If you’re a small business owner, finding simple, affordable funding options can often be a tough task. Many traditional lenders, such as banks and credit unions, will make you jump through so many hoops or flat-out reject your application based on their overly tight criteria.
But what if there was a faster, easier, lower-cost way for you to get the cash you need? Voilà! Alternative lending may be the best solution for all your business funding needs.
Alternative lenders, or nontraditional lenders, are private companies that work like banks by offering loans to small businesses. Unlike traditional banks, alternative lenders don’t discourage applicants by imposing strict requirements and long applications. Instead, nontraditional lenders, like First Union, will service your loan quickly, with fewer complications and lower costs.
Pros of Using Alternative Lenders
Alternative and online lenders specialize in short-term financing, which is a popular form of financing for small business owners. Among the many advantages of applying for short-term funding, regardless of the specific type, are:
- The process is fast. If you’re working with an alternative or an online lender, the approval process may only last a couple of days. Usually, a business will get a decision the same day, and then the funds will hit their account within 1 to 2 days.
- It is generally easier to qualify for. Longer-term loans tend to be seen as riskier. Whereas with short-term financing options, the lender may be more willing to take a chance on funding your business.
- Less interest accrued could mean a relatively low-cost option. Because you are paying the amount off over a shorter period, the interest that accumulates will not be as much as, say, if you were in a long-term loan situation. Thus, overall, there’s a lower cost associated with the capital you are borrowing.
First Union Lending Wants to Work with You
First Union offers various short-term financing options for our clients across the United States. We have short-term loans, business lines of credit, invoice factoring, and merchant cash advances. Even if your credit score is less than ideal, we might still have a solution for you. It’s about a big-picture approach; we are not fixated on one number or score. If you need additional working capital, we want to consult with you. Call 863-825-5626 today.