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Looking to finance your business? With just a few simple clicks, you can find the best rates for your terms, budget and credit score. Take the first step towards building your business today.
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Why Apply for Business Loans With Our Partners?

When you apply for a business loan through our partner network, you benefit from being matched with the business loan solution and lender in order to best suit you and your needs. The algorithm takes into consideration your location and the information you provide such as your income, and credit score in order to find the best match for you. Once a lender has been recommended for you, which is usually a bank, a private lender or credit union, an application is required. The lender will require proof of employment and identification. Once you have provided all of the necessary documentation, it will be determined whether or not you qualify. If approved, most lenders will transfer the funds directly into your bank account. In many cases, this may happen in a matter of hours. More benefits to applying for a business loan through our network are:

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Same-Day Approvals

In business, you need your money now. Many lenders offer same day approvals so that you can keep things running smoothly.

Borrow for a Wide Range of Needs

Maybe you’ve decided to open a second location, consolidate your debt, expand your online presence or even renovate. Regardless of your reason for taking out a business loan, you can find your lender here.

Receive Your Quote in Minutes

Applying is always free. In a few short minutes, and after answering a few preliminary questions, you will be able to see how much you qualify for, and which lenders can service your request. It’s that simple.

Flexible Terms and Repayment Plans

Our partner network is composed of lenders who understand that businesses have unique needs. Therefore, they are ready to discuss flexible terms and repayment plans that fit your specific situation; whether it is a long or short-term investment.

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Is It the Right Time to Apply for a Business Loan?

Before you begin the process of taking out a business loan, it’s critical to determine that you are doing it for the right reasons. You are responsible for servicing the debt in a timely manner. If you don’t meet the repayment obligations, you run the risk of impacting your credit score and overall financial profile.

Having said that, there are many compelling reasons why a business loan may be very beneficial for your business:
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You’re buying new equipment

If you’re accommodating business growth, launching your business or just simply upgrading your equipment, a business loan can help finance this expense.

You need to hire more employees

Growth equals more staff. Hiring employees requires money, especially if you plan to outsource the hiring process. A business loan can help fund this effort.

You are expanding

If your business is thriving you may be outgrowing your current location. If it’s time to expand your operation to a new location, a business loan can provide the necessary funding for such a move.

You need to build your business credit

Building a strong credit score is essential for any business and its owner. By taking out a business loan and making timely payments, you can effectively grow your credit which will help you get approved for other business loans (if needed) in the future.

It’s slow season

Especially for seasonal businesses, there’s going to be slower periods for your operation. Maintaining a positive cash flow can be challenging from time to time but taking out a business loan can help keep things afloat.

How Does It Work?

Insurdinary has partnered with the best business loan aggregators in Canada. What does that mean? Simply put, you don’t have to have to spend endless hours and days searching online, making phone calls and answering the same questions repeatedly to multiple companies to secure a business loan. Our partners do all of that work for you. Here are a few tips to get you started.

Review Finances

To ensure that you meet the minimum requirements for obtaining a business loan, it is very important to assess your financial situation, needs, and check your credit score before submitting an application.

Gather Documents

In order to prevent the disappointment of being rejected for a business loan due to incomplete applications or missing documents, it is advisable to collect all necessary paperwork prior to submitting an application.
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Compare

Always compare quotes from multiple lenders. This way, you’re certain that you are receiving a favourable rate before applying with the first loan which is offered. A loan comparison website, such as ours, can be used to request quotes from various lenders with a single application.

What Types of Lenders Offer
Business Financing?

There are a variety of lenders to consider when seeking funds for a business loan. More traditional options are credit unions and banks but online lenders have emerged in recent years. Peer-to-peer lenders are also seeing increasing popularity as they are a way for businesses to connect with individual investors. Each type of lender has its own advantages, disadvantages and requirements so it’s important to do your research and compare which option suits you best before deciding which one is right for your business. Here is a closer look at different types of lenders:
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Online / Alternative Lenders

Online lenders offer a more streamlined application process and are often less stringent than traditional lenders. They have become a popular choice for borrowers as businesses are often looking for quick and convenient access to their funds. Generally, many will find that their rates are competitive and repayment terms more flexible.

