Business loans and loans for small businesses do not have to be difficult
Getting a loan for your business, no matter how old or big the business is, doesn't have to be particularly difficult.
Interest-free months
We understand that things can happen during the company's life cycle. Therefore, under certain circumstances, we can offer interest-free installments for a limited period. If you are unable to pay the full amount on your invoice, it is important that you contact us so that we can see how we can help you further.
Business loan with payment notes
Mistakes can happen. It can easily happen that you are late with a bill when you are on holiday, or that you miss an unpaid invoice when a difficult situation arises in your life. It should not be an obstacle to being able to look ahead and be able to grow with your company. If you or your company has a payment notice, Qred can still help you with a loan. It entirely depends on what kind of remark it is, and how the situation otherwise looks in the company.
❕ Important to think about when applying:
There are many things that you may want to think about when applying for a business loan.
- Is it the right time for the company to make an investment?
- Do I dare to take that step while the company is growing?
- Will I be able to repay the loan on time?
There are many questions and at least as many answers. It is good to ask a lot of questions and analyze the circumstances of the company and its finances.
As a business owner, you already know that you tend to have a lot of expenses. It can be about everything from paying taxes, marketing costs, invoices from suppliers and other things needed to keep the company afloat.
Be clear about what you will use the loan for. For example, if you need to buy a machine for NOK 100,000 and are applying for the same amount, we may ask you if you have any capital from before that you can invest. If you then have NOK 30,000 that you can set aside, we can give you an offer of NOK 70,000 which you can then use together with the NOK 30,000 that you already have.
The company might benefit from investing a little extra in the inventory before the high season, putting a little extra effort into the marketing or building the outdoor seating area that you have always dreamed of to attract guests during the summer?
Qred believes in transparency, innovation and passion . If you are open about the company's status and what you will use the loan for, we can more easily decide which loan amount and term you should have. If you clearly show how innovative your company is, we can do it too. And if you show the passion you have for your company, it rubs off on us too.
⚠️ Think about this when you take out a loan for your company
- What do I need the loan for?
Think through what you will specifically use the loan for. That way, you can reduce the cost and make it easier for yourself to repay the business loan.
- 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 how you will be able to repay the loan. If you have taken out a business loan for six months, you must also be able to repay the entire amount by then. Being late with your payments ultimately only hurts yourself in terms of possible unnecessary late fees and, in the worst case, debt collection claims. Be careful and don't invest in high-risk projects or things that you don't really need.
- Can you save up part or all of the amount?
Sometimes the boring answer is to save. Try to put a little aside each month for a rainy day or for a day when the opportunity you can't say no to presents itself.
Don't hide your head in the sand!
Communicate! If you have problems paying your loan this month, get in touch. It is much easier to be able to change a repayment plan if we have that information. So don't be like the ostrich that sticks its head in the sand. Get in touch if you find it difficult to stick to the payment plan. Then we can always help you adjust the payment plan slightly.
🏎 It goes fast!
Why are our loans so fast? First, it's quick to search. The only thing you need to fill in is the desired loan amount, e-mail, mobile number and the company's organization number. It takes about 1 minute to apply. Second, we are quick to let you know. If you apply during our opening hours, you will receive an offer the same day. If everything looks good, you can simply approve the offer with BankID. We then pay out your money on the same day that you approve the loan.
👍 It's easy!
Simplicity really does go hand in hand with speed. We have a simple application process and will contact you if we need more documentation.
🔒 It's safe!
With us you can feel safe. You log in, sign and approve 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, the world leader in online security. You can feel safe when you use Qred - just like in your bank. We also protect your privacy and only store the data that is necessary according to the law or to be able to provide a better loan to your company. 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 may need a business loan as there are business owners in Norway - many! You might think that most people take out a loan to save their business when they are on the brink of bankruptcy. It couldn't have been more wrong. Most of the companies that take out loans for their company with us do so to create growth in their companies. You can of course do it in various ways, but here we list some of the most common areas of use:
Buy in inventory before the peak season
Buy tools or machines
Rent or buy premises or vehicles
Redecorate
Pay invoices
Education and training
Marketing online or offline
Hiring to grow
Renew the company's website
Liquidity to cope with periods of low income
Cash flow
🚀 4 out of 5 jobs are created by small business owners
As a small business owner, you may not be the one getting all the attention on the news every night. But the fact is that it is you small business owners who contribute the most to welfare and community development. You also contribute to society with social security tax, employer's tax, VAT and other taxes so that Norway can continue to grow and be a country that is at the forefront.
🤔 When should I not take out a business loan?
Perhaps you are about to test a product, a service or a market? During the telephone conversation with us, we ask, among other things, some questions about why you need a temporary capital increase. How likely is it, especially if you're in a startup phase, that your business will start generating revenue within a few months? If you are a carpenter who has been employed for several years and has now started your own business, you may be able to start generating income at a high pace. Thus, it is more relevant to take out a loan, even if you are in a start-up phase, than for a person who may be in a completely new industry and has no prerequisites to say whether the business will succeed. If the latter is the case, it may be better to wait to take out a loan until the company has started to generate some income. Then it is better to take out a loan when you see that the company's future prospects look good, and thus also know that you can repay your loan. You should of course avoid taking out a loan that you cannot repay.
