Seeking small business funding from a bank is becoming less and less of a standard, as new lenders arise that offer better and more flexible opportunities. Online business loan lenders can not only offer a more desirable lending option, but they strive for maximum convenience as well, given that the entire process can be completed online.
As long as you work with a legitimate and reputable company, you can count on an efficient lending processes that is sure to satisfy. Some of the most attractive qualities include flexible loan ranges, simplicity and speed, and greater opportunity for businesses with a bad credit history.
Extremely Flexible Loan Ranges
While you can acquire small business loans from a bank, it’s more difficult to acquire small loans, as banks typically have a minimum that can be as high as $50,000. While this amount of money can certainly help your business, it isn’t always necessary or desired.
Online lending institutions are far more flexible in their loan range and can typically offer loans as small as $1,000 for small businesses. Max Funding small business loans, for example, are extremely flexible, and they even offer plenty of opportunities for those with a bad credit history. Given this flexibility, it can be far more favourable to seek funding from online lenders than from a bank.
Opportunities for Bad Credit History
While banks will typically be far less lenient regarding poor credit history, online lenders typically don’t hold such a grudge.
When you work with an excellent online lender, you can get the funding you need even if your credit history isn’t exactly perfect, and you won’t be penalised either. Depending on the type of loan you desire, your online lenders will help you get funding just as quickly and easily as anybody else could.
Simple and Speedy Process
One of the most attractive benefits of online lenders is that the process can be completed quickly, as opposed to the process when using a bank, which can take an unpredictable amount of time to get approval and even longer to receive the funding.
Online lending institutions pride themselves on speed, and given that everything can be taken care of online, you never even have to leave the comfort of your home or office. Pre-approval time can be as short as five minutes, and you can receive your funding in 24 hours or less.
Your lenders will ensure that you submit copies of all of required documentation, and within a couple hours, you will know whether or not you will receive funding. Once approved, you can often expect to see the money transferred on the same business day, so there is no waiting or wondering for weeks.