With business loans, business lines of credit and working capital loans you must take a number of factors such as cost, terms, and payment requirements into account before accepting one. These loans can be obtained from multiple sources such as lenders, private equity firms, and private investors. All lending sources can be categorized into two categories. First, the brick and mortar banks which I refer to as traditional lenders. Second, the not so traditional private equity firms and private investors that companies like Getmoney.com work with.
TRADITIONAL LENDERS
Traditional lenders are generally very conservative, require extensive paperwork and take a long time to fund the loans. In exchange for the extra hassles, the stringent guidelines, and regulatory requirements, they offer favorable terms. Basically, banks have better rates and terms, but what good is a low interest loan that you can’t qualify for?
NON-TRADITIONAL LENDERS
The non-traditional lenders are far more aggressive, require less documentation and fund in as fast as 48 hours. These loans range from $5,000 to $500,000 and are offered at rates around 13.99% and up.
The approval process is super simple. The lender will only require 3 month’s bank statements, a copy of your driver’s license and a signed application. The structure, interest, costs and terms of the loans are mainly determined by length of time in business, revenue, industry and business health.
A good personal credit score is not required, but it helps. If you need quick access to cash and or working capital request a business loan with Getmoney.com.