You've got a dream of taking your small business to the next level but your budget doesn't just seem big enough to make those dreams come true?
Your question then becomes, should I take a business booster loan to pay for this upgrade?
Well, the cost of a business booster loan which you can readily get from CreditHela digital loan app like any other personal loan, will mainly depend on among other things, your credit score.
Nonetheless, when deciding if a business booster loan from CreditHela app is worthwhile, below are FIVE factors to consider:
a). Upgrade cost
Get estimates for say goods/services, labour among others. If your business project upgrade falls within CreditHela limit of Sh80,000, then you can trust the app to offer you a helping hand.
b). Your equity
The amount of equity you have in your business will often determine how much you can borrow from CreditHela app. A simple way you can do it is to subtract what you owe creditors from the value of your business assets, and you'll get a clue of how much equity you have.
c). Your budget
If you're looking for a loan with low monthly payments from CreditHela app, you'll generally have a longer repayment term. Take into consideration the loan term you'll need and how much it will cost you in interest.
d). Your debt-to-income ratio (DTI)
DTI measures how much of your gross monthly income goes to pay debt.
e). How long you'll be in the business
If you expect to shift your business focus within five years, then a big upgrade may not be worth the cost. Major business upgrade will mostly make more sense if you plan to stay put for five years or more.
In conclusion, all the above listed considerations are only meant to help you make an informed decision before applying for a CreditHela loan. This is because the app basically offers personal loans regardless of how you intend to spend them.