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Qred helps start-ups with business loans
Business loans for startups and new businesses have traditionally been difficult to obtain. Since 2015, our main goal has been to help as many new small businesses as possible with the right type of financing.
So it doesn't matter if you have a new or old business. Small is bigger doesn't matter either. So forget years of history, balance sheets, profit and loss statements and complicated business plans that the bank wants to see. At Qred, we care about you and your future plans. That's also why we don't take UC from you as a private individual. We use Creditsafe and only we (Qred) and you see that credit report - no other banks or lenders!
Business loans for start-ups without UC
We offer all types of companies business loans without UC. Here's how a loan through Qred works:
Qred offers business loans from SEK 10,000 up to SEK 5 million for start-ups. The loans can be used to cover various needs that are important for a startup's growth, such as marketing, equipment and hiring. The loan application process is fast and digital, allowing businesses to access funding on the same day they apply, even without traditional collateral.
Why start-ups get rejected by the bank
Maybe you are thinking about starting a business? Or maybe you've just started a new business?Unfortunately, borrowing money from the bank for a new business is not easy. Firstly, the risk is highest in the beginning before the business is up and running and secondly, the amounts are quite small. Banks like low risk and lending high amounts to large companies. It is simply not worth the time for the bank to spend time on start-ups.
What counts as a start-up?
A start-up company means a company that has not yet started a business or has not submitted its first financial statement to the Companies Registration Office. Some banks require even three financial statements for the business not to be considered a start-up. We at Qred think this is wrong, as the first three years of a business are the most difficult. Then you may need temporary injections of capital to grow.
Start your own business loan - A business loan to start your own business
Before you apply for a business loan, you should do your homework. What will your business do, how much money do you need to get started? How much can you pay back per month? You should think this through carefully so that you apply for the right amount and can clearly explain how the loan will be repaid.
What type of loan is best for start-ups?
A traditional bank loan is best suited when the company is a little further along and there is an established cash flow.
Business loans from ALMI can work if you have a lot of time and can make a good presentation with a business plan, budget and project plan.
Business loans from Qred are suitable if you have a temporary need for liquidity. Qred is one of the few providers that offer loans to start-ups.
Equity is appropriate when there is a high potential for the company's value to increase if the company succeeds, but there is a high risk that it will take longer than planned.
Loans to start-up companies
In our Qred Score, like many other banks and lenders, we assess limited liability companies as something positive. You have entered with a share capital and there are usually several people in the company. You can also add someone who acts as a personal guarantor with the applicant for the loan. This is called a guarantor and our requirements for a personal guarantor are:
The person must be a Swedish citizen
Have an orderly economy
No debt balance
Payment defaults do not stop us from issuing a loan, but they can be a barrier. You may be offered a lower amount at a slightly higher price before you have made any payments.
Loans to start-up sole traders
As a start-up sole trader (SE), it can be difficult to find the right type of finance. Often you have a slightly smaller business that is seasonal or sensitive in other ways. Banks have traditionally found it difficult to offer lower-rate loans to sole traders. It has simply not been profitable enough. We at Qred think this is wrong and want to help the smallest and start-ups with finance. We do this by offering smaller loans and in this way we get to know each other and can increase the loan in the long run.
Another option is to use our . This saves you from private expenses and complicated bookkeeping. Everything is collected on one invoice, which is perfect for everyday expenses and purchases.
Loans to start-up companies
As with any other loan issued by Qred, it is advantageous if you can get one or two more people to act as personal guarantors for the loan. In other words, you are personally liable for the loan. If you and the other person are in good financial shape, this will usually make it easier to pay both the amount of the loan and the fee for the loan.
Loans to start-up limited partnerships
That said, Qred can help all types of companies with financing. We very much welcome the fact that there are two people sharing the responsibility between a limited partner and a general partner.
Credit rating for start-ups
When you apply for credit for a start-up company, a credit check is often carried out on the company. It is very rare for the credit rating to be particularly high, as the credit reference agencies have no history on which to base their assessment. As a business, you earn a high credit rating by consistently making stable and predictable sales and profits and avoiding any kind of payment history.
At Qred, we have our own Qred score, which takes into account the business idea and the people behind the company. Call our officers for a professional assessment and get a quick credit decision.
