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6 Important Loan Types for Your Business & Purchases

Do you have a striving business? Maybe you’re just starting or trying to move your existing business to the next level and you need to make urgent purchases, aren’t you? Whatever it is, access to additional working capital in the form of business loans, student loans, etc. is something almost all businesses and many people need at some point in their life. Let’s go through several options and find a reputable business funding provider in the U.S.

Business Loans & Funding Options 

Working capital can make or break your business. This is also true of people in need of financial resources for making urgent purchases or paying for something that can’t be delayed. 

Even during these challenging times when the world is faced with an economic crisis, you’re not in the complete dark thanks to reliable financing solutions providers in the country. Here are several important loan options to consider:

  • Auto Loan

You can use an auto loan to buy either new or used vehicles. As a rule, providers offer a 24 – 60-month term for this type of loan. Increasingly, more providers are offering longer terms. 

  • Debt Consolidation Loan

This is an unsecured personal loan that comes with a fixed rate and allows for paying off or reducing the balances on multiple unsecured debts more easily.

  • Home Equity Loan

This is a secured loan that requires providing your home as collateral so you get financing. 

  • Mortgage Loan

This is a secured loan that requires putting your asset (usually, a house or a commercial property) as collateral so you can borrow the necessary funds. 

  • Personal Loan

This is an unsecured credit you might want to get for some urgent financial needs. It’s provided without any collateral. Unlike other loans, you must meet certain criteria to get it.

  • Small Business Loan

The majority of small business loans are provided by online lenders, banks, and credit unions. The type of business loan you’re applying for will dictate the interest rates and fees, loan limits and terms. Also, these are based on the lender and the applicant. 

A merchant cash advance from a reputable alternative online lender like First American Merchant, which carries an A+ rating with the BBB, is a go-for option for a growing number of businesses. Though an MCA comes with higher rates, this is the quickest access to the funds you need to solve your financial issues. 

FAM is an award-winning business funding provider specializing in the high-risk field that offers a variety of affordable and secure financing options to both small and large businesses. 

  • Student Loan

Students can apply for federally backed loans that come with fixed interest rates.

As you see, the situations and financial needs vary from individual to individual, from business to business. Loans are created differently as well. All you need is to shop around, weigh pros and cons and choose the right loan for your own specific case.