Now it’s possible to get a Business loan purely based on the transactions you do on your E.D.C or swiping machine. This is an amazing product for those businesses who generally do not qualify for a normal business loan as this is a totally different product by design and lenders are quite comfortable lending since there is a higher probability of recovering the loan amount.
How do you qualify for this product?
How does this product work?
Since repayments are on daily/weekly/fortnightly mode, lenders receive payments much faster. Also, tenure is limited to shorter period which reduces the risk to large extent to the lender.
Moreover, banks & other lenders have started lending to segments that normally was considered a negative or Risky profile through this product. This includes petrol pumps, bars & restaurants, garment shops, etc. More customers have joined the loan bandwagon.
Have a business accepting cards or online payments and looking for advice? Get in touch with us
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