Working capital is critical for businesses at all stages, but traditional lenders in Canada have made it difficult for many small business owners to access the capital they need. Their process is long, paperwork intensive, and requires a lot of time and effort with no guarantee. All these factors have led to the emergence of online loans, a quick and easy way to access capital. Here is an overview of online loans to help you understand how they may help you grow your business.
How Online Loans Work
Online loans are loans obtained through a streamlined online process that significantly reduces the time and effort required to get a loan. Some traditional lenders allow you to submit information online; however, they will more than likely have strict requirements, make you wait a long time before you get a decision, and request that you visit a branch. True online loans are delivered 100% online and are offered by companies such as Lendified, a new generation of lenders dedicated to improving access to capital. It is important to know that not all online lenders are the same though. Here are 8 questions to guide you in selecting the right online lender for your business.
Does Your Business Need an Online Loan?
Online loans are ideal for those who cannot get enough capital from their bank or are looking for fast and affordable capital to take advantage of an opportunity.
Benefits of an online loan can include:
- No paperwork required
- Decision based on the overall health of your business (not just your credit score)
- Better rates than other alternative financing options
- Higher approval rates compared to traditional lenders
- Funding within days
- No need to pledge collateral
How You Can Get an Online Loan
With Lendified, you can apply for an online loan in minutes. All you have to do is provide basic details about you, your business, and authorize your bank to send us electronic copies of your bank statements. Our innovative technology will then provide you with a free quote instantly. There is no obligation to see what you qualify for and you can receive funding in as fast as 48 hours.