Almost every day someone calls Qred and asks if they can borrow to finance their start-up company. The first thing we ask is whether the company is registered with the Swedish Companies Registration Office (i.e. that there is a valid organization number). We then try to find out where the business is in its development and what its needs are. Business loans are an important part of financing, but there are often multiple sources of funding that you should consider in order to put together a solution for your business that can help you meet both short-term and long-term needs.
There are some obvious questions you need to ask yourself before you start raising start-up funding, namely:
How much funding does the company need?
When can the company start paying back those who invested in or borrowed from the company?
Do you need to borrow money to start your business?
If so, how much?
What repayment period is realistic?
Can you defer investments so that you make some investments later - after you have had the opportunity to build a good track record or generate enough profit to cover at least some of the costs yourself?
Once you have an idea of your needs, there are some options you should consider to get the capital you need to get started:
1. Your own resources
Many entrepreneurs don't want to mix their personal finances with their business finances. This is a good idea, but in the beginning you will have the best insight into the business idea and its potential, and therefore you are the best judge of risk. Therefore, you should always be prepared to invest some of your own money to get started. It is also a strong signal to banks and other lenders that you believe in your business idea. Don't forget that 99% of companies are financed with their own funds!
2. Traditional sources
The traditional major Swedish banks rarely lend money to small businesses, especially start-ups, unless the owners already have a long track record and a strong personal relationship with the bank. They often require collateral such as real estate or a personal guarantee. Typically, a traditional bank loan can be set up with a long repayment period of 3-5 years, but it often requires a long process with high collateral requirements and, in some cases, expensive set-up fees.
3. factoring
Another option is to sell your invoices, which is now often used as an alternative or complement to traditional business loans. Factoring works well for small amounts and short periods of time and is usually quick and easy, but usually more expensive than business loans.
4. Alternative business loans via digital channels
The fastest option is now a digital service that expanded in the wake of the financial crisis, when banks largely stopped lending to small businesses altogether. These digital players usually have lower costs than the big banks and have simplified the application process so that it can be completed in minutes online. Traditional factors such as credit rating and business performance still matter, but new social factors such as the quality of a website, online traffic, social media presence and ratings on comparison websites are combined to get a better picture of the business and its potential to repay the loan.
What does it take to get a loan application approved? Typically, these alternative lenders will want to see a well-managed personal financial situation, to understand the business idea, to understand why the loan is necessary and how it will enhance the business. A good credit rating (no debt balance, no payment defaults and stable income) increases your chances of getting a loan.
3 ways to finance your startup
Starting your own business is easy, but getting a profitable business up and running without capital can be even more difficult. After all, marketing, machinery, premises and employees cost a lot of money, but are crucial to the future of the business.
So, in order to grow your startup, you will need to get capital into the business. Fortunately, there are a variety of funding options to explore if you are unable to invest your own money.
Here are three ways to fund your startup and their advantages and disadvantages.
1. Business loans
Business loans are the most common form of business financing today. With a business loan, companies can borrow lump sums that they can then use for optional investments, such as machinery, premises or employee salaries, to grow their business.
The loan is repaid according to a fixed repayment schedule, either daily, weekly or monthly, together with interest and other charges.
There are generally two different types of business loans:
Secured. Thistype of loan requires a "collateral" such as a business mortgage or property. The interest rate for this loan is usually lower, but at the same time the loan requires a lot of time-consuming administrative work.
Unsecured. In this case,collateral is not always required, but the most important thing is that the company and its representatives have a good ability to pay. The application is made digitally and the money can be disbursed much faster than with secured loans.
Pros and cons of business loans
Benefits: A business loan allows you to get capital into your business quickly and repay at a pace that suits you. In addition, you can apply for a business loan without UC to avoid strain on your and/or your company's credit rating.
Disadvantages: Not all lenders offer loans to new businesses. This is because many startups have not yet reached a stable turnover. If the company has shaky finances and low income, the risk for the lender increases, which can lead to a high interest rate or rejection of the application. Qred tries to find solutions to help even start-ups.
2. venture capital
Venture capital is a popular form of investment whereby individuals or companies invest money in start-up businesses. In exchange for your capital, they get a share of the company, which means they will share in future profits.
As the name suggests, this is a high risk form of investment. Therefore, it is mainly suitable for start-up companies with high growth potential in the near future. Statistics from Growth Analysis show that over SEK 3.3 billion was invested in Swedish portfolio companies in 2018, which is an increase of 43% compared to the previous year.
There are many platforms where companies looking for venture capital can find suitable investors, such as Connect Sweden and ALMI Invest. You can also find investors in your own personal network or with the help of an incubator.
