As discussed in the Factoring section, a bank loan application is impractical if you need a fast, easy decision. Possibly you don’t have the time for them to process the loan. Possibly your back round won’t fit the bank’s strict lending criteria. But your business could lose out if financing is unavailable.
Think about what bank loan approvals are based on. A
thorough evaluation of your business plan which almost ensures your loan will be
paid. The margin for error is
thin. Room for error exists, but
it’s a slim margin.
So bear in mind quick approvals & low documentation would mean these offers won’t come with the same low APR as your traditional bank offer. Society has come to expect our loans at a fairly low rate, example: Prime +2%-3% or single digit figures.
Is your “opportunity loss” much greater than borrowing cost? Then consider moving forward by bypassing your local bank and consider the non-bank loan.
It may help your confidence level when you see the lending firm is registered with BBB and the websites are secured by a well-respected site security system. And if the thought of putting your personal information out there makes you nervous then LifeLock.com as a suggestion. Try the 30 day free trial.
Also, read some of the testimonials. It’s normally a big confidence builder; there
could be a business similar to yours.
The final confidence booster is to simply begin the process, weigh out the costs of financing, and use your sixth sense to determine if this is right for you. You can always cancel anytime during the process.
That your bank isn’t making their loans available to you quickly, or at all. And thus the viability of your business remains your main concern when your bank cannot accommodate your needs.
Given these realities, non-bank loans have become quite popular for their ease & approval rate. They are here, available for businesses that rely on them for funding.
"Business funding from Philadelphia to Pittsburgh, Pennsylvania"
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