Nowadays, getting a small business loan is a lot easier than it used to be. Small-to-medium businesses are not limited to the tight purse-strings of the bank. You can now apply for a variety of loan options through an online lender. The entire process is very simple and quick, with many lenders approving and depositing funds in as little as 24 hours.
These are the 5 steps involved in getting a loan for your growing business:
1. Decide how much you need and for what purpose
You can’t apply for a loan if you don’t know how much money you realistically need. Take a look at your business plan and budget, analyze for what purpose you require funds, and decide on a reasonable amount.
2. Find the right lender and loan
There’s a huge selection of online lenders. You can either research online, look at lender reviews and compare options and decide for yourself; or else you can apply through a lending marketplace, which will do all the work for you. Different lenders offer different loan products. A lending marketplace will find you the best lender and loan offer to fit your business profile and finance needs.
3. Complete online application
If you apply to an online lender, you can complete one simple online application.
4. Submit required documents
With many online lenders, you can simply upload any required documents online – no need for paperwork.
5. Accept loan offer
If you meet the lender’s qualification criteria, you’ll be approved for your loan. All that’s left to do is read the loan agreement and terms, and accept your preferred loan offer.
Alternative lenders have changed the face of small business lending. If you need funds for your business, you can apply online and, if approved, get the money in as little as a few hours.