The Advantages of Working with Alternative Money Lenders
In today’s current society, it can be difficult to secure a loan from traditional lenders such as banks and credit unions. They seem to be reluctant to deal with anyone whether a SME’s or a young couple looking to borrow for a down payment. There are many good reasons to deal with an alternative money lender as opposed to approaching a bank, here are just some of them.
Alternative lenders are a lot more flexible than traditional banks. They won’t judge you the minute they spot something irregular on your application form. Most people get turned down for having a poor credit rating, but alternative money lenders are the opposite, they offer bad credit loans. Just because you’ve been in financial difficulty in the past, doesn’t mean it should stay with you forever. Alternative money lenders understand this better than others, that is why they offer all kinds of borrowing options, some of which include:
- Short Term Loans
- Caveat Loans
- Bad Credit Loans
- Bad Credit Business Funding
They do their best to make things work for you without judging you the moment they see something unusual on your application form.
Easy Application Process
A lot of alternative money lenders specialise in funding small to medium enterprises. They also help with short term loans and other specialist lending areas. They have streamlined their process to make sure you get your money as quick as possible. This is great for a small business owner who needs cash fast and doesn’t have the time to wait for a traditional bank to approve or reject their application. You can have your request approved within a few hours, something that would never happen with a bank or credit union.
It isn’t just the application process that is convenient, the moment your request has been approved, they’ll send the funds to your account within 24 hours. This is perfect for someone who needs money fast to pay off a debt or act on a business opportunity. If you are trying to grow your business, borrowing from a money lender can be a huge asset.
When you borrow off a bank, you are asked a huge number of questions such as what you are going to do with the money. Alternative money lenders aren’t as strict as banks, they allow you to borrow funds without asking what you need them for.
For example, a lot of small business loans are expected to be used for a specific purpose such as buying new machinery. If you deviate from that loan proposal, you could lose funding. Alternative money lenders allow you to spend the money in whatever way you see fit.
This article has aimed to highlight some of the many benefits of using an alternative money lender as opposed to a traditional institute such as a bank. Before you get in touch with them, make sure it makes sense for your business. You should carefully assess your options and weigh up all the positives and negatives before you borrow money.