Online Lending Applications on the Rise

By September 17, 2014Business Cash Advance

Inherent in the word tradition is the ongoing pull to do things the way they've always been done. Think holidays and family vacations. They are prescribed ways of thinking and acting based on a long history. If you're launching a small business, however, tradition may get in the way of innovation. Small business loans are no exception.

Traditional loans are still alive and viable. Just recently Wells Fargo committed to offering $1 billion in traditional loans to small businesses in the U.S. by 2018. Also, the SBA is making traditional small business loans easier to obtain by guaranteeing a portion of those loans, making them more attractive to financial institutions. These are great steps forward in support of small businesses growth. However, borrowers still need to meet many qualifications to be eligible, like having excellent credit, offering collateral or meeting size requirements. And borrowers still need to apply and wait–sometimes weeks–for approval.


Statistics = Validation

Across the board, online lenders are reporting increases in lending requests. In 2013, overall nonbank lenders loaned about $3 billion to small business owners, and requests for loans are rising steadily, according to an article in Bloomberg Businessweek. Companies like Amazon, PayPal and Square are growing their merchant cash advance programs, a validation that big companies are entering the small business finance arena.

Leaders of online and non-bank lenders say their adroitness in the funding arena make non-bank funding so popular. A lender's ability to make quick decisions and the streamlined paper trail during the application process are positives customers appreciate. Services like the ones Lendini offers help small business owners increase their cash flow without having to wait weeks, like they would through a traditional bank loan.


Be ready for cutting edge opportunities as they come. Be innovative. Call 844-700-5363 or complete the online application for a free quote.

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