Advantages and disadvantages of venture capital
Benefits: You get a large amount of money into the company that you can use to drive the business forward. If you can find an investor with good business skills, you can also get a good partner who wants the company to develop in the right direction.
Disadvantages: You give away part of your business, which means you can no longer make decisions yourself. Read up on venture capital if you are interested in this funding option.
3. crowdfunding
Crowdfunding - or mass financing - involves ordinary individuals investing a small amount of money each to finance a business or project they believe in. The concept originated in the US, but has become a global phenomenon in recent years.
According to P2pmarketdata.com, Sweden ranks 20th in the list of top countries in crowdfunding with an annual growth rate of 36.58%.
In return for their money, investors may receive a reward, such as priority access to the service or product they invested in. In some cases, they may also receive a share of the company's profits, which works in the same way as venture capital.
When it comes to crowdfunding, you have many different platforms to explore, but two of the most popular are Kickstarter and FundedByMe.
Advantages and disadvantages of crowdfunding
Benefits: If your start-up is developing innovative products or services, crowdfunding can be a good option for raising capital. It can also be a good way to market your business to the right audience.
Disadvantages: Many platforms may charge a commission on the contributions raised by the project. Crowdfunding is not suitable for all businesses, but mainly for those involved in developing new inventions.
Questions and answers on business loans for start-ups
1. How does Qred assess the risk of lending money to start-ups without doing a UC on the individual applicant?
Qred assesses the risk of lending money to start-ups by using Creditsafe for credit checks instead of UC on individuals. By focusing on the company's future and plans, they are able to offer financing without complicated historical data requirements.
2. What strategies does Qred offer to facilitate financing for start-ups, especially in terms of avoiding complicated business plans and historical balance sheets and profit and loss reports?
Qred offers a simple application process that takes only 1 minute, with an answer within 1 hour and disbursement on the same day. In addition, their loans have no start-up fee, lock-in period or hidden costs, making it easier for start-ups to access funding.
3. What types of collateral are usually required by traditional banks to grant loans to start-ups, and how does this differ from Qred's approach?
Traditional big banks usually require collateral such as real estate or other types of guarantees to grant loans to start-ups, which differs from Qred's approach where they instead focus on the company's potential and creditworthiness.
4. How does Qred assess potential start-ups' creditworthiness and business idea when offering financing, and what factors are considered in addition to traditional credit ratings?
Qred assesses the creditworthiness of potential start-ups through a holistic assessment that includes the business idea and the people behind the company, in addition to traditional credit ratings. This allows them to offer financing even to companies with less stable financial histories.
5. What are the main advantages and disadvantages of alternative financing options such as factoring, venture capital and crowdfunding compared to traditional bank loans for start-ups?
The main advantages and disadvantages of alternative financing options such as factoring, venture capital and crowdfunding compared to traditional bank loans for start-ups lie in the simplicity of the application process, the flexibility of the terms and conditions and the possibility of faster disbursement, but at the same time may be associated with higher costs and require some ownership of the company.
Founded in 2015 by entrepreneurs for entrepreneurs, Qred Bank is now Sweden's fastest growing fintech company, according to the Financial Times. Qred has delivered profitable growth from the start and is the market leader in the Nordics with Sweden's most satisfied customers, according to Trustpilot.
With operations in Sweden, Finland, Denmark, the Netherlands, Belgium, Norway, Germany and Brazil, Qred has issued hundreds of thousands of loans to small businesses. A fully automated and proprietary credit scoring system enables Qred to quickly and competitively provide business owners with the support they need to grow.
Personalized service at once. Contact us!
Let us find the right solutions for your business.
A business loan can help your business, whether you want to invest in growth or need working capital.
Hiring more staff
Invest in machinery and tools
When you need more working capital
10 000 kr up to 2 million kr (SEK)
Qred's business loans are for all small businesses, whether you are a sole trader, limited company or trading company. Our loans can cater to your business needs small or large, with loan amounts ranging from 10,000 SEK right up to 2 million SEK!
How does it work?
Apply in 1 minute
Fill in a quick and easy application to get a free and non-binding loan proposal for your business.
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Get answers within an hour
After you apply, we'll get back to you within an hour. You'll then see your company's specific loan offer and what the monthly fee will be.
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Sign with BankID
If you choose to accept the offer, you simply sign with your BankID and receive the money in your account the same day!
