In today’s business environment, business of all industries and all sizes are able to find funding for various purposes – from expansion to acquisition and sustenance to liquidity – the lending market offers solutions for virtually everything related to financing that any business may needs.
Alternative Business Loans are one of the trending loan choices given certain distinct advantages. One of the most welcome advantage is that they’re typically the fastest business loan product. However, this cannot be true for every transaction, and a borrower can take certain measures to increase the chances of being served such a loan quickly. Read on to understand what it takes to get a fast Alternative Business Loan.
We shall be discussing 3 factors that shall help get an Alternative Business Loan quickly:
1. Understanding the loan and its advantages
2. Finding a legitimate direct lender
3. Preparing to get a fast business loan
What is an Alternative Business Loan?
Business loans are commonly given by banks (or similar lending institutions) and non-bank direct lenders. Apart from the usual bank loans, certain government-supported schemes like the SBA loans are the typical/traditional form of business loans available in the market.
Keeping those aside, there are also Alternative Business Loans – loans from non-bank direct lenders that are available with simpler qualification terms and more relaxed application formalities.
These loans are specially designed to cater to a wider range of borrowers and are higher risk products for the lender. This risk makes the product a more expensive one, i.e. an Alternative Business Loan is typically designed to be more easily available with lesser formalities, shorter processing times and simpler requirements, which qualifies them as high risk lending and that in turn leads to them featuring higher interest rates and fees.
Advantages of Choosing an Alternative Business Loan
Alternative Business Loans tend to be preferred by many because of these popular advantages:
- Lenders can choose to perform no credit check and/or serve bad credit borrowers
- Loans tend to be fast – we at Business Advance Lenders can process a loan in as less as 48 hours
- Loans can have flexible repayment options
- Limited formalities and paperwork are involved
- It is easy to identify a legitimate lender thanks to the internet
How to Find a Reliable Lender
Finding a reliable and legitimate Alternative Business Loan lender is now an easy task – it can simply be done with a few searches online. A few strong signs are a good indication of this:
1. BBB Accredited Business: Look for their logo on the website’s home page or “About Us” page.
2. Online Presence: Any lender with a good reputation, is also able to reflect the good reputation online. A well-designed, secure website and a healthy number of positive reviews are a great indication.
3. Transparency: Lenders are required to offer clear and transparent deals on loans. If your loan offer does not seem to be clear and easy to understand, it could be a red flag indicating malpractices at the lender’s end
4. Contact Details: Legitimate lenders make it easy for customers to reach them and be assisted as and when needed.
Preparing to get a Fast Alternative Business Loan
A few steps of preparation can make application for a loan an easy and organized task. Here’s a simple list of details and documents that need to be kept ready to make applying for an Alternative Business Loan from Business Advance Lenders:
1. Purpose behind seeking an online business loan (this does not affect the approval of your loan)
2. Know how much money you need to borrow
3. Age of your small business
4. Business Federal Tax ID / EIN
5. Bank statement (recent 3 months)
6. Business credit card transaction processing statement (recent 3 months)
7. Lease agreement(s)
Once these are ready with you, all you need to do is head to our online business loan application page and complete the form. We shall get in touch with you to proceed towards a competitive offer.