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Busted: 4 Myths About Small Business Loans

August 17, 2017 Nici Pillemer

Reading Time: 2 minutes(Last Updated On: January 14, 2018)

We are here to debunk the most common myths about small business loans.

Getting a small business loan can be one of the more challenging aspects of running a business. Thankfully, the market has changed and fintech has made getting a business loan quicker and easier. Find out how business loans have changed for the better in more ways than one.

How We Can Help You: Getting a business loan can be easier than you think. US SMEs can apply quickly and easily for a business loan through Become. Get a Loan>>

4 Common Business Loan Myths Debunked

1. Getting a small business loan is difficult

This used to be the case but the US market is trending more and more towards online lenders. Banks have typically been averse to lending to SMEs, but alternative online lenders focus specifically on the SME market. Getting a business loan through an online lender is typically fast and simple.

Become offers US SMEs quick and easy access to unsecured business loans. Become is a top lending marketplace, where business owners can get multiple loan offers through one easy application. You can apply online and, once approved, you will receive your funds within as little as 24 hours. Become will match you to the right lender for your business.

2. You need to have a perfect credit score

Our lending partners, who provide the actual loans, do not prioritize a company’s credit score. While our lenders do look at your credit score, they pay more attention to other factors such as your business financials.

3. You need to put your assets on the line

Here’s some more good news. The business loans that you can access through Become are unsecured, so you don’t need to put any of your assets at risk.

4. The most important factor to consider is the interest rate

The interest rate should not be the deciding factor when choosing a loan provider. It is also important to consider other criteria, such as the loan term, repayment structure and what you can use the loan for. The business loans through Become are flexible, which is highly beneficial for cash-flow management. The loans can also be used for any business purpose.

Get a Loan to Grow Your Business

Times have certainly changed for small and medium businesses in the US, and business owners can now easily get the money they need to grow their businesses.

Check now if you qualify for a business loan through Become. The eligibility check is quick and obligation-free.

How much are you looking to borrow?

$5,000-$10,000 $10,000-$20,000 $20,000-$35,000 $35,000-$50,000 $50,000-$75,000 $75,000-$100,000 $100,000-$150,000 $150,000-$200,000 $200,000-$250,000 $250,000-$300,000 $300,000-$350,000 $350,000-$400,000

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.

Disclaimer: The information contained in this article is provided for informational purposes only, should not be construed as legal advice on any subject matter and should not be relied upon as such. The author accepts no responsibility for any consequences whatsoever arising from the use of such information.