Today, it is important to remember that Lenders don’t simply hand out money to anyone.
Lenders analyze certain criteria in an attempt to determine if a Loan is risky. Remember that lenders are also taking risk by making funds available to merchants too. The criteria will influence the specification and parameter of the loan such as the amount, term length and interest rates.
Through understanding what lenders are looking at, you can make yourself a more attractive loan candidate.
Traditional Lending
Here are some factors that a traditional lender considers:
AmountCreditCash FlowCollateral
Even if you fulfill all of these needs, there is still the chance that you will not get the full amount your requesting, you will be inundated with paperwork, and the process may take 4-6 months to be approved. However, the days that merchants depend on traditional lenders are over. Today, merchants have more options, a big thanks to alternative lenders.
Alternative Lending
Companies such as Wecompete Lenders provide options and differ from traditional banks. This makes it possible for lenders to offer loans to merchants who may otherwise not qualify, provide more money, less paperwork and approvals in as quick as 24 hours.
For example, WeCompete Lenders offer working capital loans and merchant cash advances of up to $10,000,000. We are also a marketplace that has options such as construction loans, equipment financing, property loans, invoice financing, lines of credit, asset based lending (ABL), small business loans (SBA) and many more. Unlike traditional alternative finance companies WeCompete Lenders drives rates lower by competing lenders. This has proven to lower rates by 10-20%.
Regardless of what type of company you employ, the most important thing is to work with professionals who understands your specific business needs.
WeCompete Lenders has business loan experts ready to guide you in the correct direction. Feel free to set up a FREE meeting on our website www.wecompetelenders.com or contact us at (844) 516-0633.
