Find Your Business SoulmateApr 5, 2016 Blog RainFin , SME
It’s difficult to find a service that meets your needs exactly, that understands your history, that is there for you in the present and believes in your future. The missing piece in your puzzle; your business soulmate.
But RainFin could be the one you’ve been waiting for.
SMEs have a major socio-economic role to play in South Africa’s development. And yet, it is not an easy environment to flourish in. It can be incredibly difficult for the owners of
small-to-medium sized enterprises (SMEs) to get the access to finance that they need.
RainFin understands the unique challenges of running an SME, and we’re here to help you find solutions to your problems.
Access to capital – While bank loans traditionally offer the best rates for loans, they often require more collateral than they would for a larger business which has been established for longer – this is due to inherent risk. However, if you do not have the capital to invest in assets that can be used as collateral, it is almost impossible to get funding from traditional lenders.
RainFin offer unsecured loans, meaning you do not need collateral to secure your loan – just a good credit score for your business, and healthy financial performance.
Speed of Funding – Sometimes, forces outside of your control can cause your business short-term financial drama. If a client changes their payment terms, or simply fails to pay up when the money is needed. If an essential piece of equipment breaks down and you need money to repair it, fast. These aren’t situations where you can afford to wait weeks for a loan approval to get you up and running again. You need finance, fast.
Once you’ve registered on the RainFin community, applied for a loan and uploaded all of the relevant documents, your loan could be funded by our community of lenders within 24 hours. So, the money could be in your bank account the very next day.
No lengthy interviews. No waiting for a response to your application for weeks. Just fast, easy, fair funding.
High interest rates – Fast funding isn’t always cheap. If you’ve opted to max-out your credit card to make a business purchase; or take a short-term loan from an online loan provider; you could find yourself facing sky-high interest rates. Sure, that injection of cash saved your skin at the time, but you could end up paying for it through the teeth.
Our interest rates are firstly dependent on your credit score and history, and secondly on competition amongst lenders to fund your loan – so the less risky your investment, the better chance of a low interest rate you stand.
Loans financed through the RainFin platform are amortised, therefore you don’t run the risk of paying off your interest throughout the loan term, only to have to repay the full capital amount at the end of it! If you can afford the monthly repayments you don’t need to worry there’s no surprises!
There’s nothing more important than protecting your livelihood and to do that you need to make careful decisions about how you access finance. RainFin might not always be the obvious solution for your situation – but if you’re facing any of the problems listed above, we could be the right way forward for you.
If you’re interested in finding out more about applying for a loan via the RainFin platform, visit www.RainFin.com.