Step 24. Applying For Business Term Loans

As a small business owner, it’s not uncommon to be turned down for a bank loan. A faster (less than 2 hours) and better alternative is online lending. There’s no need to go into a bank. You can simply do it right from your home.

Term Loans Explained

While rates are slightly higher, the competition can’t offer anything close to the same convenience. These loans are a great way to build your business credit as well, assuming you always make on time payments.

  • How To Get The Most Out Of Alternative Term Loans:

    – Short term cash flow improvement
    – Buying inventory
    – Equipment purchases
    – Refinancing of a loan
    – Acquisition of a businesses

  • What’s great about alternative term loans:

    – Reasonable interest rates (7% – 30%)
    – Quick turnaround time (compared to banks)
    – Less effort and documentation needed
    – Fixed, predictable payments (usually monthly)
    – May help improve business credit scores
    – Available for many uses

  • Negatives of alternative term loans:

    – Interest rates are higher than those of a traditional loan
    – Can be difficult to get good customer service
    – Can include a penalty if paid off early
    – Most require that personal and business credit are good
    – Collateral might be required
    – Many require at least 2 years of business operations

Apply For Business Funding CLICK HERE

Pay careful attention to recommendations posted on the “Learn More” link before you apply.

To Do List To Complete In This Step

1. Review various lenders and their terms and apply for business funding.

2. Pay careful attention to recommendations posted on the “Learn More” for each lender.