Get your money easily via online loans to small business
OakParkFinancial is a new player and offers online loans to small businesses. This is an ideal outcome if you, as an entrepreneur, are looking for a cheap loan and your company is not eligible for credit with the bank. The business loans with us are usually cheaper than at the bank, so it is definitely worth inquiring about your borrowing options.
To apply for a business loan you must go through a number of simple steps.
Step 1: First of all, log on to the website and create a company profile. You hereby provide some data from your company as well as some financial data.
Step 2: You then indicate the amount you want to borrow and the period over which you want to repay this loan.
Step 3: Your application will be checked by the credit analysts within 48 hours. Round Circle makes an interest offer based on your data. This costs you absolutely nothing.
Step 4: After which you agree, your credit application will be put online and individuals can invest in your project. You only pay when your credit application is ‘complete’ and you actually receive your loan.
How does Round Circle calculate the interest costs of your credit?
The interest rate offered to you by Round Circle is calculated on the basis of risk class. This class is determined by an analyst. Depending on the risk class (default probability), the interest costs of your project are determined. The risk class is determined based on available financial data, such as an annual statement from your company.
What is the Round Circle business model?
A small fee is charged for the Round Circle services from both investors and entrepreneurs. As a borrower, you pay a one-off rate of 1% to 4% of the net amount of your loan. The percentage depends on the term of your loan. In addition, Round Circle deducts 1% from the interest payments that the borrower makes to the lender.
What are the criteria for a credit application on Round Circle?
Your company is eligible at Round Circle if you have a minimum turnover of 30,000 euros per year. In addition, the company must have existed for at least 2 years.
Is borrowing via Round Circle safe?
Borrowing via Round Circle is safe. Your business data is well protected and only made known to interested investors.