It used to be that when you needed a small business loan you had to go through the tedious process of paper application at several institutions in hopes one would have a product that would fit your needs. These days you do not even have to leave your house to research, apply for, and select the small business loan option that will fit you best. Online lending has changed all of that.
Perhaps the largest draw for using online lenders for your small business loan needs is the convenience. You can sit right in your home and complete the entire process. Most often, it can be completed in just a few minutes if you have all of the information ready to go.
Less Stringent Credit Requirements
While you will never find a loan that does not require you to show your ability to repay, many online lenders are less stringent on what information they require to show it. Some do not consider the credit score as much as recent repayment history and current employment. Some business owners have an easier time getting approved for a loan from an online lender.
Repayment Options and Changes
Online lenders are typically more flexible and offer more options for repayment. Some even allow weekly or bi-weekly options. In addition, it is usually possible to make changes to your payment plan, address, and even add more funds to the balance online.
For the most part, online lenders get the funds to you faster. In some cases funds are in the borrower’s account as little as 24 to 48 hours after approval.
While online lending is somewhat new, these lenders are fast gaining a foot-hold in the small business lending community. Shop around and see what they have to offer. Even better, let Biz2Credit handle that for you. Our extensive network of lenders offers a variety of financing products to fit a broad range of needs. We can find just the right one for you. Visit Biz2Credit.com today to get started.