How To Find The Best Small Business Loans
Today we are going to be discussing a unique way of getting small business loans.
Peer-to-Peer Small Business Loans
The process is to apply for peer-to-peer small business loans.
Now you may have already heard of peer-to-peer personal loans. Lending Club is the largest peer-to-peer lending platform and has issued millions of dollars in personal loans.
They also offer small business loans.
You can get affordable, simple business loans up to $300,000 at Lending Club. These allow you to invest in equipment, increase staffing or lease or buy office space.
It is simple to apply, just visit Lending Club Small Business Loans
– Grow Your Business With A Fixed Rate Loan Up To $300,000 From Lending Club. Approval Takes Just A Few Minutes With No Obligation!
What Are P2P Small Business Loans?
The process is different than traditional bank loans. It can include a shorter application process and quicker access to cash though. Their loans are unique compared with those from traditional banks and can tend to have higher interest rate.
Individual investors fund the loans over the peer-to-peer platforms. It is another option to get funding for your business. The business loans are for terms from 1 -5 years. You can get up to $300.000 that can be used to invest in your business.
How a Regular Peer-to-Peer Personal Loan Could Work?
There are just regular P2P personal loans that you can apply for and get cash for your business using your personal credit. These generally are much smaller and go up to $40,000. But if that is all you need, this can be a good alternative. It is a personal loan that you would qualify for using your personal credit.
These are unsecured personal loans that are funded by individual investors. When you need more than this, it would make sense to apply for their small business loans.
How Can I Use The Lending Club Small Business Loans?
They can be used for multiple purposes.
1. Purchase New Equipment
New equipment can help speed up your processes and increase efficiency. When you need new equipment a small business loan can be a great return on your investment.
2. Hire New Employees
If you need to expand your workforce and need cash, a small business loan can accomplish the task.
3. Expand a Current Location or Buy a New Building
Remodel and expand a current location or even purchase a new building.
A MarketPlace For Small Business Funding
Another option for small business owners is to go to a lending network. Lendio is the #1 Marketplace for small business funding. They offer you a whole bunch of different financing options for all types of small businesses.
Just fill out a few simple questions and the matching service will provide you with the best options.
This takes a lot of the work out of the loan process for business owners and can save you time.
Many times small business owners do not realize what it takes to get a business loan. Some lenders require you to be in business over 2 years. Others may want you to have a specific amount of revenue per year before considering you.
If you do not know how to filter these requirements out, you may apply and then be disapproved. The beauty of the matching service is that they will do this work up front so you only apply when qualified.
This is just another option if you are wanting to apply for a small business loan.
All of these can be great loan alternatives to traditional bank small business loans. Getting cash for your business is imperative to growth and expansion. It allows the purchase of inventory, working capital, staffing and to take advantage of opportunities.