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No binding time
If you no longer need the loan, you can repay the full amount at any time without extra costs.
With a business loan from Qred, the only cost of the loan is a fixed monthly fee. The monthly fee is determined individually based on the size of the loan and your company's creditworthiness. To see what your exact monthly fee will be, fill out a non-binding loan application here
Fixed price
No hidden fees
Non-binding
More of our services
Not sure if a business loan is right for your business? Check out our other services and products.
Business loans and loans for small businesses don't have to be difficult
Getting a loan for your business, no matter how old or large, shouldn't have to be too difficult.
Amortization-free months
We understand that things can happen in the life cycle of a company. That's why we can often offer grace periods for a limited period of time. So, as long as you pay the fixed monthly fee each month, you may, in some cases, be able to pause your instalment payments to us.
Business loans with payment notes
Mistakes can happen. You might be late with a bill or miss something during your holidays or tough times in life. It shouldn't be an obstacle to looking ahead and growing your business.
Even if you or your company happens to have a payment record, Qred can help you with a loan. It all depends on the nature of the note, when it was issued, why and what the situation is in your company.
Important things to consider when applying:
There are a number of things to consider when applying for a business loan.
Is it the right time for my company to make an investment?
Do I dare to take this step in my company's growth journey?
Will I be able to repay the loan on time?
There are many questions and at least as many answers. It is only healthy to ask many questions and analyse the state of your company and your finances.
As a business owner, you already know that there are many things that cost money, such as paying taxes and fees, marketing costs, supplier invoices and other things needed to keep you afloat.
One thing that is often forgotten is that there are an incredible number of opportunities and good locations for growth.
Be clear about what you will use the loan for. For example, if you need to buy a machine for 100 000 SEK and are applying for the same amount, we might ask if you have any money to invest. If you have 30 000 SEK to spare, we can suggest 70 000 SEK to match your 30 000 SEK.
Perhaps your business could do with a little extra investment in stock for the high season, a little marketing or building that outdoor terrace you've always dreamed of to attract guests in the summer?
Qred believes in transparency, innovation and passion. If you're open about the status of your business and what you're going to use the loan for, we can more easily determine the loan amount and term you should have. If you clearly show how innovative your business is, we can do that too. And if you show how passionate you are about your business, that rubs off on us too.
Consider the following when borrowing for businesses
What do I need the loan for?
Thisway you can bring the cost down and make it easier for yourself to pay back your business loan. Read more about borrowing responsibly.
What will it look like in a few months or a year?
Depending on the repayment period you have chosen, you should have a plan for repaying the loan to your business. If you have taken a business loan for six months, you should be able to repay the full amount by then. Being late with your payments ultimately only affects you in the form of possible unnecessary reminder fees and, in the worst case scenario, debt collection.
Be careful not to invest in high-risk projects or items. Want to see your own UC score or your company's credit report? Credit reference agencies such as UC or Creditsafe allow you to check your creditworthiness before you apply for a loan.
Can you save up for part or all of the amount?
Sometimesthe boring answer is to save. Try putting some aside each month for a rainy day or for a day when that chance you can't turn down comes along.
Don't be an ostrich! Communicate!
If you have any problems paying the fee this month - get in touch!
It's much easier to change a repayment plan if we have that information. So don't bury your head in the sand and get in touch if you're having trouble sticking to the payment plan. Then we can always adjust the payment plan a little.
It's quick!
Why are our loans fast? Firstly, it's quick to apply. All you need to fill in is the desired loan amount, email, mobile number and company registration number.
It takes about 1 minute to apply. Secondly, we're quick to let you know. If you apply during our opening hours, you will receive a reply within 1 hour. If everything looks good, you approve the offer with your BankID. Then we'll pay out your money the same day.
It's simple!
Simplicity really goes hand in hand with speed. With us, you don't need to attach balance sheets, profit and loss statements, business plans and annual reports.
It is safe!
With us you can feel safe. You log in, sign and authorise via BankID. We take care of your data and use the same security solutions as the world's leading banks. All communication between Qred and your browser is encrypted with 256-bit SSL verified by Geotrust, a world leader in online security.
You can feel safe when you use Qred and see the green address bar - just like your bank. We also care about your privacy and only save the data that is necessary by law or to provide better loans to your business. We never store any passwords and you can contact us at any time to find out more.
What can I use a loan for?
