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As a small business owner, you may feel
like the big banks aren’t there to help you. Big banks help big businesses and
can’t do much to help you if you really
need help.
They say the best way to get a loan from a
bank is to convince them you don’t really need one. Meanwhile, if you’re in
dire straights and need a loan to stay afloat, you could be seen as too risky.
If you’re a small business owner who needs
a bit of help (or cash), here are 3 reasons you may not even want to waste your
time applying for a bank loan.
1. Slow
Turnaround Times
We probably don’t have to tell you that almost nothing involving a bank happens quickly. So, if your business needs cash in a hurry, you’re better off going online and applying at PayvantCapital.com for a merchant cash advance. You can get a response in 24 hours because they’re not limited to “bankers’ hours.”
If you go through a bank, you’re looking at
a minimum of 30-45 days. And there is absolutely no guarantee on getting
approved, even if you do everything they ask. You could be back to square one
after 45 days.
This is not ideal if you need the money for
an emergency situation or to take advantage of a sudden opportunity.
2. Stringent
Lending Criteria
In recent years, we’ve seen the big banks approve a record number of small business loans. However, it’s important to know that they’re still saying “No” to almost 3 of every 4 small business owners. That means the odds are better, but they’re still not great.
If you’re a small business owner, you can
be denied a loan because of:
A lack of income, capital or collateral Bad credit (i.e. A low business credit score) or lack of credit historyThe business owner has a low personal credit scoreA perceived … Read More
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