.

If the victim refuses to pay, they threaten him/her with consequences, such as assault or vandalism to property. Some people who have borrowed money in the past fall prey to this tactic easily and immediately pay the scammer. If you have borrowed money in the past, call your lender or agent first and verify the call you received.

3. The fee transfer scam

The fee transfer scam is the most dangerous because the loan shark not only takes people’s money but also gains access to their personal information. The Ah Long will text or call the victim, claiming that they have been approved for a loan. The catch is that the victim needs to pay an admin fee before they can take the loan. The scammers will then trick the victim into giving them SingPass access, giving them the means to see personal and private information that they can later use to intimidate or harass the victim.

If they are successful, the loan sharks have scored a huge win. They not only receive the money transfer fee, but they also acquire personal information that they can use as leverage on their victims.

Other tell-tale signs of a loan shark include people who offer to do business without a signed contract. The law requires licenced moneylenders to use contracts for security and accountability. Loan sharks also offer huge sums of money to victims despite the victims’ relatively small incomes. Additionally, if they operate without an office and they’re not listed on the Ministry of Law’s website, they’re most likely illegal moneylenders who charge their victims with exploitative interest rates and fees.

Apply for a Foreigner Loan with Trusted Moneylender Capital Funds Investments

As a foreigner in Singapore, it can be difficult to find a financial institution you can trust to offer you a loan. Capital Funds Investment is Ministry of Law-approved and licensed. We provide foreigners in Singapore with a fair loan, and we never abuse the confidential information that we receive during the application process.

For more information regarding our CFI Foreigner Loan, call us on (65) 6281 7736 or send an email to enquiry@loancfi.com.

How to Receive Financing for Your e-Commerce Business

Paper cartons with a shopping cart

In recent years, Singapore has risen to become one of the most tech-savvy countries in Asia. The country has consistently placed in the top 10 of the Waseda-IAC International Digital Government Rankings which highlights countries that work towards fostering digital innovation in all sectors and industries. Singapore has evolved into a world-class technology hub that has a booming e-commerce industry that is only expected to grow in the coming years.

Just two years from now, Singapore is expected to have approximately 4.11 million e-commerce users. Revenue from the digital marketplace is anticipated to grow to 5 billion USD by 2021 with electronics as the leading product category. With technology continuing to evolve into an important tool in our everyday lives, small and medium-sized entrepreneurs (SMEs) are moving online to reach more people.

For most entrepreneurs, acquiring a business loan in Singapore is a challenge that is hard to overcome. However, it is imperative in order to further grow and develop the business. With the online retail boom showing no signs of stopping, securing funding for your online store gives you the opportunity to take advantage of this.

How to Get Financing

  • Improve Your Business Plan – Your business plan does not have to be complicated. The purpose of a business plan is to address the key factors, obstacles, and possible solutions to your business. In keeping it simple and straight to the point, you are giving yourself a clear look as to what you should focus your efforts on in order to improve your business. This will also help you decide how much you will need in funding and how to allocate it properly.
  • Provide Quality Products and/or Services – Part of ensuring the success of your business is providing your customers with high-quality products and/or services and sustaining this. Creating a strong customer base is making sure that they are happy with what they are purchasing from you. This, in turn, allows you to grow your business as it establishes a reputation centred on quality and consistency which fosters trust and loyalty.
  • Set Realistic Goals – There is nothing wrong with dreaming big for your business. However, setting realistic short term goals allows you to focus on the areas that need the most attention. For new businesses, problem points are common and numerous. In choosing to address these, you are lessening potential troubles your business may face in the future. It also gives you a clearer picture of how much funding you will need.

Where to Get Financing

These days, there is no shortage of where to get funding for your online business. However, not all of them are compatible with your needs. In assessing your business and what it will need financially, you can make an informed decision on where to get funding.

  • Personal Savings – This is a popular choice for SMEs as it has fewer complications than other options. Aside from the absence of elaborate applications and high-interest rates, there is also the advantage of keeping your business solely yours. However, this option does present the drawback of significantly denting your savings or retirement fund.
  • Credit Cards – This is a viable option if you have several credit cards. While this gives you the freedom of still using your own money without having to sacrifice your savings, there are plenty of problems that might arise along the way. One of these is when your interest rates are high and your revenue only allows you to make the minimum payments.
  • Licensed Moneylender – A licensed moneylender often tends to favour SMEs over bigger companies. In Singapore’s highly competitive market, this option gives you the chance to get a loan that will help you with your business. Capital Funds Investments is meeting this demand by giving Singaporean SMEs business loans that will sustain the growth and development of your online business.

Capital Funds Investment understands the important role SMEs, particularly those working with the e-commerce model, play in the country’s economy. That is why we offer quick and easy financial solutions that are aimed at supporting and sustaining small and medium business ventures. We work closely with clients to find the best solution for their needs.

For more information about Capital Funds Investment and our business loans, call us on (65) 6281 7736 or send us an email at enquiry@loancfi.com.

4 Ways You Can Improve Your Credit Score to Get Better Loan Deals

person holding a credit card

Singapore has two credit bureaus that issue credit scores and reports: DP Credit Bureau and Credit Bureau Singapore. Both institutions track your financial history and compile it in a report containing vital details, such as the type and number of enquiries you made to lenders, repayment track record and loan details.

