Whether you are looking to expand, grow your inventory, or pursue a new opportunity, receiving the adequate funding for your business can be the difference between remaining stationary and taking things to the next level, but business loans can definitely be complicated.
Whatever you need a loan for, it’s important to consider all of your options, and while banks have certainly been the go-to place for funding, online loans from lending institutions are an incredibly viable option for when you need funding for your business. If you are considering applying for funding, also consider the advantages of working outside of the bank.
Online Loans vs Bank Loans
Online loans aim for speed and efficiency in contrast to banks, where receiving the funds can take weeks. Online loans allow you to easily apply online and receive your funding without ever having to visit an actual building, and the process can be completed in as little as one day.
Banks typically have a minimum amount that can be as high as $50,000, whereas many online lending institutions are far less demanding and tend to be far more lenient in their criteria. For example, Max Funding small business loans allow you to get funding for as little as $1,000 and even have options for new businesses and those with poor credit.
To learn about your options as a small business, new or old, feel free to discuss things with your lenders, and they will be able to set you up with the funding most fitting to your current situation.
Funding for Bad Credit
Even if you have made some mistakes in the past and have a less-than-awesome credit history, you won’t necessarily be denied. In fact, those with bad credit can typically receive several types of loans from online lending institutions and are still considered for major unsecured loans as well.
For individuals looking to get back on the right track, these lending institutions can give you that chance when you would typically be denied by a bank. Additionally, if you have little credit history, these small, speedy loans also allow you to easily continue building your credit and get the funding you need.
What to Expect
Your lenders will let you know about all of the paperwork and information you need to send in once you get pre-approved, and pre-approval can take as little as 5 minutes.
You will receive the pre-approval along with a detailed payment that’s been tailored to fit your budget and your funding amount. All that is required is the verification of some documents, and you can receive your funds as quickly as the same day that you apply and send in your information.