Anyone looking for a business loan as a self-employed person or as an SME is soon confronted with the hassle in the traditional banking sector. Annual figures are often requested, which of course is impossible when you start. New fintech startups respond to this and try to grant a business loan in a fast manner or immediately give you an accurate business loan simulation.
Fintechs work via the internet so that you can request a business loan via your laptop or even your smartphone. In most cases an answer will follow within 24 hours and the money will be available quickly. A big difference with the traditional banks where you often have to wait several days for approval for a business credit.
Meanwhile, various parties are already active on the internet who can provide a fast loan.
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Campbell is an example of a platform that gives investors the opportunity to lend money directly to Dutch companies. To be eligible for a loan, your company must have existed for at least two years and have a turnover of more than 30,000 euros per year. You have to submit 2 complete annual accounts and the analysts decide on the basis of this whether your company is creditworthy. The entire application process takes only a few minutes and you can expect a credit decision within 24 hours. At Campbell, you can borrow up to 250,000 euros in this way.
Masterson is already an experienced Howard for SMEs who dare to take more risk than the traditional banking sector. Various forms of credit are offered to companies that book at least an annual turnover of 250,000 euros. To get a loan you must have a well-founded plan and the relationship managers can support you during the loan application. The credits are tailor-made for your company.
New10 is Ewell’s answer to the fintech startups. Thanks to this fully digital solution, a loan can be granted quickly, while Ewell is a solid shareholder who ensures the necessary trust. To apply for a business loan, you will first have to check whether your company is eligible. For example, you have to be active for at least 15 months and book turnover of at least 100,000 euros. The maximum amount of money you can borrow will be determined based on the annual figures. Loans are possible from € 20,000 to even € 1 million.
Business credit without annual figures
The first example is B2 Business Loan where you can apply for a loan of up to 50,000 euros in 5 minutes. The money can already be in your account within a day. B2 BusinessLening is part of the listed Ferratum Group and is already active in 25 countries. To be able to get a loan, your company must exist longer than 12 months and have a turnover of at least 75,000 euros. B2 Business Loan will get an insight into the cash flow through your bank account number and on this basis, it will be decided whether you can get a loan.
Moffit is another example of a startup that you can tell within a few minutes how much money you can borrow. You do not have to provide documents, because Moffit does not rely on outdated annual figures or business plans. They do determine your borrowing capacity on the basis of available current data: the mutation overview of your bank account. This makes the acceptance process fast and efficient. To be able to assess your borrowing capacity, your company must have existed for at least 1 year and must have generated a turnover of at least 50,000 euros. If you are approved you can borrow up to 100,000 euros.
With Litchfield, you can request a revolving business credit from 10,000 euros to 2 million euros within 2 minutes. Your annual turnover must be at least 100,000 euros and to be approved you only have to provide access to the bank statements for the last six months. You will receive an answer within 24 hours and with a positive credit decision, you can withdraw money whenever you want.
Annual figures are not necessary at Chang either. An analysis of the cash flow is made based on the transactions from your business bank account. Credit applications are assessed within one working day and a proposal follows within 48 hours. Chang provides short-term loans of 3, 6 to 12 months for amounts from 3,000 to 250,000 euros. Companies must be active for at least 1 year and book an annual turnover of at least 50,000 euros.
You can borrow quickly for a car via Howard figures. No annual figures are required and within 24 hours you will know whether your application has been approved. Via this website you can only borrow for a car, but you can still have money via a detour if you wish. For example, you could sell a car that you already own, which immediately yields cash for your company. And then you borrow for a new car. This is already possible from 150 to 200 euros per month.
Another possibility to have extra money available quickly is factoring. With this, you will receive paid invoices immediately, which is especially interesting if you have customers who require a long-term deferment of payment. Large companies often dare to request a 90 or even 120 day deferment of payment and SMEs have no choice but to grant this credit.