There are as many reasons why you might need a business loan as there are entrepreneurs in Sweden - very many! You might think that most people take out a loan to save their business when they're on the brink of ruin. It couldn't be more wrong.
Most companies that take out loans for their business with us do so to grow their businesses. Of course, there are different ways to do this, but here we list some of the most common uses:
Buying in stock for the high season
Buying tools or materials
Rental or purchase of premises or vehicles
Renovation
Paying invoices
Education and training
Market yourself online or offline
Hiring to grow
Rebuild your website
Liquidity to cope with periods of low income
Cash flow
Development
4 out of 5 jobs created by small entrepreneurs
As a small business owner, you may not be the one getting all the attention on the business news every night. We hear about Volvo, IKEA, H&M and other big Swedish companies. But the fact is that it is you small business owners who contribute most to welfare and the development of society.
4 out of 5 jobs are created by small entrepreneurs and the vast majority of Swedish companies have no more than 20 employees. In addition, you contribute social security contributions, employer's contributions, VAT and other taxes to society so that Sweden can continue to grow and be a successful country and stay at the forefront.
When should I not take a business loan?
Perhaps you are about to test an untested product, service or market? We are small business owners ourselves and have many staff who are or have been entrepreneurs and will assess your business idea. During the phone call with us, we'll ask a few questions about why you need a temporary infusion of capital, etc. Especially if you are a start-up, how likely is it that your business will start generating revenue within a few months? This will help us to assess whether someone who has been working as an employed carpenter for several years, has now started their own business and can start generating income at a rapid pace. Often that person already has a network of contacts and craftsmen are an established and secure industry.
Record business loans
Vi får ibland frågor om hur man bokför ett lån från Qred. Våra lån är kortfristiga (d v s <12 månader) och ska bokas på ett 28-konto, t ex 2840.
The fixed monthly fee is therefore booked to an 84 account, e.g. 8420. A business loan from Qred is booked in the same way as a short-term bank loan. If you are unsure, you should consult an accountant or auditor. Find out more about the partners who can help you with your bookkeeping.
We get many questions about how to record business credit. Many small businesses handle their own bookkeeping and wonder how to record business loans. Recording is easy if you use an accounting system such as Fortnox, Visma, Speedleger or SPCS, and below is an example.
Accounting for business loans from Qred
Most of our loans are short-term (those under 12 months) and should be booked in a 28 account, e.g. 2840. Those over 12 months, however, are no longer considered short-term. They should be recorded in account 2390 (Other long-term liabilities). When you receive the loan in your company's bank account, you can record it according to the following example:
Debit Credit 1930 Business account 120 000 SEK 2840 Other current liabilities 120 000 SEK
An amortization reduces the debt account, the monthly fee and any interest on arrears and late fees are recorded as an interest expense, for example as follows:
Debit Credit 1930 Business account SEK 24 000 2840 Other current liabilities SEK 20 000 8420 Interest expenses on current liabilities SEK 4 000 The monthly fee is booked as an interest expense on an 84 account, e.g. 8420.
The business loan/credit is recorded in the same way whether you use the business loan for salaries, inventory, investments or anything else.
If you are unsure, you should consult an accountant or your auditor.
Qred is positive
We love small business owners and the impact you have on our community. 4 out of 5 jobs are created by small businesses, and those are the very businesses that keep society running. As entrepreneurs ourselves, we understand the challenges you face and that sometimes you need a temporary cash boost to get through off-peak or peak seasons, invest in equipment, inventory, staff, marketing or to pay taxes.
Good to know
1 . Write down why you need to borrow money for your business
The reasons for taking out a business loan differ greatly. However, we can divide the reasons into good and bad ones.
Good reasons are to cover a temporary need. It can be to invest money in machinery, employment, training, renovation, marketing or stock. They are simply investments that will generate a return that will allow your business to repay the loan.
Bad reasons include covering up a weak profitability or loss, without having a concrete plan on how to quickly turn the loss around. Another bad reason is to pay off other loans. The risk is that you will end up in a negative debt spiral. Never borrow more than you need.
2. Explore options
Bank loans to businesses are the first option most entrepreneurs think of. The problem is that traditional banks want to take very little risk and have old systems and procedures that are very costly. This means that small business loans are rarely a profitable business for the bank, which would rather lend hundreds of millions or billions to large companies. Unfortunately, lending money to businesses from the bank is more difficult than ever.
