Choosing to apply for a loan can be a difficult, you’re not sure whether you’re making the right decision and you don’t want to get your company in financial difficulty if you struggle to make payments. Most business owners take risks when applying for capital, just like alternative lenders take risks supplying funds. Nothing is guaranteed in business, that’s why it is important to select the right lending institution when sourcing funds.
How Long is the Approval Process?
If you’re in need of funds fast, you’ll want to know how long it takes from application to approval to having cash in your account that you can use. Most business owners who use alternative lenders need quick cash, they may want to purchase essential new equipment or take advantage of a business opportunity, either way, you’ll need to know how long the approval process will take to complete. Some lenders in Australia like Max Funding offer same day approval, while others can take a bit longer to process your request.
How will I be Evaluated?
You may not get a detailed breakdown of how your business will be evaluated, but they should be able to tell you what they are looking for when assessing your company. Most alternative lenders have a pre-approval system which evaluates your company to see whether you are eligible for a loan. This can be done in a matter of minutes, so you’ll know whether you stand a chance of being approved for a loan.
Can I make the Process go Quicker?
Alternative money lenders already have a system in place which makes loan applications and processes run as quickly as possible. They can approve requests much quicker than traditional lending institutions, but there are always ways to make your application faster. You should be thorough and concise when filling in details online, make sure you don’t make mistakes and proofread your application before submission. In addition, provide clear business information and documents which support your claims.
What Happens Post Application?
After you’ve applied for your loan, an alternative money lending company will set about processing your request. They’ll carry out credit checks and documentation verification to ensure your company ticks all the boxes. Once everything has been properly assessed, you’ll receive funds in your account within a short period, usually 48 hours.
Can I Top up my Loan?
If you are in need of additional funds, some alternative money lenders will allow you to top up your money if you’ve paid off at least 50% of your loan. Once you demonstrate that you are reliable and continue to pay back your loan, they’ll have no issues providing you with extra capital if required.
If you elect to use an alternative money lender to secure a business loan, it is important to work with a reputable company. There are plenty of alternative money lenders in Australia, some are better than others, that is why you should borrow funds from a reputable organisation to guarantee success. They’ll provide a transparent service which won’t put you in financial difficulty.