When you’re a business owner in need of fast capital and are turned down by your bank where do you turn? Alternative business financing through private alternative lending banks. It’s like night and day dealing with an alternative lender than with a bank. It seems like these lenders are more in tune with business in general and understand all the nuances of running a business. Sometimes a business owner just needs a quick influx of capital to make payroll or pay taxes for example without having to fo to their bank and bring 5 reams of documents with them to borrow $10,000 or $20,000.
Alternative Business Financing
Allbusinessloans.com is a portal that will connect prospective business owners with alternative lenders. A single one page application, 6 months of bank statements and some merchant processing statements is all that is required to get a fast lending decision. Alternative lenders work extremely fast as they have proprietary algorithms in a platform allowing for efficient underwriting. They know that their responsibility is to provide capital in less than a week to business owners regardless of credit, time in business, or capital requirements. Banks rarely, if at all, will approve and service loans for under $50,000 as they make no money. They will find a reason to decline it. 24 hours and you will have a thumbs up or down lending decision from an alternative lender. While speed is great keep in mind that these are not in any way like a bank loan. These are for businesses that cannot get a bank loan. They are are considered high risk. Rates are much higher…19% to 45% and repayment terms are much shorter…3 to 12 months. Also, these are repaid daily on weekdays directly from your bank account or from your merchant processing. So while the speed and ease of receiving one of these loans is great, the cost is high. These should be viewed as short term capital solutions only until you can get your business to a place where banks would gladly service a loan.