Big bank loans are hard to come by. Though the number of approvals has been increasing in recent years, new companies are often not even considered due to their lack of financial history. Even if you meet the rigorous credit standards and revenue minimums, the whole process still requires a lot of time and energy. To avoid this hassle, businesses have been turning to alternative lenders, non-institutional companies that provide smaller, faster loans to business owners. The approval rates are much higher (64 percent, as opposed to about 20 percent for big banks, according to Inc.), and you could have your money in a matter of days, rather than weeks or months. Sound too good to be true? It might be, if you don’t choose your lender carefully. While many business lenders are trustworthy and reliable, there are plenty of others that could potentially ruin your business’s bank account, credit score and reputation. “Not all loans are the same,” said Jordan Niefeld, a CPA and certified financial planner with Raymond James & Associates. “Institutions make money by lending, and [borrowers can have] expensive bills and rack up interest because they didn’t do their homework.” If you want to make… Read full this story
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