Factoring and invoice credit can be an option if you have a lot of invoices and the payer has a good credit rating. If you are a small business that invoices other small businesses or individuals, factoring is more difficult and expensive.
Equity is a good option if you need money in the longer term and you are not yet up and running and can show stable cash flows. Bear in mind that the investor may be eligible for a tax deduction. The downside is that you are selling part of your business, and therefore part of your freedom and future profits.
Online business loans are a convenient and easy option if your business needs to borrow money and the amount is not very large. Applying for the loan is often very simple and you will receive a quick response. Qred, for example, promises an answer within an hour and disbursement on the same day.
3. Interest on loans to enterprises
The cost is very different, depending on who you ask. The interest rate is important, but the pitfalls are many. In addition to the interest rate, there are lots of costs that the various lenders add on. Here are things to watch out for.
Interest on corporate loans is normally expressed as a percentage of outstanding loans. The interest rate on small business loans varies widely, but is often 10%-20% per annum.
The origination fee is a fee that most lenders charge for originating a new loan. It can be up to 5% of the loan amount.
The notification fee is a charge for sending the invoice. It can vary between 30-60 SEK per month.
The early repayment fee is a fee that you are sometimes forced to pay if your company wants to repay the loan sooner than agreed. This can be a very large cost.
The application fee is a fee charged by rogue traders just for applying for a business loan.
Monthly fee is a fee charged by Qred every month. Qred has only a fixed monthly fee and no interest, no set-up fee, no early redemption fee, no application fee and no other hidden charges.
4. Make a repayment plan
Once you've explored the options, it's time to think about the next step - how to repay the loan. Make a simple calculation. There are lots of templates online, but unfortunately they tend to be difficult to understand. It doesn't have to be sophisticated, but it's important to think through your company's future situation. Make sure you have some margin in your calculations and consider the options. For example, what happens if you lose a customer or a project is delayed?
The better prepared you are, the more likely it is that your business will be granted a business loan and that your business will succeed in the future!
How do you increase your existing business loan with Qred?
It's easy! Just call, email e(shown in the picture below) and fill in your desired loan amount and we'll try to find the best possible solution.
Applying for an increased loan amount is free of charge, non-binding and you will receive a reply the same day. You'll get a reply by email and SMS and it will look just like the first time you took out a loan from us!
Do I have to wait until the loan is fully repaid to apply for an extension?
No, you don't have to wait until the whole loan is repaid. If you apply for an extension when you already have a loan, we will make an individual assessment of you and see if there is a possibility to increase, and how much you can increase. We usually like to see a few months of good repayment before we can consider increasing the loan.
What can I do as a customer to get an extended credit line?
We want to build good relationships with our customers based on trust and to get to a higher amount there are two things you can do. Paying back on time increases your chances of being able to extend, and adding a person to the loan.
Do I get two loans to keep track of if I get an extended loan?
No, the amount left to repay on your current loan and the amount paid out on the new loan are added together in the same loan. You get one invoice and it's easy to keep track! However, if you have another company, you can take out a loan for that company too.
Can I change the repayment period?
We do our best to always adapt to the needs of the client and we make an individual assessment for each application. Get in touch and tell us what you want and we'll look into it to make it as good as possible!
The right type of financing for your business
Business loans are a type of business finance that can help you develop your business. Banks and other lenders take several factors into account when determining whether you are eligible for a loan and how much they will lend to your business. You must have a strong history of good payment history to get financing from the bank. The lender will want to know why you need the money, what it will be used for, how much capital is needed and how long it will take for them to get their money back.
Business loans are financial tools that can help small businesses grow.
A business loan is a type of financing that can help small businesses grow. Business loans are used to develop a business, buy equipment or make capital improvements. They can be used to expand operations or to buy inventory (for example). Businesses use these loans for many different reasons, but they often turn to them when they need money quickly and don't have enough cash on hand - or when they need access to capital that would otherwise not be available in the local market.
Loan requirements vary depending on the lender, but include credit check, business plan and collateral.
Loan requirements vary depending on the lender, but include a credit check, business plan and collateral.
A business plan is a written document that describes your business and its objectives. It should include the following:
A description of your product or service.
Your target market and potential customers.
Location of the company (if applicable).
Your financial projections for five years ahead.
Some lenders require a business owner to meet certain criteria before a loan is approved.
