4 Important Ways Business Loans Online Are Different from Bank LoansThere are many differences between getting a loan for your business by going to the bank and doing it online. The most obvious is that the traditional route involves actually going to the bank and working with someone face-to-face, while with business loans online, you do everything virtually. This one major difference has a lot of repercussions. Among them are these four most important ways in which getting business loans online is different than going to the bank:
1. Business Loans Online Have Higher Approval Rates
Going to the bank for a loan is intimidating, and for a good reason: They don’t approve every applicant, not even close to every applicant. If you have to face down the scrutiny of the bank to get approved for a loan, it’s no wonder you hesitate to go after loans for your small business. The difference with business loans online is that our lenders actually approve many, in fact most, of the applicants. They have extremely high approval rates and they make the requirements for getting approved easy for most small business owners to meet.
2. Business Loans Online Are More Convenient
Another important difference between bank loans and business loans online is that one is way more convenient. It isn’t the bank loan. When you have the chance to get your business funding online, why wouldn’t you do it? It’s so much more convenient that you don’t even have to leave your office for any part of the process. You can stay right there and get it done in between all your responsibilities on the job. With a bank loan you have to make sure you have at least a few hours to spare and then you have to go to the bank so you can jump through the approval hoops.
3. Cash Comes Much Sooner with Business Loans Online
Few things are as important as speed when it comes to getting cash for your business. In the world of business, especially small business, things happen quickly. A bank loan doesn’t usually get funded for a few weeks, but your business good go under in that amount of time. Without the cash you need to keep it going, you may fail, just like that. The bank doesn’t care, but our lenders do. With business loans online, you can get your loan cash in just a few days. Once you get the approval notice, your lender will move forward quickly to make sure the money is transferred to your account and accessible as soon as possible.
4. Business Loans Online Let You Choose the Loan Amount
Most bank loans are for set amounts that are higher than what many small business owners need. But, with business loans online you get a range of options, from the smallest loans of only $2,500 up to $1 million. So, unlike with a bank loan, you get a choice. You choose how much you borrow, which means you won’t end up with an overwhelmingly large loan or a loan that barely covers what you need.
When you’re ready to see these differences in action, for yourself, check us out online. Apply for business loans online today.