In technical terms, a business loan is an amount lent by a financial lender (traditional or alternative).Borrowers are obligated to make the repayments on time depending on the cited terms and conditions.
Every successful business owner has applied for a business loan at least once. A streamline cash flow is mandatory to generate enough profit. Loans can offer enough capital to tackle major expenses, i.e. business expansion and equipment purchases.
Funds from a business loan can help to cover the new business expenses. Many online lenders and traditional lenders are available in the industry to help business owners in need. Once you have shared business and financial information with the lenders, you can borrow the set amount. Use the loan and get out of a financial crisis.
$50,000 - $150,000
Business Credit Score
500 – 650
6 months – 2 years
WHY GET A BUSINESS LOAN FROM ALTERNATIVE LENDERS?
Traditional lenders are hesitant to lend money to small business owners since the Great Recession. As there is a significant increase in the demand for a business loan, traditional lenders tend to separate fair credit scorers and bad credit scorers. So, this becomes their massive disadvantage resulting in a lack of opportunity for business owners with a poor credit score.
On the other hand, the use of technology by online lenders have streamlined the process to make funding available for small businesses with a strategic business plan. They consider factors like transaction history and cash flow, not just business’ credit.
Merchant Advisors has a simple application which makes it easy for the business owners to apply for a loan. The process is simple: fill an online application and get an instant decision — either your application is approved or rejected.
The information you provide on the loan application should be free of errors. Make sure you double check all the numerical figures, bank statements, tax return documents before submitting your application. If there is any problem with your application, there are some lenders that will reject it although some might inform and recommend you make the changes.
A traditional loan application is hard to fill and the decision takes some time. On the other hand, an alternative lender's easy-to-fill loan application is customer-friendly.
The lender has to be sure about your financial worth. So he will assess the following documents before lending you a loan:
- Financial Statement
- Bank Statements
- Social Security Number
The sole mission of Merchant Advisors is to provide equal opportunity to its clients. The lender will approve an application with a bad credit score if it has a realistic business plan.
Things to keep in mind before making a final decision
The market is full of alternative lenders, banks and credit unions offering business loans for every possible nature of the business. When you are loan shopping, you must have a clear objective about your business in mind to mold funds according to your needs.
Compare the APR value, interest rate, hidden costs such as an application fee, obligation fee, early payment fee. The comparison will give you an idea about the amount you need to repay and will help you self-analyze whether you will be able to make repayments on time or not.
So, do your homework before deciding!
Online Business Loan Requirements
6 months in business, $50,000 as annual revenue, No open bankruptcies.
READ BEFORE YOU SIGN
Make sure you carefully read the conditions before you sign on the dotted line. Understand costs and penalties associated with your loan, either it is a bank loan or an online business loan.
If you find financial terms that you’re unacquainted with, ask your lender or get help from a trusted advisor before you sign the contract. With multiple funding options on board, it’s time to become savvy while making a decision! Select the best funding solution to your financial problem.
At Merchant Advisors, our goal is to serve our clients' immediate and long term financial needs.
Things To Keep In Mind Before Making A Final Decision
The market is full of alternative lenders, banks and credit unions offering business loans for every possible nature of the business. When you are loan shopping you must have a clear objective about your business in mind to mold funds according to your needs.
Compare the APR values, interest rate, hidden costs such as application fee, obligation fee, early payment fee and the rest with multiple types of loans. The comparison will give you an idea about the amount you need to repay and will help you self-analyze whether will you be able to make repayments on time.
So, do your homework before deciding!
Best Small Business Loan for You
Which loan fits your business the best?
What gives Merchant Advisors an edge over other lenders?
We've learned a lot by working with thousands of small business owners like yourself. With Merchant Advisors, you not only get capital for your business, but also credit resources, affordable prices, renewal benefits, early repayment savings and, on the top of all that, peace of mind.
To get started, fill out a 3 step online loan application, provide basic business information, and you will get a decision in one hour and funding in as quickly as 24 hours.
Building a solid credit profile is important to gain access to funds at reasonable rates. We help you with your credit by reporting it to the credit bureaus.
Our expert financial advisors will reach out to you; they work with business owners every day to address emerging financial challenges while running a small business.
We offer discounted fees on loan renewals and low prices exclusively on small business loans for our loyal customers. We are always ready to help now, or anytime in the future.