Anyone who has ever operated a small business knows just how hard it can be. New challenges and struggles emerge almost every single day — and the last few years have put even the strongest, most successful small businesses to the test.
Whether you are just trying to weather the storm, strategically planning to grow, or looking to invest in some new equipment, at some point, you’re likely to need some financing. For many, a small business loan is the perfect solution. Rates and payment terms are often very reasonable, and it can help you reach your next goal fast.
There are many options these days, but some small business owners are still unfamiliar with one of the best: online lending.
It has grown from a niche option to a mainstream financing strategy that is helping more and more owners achieve success. To find out why, read up on the three biggest benefits that online lending can provide.
1. The Process is Simple and Easy
To get business loans, owners traditionally had to apply, send envelopes full of documents, and schedule an in-person interview. Things have continued to become streamlined over the years, with even big banks and legacy lenders taking steps to make things more efficient.
Despite those efforts, today’s digital-native, online lending providers are still ahead of the pack. They are quick and specialize in making the e-application and submission process incredibly simple — even for loans for businesses with no credit. This way, you can spend less time on paperwork and stay focused on running your business.
2. Approvals and Funding Are Fast
Time is money, and along with an efficient process, you want a decision as soon as possible. Getting the money right away, instead of six months down the line, is maybe even more important!
Online lenders provide small business financing decisions faster than anyone and can disburse the funding within days — or even faster. Depending upon the specific online lender, you might even be able to get a decision instantly in a matter of seconds. Worst case, you will generally only have to wait a few days, which is still a big advantage compared to some other options, like loans from the Small Business Administration, where you might be sitting around for months before things are finalized.
3. There Are So Many Available Types of Small Business Loans
Some banks and traditional lenders seem to only offer a one-size-fits all business loan. They may take certain accommodations for the size or industry of a company, but a lot of small business owners walk away wondering if there is anything really fit for them.
Online lenders, on the other hand, come in all shapes and sizes with different options for different businesses. Some specialize in loans that are effectively little more than a cash advance — and this is exactly what many owners need! Others offer complex, full-feature, long-term loans with flexible payment times and interest rates. And then there is everything in between. As soon as you start looking online, you’ll discover just how many options there really are.
Online Lending Helps Small Businesses Get the Right Loan
As you can see, the combination of simplicity, speed, and selection highlights the critical difference: With online lending, the small business is the one in control.
Unlike the big banks that dictate the terms, process, type of loan, and everything else, the digital marketplace is a world of choice and personalization.
If you want to get the exact type of loan that you need when you need it, it’s time to turn to online lending.