Are you considering a business loan? The first place most people usually look is to traditional lenders such as banks and credit unions, but there are other options available. Traditional lenders aren’t necessarily the best choice when it comes to securing a small business loan, they tend to make things difficult and they often take longer to process requests than alternative lenders.
Alternative money lenders have been around for a long time, they aren’t new to the money lending scene. They tend to specialise in approving small loans to business owners who require capital to fund projects. One of the main reasons why they’ve become so prevalent in Australia and throughout the world is because they’ve expertise in this specific field. Their focus is on small to medium enterprises, so they’ve established a system which allows them to process loan requests more efficiently than traditional money lending institutions. They understand what you need, and they have the resources to provide the best possible service. Banks tend to deal with all kinds of financial requests, meaning they don’t specialise in small business loans, unlike alternative lenders.
Receive Funds Faster
Most business owners know that applying for loans using traditional lenders can take a lot of time, once your application is submitted, you have to wait for multiple bank officials to review your request before having it approved. It must be assessed by numerous representative before you receive any funds, this can be a long drawn out process that doesn’t help your business.
For example, if you need capital fast because a market opportunity has suddenly arisen, you can’t wait weeks for a traditional lender to approve your request. You’ve a chance to expand your business and make it more profitable if you can only get your hands on additional cash fast. If you wait for 2 weeks to receive the money, the opening will have passed, and you’ll be back to square one again. Alternative business loans can be approved within hours, you can have funds in your account within 48 hours and you’ll have funds available to capitalise on a chance opportunity.
Rapid Online Services
Applying for a loan through Max Funding is far more convenient that using traditional money lenders. You can visit their website and apply for a loan online, there is no need to visit their offices and complete mountains of paperwork. Instead of filling in piles of forms, providing a business plan, financial statements and more, you can have your application submitted online in less than an hour. The application process for alternative loans is hugely convenient, it’s as simple as filling in your personal details, answering a few questions and submitting the application.
Alternative money lenders can help SME’s in several positive ways, the three points mentioned in this article are only a small sample of the many ways alternative lenders are helping Australian companies to grow. They provide expert, 24-hour services where you can apply for loans at any time during the day or night. You’ll receive a rapid reply, so you know exactly where you stand.