4 Best Business Loans to Kickstart Your Empire (Without Selling a Kidney)

So, you've got a brilliant business idea—maybe a revolutionary gadget, a game-changing service, or just a really fancy coffee shop with WiFi that actually works. The only thing standing between you and your entrepreneurial dreams? Cold, hard cash.

Enter business loans: the financial superheroes ready to swoop in and fund your startup journey. But with so many options out there, which one should you choose? Worry not! We’ve rounded up four of the best business loans to help you get started without breaking a sweat (or the bank).

1. Non-Bank Lenders: The Cool Rebels of the Loan World

If traditional banks were strict school principals, non-bank lenders would be the cool teachers who let you chew gum in class. They cater to entrepreneurs who don’t meet traditional banking requirements and offer flexibility, faster approvals, and even customizable repayment plans.

Take Devise, for instance—they can approve and release funds within 48 hours. If you’re in an even bigger hurry (because time is money, right?), Devise might process your loan on the same day—though they may swing by for a quick site visit to ensure your “business” isn’t just you and your cat brainstorming on a couch.

2. Digital Bank Loans: Because Who Has Time for Paperwork?

Gone are the days of dressing up and physically walking into a bank to beg for a loan. Digital banks let you handle everything online—no human interaction required (a win for all the introverts out there!).

These banks offer quick loan approvals with minimal paperwork, making them ideal for businesses looking for fast cash injections. Some don’t even require bank statements for loan amounts below S$30,000. That’s right—less paperwork, more hustle!

3. Personal Loans: For the Employed Entrepreneur

If you’re still holding onto your 9-to-5 job but secretly planning your great escape into business ownership, a personal loan could be your best bet.

These unsecured loans don’t require collateral, and you can repay them in fixed monthly installments. Just a heads-up—interest rates, fees, and eligibility criteria vary, so comparing offers is key. Oh, and pro tip: apply for a loan before quitting your job. Lenders like seeing proof of income, and “I’m about to be my own boss” isn’t exactly the strongest financial statement.

4. Secured Loans: Got Assets? Get Lower Interest Rates

If you own property, stocks, or even a life insurance policy with cash value, you can use them as collateral to get a secured loan. The perk? Lower interest rates, since lenders have something to fall back on if you ghost them (not that you would, of course).

However, if you default on payments, they can seize your assets—so, you know, maybe don’t put up your grandma’s house unless you’re really confident in your business plan.

Conclusion: Choose Wisely, Hustle Hard

Picking the right business loan is like choosing the right partner—it’s all about compatibility. Take your time to compare interest rates, terms, and additional perks before committing. And if you’re feeling overwhelmed, seek advice from financial experts (or at least that one friend who always seems to have their life together).

If you’re ready to take the leap, Devise has your back. Our loan agents will work with you one-on-one to find the best deal for your business needs. Register today and start building your empire—minus the financial stress!

Now, go forth and conquer the business world. And maybe buy that celebratory coffee (with WiFi that actually works). ☕💼