Business Loans: Top 3 Loan Options that You Can Choose From

Are you planning to apply for a business loan for your small business? But do not have any idea what to choose from?

As a requirement to have your business loan approved, first you need to identify which type of business loan you need to apply. To help you out, here are some types of business loans and what they are used for:

  1.    Term Loans

One of the basic business loans is the term loans; if an individual gets an approval, they are able to get an upfront lump sum of cash that has to be repaid at an agreed period of time. How much do they offer? In some cases, online lenders are able to offer a loan term with up to $1 million in cash than the banks. This type of loan is best for businesses that are looking for business expansion and those business owners who can’t wait for other forms of funding; in fact, even successful business owners take advantage of term loans.

However, since lending offices or banks are capable of lending a significant amount to the borrowers in full amount and upfront, most of the lenders may require you to provide leverage collateral or personal guarantee. Also, to get an approval, the business owner must have great credit; this is one of the reasons why 75 percent of bank business loan applications are turned down.

  1.    SBA Loan (Small Business Administration)

SBA is not the ones who offer the loan but assists the borrowers by guaranteeing the loans that lending companies and banks offer to small businesses. Usually, they will eliminate some hurdles and risks by encouraging the banks or lending companies to approve the loan to a small business owner.

The terms of repayment usually depend on how you plan to use the money; according to experts, for working capital, the SBA terms approve 7 years of repayment. If in case you plan to use the money to purchase new business equipment, it will cost you 10 years of repayment and 25 years if you plan to purchase real estate.

This type of loan is best for refinancing existing business debts and expansion.

  1.     Business Line of Credit

One of the most known and flexible types of business loans is the business line of credit. Usually, banks or lending companies allows you to borrow a certain amount of money – however with limit – any time you need it, and pay the interest only; this is most likely how your credit card works.

A business line of credit is best for short-term financing necessities such as, paying for recurring expenses at the operations, unexpected business expenses and supporting cash flow.

  1.    Business start-up loans

Personal loans are one of the common types of business start-up loans, where the rate of your business loan approval is solely dependent on your personal credit score and sometimes requires the borrowers to have leverage collateral.

Start-up business loans usually approve $50,000, depending on your credit scores and bank history.

Final Thoughts

There are easiest and fastest ways to make a loan; however, you need to know which type of loan do you need to avoid late payments or hurting your credit scores.

How To Keep Yourself Completely Safe From Online Hackers

how to protect from hackers

As much as we want to eliminate all possible dangers online, it is quite impossible to do so since we do not have complete control over the internet. Fortunately, websites, especially social media platforms, are going out of their way to improve their security measures. Further, there are many things we can personally do to maximize our online security.

Being secured online is important considering that we encode and post several information that are personal to us on websites or internet platforms. These information will always be at risk of being obtained by hackers or scammers who might just profit from it or use it against you at some point in time. The goal, therefore, is to prevent these hackers from doing what they do best and this can be achieved with several security measures. Bishop for Congress provides the following tips:

Battling Hackers

Install Firewall

Basically, a firewall establishes a wall or a barrier between a trusted network and any untrusted outside network. This helps you monitor network traffic so as to keep you safe online. With this, hackers cannot easily access your side of the virtual world. Moreover, antivirus software should also be installed to detect or remove malicious software.

Connect to a VPN

Virtual private networks allow users to be seen as directly connected to a private network instead and thus, it hides personal internet service provider addresses. This security measure is a holy grail for many users all over the world. For instance, for countries like the Philippines, which is very prone to hacking as per Kaspersky lab survey, the use of VPN is essential.

However, VPN providers must be chosen carefully and that is why we recommend US based VPNs over Filipino companies.

Be encrypted.

Whether for your devices, electronic mails, or messaging applications, be encrypted at all times. Encryption prevents unauthorized access; hence, always be on the hunt for end-to-end encryption just to be safe. Although others may say that encryption in emails is a fallacy, you can always opt to use a more secure browser that would, in a sense, encrypt your email inboxes.

security measures to protect privacy

Report suspicious activity.

Always be wary of your online accounts. If you do see any suspicious activities on your online banking, for instance, or your social media platforms; immediately report the issue to prevent further damage, if there are any.

Choose a safe browser.

Fortunately, there are browsers which will give you the best online protection. Browsers such as tor opt for the bouncing of traffic through multiple relays to allow their users to be at most anonymous online. Look into which browsers are being used by those who are privacy-conscious such as news reporters and others.

Use two-factor authentication.

Perhaps, one of the best security measures would be the multifactor or two-factor authentication. This method grants a user access only after several pieces of information are asked and successfully answered. Otherwise, the attempt would be denied. This security measure is heavily used by social media platforms as well as in smartphones today. This also helps inform users about attempted access outside the usual browser.