Business Loans - No Interest Rate Loan / No Money Down Construction Loan
A no interest rate loan provides funding to businesses and individuals at no interest rates
. These loans are usually only given to applicants with outstanding credit histories and large amounts of capital. A no interest rate loan may also be available to individuals in need of small amounts of funding. Most providers of no interest rate loans offer monthly and yearly repayment plans, but some also offer balloon payment plans. With a balloon payment, a borrower makes continual payments over a specified time period and at the end of the term, pays the rest of the loan at one time. Balloon payment loans are typically only recommended to borrowers who have the means to make such large payments.No interest rate loan requirements are typically the same as regular interest rate loans. Applicants must supply personal and business financial documents, credit reports, and a business plan. Providers of these loans usually have the right to thoroughly check an applicants financial history to prove he or she will be able to repay the loan. Applications are available at the lenders place of business or online. Applications for no interest rate loans can take longer to be approved than a regular interest rate loan. While these loans carry no interest rates, lenders may charge additional fees for late payments or failure to repay altogether.
No interest rate loans are also available from car dealerships. If a business is in need of a new vehicle, it can secure one of these loans. However, acceptance of a no interest rate car loan results in the borrower forfeiting any rebate offered by the lender.
A no money down construction loan allows businesses to secure construction funds without paying a down payment. Independent financial companies that specialize in construction loans usually offer these loans, but other traditional institutions may offer them as well. While a no money down loan can save a business money in the beginning, these loans may have higher interest rates than loans with down payments.
Most providers of no money down construction loans require applicants to have good credit, liquid assets, and an approved building plan. Others may also require businesses to have the proper permits to begin construction. Permit requirements vary depending on the location and type of construction. If a business is using a general contractor, he or she must be licensed and approved by the lender. More lenient loan providers may not require contractors to be licensed, but, as a result, their interest rates may be higher.
No money down construction loans also offer many other benefits to aid businesses, such as no payments until the construction is completed. Businesses can obtain funding for as much as a few million dollars, with repayment periods between fifteen and thirty years, depending on the amount of the loan. Most no money down construction loan providers require the construction to be completed within one or two years. Like with any loan, the amount of funds, interest rates, and repayment options vary depending on the lender and the type of loan secured.
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