Taking out a business loan is often not something you can do just like that. Often providers want to know who they are going to work with to ensure that you have the option of paying back the borrowed money in the long run. Financing parties therefore often ask for your annual figures. But what if you do not have annual figures, for example because your company does not exist for a year? How can you still take out a loan?
Take out a business loan
If you want to take out a business loan, you can do this with different providers. For example, there are banks or financing parties where you can go. Each party applies different rules when providing a business loan. After all, it is not only a risk for you as an entrepreneur, the other side of the table also has a risk of providing a business loan. Not everyone can just take out a business loan, there are a number of conditions that you must meet. For example, it is important that you do not have a backlog coding with the Credit Registration Office, or the BKR. It is also important that the company for which you want to apply for a business loan is registered with the Chamber of Commerce. In addition, many providers want to know the reason for applying for a business loan.
Business loan without annual figures
Your annual figures are another point that many financing parties ask for. However, in some cases it may happen that you do not have annual figures ready, for example when your company has not existed for so long. You cannot apply for a business loan from a number of financing parties, but this is the case with other parties. If you want to know which financing parties you can go to for borrowing money without annual figures, we recommend that you use our comparison tool. By checking the option ‘I want to borrow without annual figures’, the parties appear where you can go for borrowing without annual figures. Always take a good look at the conditions to be sure that you can actually go to this party to take out a loan without annual figures.
Assessment based on cash flow
If you want to borrow without annual figures, this does not mean that you do not have to provide any figures. A financing party often assesses whether you qualify for cash flow. Please note that you do have a minimum amount of revenue when you want to take out a loan. This is often communicated in the conditions. So always check in advance whether your company meets the conditions of the financing party.
Where can you go?
There are various parties where you can go for business credit without annual figures. A well-known financing party where you can go for borrowing without annual figures is BridgeFund. BrideFund does not assess you based on your annual figures or business plans, but assesses your application based on your cash flow. You can arrange closing entirely online and you do not have to meet someone on location. You can go to this party if you want to take out a loan quickly. Always be aware that you do not want to take out a loan too quickly. Always ask yourself how much money you need to realize your dreams and what your preferred term is.
There are several advantages to borrowing business money without annual figures. For example, if you have recently started a business, you naturally do not have annual figures that you can show. If you approach a party where you do not have to show your annual figures, you can still qualify for borrowing money. Money with which you can do beautiful things, such as purchasing machines, materials and equipment. You need this to grow and to make a profit. For this reason, it is a great opportunity for starters to make a company successful.
Risks business loan
Remember that there are always risks associated with taking out a business loan. If you have not owned your own company for very long, it is a good idea to first investigate to what extent there is a chance that you will not be able to repay the money. Borrowing money always costs money and the loan you will always have to pay back in the long run. Are you almost certain that you have drawn up a good plan and that your company can become a success? Then you can take out a loan with confidence. Be aware that it may turn out differently for whatever reason. So there is always a risk. You may also have private debts or financial obligations, for example. If you cannot repay your loan, your private assets and assets are often called upon. Have you received a loan without a BKR assessment? And it appears that you cannot meet your repayment obligations? Please bear in mind that this can have very unpleasant consequences. Consider, for example, the forced sale of movable and immovable property. So always think carefully before entering into a loan agreement for your company.
When will I receive my loan amount?
If you choose a provider where you do not have to show annual figures, this does not mean that you will receive your money earlier because you do not have to prove your figures first. Often, for example, you must first view your cash flow. So there is usually no difference in how quickly you receive your borrowed money. It just depends on which provider you come to. If you submit an application to a bank or a financing party, this is usually assessed within a day or, at most, a few days. Has this application been approved? Then in most cases you can receive the requested amount within 24 hours. Note that this is not the case in every case: sometimes a provider wants to receive more information.
What do you have to pay attention to?
Would you also like to take out a business loan without annual figures? We have a number of tips for you to make finding a suitable loan a lot easier:
- So you want to take out a business loan without annual figures. Make sure that you cannot go to every party. If you want a quick overview of which parties may wish to provide a loan, we recommend that you use our handy filter option. So indicate that you are specifically looking for a financing party where you do not have to show your annual figures. This saves a lot of research.
