Small Businesses Turn To Alternative Lending Sources

MoneyTips

As the qualifications for small business loans become more difficult to meet, many small business owners are looking for alternatives. Many have found that going with an online lender has advantages over banks and other traditional lenders, although there are some disadvantages as well.

One of the reasons small business owners are looking at online loans is because they can have their funds in hand quicker. Brick-and-mortar lenders often take more than a month to check a loan application, approve it, and transfer the money to the business. Online lenders, though, often approve loans in less than a week and have the money to the borrower in a day or less.

These lenders also may not look as closely at the applicant’s …

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