Starting and running a company often means taking out a small business loan of some type. Funding a small business with financing is often a long, stressful process, but it doesn’t have to be. There are many loan analysis tools available online to help you determine what type of loan you are eligible for, help you choose between two loan options, and even to help you figure out what you need to do to be eligible for a small business loan in the first place. When it comes to getting a loan, the following tools can save your financial life.
A simple loan calculator can help you from the very beginning in a number of ways. They are easy to use, easy to find online, and provide you with very basic information that is vital to planning. Basically, you enter an amount, an interest rate, and a term, and the calculator calculates what the payment would be. Many give the options of weekly, monthly, or bi-monthly payment calculation, and most will offer the ability to calculate other variables as well. For example, if you know what payment you need, you may be able to enter the payment, the total loan amount, and the term, allowing the calculator to calculate the interest rate that would be needed for the other variables to be met. This way, when looking for loans, you can know what interest rate you are looking for at a maximum.
Using a loan comparison calculator you can compare two different loans based on a number of factors. This is useful if you have a couple of different loan options from either the same, or different, lenders. You can enter the parameters for each loan and see the pros and cons of each one side by side. Perhaps one has a lower payment but one is cheaper over the long-term? This type of comparison can be valuable for short-term and long-term decision making.
Biz2Credit’s patented BizAnalyzer tool allows small business owners to enter information about their business in an effort to provide a complete business analysis in terms of loan eligibility. The information gleaned can either inform a business owner that they are in good shape financially, or that they need to work on some aspects of the business’s financial health before a loan would be an option.
When it comes time to find a loan, Biz2Credit is the place. Our website is full of articles and loan analysis tools to help you make the best financial decisions possible, and our network of over 1,300 lenders offers various financing products. We can help you find the right lender with the right products to fit your specific needs. Visit Biz2credit today to find out more.