It has long been said that if you don’t have at least a few bad loans under your belt, you’re probably not in business. This might seem a bit counterintuitive, but it speaks to the entrepreneurial spirit of today’s most successful business people, especially when considering the amount of capital required to start any kind of company.
Roughly three out of every four new businesses will fail before reaching their fifth year of operations, and a significant subset of these nose-divers go under due to the fiscal strain of a substandard loan, or, even worse, a disproportionate amount of credit card debt.
As such, private business lending represents an accessible way to swap out a suffocating high interest rate loan for a more workable, practical one, but we have to dig a bit deeper to paint a clear picture of today’s top-rated private lenders.
They Work With All Industries
Irrespective of whether your business happens to revolve around wedding planning, online sales, catering, construction, or anything else, you might like to know that the most resourceful private funding organisations provide support to every single sector across Australia, upwards of 130 different niches in total.
This is a far cry from the nit-picky, prejudiced banking institutions that play favourites when processing loan requests. In fact, the upper echelon of private lending companies, such as Max Funding, have bankrolled almost 10,000 different companies since inception, which is why alternative loans are forecasted to overtake customary bank financing by the year 2020.
The Approval Process is Intuitive, Efficient, and Simple
According to a nationwide survey of bank loan applicants, roughly half of entrepreneurs will wait more than a month to hear back from the institution in question, and nearly a third will actually never receive a follow-up communiqué.
Private lenders, on the other hand, are able to offer a rapid pre-approval process that you can complete in the same amount of time it takes to brew a cup of coffee, not to mention the fact that you can connect with an expert agent during the same day.
The Terms are Tailored to Fit your Revenue Stream
Whether you’d like to expand your next purchase order, enhance your tech infrastructure, hire an additional salesperson, start a new company, or repay a high-interest loan, you’ll be able to work hand-in-hand with a compassionate lending specialist to establish a reasonable plan:
- Surprisingly cost-effective interest rates when compared side-by-side with current credit card percentages and bank rates
- Obtain your full loan amount within several hours to help you account for a pressing need
- Bad credit history doesn’t automatically negate your eligibility
- Request a few thousand dollars, or as much as one million
Thus, simply by turning your attention towards an acclaimed private funder, you can save yourself the headache and hassle of chasing after a traditional bank loan.