- June 27, 2018
WithI easy access to information, we’ve grown quite accustomed to believe everything we read on the internet. This can be extremely detrimental to our understanding of critical terms as there’s a lot of misinformation masquerading as fact!
Take small business loans for example. Senseless myths surrounding it will have you believe that it’s almost impossible to get a small business loan, when in reality this is far from true. So, let’s separate the facts from the fiction and debunk the most popular myths regarding business advances for start-ups.
Myth #1 – Approval Duration:
You may need the loan for a business opportunity that has a relatively short time window or for an unexpected expense that needs to be taken care of immediately. Whatever the case may be, people will often dissuade you that small business lending isn’t the right choice because approval can take weeks or months.
This couldn’t be further from the truth! With online applications, business owners can have their application submitted and approved within two days. However, it’s important to stay organized as collecting financial statements and credit reports can take a while, extending your submission time.
Myth #2 – A Perfect Credit Score:
It’s a commonly held belief that it’s virtually impossible to get your application for a business loan approved if you don’t have a perfect credit score. Some people even go as far as to say that banks won’t even entertain your application if you have filed for bankruptcy in the past or if you boast a horrendous credit score.
Once again, this is fake news. Turns out, private lenders and even some big business lending companies offer very flexible terms to loan applicants. So, you shouldn’t feel disheartened if your credit score isn’t up to the mark as there’s a high chance that your lender won’t even consider it when reviewing your application.
Myth #3 – Unreasonable Rates:
There’s no denying that the online lending market is still in its infancy and, as a result, draws skepticism from all parties involved. This has led many people to assume that those who provide business funds via the internet always push for unfavorable terms that make it nearly impossible for you to return the fund.
While there may be some bad apples in the bunch that make things difficult for potential borrowers, the entire industry isn’t out to get you. In fact, there are several reputable online lenders who offer reasonable rates.
Myth #4 – Interest Rate Is Everything
There’s no denying that interest rate is often the only factor people consider when it comes to lending. But it’s not everything. When looking for a good deal, you should give considerable consideration to other terms. In particular, factors like loan duration and purpose are just as important (if not more) and warrant your undivided attention.
We hope that this blog post clears up any confusion that you may have had about applying for business loans for your start-up. If you’re looking for instant business advances to fund future, time-sensitive opportunities, then the XpressFunding.net would love to help!
We pride ourselves in our ability to make the process of applying for a business loan easier and faster than ever before. Call us today to learn more about how you stand to benefit from our impeccable services!