Some lenders require the entrepreneur to meet certain criteria before the loan is approved. For example, you may need to have been in business for a certain amount of time and have enough money in the bank. They may also want to know if you have any personal guarantees from friends or family members who will be responsible for paying back the loan if you fail as an entrepreneur.
You may also need to show that you have sufficient liquidity in your business and that the loan is a good investment.
You may also need to show that you have sufficient liquidity in your business and that the loan is a good investment.
Liquidity refers to how quickly a business can turn its assets into cash, so it's important for lenders to see that you can repay your loan without problems. Liquidity is often measured by comparing current assets (such as receivables) with current liabilities (such as payables). If your business has a positive working capital, this indicates good liquidity because it means that there is more money available than required to cover short-term expenses.
To demonstrate this, many businesses will use non-cash collateral such as equipment or real estate as security for their loans; however, some lenders will require additional documentation if they are unsure of the value of these items used as collateral before making an offer on one's business loan application - which may be why many people prefer to apply online instead! Another thing worth mentioning here is that those thinking of getting an SBA loan should make sure that their creditworthiness meets certain parameters set by each lender before applying, as this affects whether or not one gets approved for financing through them."
Before applying for a business loan, you should do some research on the lender, including the criteria they use to assess borrowers' applications.
Before applying for a business loan, you should do some research, including what criteria are used to assess borrowers' applications. Lenders have different requirements and standards, so it's important to find one that suits your needs. Make sure you understand their requirements before submitting an application. This is why we at Qred have wanted to make it as simple as possible, by being completely transparent about why you might be denied a loan right now or not get the amount or fee you wanted.
Business loans are a type of business financing that can help you grow your business.
If you are an entrepreneur, you have probably heard of the term 'business loan'. But what exactly is it? And how does it differ from other types of financing? Let's take a look at some key facts about this type of loan:
Business loans differ from personal loans in that they are intended to be used for business purposes only. This means that if you want to buy something for yourself or your home, such as furniture or appliances, a business loan will not help you with these purchases. But - and this is very important - there are ways around this rule! You can use another type of financing but then pay those bills with money from your new business account (which is technically still legal).
Entrepreneurs can use these funds for anything directly related to their business, such as advertising campaigns or upgrading office equipment.
Banks and other lenders take several factors into account when deciding whether you are eligible for a loan and the amount they will lend to your business.
The lender considers several factors when determining whether you are eligible for a loan and how much they will lend to your business. They will look at your creditworthiness, collateral, liquidity, business plan and payment history. If you don't have enough personal assets or collateral to secure the loan, they may ask for a personal guarantee from someone else who has those things. In addition, some lenders may require a guarantee in case something goes wrong with your business (e.g. default).
You must have a strong history of good solvency to obtain financing from the bank.
To obtain financing from the bank, you must have a good payment history. A good payment history is a strong indicator of creditworthiness, which is an important factor in determining whether your application for financing is approved or rejected.
A good credit history is also an indication of financial stability, future profitability and ability to repay debts.
What is the purpose of the loan?
Will it be used to buy equipment or invest in growth? How long will it take you to pay off the loan? How much money will be repaid each month? How much money will be repaid each year? Is there a personal guarantee associated with the business loan application? There are many questions, so try to prepare yourself for most of them that may come up during a call, meeting or in email conversations. The better prepared you are and able to answer questions, the better!
The purpose of a business loan is to help you develop your business and expand your operations. You may need money for equipment or additional inventory, which can be used as collateral for a business loan. When applying for a business loan, it is important to know how much capital is needed to develop your business and make sure that there are no personal guarantees to be approved by the lender before signing papers with him/her.
Explain the purpose of the loan using three questions:
You should be prepared to answer the following questions:
Why do you need the money?
What will they be used for?
How much capital is needed and over how long?
When taking out a business loan, you may compare two or more lenders and offers from the same lender. You may focus primarily on getting the loan in the first place and secondly on getting it at the lowest possible cost. Fair and reasonable.
But what offers do you get? Do you have the option of spreading the loan over a few months to a year? Duration is something that can drastically affect your total cost of the loan.
Let's say you take out a business loan of 120 000 SEK over 12 months. You will amortize 10 000 SEK per month and for simplicity we assume that your monthly cost is 1 000 SEK. The total cost, if you have the loan for 12 months, is therefore 132 000 SEK.
But after 4 months, you realize that you can pay back the entire loan and contact the lender to do just that, pay back the entire loan. Then, theoretically, you have 8 000 SEK left in monthly fees - if you have a fixed term for the loan!
