Online Business Loan Approval
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Online Business Loan Approval

Getting A Business Loan Approval Online

If you are looking for a business loan online, and you need to secure your funding quickly, the last place to go is to a traditional lender or a local bank for an online approval.

I researched banks and traditional lenders for business loan financing recently, and I could not find one that would allow me to submit my application online.

In fact, most required either a phone call for an appointment consultation or an in-person meeting at a local branch with their lending representative. I didn't have time for either. But after just a little more digging, I found many other companies with much better loan terms and turnaround times, so I'm glad things worked out the way they did.

Online Business Loan Lenders Are Overshadowed

Bigger banks and traditional lenders these days dominate the smaller companies who offer business loans, and is made possible by their large street and online presences. Banks and traditional lenders also show up higher on Google and other search engine queries, and this makes the smaller lending companies even less visible.

Such a shame since the smaller companies can beat the pants off the big banks as far as performance and turnaround times go, but most business owners aren't aware of this. Most people (myself included) will naturally gravitate to the bank they do business with at first, but end up initiating a loan process that can take several weeks to complete in some cases thinking it's the best they can find.

Same Day Approval

Like same day approvals for instance. You're going to have a hard time getting one of those with your local bank if you're applying for a business loan. They may agree to see you on the same day, but that's about the extent of the same-day service you're going to receive if I may be honest.

You will need to provide a lot of documentation before you'll get any reliable answers, so I wouldn't expect your approval on the same day you apply if your consult is a bank or traditional lender.

Fast Funding

Fast funding is another aspect of lending that banks and traditional lenders tend to have a hard time getting right.

They all have super-friendly customer service with clean branches and offer free pens to their clients in some locations, but when it comes to moving quickly to finalize a business loan application, that they haven't quite perfected process yet.

Online business loan companies, however, can move lightning fast. And can fund their loans in days instead of weeks like most traditional lenders. Most businesses fail because of lack of capital to tide over a bad time, so not getting your financing in time could mean the difference between getting by, or not.

See Our Recommendations

If you need help finding a reputable business loan company, see our recommendations list, or click the menu option at the top of the page. I researched quite a few companies offering these programs last year, and having worked with a few big banks in my day, I weighed their options against those of the smaller companies I looked at.

And I learned that the smaller companies, although overshadowed by the larger banks, do indeed offer the more favorable loan terms. And you are welcome to do your own comparison shopping if you don't believe me.

Smaller business loan companies offer faster service and most also offer the option to apply online as well, which is something else that most banks will not allow. The smaller companies I recommend also do not require fees or money up front to apply like some more well-known places, so they will give you a lending answer WITHOUT asking for payment.


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