If you are looking for a business loan, then you probably believe that there is only one option out there.
You think that you must go to the bank in order to get your loan, right? Wrong. When trying to get a business loan, there is another option for you.
That option is to get a loan from a licensed money lender rather than through your bank. This less known option is actually the better option of the two. So, why do we think that it is better for you to go through a licensed money lender than a bank? Read on to find out
They Are Easy To Find
First and foremost, it is very easy these days to find a licensed money lender. If you want to get a loan from the bank, you have to go to them or call them up to find out about their services, how much you can loan and how long you can loan the money for. However, with a licensed money lender, you only have to make an enquiry through an online application form, it is as simple as that.
Go onto your search engine to look for a licensed money lender and you will have many individual results, in addition to several directories that will compare the money lenders for you. Many online lenders can actually estimate how much you could loan based on your circumstances before you even fill in an application form!
They Are Fast
How long would it take you to get a loan from the bank? A week, a month? You have to make an appointment with the bank, go in, show them all of your documents and forms and fill out endless amounts of paperwork. Then, you have to wait to see if you have been approved, then wait for the money to go into your account. It is a very long and tedious process.
What happens if you need that money right now? What if the venue you have been looking at for your business is up for rent, but you know that they have viewings scheduled for next week so you need to get in there tomorrow? What if you need to patent your name or pay for your new website, and this needs to be done as soon as possible?
This is where licensed money lenders come in. While banks are slow, licensed money lenders are fast.
For the majority of these lenders the loans can be approved within the hour, then you can collect your cash or have the money deposited directly into your bank account!
They Let You Have Money Even If You Have A Bad Rating
So, you have a bad rating. Did you make some late credit card payments in your past? Did you get warning letters and have to pay the default fees? Even if your card is paid off now, and that is way in your past, the banks still know about it, and your rating may still be too low.
If that is the case, then the banks will simply reject your loan application. Having bad credit is terrible if you need to loan again. If you have filed for bankruptcy in the past, banks require up to seven years after your letter of discharge before loaning you any money.
However, money lenders will lend you the money that you need, provided that your debt is not significant. If you have been bankrupt but can produce a letter of discharge, then you will be given a loan. If you have a bad credit rating, you will be given a loan. The great thing is, taking out a loan and paying it off will actually improve your credit rating!