If you are looking for a business loan, you may consider both traditional and alternative lenders and observe what each can offer. Here Miner Capital Funding going to discuss about different ways of business loan providers and what you can expect from each of them.
Traditional debting ways like banks normally have endless requirements for a business loan approval. You need to submit a variety of papers such as tax returns, bank statements, and even collateral. Also, banks need a perfect credit score for commercial conventional loans. There has very strict rules for getting approved for a business loan from a bank. So, if you don’t have enough documentation support and also don’t have a very strong credit score then you will waste your time by applying for a business loan to a bank.
With an alternative or non-traditional lender, the whole procedure is much easier. Also, an alternative lender needs less documentation, and in many cases even do not require collateral. Also, private or non-traditional traditional lenders offer much flexibility with amazing loan option. Just like Miner Capital Funding offers less documentation, quick approval as well as fast closing options for every borrower. Moreover, with an alternative way you don’t need a perfect credit score to get the fund for your business.
Chances of Getting Approved
With a big list of documentation, a traditional process needs a long time for approval and for distributing the fund. It normally needs around seven weeks for the entire process from start to finish. Also, the percentage of approval is very low with a traditional process. Also, you may face documentation issues at the time of approval process.
On the other hand, alternative or non-traditional lenders like to move fast. Even, in maximum cases, a debtor get fund in a day. The approval rate with an alternative lender is much higher than a traditional lender. Alternative lenders also offer low-interest rates and a very user-friendly application process, flexible repay time and much more. So, working with a non-traditional or alternative lender is a wise selection for a debtor.