🥳 Qred are positive
We love small businesses! Almost 50% of employees in Norway are employed in small and medium-sized companies. Small businesses are therefore an incredibly important part of the Norwegian economy. Qred also started as a small business. We understand that sometimes a temporary boost of liquidity may be needed to cope with low or high season, invest in equipment, inventory, staff, marketing or to pay taxes and fees.
💡 Good to think about
1. Write down why you need to borrow money for the business
The reasons for taking out a business loan are very different. We can still divide the reasons into good and bad. Good reasons are to cover a temporary need. This may involve investing money in machinery, hiring more people, training, renovation, marketing or inventory. They are simply investments that should give a return that enables your company to repay the loan. Bad reasons are e.g. to cover a weak profitability or loss, without you having a concrete plan on how the loss can be quickly turned around. A bad reason is also to pay other loans. The risk is that you end up in a negative loan spiral. Never borrow more than you need!
2. Explore different options
Bank loans for businesses are the option most entrepreneurs think of first. The problem is that the traditional banks want to take very little risk and that they have old systems and routines that are very expensive. This means that small business loans are rarely a profitable business for the bank, which prefers to lend hundreds of millions or billions to large companies. Lending money to businesses at the bank is unfortunately more difficult now than ever before.
Factoring and invoice financing can be an alternative if you have many invoices where the payer has a good credit rating. If you are a small company that invoices other small companies or private individuals, it is more difficult and more expensive to use factoring.
Capital from an investor is a good option if you need money in the longer term and you have not started the company and can show stable cash flows. The downside is that you sell part of your company to the investor, and thus part of your own freedom and future profits.
Loans for companies online are a flexible and easy option, if your company needs to borrow money and the amount is not that large. It is often very easy to apply for the loan and you will be notified quickly. At Qred, we can give you an offer the same day you apply and the payment takes place the same day you approve the offer.
3. Interest on loans to the company
Costs vary greatly, depending on who you turn to. The interest rate is important, but the pitfalls are many. In addition to the interest, there are a number of costs that the various lenders impose. Here are things you should watch out for. Interest on business loans is normally expressed as a percentage of outstanding loans.
The interest rate on loans to small businesses varies widely, but is often 10%-20% per year. Establishment fee is a fee that most lenders charge for setting up a new loan. It can be up to 5% of the loan amount.
Invoice fee is a fee that the lender can charge for sending an invoice. There are no rules for what an invoice fee can cost.
Redemption fee is a fee that you sometimes have to pay to the lender if the company wants to repay the loan faster than agreed. This can involve very large costs. Application fee is a fee that unscrupulous actors charge to apply for a business loan.
Monthly fee is a fee that Qred charges every month. Qred has only one fixed monthly fee; no interest, no establishment fee, no redemption fee, no application fee and no other hidden costs either.
4. Create a repayment plan
Once you've researched your options, it's time to think about the next step – how to repay the loan. Do a simple math. There are many templates online, but unfortunately they are quite difficult to understand. It doesn't have to be advanced, but it is important that you think through the company's future situation. Make sure you have some margin in your calculations and think about different options. What happens if you e.g. losing a customer or if a project is delayed. The better prepared you are, the greater the likelihood that the company will be granted a business loan and that the company will succeed in the future!
How do you increase your current business loan with Qred?
It is easy! All you have to do is call, email (shown in the picture below) and fill in the desired loan amount and we will try to find as good a solution as possible.
Applying for an increased loan amount is free, non-binding and you will be notified the same day. You will receive a reply to e-mail and SMS and it looks exactly like the first time you took out a loan with us!
Do I have to wait until the entire loan is paid off before applying to extend the loan?
No, you do not have to wait until the entire loan is paid off. 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 an opportunity to increase, and how much you can possibly increase. We usually want to see a few months of good repayment to be able to increase the loan.
What can I as a customer do to get an extended loan?
We want to build good relationships with our customers. To get a higher amount, there are two things you can do. If you pay back on time, you increase the chance of being able to extend, as well as if you add one person to the loan.
Do I get two loans to keep track of if I get an extended loan?
No, the amount remaining to be paid off on your current loan and the paid amount on the new loan are added together in the same loan. You receive one invoice and it becomes easy to keep track of! However, if you have another company, you can take out a loan for that company as well.
Can I change the repayment period?
We do what we can to always adapt to the customer's needs and we make an individual assessment for each application. Get in touch and tell us what you want and we'll look into the matter to resolve it as best as possible!
📱 Business loan online
A loan from Qred is fast, safe and easy!
If you are, for example, a restaurant owner with a broken oven, you do not have to wait for weeks for the loan to be approved and disbursed, as you might have had to if you applied for a loan from a major bank. We understand that speed is important to you and your business! Because when you can quickly solve the problem, you will also quickly be able to continue making money.
Since you sign with BankID and everything on our site is encrypted with a secure connection, you can be sure that your data is handled securely.
It then only takes a few minutes to apply and you do not need to add additional information and documents - if you do not want to. We call you for a conversation about your company and the loan you have applied for. We'll call you so you don't have to chase us!
After we have spoken to you and we see that we can give you an offer, you will receive this by email and SMS where you sign with your BankID if you are satisfied with the offer. If you are already a customer with us, you may well be approved for a loan without having to speak to us first.
That's thanks to our algorithms and systems.
The offer is valid for 7 days and you can sign the offer at any time. You then get paid on the same day you sign!
Good, right?
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