Traditionally banks have always been the places where businesses go when they need a loan but the trouble with banks is that they have too much red tape, ask too many questions and usually require several days for the approval of any loan. Today though, websites like https://www.merchantmoney.co.uk are making another choice available for businesses which need loans and theirs are easier, faster and require far less intrusive questions to be asked, a choice many businesses are quickly opting for rather than undergoing the lengthy and intrusive banking procedure.
This is perhaps the new age for loans for businesses with business now being able to apply for loans online, and without having to show full business histories and credit recommendations. These new style loans are high touch, high speed, hi-tech and are achieving high growth.
High Touch – Each business is treated like an individual and not just as any other business. This personal touch allows business owners to expand their hopes further than what a bank’s questionnaires usually allow, allowing the lender to fully understand the businessman’s needs.
High Speed –There is no waiting around or making appointments for these types of loan, a business owner merely goes online, applies and has their answer usually within 24 hours.
Hi-Tech – These types of lenders have mastered the art of combining personal assessment with patented hi-tech, financial risk assessment technology to be able to quickly and easily make decisions on whether a loan is viable or not. This combination not only protects the lender but also the borrower, ensuring that is a happy result for both.
High Growth – It is perhaps not surprising that these types of loan are rapidly becoming very popular with businesses, as no business wants to wait around for decisions, they want to take action as soon as possible as usually; time is of the essence.
As with banks, these types of loans do have limits but those limits are very high with regular businesses being able to have loans of up to as much as $150,000 in just 24 hours. There are even some businesses, like corporations for instance, that can qualify for loans of as much as $500,000 and once again approval can be received in just 24 hours.
Another benefit of these new types of loan is that they have been made easy to apply for and get top-ups for an already existing loan, something which through a bank would usually mean submitting and going through a whole new loan procedure.
The patented techniques which these lenders use often means that a business does not have to its assets, either in property or products, the hi-tech software will evaluate a business’s ability to pay back a loan without the need for those.
As most business today is carried out online, these new lenders will facilitate for the loans to be spent online if needed, which often proves beneficial to many businesses and can assist them in progressing faster than they would dealing with cash transactions.