Types of Errors Direct Fund Loans For Business

Applying for a direct disbursement loan is an alternative that people have recently taken because the application process is easy and fast, and the direct disbursement of funds can be used immediately. Including business capital needs.

When you are starting your own business, of course, you need capital so that your business can continue to grow. Sometimes, additional capital is needed when your business gets bigger and grows.

However, before applying for a direct disbursement loan for business needs, avoid the following 4 mistakes, OK!

A merger of Personal and Business Accounts

One of the common mistakes made by entrepreneurs is to combine personal and business accounts. This is not recommended because you will find it difficult to know the advantages and disadvantages you get from your business. In addition, you also find it difficult to monitor whether the loan funds are really used for business needs or even used for your personal needs.

If your personal and business accounts are separated, you can find out the profit and loss you get per month and set how much loan funds you need to grow your business.

Less Detailed Bookkeeping

Setting up less detailed bookkeeping can also cause problems in managing your business capital. Viewing the history of income and expenses only from a bank account is not enough. Detailed recording of income and expenses can be used as a reference in making financial decisions, including determining whether the business capital loan that you have applied for is sufficient or not. Accounting is the right science to be used as a reference in making financial decisions of a business.

Bad Debt Payback

Applying for a business capital loan is okay, but it must be accompanied by a stable financial situation. However, there are many business owners who simply apply for a loan without looking at their financial condition, so they have difficulty paying their loan installments.

Therefore, make sure that your financial and business conditions are stable towards a growing direction, so that you can apply for a loan according to your ability to pay.

Here are 4 common mistakes business owners make. Hopefully, you can avoid the mistakes above and manage your capital more effectively, yes.

If you need additional capital, you can apply for a trusted loan at BFI Finance. Get a direct cash loan with a vehicle BPKB guarantee or a house certificate to support your business needs.