An online trader would usually need to invest his time in optimizing and increasing his sales. The focus of a digital seller will always be on his service and products he is providing his clients. Since maximum E-commerce platforms have seller ratings, his target is to make sure he keeps up a good rating at every time so as to appeal to and create his present client base. With maximum time concentrated on this, other admin functions will need an arrangement for a loan for E-commerce business if his money is blocked in his items.
In this kind of scenario, maximum digital retailers should know that they presently can have access to loan products like collateral-free loans for SMEs and traders and can make sure their business development remains constant. These collateral free loans are a boon for small businesses and they require being made aware of the online lending institutions which are offering them the availability of this finance without heavy processing fees and with a transparent fee structure, unlike traditional lenders like banks.
Knowledge is strength and thereby being made aware that business loans without collateral are accessible to a digital trader can provide him a competitive benefit over his rivals. Moreover, with a wide product range, he can appeal to a larger client base hence enhancing his reach undoubtedly.
An online lending platform like Indifi is a digital marketplace for businesses for having access to small business loans without collateral. The process is hassle-free and easy with transparent costs. Let us have a look at how E-commerce sellers can access collateral free loans in a hassle-free way in only four steps:
Step-1: Register with a FinTech lender
The first and foremost step to access business loans without collateral is the registration with a FinTech lender. The applicant is needed to fill an online application form. Numerous FinTech lenders, like Indifi, provide online business loan application process through their app or website. Thereby, the borrower can register from anywhere easily and is not needed to visit the lending company personally.
Step-2: Review of the application
An exclusive credit score will be provided to the client profile utilizing the great technology and credit engine system of the platform which will then assist them in availing business loans from the financing partners. Usually, business loan approvals depend on the seller’s sales profile. Moreover, his future cash flows and business stability will be taken into account. Hence, this platform is a marketplace for investors as well as borrowers to fulfil and serve everyone’s requirement of financing with no high documentation and having a better rate of interest on their cash accordingly.
Step-3: Disbursement of business loan
Once the seller gets a business loan approval, he can avail the funds in a short time period. The alternative lenders like Indifi understand that the finances must be accessible at the time of requirement, and thereby they help digital sellers disburse the loan in as less as only 2 days.
Step-4: Repayment of small business loan
Terms and conditions of payback policy are easy and E-commerce sellers don’t require having the pressure which they would get with a traditional lender. They can easily concentrate on developing their business proficiently by fixing a payback schedule of weekly or monthly instalments. The tenure of loan repayment can range anywhere from one month up to six months. The collateral-free business loan amounts for digital traders can go up to Crore rupees as well, hence not restricting their potential for scaling the business.
Undoubtedly, business loans are one of the most vital factors for running a business. Unsecured collateral free loans are definitely an amazing option to create extra finances seamlessly and concentrate on business development at the same time. Hence an online marketplace like Indifi can help SMEs get funds at the right time and enhance their online presence in a short time span and at lower rates.