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As a small or medium size business owner, you may need a loan urgently to avoid running into loses or your business stalling. Unfortunately, the traditional banks can’t offer this with their aggravating loan application process and low approval rates which range from 8 to 12 percent as opposed to those for online loans that exceed 30 percent.

The truth of the matter is that you will pay more for fast short term loans in comparison to traditional bank loans. This is however not a bad thing if the loan will contribute to the growth of your business. As long as the payable interest makes financial sense for your business, you are better off applying for a low interest short term loan that you are sure of being processed quickly and you have a higher chance of approval.

Best 3 Alternatives to an Online Business Loan

While online loans are the fastest way for getting funding for your business, sometimes you may want an alternative to save your business.

Family or Friends

Most people shy away from asking friends or family members for a business loans because they feel embarrassed. But if you have the courage to, you may be surprised that a loved one is the best person to get a low interest short term loan from.

Business Credit Cards

Business cards, when properly utilized, can provide a convenient source for a business loan. If you have a credit card that is separate from your personal finances, and you are confident with your credit rating, then you could opt for a business credit card loan.

To increase your chances of getting this type of loan, ensure that you pay off your credit balances in a hasty manner. Generally, the APR for business credit card loans is 16 percent, which means you cannot fully rely on this type of loan. Business cards are also limiting in regard to the amount of money you can be given, and therefore not a very good source for fast short term loans. On the positive side, many credit card lenders will give you an introductory zero percent interest rate, and there also other rewards like cash back with purchases that you could benefit from.

Invoice factoring/discounting

Invoice financing has become the newest and most popular trend for getting a low interest short term loan. If your business has long invoice cycles and your cash flow often runs in the negative due to poor paying customers, then you could benefit from either invoice factoring or invoice financing. In invoice financing, your tied up working capital will be released to you so that you continue running your business as you wait for your customers to pay you.

If you need a fast short term loan for property finance, vehicle finance, invoice factoring and discounting, unsecured working capital, or any other business purpose, you can trust Magnolia finance to come to your aid. 

Published: 8 months ago by yiyuan.

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