Most entrepreneurs find it difficult to decide when they should take up business loans. As major loan companies emerge providing online loans, there should be more precautions that the businesses and individuals need to consider before taking these loans. There should be questions entrepreneurs need to ask before taking a decision.
What is a business loan?
Particularly business loans are loans specifically given to businesses to boost and improve their sales in the business. Appnomu provides both business loans to registered businesses in Uganda and also individual loans to those above the age of eighteen years.
When to apply for these loans ?
Most businesses do not understand when to apply for business loans, I recommend businesses to apply for business loans when they have existed more than six months. When businesses have existed for such a period, It becomes easier for a business owner to understand which type of loans is suitable for their business. This in return help businesses to pay more attention to the loan decisions.
While applying for a business loan, one should be able to have the following in mind;
- Interest rates; What is the interest rate depending on the loan taken. Most loan providers would hike loans with high interest rates and at the end, businesses would not reach their goals rather losing sales into repaying the loan. Any business taking the loan, should consider the interest imposed and the ability to return the loans on time before the period elapses.
- Loan Security; Mistakes businesses make is to secure loans with assets far more than the loans being provided. We understand loan providers would need security before providing loans and they would like to have potential security. Appnomu provides instant online loans to clients that have existed more than three months on the platform with a saving record of UGX200,000 and above and good loan profile and record. Avoid taking loans with high security from loan providers.
- Repayment period; Yes, you have been given a loan and accepted all the terms and conditions of the loan, are you able to repay the loans on time? Consider loans with good loan repayment period to give you ability to scale your business for success than repaying loans.
Where to get business loans in Uganda?
Generally almost all banks provide business loans to all registered businesses in Uganda depending on the nature of the business. We recommend speaking to your bank account manager before processing for the loan, they will help you understand the nature of the loans you deserve.
This is so important so you are able to make informed decisions, other companies provide business loans too, Numida, Appnomu and SACCOs provides loans. I recommend Numida and Appnomu because they have greater values and will guide you before taking loans.
With Appnomu, the process is entirely online and this means you’re able to acquire the loans instantly without much paper work, Need to register,
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We are available to assist you in case you need any guidance with us, Appnomu have the best support team willing to support you will all inquiries and product related information, you can email [email protected]