The internet is the Almighty these days – from the shopping of all kinds to tutorial videos, it provides us everything. And that too in such less time! So what is that thing in our life that we really wish didn’t take so much time and can be granted as soon as possible? Yeah, you guessed that right – loans.
Online loans are the real deal these days. There are experts working in these online loan sites, willing to help you with every one of your decisions instantly! It’s a real bore to go to the banks, find out all the details and then convince them to grant you the loan which they might not at the end of the day. While large banks meet only 58% of the loan applications, online lenders have a lending rate of 71%. The rate is higher merely because online lenders have a wider range of analytic tools when it comes to guaranteeing a loan to a person. Nontraditional metrics, payment to vendors, cash flow, personal credit score and even social media presence are all the things that online lenders will consider but your regular banks won’t.
But there’s this little constraint: if you are just starting out, online loans are sadly not available for you; you see, you don’t have any records for them to analyze. On the other hand, if you have been doing the business for at least a year and/or you can’t qualify to get a loan from your neighborhood bank or you need some quick cash inflow, online loans is definitely your thing. Depending on the number of years you have been doing business and the amount of revenue you are making, there are different kinds of loans available:
- StreetShare, BlueVine, Prosper, and Fundbox are for people who have been doing business for less than one year but making $4k a month.
- Along with StreetShare, BlueVine and Fundbox, Kabbage, and OnDeck provide loan for businesses between 1-2 year old and making $12k a month.
- OnDeck, Kabbage and DealStruck is for businesses between 1-2 years but with a revenue over $12k per month.
- Kabbage, BlueVine, StreetShare, and Fundbox for over 2-year-olds with revenue below $6k.
- Smartbiz, LendingClub, DealStruck, Funding Circle, Fundation for over 2 years and above $6k revenue.
Make the most of this fantastic opportunity today!