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Finance & Accounting, Small Business Loans

Mobile Apps to Help With Loans

You are a small business owner, so it is safe to assume you do not have all the time in the world, especially when it comes to funding your business. When you need cash, you need cash, and thankfully our world is becoming increasingly technological. More and more traditional and alternative lenders are turning to mobile apps to help small business owners conduct business on the go. Mobile apps are beginning to take hold of every aspect of our lives, so it seems only fitting that because we can bank from our phones we should be able to get working capital from our phones, as well. Small business owners are in luck because this past year more and more banks and alternative lenders have released applications for smartphones that allow users to apply for and get approved for loans. And some even give you instant access to working capital!


Having a mobile lending app is completely transforming small business owners’ loan behavior. More and more small businesses are seeking funding and loans via smartphone apps, which is allowing them to buy more inventory right away because they are confident in their cash flow cycle. Here are four loan apps that can either help you calculate your loan costs, pick between lenders, or get access to working capital instantly!


1. SBA
In 2011, the Small Business Administration released its own mobile application that can help small business owners with a variety of topics. This app comes equipped with a starting costs calculator that can help tell you how much you will need to start your business or even to keep it running. This gives you a good ballpark figure of how much money you will need in financing from a lender. The application also features a finder that helps you locate local SBA and SCORE offices as well as provides you with the latest news from the SBA Twitter and video feeds. Any starting or growing business would benefit from the use of this app because it can keep your finances organized by assets, expenses, and recurring bills, ultimately allowing you to fully break down your bottom line.


2. Kabbage
The Kabbage application brings the world’s fastest and easiest way to get funds to grow your business! Kabbage can deliver up to $100,000 in as little as seven minutes all on your mobile phone! Once you qualify, you can use this application to take funds (remotely) as well as pay your Kabbage bill and view your entire transaction history! The Kabbage app revolutionized the way small business owners look at financing their business. What used to take weeks and even months of meetings and paperwork has been simplified into an on-the-go app that gives you quick access to working capital. The Kabbage application is great for service industry businesses that are constantly on the go such as salons, spas, auto shops, and restaurants that are very labor intensive. Having working capital on the go is great for business owners like this because it allows them to get a loan while doing their day job!


3. SmartChoice Loan Calculator for Small Business

The SmartChoice Loan Calculator is a free smartphone loan calculator for small business owners looking to expand with commercial properties. It answers frequently asked questions within seconds! This app can also give you estimates of your down payment, monthly payments, and interest rates and compare all of your loan options. Overall, this application can save you a lot of time by providing loan comparisons and giving you access to more small business financing resources.


4. Finan%
The Finan% application quickly helps you to calculate the 10 most common operations of deposits and loans and it works with any bank that you use! The mobile app costs $3.99, however, it can help you find out the interest rate of an operation (annual nominal, annual effective, or even effective per period of less than one year). It also allows you to deposit into any account under simple or compound interest rate with interest. You can also carry out a loan with constant quota or amortization! This app is great for financial or technological businesses that are constantly investing their money and need to be able to calculate an operation with existing data.


We live in a mobile world, and finally financial institutions are starting to catch on to the fact that small business owners need constant access to their financing options, including calculators and resources to help discern your best options when it comes to funding. So far only a few apps to help with financing have rolled out, but with their increasing popularity it won’t be long until virtually all small business lending needs can be taken care of on your mobile device, making it easier overall to run your business smoothly and effectively.