Giving small business owners complete control over their funding options
Ever have nightmares about the lengthy process of applying and waiting weeks to get a loan from your bank?
First, you jump through bureaucratic hoops to complete the application. Then wait weeks for an answer, which is usually a denial. And on top of losing precious time and gaining a few new gray hairs, your credit score suffers, too.
‘Frustrating’ is a big understatement! Fortunately for you, digital technology has changed all of that. But, not all online business funding solutions are made equal.
Discover what sets the Become online business lending marketplace experience apart from the crowd, and how it’ll help you get the financing your business deserves.
What is an online business lending marketplace?
Let’s break down the term so you can get a firmer grasp on what it really means.
‘Online business lending’ is the practice of lenders providing funds to businesses through a digital loan application process. In fact, over the past two years alone, the number of loan applicants who applied through online lenders rose by 13% (while applications to other loan providers such as banks and credit unions remained relatively steady).
Over the past two years alone, the number of loan applicants who applied through online lenders rose by 13%! Click To Tweet
There are several reasons why small business owners choose to go with online lenders, including:
- Faster response times
- Complete control over the lender and loan type go with
- Higher chances of getting funded
- No collateral required to qualify (for certain loan types, like unsecured business loans)
- Pre-qualify with no hard credit check (even qualify for some loans with no credit check at all)
Where does the ‘marketplace’ part fit in?
Even though online lending is faster, it still takes time out of operating the business in order to fill an application. And, you may choose to apply with several individual lenders simultaneously in order to increase your chances. But that will take even more time, and can actually backfire since your credit score will be negatively affected by too many hard credit checks.
That’s where Become steps in and demonstrates the unique power of fintech and its ability to revolutionize the business lending process.
Become’s online business lending marketplace brings dozens of the nation’s top lenders into one network where they compete to give you, the business owner, the best loan offer possible. This has several benefits, including saving you tons of time filling out so many applications, and bringing the best deals to you instead of having you search for a needle in the haystack.
Keep reading to get filled in on the secret that makes it possible!
How it works
Small business owners need a faster way to apply for financing with improved funding odds, and lenders need an easier way to connect with those businesses. Become does it all.
The Become solution to business lending dilemmas is to introduce financial technology into the equation with the proprietary LendingScore™ platform. Joining the force of fintech with a network of 50+ of the best lending partners allowed Become to establish an online business lending marketplace that has helped thousands of owners obtain business funding exceeding $160 million to date!
With one quick and intuitive online application, you can receive offers from a wide range of lenders. The LendingScore™ technology analyzes your business’s financial profile top-to-bottom, and then uses the results to collect only the most relevant loan offers tailored to your specific needs. You can then view all of your loan options on your ‘Loan Offers’ page.
You then get to compare the different offers (by loan type, interest rates, loan terms, and so on) – and select to continue with the offer(s) that you feel are the optimal fit, and reject those that don’t quite make the cut. Depending on the lender and loan type, you may even be able to receive a same day business loan!
How much easier can it get?
How is it different from other business loan comparison sites?
It’s true that other affiliate-type business lending sites may give business loan applicants several lenders to compare and choose from. But Become is the only online business lending marketplace that uses advanced algorithms to accurately match you with the loan providers that compliment your individual business profile the best.
While many online lenders will oftentimes present data and specs on the lenders they recommend, those stats will frequently cover very general surface-level info about the lenders. You’ll be hard-pressed to find the level of personalized loan offers that you’ll get from Become. You’ve got enough to worry about, why should you fret over having to sift through lenders to find the right one for you?
The Become business lending marketplace not only provides you with a curated set of loan offers but also gives you control over the selection process so that you can proceed with the lender that matches your business’s profile (and do-away with the options that you don’t want).
No more stressing and guessing over business loans!
Pros & Cons of using a business lending marketplace
Even with all of its pluses, the concept of an online business lending marketplace is not without its drawbacks. Have a look at the ups-and-downs of marketplace lending (not to be confused with the pros and cons of online lending in general):
Approval rates & statistics: How does it help you get the funding you need?
When applying for financing through Become’s online business lending marketplace you’ll gain access to technology-driven tools that allow you to beat challenging odds. But, just how hard is it to get funded?
Have a glance at these business lending stats:
- 43% of small business owners applied for additional funding over the past year
- Alternative lenders, including online, have a 57% approval rate (compared to 27% for large banks and 50% for small banks)
- 44% of small businesses apply for financing in order to meet their operating expenses
- More than 50% of small business loan applicants were either denied or were unable to receive the total amount they applied for
- 26% of business loan applicants who applied with large banks reported they had to wait a long time for a response
More than 50% of small business loan applicants were either denied or were unable to receive the total amount they applied for. Click To Tweet
How does Become help you improve your business lending experience?
Thanks to the development of LendingScore™ technology, Become is able to not only speed up your funding process but also provide you with personalized guidance on how you can boost your funding odds. There are many factors that play into your fundability, and the LendingScore™ Dashboard is where you’ll get key insights into exactly which part of your financial profile you’ll need to work on in order to get funded.
Such a level of transparency in the business lending industry is unprecedented and proves just how dedicated Become is to help you obtain the funding that you deserve to get.
Online marketplace business lending is leading the way into the future of business financing. Become is proud to be introducing new and creative solutions to the problems that plague the small business lending industry. Stay at the forefront of business lending by applying through Become, where you’ll get more personalization, more transparency, and more control than ever before.
Don’t forget to share this article with other small business owners so that they can also discover all of the strengths of online marketplace lending. Happy funding!