When it comes to getting a business loan, there’s more than one way to secure one. In other words, gone are the days of traditional financing methods i.e. the next phase is all about getting loans online.
If this is your first looking into online loans, it is understandable that you may feel like a fish out of water. But, much like it is more convenient to open a checking or savings account online, versus going to a bank these days, applying for a business loan online often takes out a lot of the legwork. For instance, there are dozens of reputable lenders that offer quick solutions to a person commercial or business financing needs.
So, at this point, you may be wondering if it is simply out of convenience that online lending became available? Well, the truth is with the ever-changing economy traditional lenders or rather banking institutions have become increasing wary of lending to small business. Yet, what many larger banks seem to not realize is that any major corporation once started out small and in order to have our economy grow leaving small business to fend for themselves is simply bad business for everyone.
Thus, with that being said, if you own a small or smaller business and are looking for a business loan then it is your best interest to check online lending. Of course, online lending is not for every business, these particular lenders still look for specific requirements that generally newer small businesses, i.e. businesses that have been open for less than a year, simply are unable to meet. If your business has been up and running for more than a year, however, then there is really no reason not to explore all your lending options.
Besides the online lenders being more flexible with small businesses, they typically require or rather factor in different things than traditional lenders do. For instance, online lenders will take into consideration a company’s social media presence, payments to vendor and so on. Clearly, traditional lenders do not factor these things into their final decision to approve a person for a loan. Moreover, online lenders tend to quickly approve loans, sometimes same day, in comparison to traditional lenders. Ultimately, these are just a few key differences, but, you can see how online lenders often appeal to small businesses.
Lastly, if you are still mulling over the idea of applying online for a commercial loan, it may be because you have safety and security concerns. Well, this is perfectly normal. In order to ensure that you are dealing with a reputable online lender, of course, it almost goes without saying that doing your research will save you a lot of trouble down the line as well as help you determine if online lenders are truly right for you. Thus, if you are looking for a commercial loan that ranges from $5000 to $500,000 over a 3-36 month period quickly and without a lot of hassle, do your research and get your commercial loan.
Dennis Dahlberg Broker/RI/CEO/MLO
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.