Financing Your Way can be extremely helpful when we are trying to decide what are our next steps in terms of obtaining financing and exploring more funding options. As a consumer, we sometimes want to make large purchases however, it may simply not be economical to do so at a particular point in time. There are professional financing options for consumers that can enable all of us to purchase big-ticket items without breaking the bank. While crowdfunding sites like GoFundMe or Indiegogo are always options, it may a little more difficult to obtain sympathetic funding for our nephew’s college fund than it may be for our new stove with a double oven. Typical loans involve contacting a broker or the bank, undergoing a strenuous process, receiving the money and then paying it back at varied interest rates over a designated period of time. For most consumers, it yields more success when businesses offer customer financing. It enables businesses and consumers to get and spend money that they would not normally have quick and easy access to. No matter which professional financing options we decide to pursue, whether it be traditional loans or online loans, customer financing is a boon more often than not.
Online lenders are extraordinarily similar to traditional lenders however, often, the requirements are not as stringent therefore making these kinds of loans much more accessible to the average consumer. Many traditional loans have requirements regarding a minimum credit score, how long we’ve been operating our businesses, and even how much income we make. Other advantages of online loans versus traditional loans are that they generally are approved and funded quicker and take far less time to apply for. Online loans do generally have higher interest rates and fees which is something that is not an issue with traditional loans that tend to have more normalized interest rates and fees. Overall, an online business loan or line of credit can be just the thing for our businesses to start swimming financially while not being as tied into banking and lending giants as we would be with more traditional loans.