- What is the reason for borrowing money? Draw up a plan. What exactly do you want with the money and with what amount can you realize your plan? This way you ensure that you do not borrow too much money. After all, all the money you borrow must also be repaid with interest. That is why we definitely recommend that you choose a loan that actually meets your needs. It can help to request quotes in advance, so that you can see how much money you have to put aside.
- The longer the interest the better. But is this always the case? Always pay attention to the conditions of a provider. For example, a provider may indicate that you can go there for a very low interest rate, but this can always be a temporary offer that you might only be able to benefit from for a while.
- What time do you need to earn back the money? Make an estimate and possibly start a conversation with an adviser. This allows you to better determine the term of the loan. Always make good agreements with the financier.
- It is important to pay close attention to the penalty clause. This is an extra incentive that allows you as an entrepreneur to stick to the agreements to repay the borrowed money. Failure to comply with an appointment will result in a fine. For example, if you want to pay off early, it is nice that as few costs as possible are charged for this. This can save a lot of money.
- Borrowing money remains a risk at all times. After all, you never know how things are going. Nevertheless, it is important that you are as sure as possible of your case.
Borrow money without annual figures for self-employed
It can therefore happen that a company does not yet have annual figures, but even with an independent entrepreneur this is often difficult. The income of a self-employed person is not stable and can change every month. It is therefore difficult to come up with annual figures, because it is very changeable. However, it is possible to borrow money as a self-employed person without annual figures. As a self-employed person, you should check whether it is feasible to borrow and how much you will have to pay off. Would you like to know more about the possibilities of applying for a loan as a freelancer without annual figures? We are happy to tell you more.
Which provider suits you?
If you are looking for a party where you can go for taking out a business loan, then of course you also have a number of requirements. There are so many parties nowadays that you can choose from an enormous number of providers. Write down for yourself what you are looking for in a financing party, because that way you can see the forest through the trees earlier. Use the handy search option via our website. Indicate the approximate loan amount you want to pay and the duration thereof. Enter the lead time and indicate that you want to borrow without annual figures. Did you do this? Then the providers appear that match your wishes. Please note that the party with the lowest interest rate is not always the best for you. Always read the conditions carefully so that you can be sure of what you can expect.
Concluding a contract
Have you found a party that meets your conditions? Then you will be redirected via our website to the website of the provider. You can therefore take out the loan directly. We are not an intermediary, only a party that puts the various providers side by side. Before you conclude a contract, it is a good idea to check your data carefully. Is your company name correct? Is the amount you want to borrow in a correct manner on paper? Has the correct duration been passed on? Is the interest rate correct? Check, check, double check. As soon as you have checked everything and submitted your request, it will differ per batch how quickly you will receive a response. One party strives to process your request within 24 hours, while this may take longer for another. Always keep in mind that receiving the money can always be delayed for certain reasons. It is possible that a financier still needs certain papers from you, which may delay the process. Are you unable to figure it out yourself or do you still have certain questions about taking out a business loan without annual figures? Then contact the financing party and the specialists will help you further so that you know exactly what to expect.
But what exactly is our task? We put the different parties side by side especially for you, so that you have a clear overview of which different parties best meet your requirements and wishes. We are an independent party and only list the facts for you. Always note that interest rates and conditions may change. That is why we keep a close eye on these changes.
Taking out a business loan without annual figures can be a thing of the past. It can be difficult to find a party that actually meets your requirements and wishes and therefore it can help to use our search function. We always try to put the information on paper as clearly as possible, so that you can immediately see what you can expect from a party. Make sure you always read the terms and conditions of a provider. You can read all the details on the party’s website. Moreover, it is always good to check the website for the interest rate. This way you will not be confronted with surprises. Taking out a business loan is not something you do every day and you are often bound to it for a longer period of time. So always pay attention to what you are doing, possibly engage a consultant and view the various options together. This way you will not be confronted with surprises and you will know where you stand.