Getting a business loan used to be a long and complex process. But nowadays, with the advancement in technology and credit score checks at your fingertips, in most cases you can apply for a loan online one day, and receive money in your account the next!
Let’s discuss some of the differences between applying for a Traditional Bank Loan vs. an Online Loan with a broker.
For Bank Loans, you typically have more paperwork to complete and may need to provide excess documentation such as balance sheets and a business plan. Statistically, banks also have a higher percentage of rejection rate of small business loan applications.
With Online Loans, you will typically find the process much easier, with a larger range of suitable finance options available for your business.
Additionally, most application processes are paperless, and only take a couple of days to process.
Loan products such as unsecured loans, also allow business owners to receive quick capital, without the need for collateral.
Like to find out more? Call Sam today on 0420 230 043.