Your independent loan comparison!
Your independent loan comparison
Business Loans
Business loans providers in South Africa suitable for bad credit startups, entrepreneurs and also for long-running businesses with guaranteed approval.
Fast information
Properties of this loan
- Online loans up to R250.000
- Term 6 - 72 months
- Fast online application
Loan requirements
- You must be employed under a permanent or fixed-term contract and not self-employed
- You must earn at least R3 500 per month, paid electronically into your bank account
- Your valid barcoded South African identity document or smart card ID
- Your most recent payslip(s) for one month or your letter of employment if you are a contract worker
- Your stamped bank statements for the last 3 months (reflecting your salary). If you bank with Nedbank, ABSA or Standard Bank, we will be able to arrange this on your behalf
- Your proof of residence (not older than three months), such as a utility bill or any statement of account that has your name and physical address on it
About company
More information about the company Nedbank Ltd
Fast information
Properties of this loan
- Online loans up to R50.000
- Term 6 - 24 months
Loan requirements
- A valid SA ID
- 3 latest payslips or 3 latest bank statements
- Must be permanently employed and earning a monthly salary
- A valid cell phone number
- A valid SA bank account
- Must be 18 years or older
About company
More information about the company Capfin SA (Pty) Ltd
Fast information
Properties of this loan
- Online loans up to R150.000
- Term 12 - 60 months
- Decision in seconds
- Cash in your account within 24 hours
Loan requirements
- You must be 18 years old and older
- You must have a South African ID
- You must earn a minimum of R2000 a month
- You must hold a bank account
- You will be required to provide proof of income documentation
About company
More information about the company RCS Group
Fast information
Properties of this loan
- Professional financial advice and tips to improve your score
- Complimentary loan assist service of up to R150,000 cash
Loan requirements
- Be 18 years or older
- Have a valid SA ID or Drivers License
- Have a bank account
About company
More information about the company Credit Gain Services (Pty)
Fast information
Properties of this loan
- Online loans up to R80.000
- Term 3 - 24 months
- Fast online application
Loan requirements
- You must be between the ages of 18 and more
- Be a permanent SA resident
- Be permanently employed or self-employed
- Your salary must be paid directly into your bank account
About company
More information about the company Challenor® Finance
Fast information
Properties of this loan
- Online loans up to R3.000
- Term 4 - 31 days
- Fast application
Loan requirements
- Your SA ID number
- Your bank account
- Your cell phone number
- Your latest three (6) payslips
- Your latest three (6) months bank statements showing your income
About company
More information about the company Westside Cash Connection (Pty) Ltd
Fast information
Properties of this loan
- Online loans up to R300.000
- Term 1 - 7 years
Loan requirements
About company
More information about the company Loans Finder
Fast information
Properties of this loan
- Personal loans up to R300.000
- Term 12 - 72 months
Loan requirements
- SA ID number
- Proof of residence not older than 3 months
- 1 month's payslip
About company
More information about the company Nedbank Ltd
As vibrant as the South African economy is, 3 out of 5 businesses will not succeed. The most common reasons attributable to this include poor planning, inadequate financing, poor business management practices, among others.
For any businessman, the goal is to build a profitable enterprise that will grow exponentially over the decades. If this is what you have in mind, then the phrase 'cash flow is king' cannot be overemphasized. But what happens if you run low on cash flow or lack the finances to scale? The go-to for most entrepreneurs are business loans. If you are thinking of taking this route, here are some of the things lenders will need from you.
A Justification for the Loan
Whether you are applying for startup business loans or a loan for an existing business, a lender will want to know the purpose of the funds. Often, this extends to being able to give a breakdown of how the funds will be used. Before approaching lenders, think through what you want to achieve. Is it to open a new location, or to increase stock for a new tender or to increase company assets?
Once you determine this, try and break down the loan amount you are seeking into the specific tasks it will be used in. Similarly, ensure to include the risks in your presentation. Truth be told, no business venture is entirely risk-free. Not including this information could come off as deceitful. Highlight the risks as objectively as possible, as well as how you intend to mitigate them.
Proof of Your Creditworthiness
Banks want to know that they are lending to people with good debt repayment histories. The argument is that if you have serviced earlier loans in a timely fashion, you will keep doing so should another loan be advanced to you. Towards this end, your prospective financiers will pull your business' credit rating as well as your personal credit score. If both are in good standing, then your application will be reviewed favorably.
Attach Security
Not all business loans in South Africawill require security. However, some lenders will need it, more so if you are seeking to borrow a large sum of money. Some of the things you can use as collateral are business assets, personal assets, or a personal guarantee. In case you default on loan payments, the financial institution can repossess your assets. In the case where you offered a personal guarantee, the lender can litigate.
Avail Company Financials
Your company’s financials bear a lot of weight in the loan application process. Essentially, the numbers will speak to your ability to afford the loan you are applying for. To avoid being blindsided, use a business loan calculator to compute a ballpark amount of what you would be able to repay comfortably. Typically, lenders will seek to see at least two years of your profit and loss accounts. To reconcile these, they might also ask for your tax return records.
Plan Your Presentation
There is a possibility that you will be asked over to present your business loan proposal. If this is the case, treat it as you would any other business pitch. Organize your information in PowerPoint spreadsheets and use graphs and diagrams for your financials.
Sell Your Vision
The key to making successful business loan applications is by being clear on your vision and believing in it enough to be able to sell it. The idea is to prove to financiers that your business plan is sound enough to enable you to recoup your investment and repay your loan comfortably.
Lincoln Ndirangu(LinkedIn)Lincoln Ndirangu is a professional freelance web copywriter based in Nairobi, Kenya. For over 7 years, writing for the web and engaging the online audience has been primary focus and passion.More information...