Modern-day entrepreneurs may not need the large funding required by their predecessors. Often times, all it takes to start your own business is a laptop and domain name. If you are a an entrepreneur who fits this description, you may be looking for small cash loans to start your business endeavor as soon as possible, instead of waiting a couple months to save the money yourself. Is this the best idea? This article will highlight some of the possible routes you can take to secure small cash loans and take a look at whether they are the best option for your own financial well-being and that of your business, as well.
Now before you keep on scrolling through to the next suggestion, hear me out. Credit cards may not be the first solution you think of when you are looking for small cash loans. However, it may be one of the best ways to secure some cash at a reasonable interest rate. If you already have a card with some credit still available, you may want to try taking this route. This option is as easy as going to an ATM and pulling the money out when you have a free moment. Yes, interest rates are higher for cash advances than they would be if you were instead just swiping your card. However, these rates are typically still much lower than other small cash loans out there. If you do not already have any available credit, you may wish to look into securing a credit card specifically for business purposes. If a credit card is not a possible solution for you, due to a poor credit score or otherwise, there are still some options you can consider.
Friends And Family
If you are looking for small cash loans to get your business off the ground, your best bet is to ask friends and family. Sure, asking for money is never a comfortable situation. However, when you plan to use the money for business endeavors, people are less likely to look at it unfavorably. Pitch the idea to your friends and family as an investment opportunity. Of course, be careful not to be too sales pitch-y. Your loved ones are likely to be excited for you and your venture, making them more likely to be willing to shell out some money. You may only need one person to help you secure the amount you want. Or, if you need a bit more money, ask several people for smaller amounts. Either way, you are able to secure small cash loans with no interest at all. This is obviously the best solution for your personal finances and those of your future business. If your friends and family are not an option, you still have another option that is worth consideration.
Lending sites, like LendingClub.com or similar, are another method to obtain small cash loans for your entrepreneurial pursuits. These types of small cash loans are, of course, less optimal than borrowing from friends and family. However, if you have decent credit it may wind up providing you lower interest rates than a cash advance from your credit card. Sites like BlueVine.com, curated specifically for business owners and entrepreneurs like you, can provide some of the best small cash loans for business. Even if you do not already have a business set up, you can receive lines of credit for amounts starting at $5,000. If you need a bit more funding, these sites can provide amounts up to $500,000 and beyond, so you do not have to worry. Just remember to pay these small cash loans back as soon as possible. Interest rates start at around 6% but can climb much, much higher.
If you are an entrepreneur looking to secure the best small cash loans for your business pursuits, consider the three options listed in this post. Borrowing from friends and family is the easiest, and cheapest, solution to your cash flow problems. Credit cards provide a quick, easy way to secure cash as well, just at a bit higher interest. If you have good credit, securing small cash loans from lending sites can be a great, low-interest option. Even if you do not have stellar credit, these lending sites may still be a viable option, as well. If you have already used one of these methods to secure small cash loans for your entrepreneurial pursuits, let us know how your experience went in the comments below.
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