. . . and go further: Landing a loan can help take your business to the next level, especially when a brand-new year is beckoning. Photo credit: Unsplash
How many good things can you get for free these days? By the way, we don’t mean just free stuff, but good and free stuff.
If you can’t think of anything, here’s one to start the ball rolling: At Lendingpot, you can apply for a business loan online once for free – and reach 45 lenders at the same time.
If you are reading this now, chances are you know a little about Lendingpot and what we do.
But if you don’t, here we go: Lendingpot is Singapore’s leading fee-free digital loan marketplace that takes its mission very seriously – to lower the financial barriers to entry for SME owners who are often lacking time, money, information and options when applying for a business loan.
By charging SME owners absolutely nothing to apply on Lendingpot, and allowing them to reach everyone of our partners in just one application, we are not only saving SME owners time and money, but giving them more options and information too.
(Ed: If the past two years of the pandemic were anything to go by, options are a luxury. They don’t often come by, nor are they always available, so while you still have them, you should grab them.)
You must be wondering why you need a business loan now, when 2022 is just around the corner.
It may not feel like you require a loan now, but as the adage goes, the best time to get a loan is when you don’t actually need one. After all, if and when you really need one, your request may not get approved.
In addition, having more working capital can help you expedite your business growth and reel in more contracts instead of having all your cash trapped in bills that your buyers have not paid up yet.
Before the new year comes around, this is the perfect time to take stock of how your company is faring and find out how you can take your business further next year.
Simply follow this step-by-step guide to send a loan application on Lendingpot:
1. Fill up the application form and submit the necessary information about your company using estimated quantitative information. No documents need to be submitted at this point. We have also integrated Myinfo business into our application process to speed things up.
2. After you complete and send us your loan request, our account manager will be in touch with you within 48 hours to further understand any business requirements or concerns you may have.
3. Your request will then be listed on our digital fee-free loan marketplace anonymously.
4. Our network of 45 partner lenders (or those that you specified in your application) will be notified of this new request.
5. From here, only those who are interested to assist with your loan request will be directly connected to you. You may even receive multiple loan offers. Only at this point do you submit the full set of the necessary documents to lenders that you wish to work with.
6. Pick the loan offer that you feel best caters to your business needs.
Here are five reasons why you should apply for a business loan on Lendingpot:
We have been streamlining our loan application process continuously. Instead of having to hunt high and low for documents with which to complete the application process, our improved form only requires you to input estimated quantitative information.
You only submit the full set of documents once an interested lender has reached out to you. This cuts your application time on Lendingpot to less than 10 minutes.
As mentioned, we have integrated Myinfo business into our application process. This allows you to seamlessly auto-fill mandatory fields, reducing your application time even further!
When applying on Lendingpot, you get to customize the application process to your preferences.
If you prefer not to reach 45 lenders all at once, we have ensured that you are able to select specific lenders that you feel would make a good fit with your business needs. Select just one, or two or even three lenders – we leave it up to you.
Likewise, we accept exclusions (i.e. lenders that you prefer not to work with). Just indicate accordingly on the form and you're all set.
Update (7th February, 2022): After careful consideration of our clients’ interests, we have since removed the option to choose or exclude specific lenders. This will help to cast your loan application to a wider net, as certain lenders on our network that may seem like a wrong fit may actually be the ones that can approve your loan!
Prior to the onboarding process, a thorough screening process is conducted for each and every one of our lenders. Only respected lenders that demonstrate sound business ethics are onboarded by Lendingpot.
This means the 45 lenders that we work with were all screened carefully to make sure they are of good business repute and adhere to a strict professional code of conduct.
Lendingpot signs a legally binding Non-Disclosure Agreement (NDA) with every one of our partner lenders at the start of the partnership, which states that all information submitted by applicants must be kept strictly confidential.
So you can be assured that your interests and privacy are both 100% guaranteed.
To further improve our service as well as that of our partners, we constantly invite clients like yourself to provide feedback about the conduct of the lenders they work with.
This means we have an ongoing assessment process for all our lenders in place. All feedback is taken seriously and factored in when we make an overall assessment of the lender when renewing our partnership.
Leading digital loan marketplace Lendingpot connects SMEs to its network of 45 lenders comprising relationship managers from banks, financial institutions, and private and peer-to-peer lenders in Singapore for free. It aims to help SMEs overcome the information asymmetry problem and lack of transparency prevalent in the SME financing sector by offering SMEs financing options such as business term loans, property loans, revenue-based financing, credit lines, working capital loans, bridging loans, invoice financing, and more.
Connect with 45 financial institutions on our digital business loan marketplace and get your loan request processed within 48 hours for free!
Belinda loves thinking about random stuff, and collecting useless bits of facts and trivia. She often roots for the underdog, and believes the world needs more happy endings.