What is a business loan?
A business loan is a financial solution for companies that need capital (money) to meet various needs.
Types of business loans
There are different types of business loans. Depending on your business and your needs, different types of business loans may work better or worse.
Online business loans
At Qred, we offer online business loans. This means you don't have to go to a physical bank branch to meet someone at a specific time. All you need to do is submit an application on our website and you'll receive a response within an hour. The money is paid out the same day you sign the offer - completely digitally!
Traditional major banks
The traditional big banks still have local branches where you have to make an appointment to meet an advisor. It can take several days or even weeks to get an answer, and the application process is also often very time-consuming.
Advantages of business loans from Qred
In addition to world-class personal service, you can do everything from applying to getting your money in your account completely digitally - in a matter of hours!
- No start-up fee
- No binding time
- Free and non-binding application
When should you consider a business loan?
There are several different situations where you can take out a business loan. It could be to overcome a temporary downturn or to invest in something and expand your business. Whatever your reason as an entrepreneur, Qred is here for you.
How does the business loan application process work?
With us at Qred, it's as easy as ordering a book online. Fill in details such as the desired loan amount, contact information, etc. It only takes a few minutes. Within an hour, an agent will contact you with some follow-up questions or a quote. The money is disbursed the same day you sign the offer. Done!
Requirements for applying for a business loan
You must be a Norwegian citizen, have a Norwegian bank account and be resident in Norway.
Documentation required for the business loan
Once you've submitted an application to us, we'll run a credit check and start collecting documentation automatically. However, you can always choose to attach what you have directly to your application or choose to submit it manually at a later stage.
Interest rates and fees for business loans
At Qred, we want to make it as simple as possible. That's why we have chosen to have a fixed monthly fee as the cost of the loan. This means you know exactly what you will pay each month. We also have no start-up fees or other hidden fees for early repayment or similar. In fact, we encourage you to pay back early! That's why our loans have no lock-in period.
Common interest rate types for business loans
Other common types of interest and costs for business loans can be set-up fees at the beginning of the loan period, administration fees and other types of interest or hidden costs that you may want to be aware of.
Alternatives to business loans
There are several different options for business loans. It all depends on the needs of you and your business. If you have a lot of small and daily expenses, a business card may be a good option. If it's more about cash flow, factoring and invoice factoring may be the way to go. There are also some banks and lenders that offer overdraft facilities. This can be useful if you want a secure collateral that you can use when needed.
How to find the best business loan?
Most people have a "house bank", usually one of the traditional big banks, for their personal finances such as mortgages, accounts etc. Many people find it nice to separate their personal finances from their business finances. At Qred, we can offer world-class personal service!
What to compare when choosing a business loan
There are many things to consider when taking out a business loan.
- Don't take out a loan if you already have too much debt.
- Don't take out a loan if you know you'll have trouble repaying it.
- Don't take out loans to make risky investments.
