How Non Traditional Lenders Are Simplifying Lending
For many years it was known that if you needed to borrow a loan, you had to devote a considerable amount of time to the effort. Not only did you have to set aside a block of time to consult with the bank loan officer, you also had to keenly fill out the applications and ensure you provided all the supporting documentation requested. The documentation could be as mundane as utility bills or as important as financial projections to be included in the business plan. The amount of paper, time and money put in to pull together a satisfactory application could be sizable.
Non traditional lenders like those who offer business cash advances are no longer requiring this level of paperwork. In fact those like badcreditbusinessloans.com are enabling borrowers to get preapproved for funding online. By devoting just a few minutes to completing an online form you can find out within a day if you qualify for the amount being requested. Even afterward when making the paper application, you will not be asked for much and funding can be availed in a matter of days. Non traditional lenders have done away with this to help focus the lending process on what is most important, that ability of the business to make repayment on money advanced.
In fact with such advances, the business owner does not have to worry about putting together a fixed installment for repayment each month. The money will be pegged on the amount of receipts collected. In addition, collateral is not a concern. As long as the business has been operational and has the financial track record to support repayment, there is no need to provide a security for such a short term borrowing. This not only helps to improve on the speed of access to funding, it also makes this kind of alternative financing more accessible to businesses that lack valuable assets. For more information, visit www.badcreditbusinessloans.com.