In 2016, The East & Partners Business Banking Index (BBI) found that 39% of SMEs are considering alternative lenders over traditional lenders. Why is this so?
These are the 4 things Australian online lenders can give you that the Big Four banks can’t:
Alternative lenders often provide money within a few days, while traditional lenders generally take a few weeks or months.
Higher approval rates
Alternative lenders use advanced algorithms on which they base their approval decisions, with the overall health of business being the deciding factor instead of the credit score.
Alternative lenders typically offer unsecured business loans, which is ideal for the small business owner. This means that you don’t to put any of your assets at risk.
Because applications are online, the entire application process is quicker and easier. There’s less paperwork, and you don’t need to wait in line at the bank.
Become is Australia’s leading business loan marketplace, where you can get free loan offers from top Australian alternative lenders.
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Disclaimer: The above information is of a general nature. Before receiving a business loan you should consider the loan agreement and finance documents provided by the lender, and whether the loan is suitable for your business.