It’s probably no surprise that ever since the worst recession since the great depression, more business owners are turning to the top alternative lenders to secure a business loan.
When you go to an alternative lender, the facts are indisputable. More businesses get approved compared to the banks.
The requirements are very simple. Typically, you’re submitting a one-page application and the last three months of business bank statements. Larger loan amounts may require the first page only of your recent business tax return and an unaudited Profit and Loss statement with a current Balance Sheet. That’s it.
The process takes very little time. The approval process is generally inside of twenty-four hours and funding can be as quick as one to three business days.
How much do you need?
Your business can receive up to $2M.
Why go to the bank when the rates are just as competitive?
Well, qualified business owners can see rates in the low and mid-single digits.
Terms can extend up to eighteen to twenty-four months. Sometimes longer.
The payments are flexible. Many factors determine the loan amount, rate, and terms. Payments are typically daily. However, you can get weekly and even monthly payments as well.
Plus, the amount of paperwork required by the banks is very daunting. Studies by Harvard University suggest that it can take close to 28 hours of time to complete all the paperwork plus you’ll have to visit close to three banks on average before receiving an approval.
That’s if you even get the approval. Once the bank gives you an approval, it can take six to eight weeks if not 90 days to get funding.
Does that make sense?
Speak to one of our professional funding advisors
who will help you determine how to get a business loan.