Choose the Right Business Loan
If you’re in the market for a business loan, there are a variety of loans that are available to both new and existing businesses. Although the process for approval may be different in each case, you should consider your answers to the following questions before you sign on the dotted line:
- How much money do I need? How much you borrow will directly impact the repayment terms and rate on your loan. But, it is extremely important that you borrow what you need because getting a second loan may be more difficult.
- Do I want flexibility or fixed terms? A flexible business loan will allow you to “dip into the credit limit” as necessary over a period of time. So, if you are remodeling your office and you need access to funds at the beginning of the project, and things change by the end of the project, you will be able to use what you need and only be charged for that amount in interest. On the other hand, a fixed-term loan gives you peace of mind in that you know exactly what you owe each month.
- Do I want a secured or unsecured loan? Secured loans (loans secured by some type of asset or guarantee) usually have a lower rate than an unsecured loan (e.g., credit card) and may allow you to receive more money than an unsecured loan.
- What lender should I use? The easy answer here is to choose a lender that meets your needs, such as Huntington.
To learn more about the business loan options available at Huntington or to speak to a business lending specialist to learn more about this process, click here, or give us a call at 614-480-2001.