Peer to Peer Lenders

Peer-to-peer lending platforms also offer faster and more flexible alternatives to traditional lenders as they aim to connect businesses with individual investors, who in turn provide funding for a return on their investment. Peer-to-peer lenders however, typically come with higher interest rates and fees though.

Banks / Credit Unions

Securing financing for your business either through a credit union or bank is a prevalent option. These institutions however often enforce rigorous borrowing policies. This can make it challenging for small and new businesses to secure approvals. To be eligible for a business loan with a bank or credit union you will need to have a strong credit rating, a reliable source of income and financial statements to back your application.

Business Loan Brokers

A business loan broker is an excellent way to help you save time and access a much larger network of lenders. They can help increase your chances of approval by negotiating better terms. They have connections and know various lenders and their reputations for approvals as well.

Business Loans 101

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Regular Business Loans

Term loans for business owners, both secured and unsecured.

Commercial Mortgages

Loans to buy or expand commercial property, secured against the property bought, used as collateral if borrower defaults

Business Line of Credit

Revolving loan, secured or unsecured, has lower interest rates similar to a credit card but typically has lower interest rates. Can sometimes be used for cash advances

Equipment Financing

A loan to purchase equipment. A loan for equipment financing may require a business owner to put the equipment up for collateral

Inventory Financing

A loan for businesses to secure additional inventory. This type of loan may require that the inventory is listed as collateral

Merchant Cash Advances

A type of loan where a lender will provide a lump sum of cash in exchange for a percentage of the businesses future sales.

Canadian Small Business Financing Program (CSBFP)

This is a government program which is offered through the banks which assists smalls businesses and start-up businesses secure financing.

Reasons Why Your Business Loan May Have Been Rejected

When you’re in the market to take out a business loan, keep in mind these commonly used terms so that you can better understand how the process works.

Lack of Revenue

Poor revenue and cash flow shortages are signs that you may have trouble keeping up with your payments.

Low Credit Score

One of the most common reasons a lender may reject you is due to your credit score. A low credit score is usually a clear indicator to lenders that you’ve struggled to meet your debt obligations in the past.

Too Much Debt

Lenders will often look at how much debt you have to see if you can handle another monthly payment.

Not Enough Time in Business

The younger your business is, the riskier you are to invest in. As such, many lenders will have "time in business" restrictions when approving applicants.

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Business Loans
Frequently Asked Questions (FAQ)

Here you will find the commonly asked questions on the subject of business loans.

Is it possible to get a business loan to start a new business?

Is not impossible to get a business to get a business loan to start a new business, however it is very challenging. Statistics show that many businesses fail in the first few years of operation and lenders have this information. It is still possible, but it will take more time and effort to secure.

I want to purchase an existing business. Can I get a business loan for that?

Absolutely. This scenario yields several options to secure a business loan to purchase an existing business. The options available would be venture take-back financing, secured business loans and traditional bank loans. These methods would involve using the assets of the purchased operation to finance the purchase.

How long will it take me to secure my funds?

This widely depends on the lender and type of loan. Typically, cash advances and merchant loans may be processed in 24 hours whereas an SBA loan can take more than 90 days to process. Clarify with your lender the expected timeframe to receive your business loan.

Can I pay off my business loan before the due date?

In most cases, there are penalties for paying off your loan early. While this may save you on interest, calculate the penalty vs the accrued interest over the life of loan to determine if it’s worth it.

Is it possible to get approved for a second business loan?

Yes. It is certainly possible to get approved for a second business loan. There are many factors that are taken into consideration. First, the terms of your first loan need to be reviewed to determine if taking out a second is permitted. Second, your approval chances may be compromised depending on the type of loan you are looking for. Just like individuals can carry multiple mortgages, car loans and credit cards, it’s not unheard of for businesses to do the same.

Is finding a business loan with lower interest rates possible?

It sure is. Exploring different online lenders can make a world of a difference in your business loan interest rates. Online lenders such as the ones within our partner network, offer a range of both variable and fixed rate interest terms.

Is it possible to qualify for a loan with bad credit?

Yes it is. However, this depends on the lender. Some lenders require a credit check, others do not. As well, some lenders are known and have a reputation for lending funds to those with bad credit; however expect that you will pay much higher interest rates if you have bad credit.

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