When Should You Take Out a Personal Loan for Your Business?Running a business successfully for years is not a cake walk. Lots of money and efforts are invested to make a business stable. Whether a start-up or an established company, everyone needs funds for expansion or business upgrade to stay in sync with the current trend. Liquidating your profits or savings for business expansion is not a wise thing to do. Applying for a personal loan at such times is a safest option that you can pay gradually in EMIs. Personal Loans are very handy when immediate funds are required for business expansion or maintenance of cash flow.
Personal Loans are significant for new micro entrepreneurs. Whether it is renting a place, buying stock, hiring staff or paying for promotions, personal loans support business functions just as required. With online cash loan apps settling in, the business to customer (B2C) industry has benefitted from personal loans considerably. Retailers, manufacturers, designers, doctors, etc. can apply for personal loan online to fulfill urgent cash needs.
Simply Cash is a pocket-friendly app available on your smart phones via Google Play Store. The app is backed by Hero FinCorp, a trusted financial company supporting businesses to flourish in India using personal loans.
Here are few reasons when you may need personal loan for your business:
The decision of choosing personal loan for business is based on several things and can offer complete financial support for your business:
- Small cash loan requirement- If the loan amount needed is relatively less, one can opt for small cash business loans. As compared to long term loans, small cash loans are sanctioned early due to less formalities and minimal documentation.
- Setting up a new business venture- Starting a new venture involves many tasks. In the investment phase, personal loan can simplify the burden of initiating funds for new business. That’s how the first step of business can be implemented.
- Office equipment- Once you have a place to kick-start a business, the next step requires filling the shop with the right inventory and equipment. This undoubtedly demands surplus money as the stock is bought in bulk. Hence, personal loans can be trusted to support buying in the business.
- Loss in Business-Another important aspect for personal loan can be a financial setback in business, where you may have incurred heavy losses. This loss could force you to take a personal loan to pay off the debts.
- Collateral free loan- If you are uncertain about your property or any kind of asset to keep as a collateral against loan, then the best option is to acquire a personal loan, as it is 100% collateral free.
Apply for Business Personal Loan via Simply Cash
At Simply Cash, borrowers can get an instant loan up to Rs. 1,50,000 in few easy steps:
- Install Simply Cash Instant loan app from Google Play Store
- Register with basic details – mobile number, email address
- Set the desired EMI using the loan EMI calculator
- Paperless verification of KYC details
- Bank account verification through net banking; the credentials are never stored. All data collected during the loan application process is encrypted and completely secure - making SimplyCash one of the most trusted app for instant loans
- Instant loan approved in minutes and transferred to the bank account