5 Reasons Esquire Financing Loans May Not Fit your Needs

Finding an online lender to finance your startup business is as crucial as your business idea.
How will your business idea turn into reality if you have no capital to make it start rolling?
We have to face the truth that your business needs a financial push. If you have no savings to use, but your entrepreneur instinct tells you that you need to start now, then you will need to look for the best money lender.
The journey to make your business successful may start with your sparkling idea and a capital, but the best moneylender is also the key to taking it up where you want it to go. Simply, what you need is a money lender who will support you as a financial partner, not a thug who will what to pull you into spiraling debts.

Esquire Financing Inc. SME Business Loan

Esquire Financing Inc. is known to help businesses to thrive and expand. It offers non-collateral business loans to small and medium-sized business owner.
According to Esquire, 99.6% of registered businesses in the Philippines are actually micro, small, and medium enterprises (MSME) who employ most of the workforce. Of course, they will need to have working capital to keep on thriving.
Not all lenders lend to SMEs. Most banks rather lend to corporates and business who are already leading in their own industry. You as an MSME owner will also need a financial help.

Esquire Document Requirements

There are various types of Esquire Loan. Listed below are what you need to prepare when you plan on taking out Esquire Financing Loans. 

Esquire Financing Loans For Sole Proprietors

If you are the sole owner of your business, you need to present the latest three months bank statements, bank certification, a copy of the latest DTI permit, photos of business, latest proof of billing, 2″ x 2″ ID picture, a sketch of business location and at least two government IDs.

Esquire Financing Loans For Partnerships

You need to submit additional requirements such as the Articles of Partnership and the latest photocopy of Mayor’s Permit.

Esquire Financing Loans For Corporations

Additional required documents are SEC Registration, General Information Sheet, Mayor’s Permit, Secretary’s Certificate with Board Resolution, and latest Income Tax Return.

Downsides of Esquire Lending

However, Esquire Financing Inc. business loans may not fit your every need.

Esquire Financing Inc. provides non-collateral business loans to Small and Medium Enterprises.

It does not offer a personal loan. If you are looking for a personal loan, then you need to look for another lender who offers more fitting loans for you.

Its business loans are offered only for entrepreneurs with business already thriving for a year.

Esquire Financing INC does not have startup loans. If you are just starting up a business, then you need to find a lender who can fund startups with other requirements. There are some lenders who will require you to produce proof that you have already existing regular funds such as monthly salary and allotments. Naturally, lenders just want to be sure that you will have enough funds to repay the loan.

You must also have a checking account.

It should be active for at least six months because payments will only be through post-dated checks (PDCs). You have to make sure that your checking account has enough funds for your PDCs or else you check will be rejected. This will incur penalties and might be subjected to legal actions if not solved as soon as possible. If you are unable to meet your repayment on time due to bounced checks, this will also incur late payment fees.

The offered loan amount is between P100,000 to P10,000,000.

If you need smaller loans, you have to find an alternative. Micro businesses, mostly home-based ones, need startup funds of less than P100,000. If you just need around P5,000 to P30,000 to start your own business at home, then you can just get a personal loan from another registered lender.

The business must have average monthly sales of at least P100,000.

If your business is producing less than P100,000 a month, then you will not be qualified for a business loan in Esquire.

Let’s say you have an online business which generates P50,000 a month. This is enough from most registered online lenders.
If you just want to have a sideline business to have extra income, then you might just need a multipurpose personal loan. Take the time to shop around for the best lender with flexible personal loans.