If you find that the score issued to you by either credit bureaus is high, you’ll be able to enjoy a wide range of benefits. Banks and other financial institutions, for instance, will be keen on lending the money you need. You’ll also be eligible for a higher loan amount and lower interest rates. A poor credit score, on the other hand, may make securing a loan approval difficult. Even if the financial institution does approve your application, it’s likely that you may not get the interest rate or loan amount you want.

Building a good credit score, therefore, is crucial to get the appropriate funding you need. Here are a few suggestions to help you achieve your goal:

1. Pay Your Dues on Time

Payment delays can damage your credit standing. A delay beyond 30 days, for instance, will put you in the delinquent category, which will negatively affect your score over time. You can avoid this by creating due date reminders on your calendar. If you are unable to pay loan instalment on time, inform your financial institution before the due date.

2. Refrain from Borrowing from Too Many Lenders

Keeping track of several lenders can be challenging. Missing just a single payment on one lender can ruin your credit score. The sensible approach is to limit the number of lenders to make tracking easier for you.

3. Use Credit Cards Wisely

Individuals who use their credit card for shopping and other expenses have the option to pay the minimum amount due and defer the remaining payment for the succeeding months. This common strategy, however, can backfire, as they’ll likely end up accumulating a massive credit card debt and consequently paying a significant amount as interest.

Rather than use your credit card this way, look at it as an alternative mode of payment. Once you get your monthly statement, make an effort to pay off the whole amount.

4. Minimise Your Loan Application Enquiries

Making multiple application enquiries can decrease your credit score. When you reach out to several financial institutions frequently, you are creating the impression that you’re desperate for funds. Even if you intend to grab the best deal possible, the signal you’re sending out is totally different. So, limit your enquiries to help maintain your credit standing.

If you’re looking for a loan to help grow your small business, Capital Funds Investments is here to help. As a trusted business loan provider in Singapore, we offer both unsecured and secured loans to businesses. When you turn to us for your loan needs, our experts will work with you to figure out the optimal loan amount for your business. Additionally, we’ll treat you as one of our respected clients. Rest assured we won’t push you to borrow more than what you can afford.

Call us on 62817736 or send us an email at enquiry@loancfi.com.

4 Guaranteed Ways to Improve Your Business Loan Eligibility

two people handshaking above table with laptop

It takes a lot to run a business, big or small. It needs business know-how, marketing knowledge and, of course, funds. To grow your business and live the entrepreneur’s dream, you may have to take a small business loan. This can be through a bank or a licensed moneylender in Singapore.

But before these establishments give you the time of day, you have to show them that your business is worthy of the money they’re going to lend.

To make sure you get approved, follow these four business loan eligibility-boosting tips:

1. Develop a Strong Business Plan

It would be nice if you could just walk into a moneylending establishment and say, “I need money,” and they’d give it to you right away. Unfortunately, it isn’t as simple as that. A business’s endgame is almost always about money or profit, but from the very beginning, you must have a solid business plan. Without planning, business owners may find themselves being turned down for a loan.

That’s why it’s important to create a business plan that details the purpose of your loan. Knowing what you’re going to use the money for will enhance your chances of getting approved for a loan. What’s more, a strong business plan lets lenders know that you’re a smart borrower.

2. Keep Your Documentation in Order

The application and approval process of each lender is different. Some might require a minimal amount of information, while some might take months to complete the process. But, you can do one thing to prepare and hopefully speed things along: get your documentation in order.

Ultimately, lenders review an application based on your risk profile and credit report. Readily available and clear financial statements, both old and current, give lenders a proper view of your fund management abilities. A well-managed balance sheet shows lenders that your business is fiscally responsible and financially stable. All these elements go a long way towards improving your loan eligibility.

3. Review Your Online Presence

Almost every business now has some kind of online presence. Some have it all—a website and well-managed social media — while some have either of the two. Having an online presence is essential for businesses nowadays, especially for small enterprises. With the advent of one-click connectivity, 82 per cent of smartphone users look up possible purchases before they buy in-store. What’s more, 45 per cent read reviews before making a purchase.

These numbers show how important your online presence is. People’s perception of your business online can influence lenders’ decision on whether to grant you a loan or not. It’s part of their due diligence to review your business’s and your personal online presence. With a polished online profile — positive reviews and professional conduct — you can show the potential your business has.

4. Prepare to Provide a Collateral

Moneylending is a business unto itself. This, of course, means that lenders need you to provide collateral so they have something to fall back on in case you can’t pay your loan. Collateral can be an asset, such as real estate or inventory, which lenders can seize and sell.

Before applying for a loan, consider what assets would be appropriate to use as your collateral.

An Easy Way to Acquire Business Loans

At Capital Funds Investments, we understand the financial needs that come with running a business. This is why we offer both secured and unsecured business loans to give you the boost your company needs. When you work with us, we’ll give you the best lending service to help you take your business to the next level.

Apply for a loan with Capital Funds Investments now. Contact us or e-mail enquiry@loancfi.com to learn more.