SME’s are always struggling to stay afloat, that is why so many of them go to the bank to secure business loans. In most circumstances, they get rejected by traditional lenders for a wide variety of reasons, making it difficult for them to survive and grow. Luckily, alternative lenders have stepped in to fill the void and they continue to help SME’s who need to borrow money.
Speedy Loan Process
One of the biggest benefits of getting unsecured business loans from an alternative lender is the hassle-free and quick process. It is easy to apply for an unsecured loan, even when you don’t have the asset to provide as security to the lender. They will take a range of things into consideration and offer you a loan deal without the need for collateral. When you go through a traditional bank or building society, the waiting time is far greater as you must provide a mountain of documents.
2. Online Application
With many alternative lenders, you can apply for your business loan online and wait to see what happens. You don’t need to visit the bank and hand over documents, everything can be done electronically. If the lender needs more information, they will contact you and ask for bank statements or business invoices. There aren’t tons of documents to be filled out and you don’t need to wait 6 weeks to meet the loan approval manager.
3. Business Opportunities
It can be hard to get ahead and grow your business when you cannot secure funds from a traditional bank. Most small businesses don’t have excess cash lying around to invest when the opportunity arises, this is why they struggle to take advantage when a unique opportunity presents itself.
4. Flexibility
When you deal with alternative lenders, they offer more flexibility than traditional banks, credit unions, or building societies. You can obtain an unsecured business loan without specifying what you need the loan for, this isn’t the case with a conventional lending institution. When you go with an alternative lender, you are free to choose where that money will be invested. Getting an unsecured loan for an SME has the capacity to bring growth to a small business. Most fledgling companies don’t have the capital lying around which sometimes leaves them in a difficult situation. If you have no assets, but you need a cash injection, get in touch with an alternative lender to discuss your options.
