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© 2019 by Devise Business Consultancy

Top Tips To Get Funds Easier.

Be Realistic About The Amount

Yes we know, you need as many business loans as you can get. But do a reality check on how much funding you can really apply for. 

The single one mistake SME makes is that they apply for too much funding and get turned down because they can't even afford it!

So be very realistic on how much you can apply for - which is typically 20-25% of your annual revenues for unsecured lending.
And also think about how much the monthly repayments will be and whether your business can afford these payments month by month. 

Do Not Wait Til The Last Minute

Don't wait until the very last minute to look for a business loan - you have more options and choices if you start early.

The other biggest mistake is that SME owners keep putting it their list to get a loan until they actually need the money.

As the saying goes, "the early bird catches the best worm."

You can engage Devise as a gateway to understand the offers available to you by completing a request in just minutes.

Your Personal Finance Matters

Although lenders want a separation between a business and personal loan, they will assess your personal credit history - especially if your business is still relatively new or you are a sole proprietor.

If you have a good credit rating from your CBS, you can even consider taking out a personal loan - this could be cheaper but makes you personally liable.

It's The Boring Stuffs That Matters

Do not ever have bounced cheque for too many times in the last 6 months. Try to pay invoices on time and file your accounts.

Having a good payment history is important when lenders assess your business' creditworthiness.

It's just like making sure you pay your household bills on time for personal finance.

Get Multiple Quotes From Different Lenders

It always pays big time to compare available options, anyway most Singaporean like to compare before buying kinds of stuff. 

Make sure you compare interest as well as any fees, as for short-term loans the fees may be higher than the interest expenses.

Ask lenders to provide you with quotes that show you the total costs of funding to provide transparency. 

You can consult Devise to get offers in a standardized and simple format.

Keep A Separation Between Business and Personal

It always pays big time to compare available options, anyway most Singaporean like to compare before buying kinds of stuff. 

To get a competitive rate for a business loan in Singapore, make sure you compare interest as well as any fees, as for short-term loans the fees may be higher than the interest expenses.

Ask lenders to provide you with quotes that show you the total costs of funding to provide transparency. 

You can consult Devise to get offers in a standardized and simple format.

Follow The Advice Of Expert

Yes, it is true. In this technology era, especially in Singapore, we can get anything online at comparison sites. 

From buying groceries to shopping online, buying bigger purchases like cars and property. Singaporeans usually like to listen to their own

when purchasing items as they believe in cost savings, which is a good thing. 

But bear in mind, we are not shopping for something like a business loan. A business loan is an essence of how the company will operate, and for some, survival in the coming months. Once applied recklessly, the consequences may be huge for a company. 

Seek professional advice if you are not financially trained.