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Business Loans – 7 Reasons Not To Use A Bank (Page 1 of 2)
So you’re a small business owner and you need a business loan to further the objectives of your company. Where do you turn?
When it comes to a business loan or commercial real estate loan, there are many good reasons NOT to turn to a traditional bank. Here are some of the most important reasons. Many small business owners, will find most of these points directly applicable to them.
“THE BANK TURNED ME DOWN”
Of course the biggest reason most small businesses go looking for alternative sources of commercial real estate loans is because they have been declined by the banks. Small businesses are often forced to look for other sources of funding because the banks will not provide it. This is not even listed below, since there are many positive reasons to prefer non-bank funding, EVEN IF YOU CAN get an approval from a bank.
REASON 1 – The minimum loan amount available from banks is too high
In many cases banks will not offer a commercial real estate loan for less than $250,000. So if you only need $100,000 you will be pushed to borrow more than you actually need. Or if your property will not support a $250,000 loan you are out of luck with the banks.
The solution is to look for an alternative funding source that can provide a lower minimum amount. Some commercial financing services will go as low as $100,000, and will often give you better terms and much better service than the traditional banks.
REASON 2 – Many traditional banks will charge you an up-front “commitment fee” just to examine and process your application
Banks usually think they are doing you a favor by processing your application, so they will often make YOU pay for their attempts to win your business.
The solution is to find other established and credible lenders who are eager to offer you better service without charging you a fee for processing your application.
REASON 3 – Most traditional banks will severely limit the amount of cash you can get from a commercial real estate loan.
Banks usually have very narrow rules about where you can use the cash derived from a commercial real estate loan. If you need a cash injection for your business, or want to use the proceeds from a commercial mortgage as a down payment for another property, most banks will not be interested in that type of loan.
Look for a lender who does not restrict your use of the cash derived from commercial real estate loans. Some services, (see links below) can provide commercial loans that give you up to $1 million in cash to use however you want.
REASON 4 – Most traditional banks require detailed business plans before approving a commercial real estate loan.
Many small businesses have business plans, but they are usually not sufficiently detailed to satisfy the banks. As a result, applying for a commercial real estate loan from a bank can turn into a very time consuming and expensive process. Creating the type of business plan that is adequate for the banks will usually cost thousands of dollars.
Payday loans – A blessing for salaried employees
For quick debt help requirement payday loans are ideal solution you can ever have. It can be too difficult to meet outlays of advance life and it is a very workable solution to deal with.
The requirements of people in UK have taken a swift turn with the improvement of technology in life. Satisfying all the requirements with the existing income do not always serve the purpose. So, one must have hard cash to accomplish urgent necessities . Payday loans have therefore became a necessity for individual where they feel short of money. Its fame has arrived the sky due to its approval to poor and good credit person, both. These reasons have enabled this loan segment to be sanctioned with complete gratification.
The list of requirement can be too long which my demand lump sum money to fulfil. One can consume the borrowed money to remit school fees, medical fees, repair car or home, purchasing home gadgets and many other purposes. So that, every classification of individual can avail this loan anytime, payday loans has been introduced as unsecured loan.
The most remarkable feature of the payday loans is its accessibility to any borrower, irrespective of their credit record. Besides that, no collaterals are necessary for the sanctioning of the loan. At the time of acquiring this loan, there is no need of time wasting documentation and faxing the papers.
This loan has a usual eligibility criteria which is suitable to most of people and for this your age should not more than than 18 years and you should must own citizenship certificate of UK. Having a saving bank account and permanent source of monthly income is s must for taking up this loan. It is necessary for the applicant to meet the above condition so as to get the loan amount. Along with comfortable application procedure, you have the benefit that there may not be the requirement of debit card to acquire the loan.
Payday loans are exist with a slightly higher interest rate as compared to other kind of loan. The reason of being this loan more high priced is the risk feature associated with debt providers because of being unsecured in nature. A deep search can lead a individual towards the wanted out come. As the lent money is paid back within brief period, it is also renowned as ‘short term loan’. The borrower should repay the loan amount with APR on the right time fixed by the lender. It provide the cash to use until your next payday.