About lender
Esquire Financing is a provider of non-collateral business lending services aimed at meeting the financial needs of small and medium-sized businesses. The company's services provide tailored and growth-stage financing to enable young entrepreneurs to have the correct mentality, vital skill sets, and financial support.
Esquire Financing Incwas founded in 2011 by Rajan Uttamchandani, EFI's Chairman and CEO. The company was able to swiftly become the preferred non-bank SME financing provider in the Philippines. Esquire Financing, Inc. is a microfinance organization that makes loans to businesses. Loans are granted under favorable circumstances, including a low-interest rate, a streamlined list of papers, and a rapid review of applications.
Esquire Financing Inc. has been operating in the sector since 2011, with strong advocacy of offering financial assistance to small and medium-sized firms (SMEs) to help them expand. Recognizing the importance of aspiring entrepreneurs and SMEs in relation to the country's economic growth has been an integral component of their company's goal. Their philosophy and devotion to assisting local businesses are their driving force as they give entrepreneurs and company owners equally fast, hassle-free, no collateral business loans, allowing their ideas to materialize and their organization to reach its full potential.
Esquire Financing Business Loan provides applicants with the possibility to obtain extra cash ranging from ₱100,000 to ₱10,000,000 with payment durations ranging from 3 to 6 months. The monthly interest rate depends on the loan amount and duration, with no further fees or costs. You may get an immediate pre-approval and have your financing in as little as two days.
Pros and cons
Esquire financing helps business operators to achieve sustainable business growth, allowing customers to effectively develop their businesses. However, it's also important to understand its pros and cons before you apply for a loan.
Pros
- The company offers loans up to ₱10,000,000.
- The company offers immediate pre-approval upon receipt of the most recent three months' bank statements.
- They offer competitive interest rates, which start at 3.5% per month.
- The company offers loans disbursement in as little as two days.
- The loan approval is simple, the office is easily accessible, and the customer service is also decent.
Cons
- The company requires clients to be operational for at least a year for applying for a loan.
- The borrower's name has to be registered with DTI (if a lone proprietor) or SEC (if partnership/corporation).
- The borrower has to be the business's owner or principal shareholder.
- The borrower must have a bank account that has been open for at least 6 months.
Loan conditions
Before you apply, make sure you have all of the essential paperwork. The bundle will differ based on your area of expertise. All clients who contact Esquire Financing, Inc. for the purpose of getting a loan must submit the following documents:
- Application form, duly completed and signed (Version - LAP.10.2017)
- The principal borrower's TIN ID and any other government-issued ID
- The last three months' bank certification and bank statement
- A photocopy of a valid Barangay business clearance
- A copy of a valid mayor's permit.
- ID photo of the principal borrower, 2" x 2"
- Business illustration: one exterior photograph — a photograph of a company premise from the outside, complete with a signboard and its surroundings, and one interior image: business inventory image
- Billing documentation (not older than two months).
- A sketch or map depicting the location of the business and residence, including nearby landmarks.
Additional conditions
- DTI certificate of business name registration for sole proprietors (original and renewal, if any)
- Business TIN ID evidence (BIR certificate of registration), SEC certificate of incorporation/registration, latest articles of partnership and by-laws, and partners' resolution are required for partnerships (EFI prescribed format: Version-PR.10.2017).
- Business TIN ID evidence (BIR certificate of registration), SEC certificate of incorporation/registration, latest articles of partnership and by-laws, latest general information sheet (GIS), and secretary's certificate are required for corporations (EFI prescribed format: version- SC.10.2017).
Funding a loan
When applying for a loan, you should fill out the application form online at the company's official website. A representative will contact you to familiarize you with the terms and answer any questions you may have. After that, fill out the loan application, gather the appropriate documentation, and send it to the company's main office. If you have any questions when filling out the form, seek the guidance of an expert. Within seven days, you will get an email with the loan decision. Furthermore, an employee will call you quickly to report a decision and advise you on what to do next. Get your money if your application is approved.
The borrower must approve the Esquire Financing Philippines loan interest rate. The rate may differ depending on the loan amount and term duration. More details about the loans are given below:
- Interest rates start at 3.5% each month (the final applicable interest rate depends on the applicant’s requirement and their credit history)
- ₱100,000 is the minimum loan amount.
- The maximum loan amount is ₱10,000,000.
- Payment periods range from three to twelve months.
- Time to approve: seven banking days.
