It is not uncommon to be denied financing by a traditional bank or credit union. The experience can worsen by a tedious application process and a long wait for the approval. That is why alternative lending is gaining traction and becoming more popular.
Common Misconceptions Regarding Alternative Lending Alternative Lending
Contrary to popular belief, obtaining alternative lending is often quick, easy, and perfect for many small- and medium-sized businesses. Here are a few misconceptions that you may run across when you look into alternative financing solutions:
Alternative lending is a solution of last resort. Far from being true, many businesses prefer to utilize alternative landings when they need cash infusions. It is easy to qualify and quick to arrive.
It is expensive. There are so many different forms of alternative lending, that a statement such as this is simply silly. Some forms carry higher interest rates than others. Some types of alternative financing, such as invoice factoring, are not even loans at all. There is no association with interest expenses.
One can only apply if you are rejected by a bank. This is somewhat of an odd, although incorrect notion. Possibly fueled by the misconception by some that banks are the only place to get funding. It is simply not true.
Alternative lenders are not regulated. While it is true that alternative lenders offer different products than traditional banks. It is not true that they are unregulated. Indeed, they must follow federal regulations, especially in the area of transparency and disclosure.
Why Choose Alternative Lending
If your enterprise requires a cash infusion, then consider alternative lending for a loan or other form of financing that can get your business back on track for continued success.
Contact Commercial One Group, we will tailor-make a solution for your particular business situation.