Questions you should be asking when getting an online small business loan
Almost all business owners are familiar with Canadian small business loans, yet are often apprehensive about sourcing these products online. It’s normal to have questions before entering into a financial agreement, especially one involving your bread and butter. Throughout the course of this post, we will look at some frequently asked questions Evolocity gets from small business owners. Keep in mind not all online loan providers are the same and the information provided reflects Evolocity products only.
How much money can I borrow?
As the business loan is a flexible product, you can borrow anywhere from $5,000 to $200,000.
How long is the term of the loan?
Again, due to flexibility, the term can be as short as 4 months and as long as 18.
Am I allowed to use the funds for any purpose?
The short answer to this is yes. Any business needs such as purchasing of inventory or renovations are perfect examples.
How do I know if I qualify?
If your business is based in Canada, has an active commercial lease, an average monthly sales of $15,000 or more and has been in business over a year you can qualify for an Canadian small business loan. If you hav
e been declined by other lenders based on your business type, don’t worry, our loan product is available to almost any business type. The underwriting process doesn’t only look at personal and business credit but a multitude of other factors that help determine if the business is healthy or not.
How does repayment work?
Unlike traditional loans, Evolocity small business loans work on a daily repayment schedule. The daily repayment amount is agreed upon during the creation of the loan and is once again flexible based on term and loan size. These payments are automated and you can track account details 24/7.
How long does it take to have the funds in my account?
Funds can be transferred in as little as 48 hours from the time the contract is completed.
Is putting all my personal information into an online application safe?
Absolutely, Evolocity uses 256 bit-encryption (the same as banks) and SSL protocol. Basically, all information in encrypted at all times and your bank statements, login info, etc. is never stored on our servers.
Do you have a question we didn’t answer? Feel free to get in touch and we would be happy to help. You can reach us by phone at 1-877-781-0148, Email us at firstname.lastname@example.org or via click-to-chat on our website at www.evolocity.ca.