types of business loans from Lantern<\/a> that most closely meet your needs.<\/p>\nSome of the most common types of business loans that this provider offers are equipment financing loans, merchant cash advances, and credit lines. You’ll need to prove your ability to repay the advance for any of these types of loans.<\/p>\n
You can prove your ability to repay a merchant cash advance by showing the prospective lender your sales receipts over a specific time frame. A business line of credit may require you to have a good credit score.<\/p>\n
Business equipment loans may have lower qualifying criteria because the equipment acts as collateral. You can typically use any type of loan to purchase the equipment you need for your business. You should speak to an agent who can help you decide which type of loan is best for you.<\/p>\n
<\/span>Benefits of Equipment Loans<\/strong><\/span><\/h2>\nMany benefits exist to getting equipment loans. One of the biggest benefits of such loans is that your equipment acts as the collateral for the loan. Therefore, you might not have such a difficult time obtaining the advance.<\/p>\n
Another benefit of the business equipment loan is that it can help you grow your reputation with the lenders and boost your credit score. You’ll find additional lending opportunities arising once lenders see how responsible you are with your advances.<\/p>\n
You now have a little bit more knowledge about equipment financing and what it can mean for you. You can consult with a loan specialist to find out more about getting funds for yourself.
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