Business loans are a fast way to finance your business. We want to make it as simple and flexible as possible.
What is a business loan?
A business loan is a financing form that companies can use to gain access to cash during a predetermined period of time. The loaner, often a bank or other financial institution, will offer money as a lump sum with an agreed upon repayment plan. While a business loan can be structured in many different ways, they tend to be structured so the loan is repaid through a set of amortizations during the predetermined period of time the loan is active for and you pay interest on the money you have borrowed.
The traditional way to apply for a business loan
Traditionally, you would contact a bank or other financial institution and apply for a loan from them. They would require, at the least, one face-to-face meeting, a thorough walkthrough of your budget and business plan before performing a subjective evaluation of your company, its management group and its credit worthiness. These requirements causes the process to be lengthy and strenuous, often three to six weeks before the money is paid out, if your loan application is accepted.
Traditional business loans often have a start-up fee, a line fee, and an early repayment fee (if it is permitted) which together can make the loan significantly more expensive than just the interest rate.
It is also important to not ask for more money than you need. If you ask for, and receive, more money than you actually need it may feel good to have the extra security. But you will also be paying for the additional amount the bank has loaned you. Which can make it very expensive if you don’t know exactly how much you need to loan.
At Mynt we are different
At Mynt we have made financing simpler and more flexible. We have turned the tables, so instead of you asking to loan a certain amount, we calculate how much we are able to lend, and then you make withdrawals from that amount when you are in need of money. This way, you only pay for what you use. There are no set-up fees, limit fees, or fees associated with terminating the loan early. We call it a flexible line of credit.
We at Mynt also believe that the terms and conditions of a loan should be based on your company’s performance. If your company is doing reasonably well, you should have access to a loan with fair and simple terms. Therefore, we prefer to work with the most up-to-date data through links to your accounting system. The more information we have access to, the better terms we can offer. Mynt combines the latest technology with common sense to create a better financing option.
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