Nowadays, you no longer have to don your best suit and make an appointment with the bank manager to secure a loan. In fact, you no longer have to go to a traditional lender at all if you want to be approved for funds. Alternative lenders have been a welcome addition to the banking industry, and they’ve made getting approved for funds a lot easier than ever before.
One of the biggest reasons why so many opt for alternative lenders is their turnaround time. You can apply for a loan online in less than 10 minutes, once you’ve sent in all the right documents and it has been approved by the lender, you can have the funds in your account in less than 24 hours, depending on the case. Alternative lenders specialise in a wide variety of loans, some of which include:
- Difficult Loans
- Private Funding
- Second Mortgages
- Short & Long-Term Loans
They approach the application process in a different way to traditional lenders like banks and credit unions.
Securing a caveat loan or bad credit loan is a lot easier when you work with an alternative lender. With traditional banks, the application process is generally cut short the moment they see you’ve no collateral or you’ve a bad credit rating, this isn’t the case with most alternative lenders. They are much more open to lending money to people and businesses who need help.
Short Term Finance
Alternative lenders have been known to focus on short term finance options. Banks often focus on long term loans as they make more money on interest. Most SMEs aren’t looking for massive loans, they simply want money to buy new machinery or pay off small debts. Alternative lenders take more of an interest in small to medium enterprises, they don’t just take care of the big shots.
Being able to apply online is obviously a big draw, but so is having an account and not needing to visit a bank to do any sort of transactions. Everything can be done online, from transfers to changes.
As you can see, there are many good reasons to use an alternative lender, especially if you run a small or medium sized company. They make applying for a loan easy, as everything can be done online and there is no need to visit a bricks and mortar building. All kinds of loans are offered, including bad credit loans and caveat loans.