Cherish recently started his business of supplying marketing material to his clients, and he wanted to grow his business further. It takes him roughly one month to build marketing products for his customers, and his customers pay him two months after the invoice is raised. This means that Cherish needs to invest now, and he would get his payment after three months. Due to 3-months of cash conversion cycle, Cherish is not able to invest much into his business. He can do more business, but he needs capital to grow further. He came to LoanMeet platform, and requested a loan. We analyzed his working capital loan application, and approved his loan.
The above story is true for many businesses in India. Unless you have raised investment or have significant cash in hand, it is difficult to grow your business on cash flow. The loanmeet team understands this, and we are happy to provide the working capital loans to our customers. These working capital loans can be from one month to three months, and the interest rates on these loans would be anywhere from 1 – 2.5% per month.
Below are the steps to get working capital loan:
- Open your web browser on your laptop or mobile phone
- Enter www.loanmeet.com
- Click Get A Loan at the top
- Fill your basic details and select “Business” as loan type
Upload your documents, and complete the loan application
Your working capital loan application status would be communicated to you in 24 hours, and you would receive funds in 3-5 days. We believe that peer to peer lending works great for small business, and get them funds faster than the banks.