If you can redeem the business loan early at no extra cost, it would only cost you 4 000 SEK to borrow 120 000 SEK for 4 months. If your bank or lender had a fixed term, you would probably be able to repay the loan itself, but still have to pay the remaining monthly fees. Either in one lump sum to write off the loan or to continue paying the fee month after month.
Therefore, it should be included in your comparison and research to get the opportunity to settle the loan early at no cost. Then you can control the repayment yourself and if you have worked hard during, for example, a high season, you will be rewarded for your efforts by becoming debt-free and avoiding paying more unnecessary fees.
Half the term or other conditions
Some lenders have a lock-in period of 4 months, for example, before you can repay the loan and avoid further interest and fees. Others require that half of the agreed term must have expired before you can repay the loan. Therefore, if you have taken the height, made an agreement with a lender for 12 months and can repay after 4 months, the earliest you can repay the loan is after 6 months. This means that you have the loan for two months longer than you actually need.
At Qred, we understand how difficult it can be to be a small business owner. That's why we want to make it as easy as possible for an entrepreneur to get an online business loan.
Why Qred?
No lock-in period Pay back your loan early at no extra cost.
No entry fee No set-up fees or similar.
No hidden costs No interest rates or surprise costs and fees. You know exactly how much the loan costs with our fixed monthly fee.
How does it work?
The application takes 1 minute, is free and non-binding.
You will receive an answer within 1 hour. The quote is free of charge and valid for 7 days.
The money is paid out on the same day that you sign the credit agreement.
How Qred Score - our credit rating model - works
Qred Score is a credit rating that we give a company based on a variety of parameters. It is an overall assessment that, together with an algorithm, our customer advisors use to determine the loan amount we can offer your business. It is also the rating that determines your monthly fee.
What do we want to know?
We collect data from hundreds of sources. We do this to determine your company's creditworthiness and repayment capacity. A higher Qred Score means lower fees and the ability to borrow larger amounts. You can raise your company's Qred Score yourself by becoming our customer and managing your payments. Some of the things we look at are:
Turnover
Reviews of your business
How long the company has existed
Defaulting on payments
Other loans and liabilities
Employees
What you will use the loan for
Our fixed monthly fee
The monthly fee presented to you is fixed, which means it will not change during the loan period. So there are no interest rates, set-up fees or other hidden costs for our business loans. You always know what it will cost you each month and you can repay the loan at any time without charge. In other words, you only pay for the time you use the money.
Example 1*: You take out a loan of 60 000 SEK, over 6 months and at a cost of 1 200kr/month. Normally, you would amortize 10 000 SEK each month and pay 1 200 SEK in fees. If, on the other hand, you were to repay e.g. 20 000 SEK each month, you would have amortized the entire amount after three months. Then you only pay for 3 monthly fees.
Example 2*: You take out a loan for the same amount, 60 000 SEK. You get the same monthly fee of 1 200 SEK. But unlike the previous example where you amortized the loan faster than 6 months, you now pay a fee for all months. So you amortize 10 000kr/month and pay the monthly fee of 1 200 SEK until 6 months have passed and you are done with the loan.
* Please note that these are only numerical examples and, as previously explained, each company will have its own assessment and pricing.
Creditworthiness
Thanks to our digital processes and lack of physical bank branches, we can offer loans to more small businesses than banks can. If you have a lower turnover, are a start-up or have a record of non-payment, we can still help you. Thanks to our Qred Score, we always make an individual assessment and you will be notified within 1 hour of submitting your application.
Business loans online
A loan from Qred is fast, safe and easy!
There's no hassle with balance sheets, profit and loss statements, bookkeeping and other processes. For example, if you're a restaurant owner with a broken oven, you can't wait weeks for a loan to be approved and paid out.
Then speed is important for you and your business. Because you can quickly solve the problem and continue to make money.
Since you sign with BankID and everything on our site is encrypted with a secure connection, you can rest assured that your data is handled safely.
It then takes just 1 minute to apply and you don't need to add any additional information or documents - unless you want to.
We'll call you for a chat about your business and the loan you've applied for. So you don't have to chase us - we'll call you!
After we have talked to you and approved a loan, you will receive a offer which you then sign with BankID. If you are a returning customer, you may receive an approved loan without having to talk to us. This is thanks to our algorithms and systems.
The offer is valid for 7 days and you can sign the quote at any time and get paid - on the same day!
