Business loans with traditional lenders like banks have been a tool for small business owners in the United States for over 100 years. Banks have remained a staple in our economy over that time and continue to be the best option for holding money, applying for credit cards and taking out loans. Small businesses and banks have enjoyed a successful partnership over the decades, but the honeymoon phase has winded down over the last 5 to 10 years.
With access to everything you need to start a business now available at our fingertips, an influx of new small business owners has emerged. This spike in new businesses has created a rising need for loans, subsequently forcing banks to crack down on the amount of applicants they are approving.
With banks making the qualifications for a business loan difficult for new businesses, or businesses with bad credit, have turned to alternative business loans to get the funding they need.
Alternative Lenders for Small Businesses
Finding alternative lending for restaurant businesses and other small companies is easier than most owners think. With non-traditional lenders like Fast Capital 360, small businesses are able to get the alternative funding they need to grow their businesses.
Fast Capital 360 offers various funding options to companies looking for alternative business loans. Using a third-party funder, we are able to facilitate SBA loan alternatives to traditional funding, merchant cash advances and other alternative business lending options.
Non-traditional loans, while easier to obtain than bank loans, have obstacles of their own. With long waiting periods and extensive background checks. Fast Capital 360 has designed a funding process that works like a unconventional loan, but faster.
Our application takes the average user less than 10 minutes to complete, and most applicants will receive a decision in as little as an hour during regular business hours. We take pride in creating an efficient and business friendly alternative to non-traditional and unconventional loans
Unconventional Loans and Alternative Lenders
Fast Capital 360 offers alternative financing options that work like unconventional loans but with a larger selection of options like a line of credit for businesses with bad credit, than other alternative lenders.
Alternative financing option are available in the form of many different options. Unconventional loans work best for startups and businesses that aren’t generating much revenue yet. Non-traditional loans work similarly to conventional loans, but may require a business have a longer operating history, or a higher operating revenue.
Fast Capital 360’s alternative business financing functions more like a non-traditional loan than a conventional loan. While receiving a decision on your business is quick, you can have a pretty good idea of whether or not your company will qualify beforehand with these three simple requirements.
- You’ve been in business longer than 6 months
- You have an annual operating revenue of over $120,000
- Your personal credit score is greater than 520
If your business fits this criteria, than all that you’ll be left to do is provide your four most recent bank statements and you could have your alternative financing in as little as 24 hours.
For more on Fast Capital 360’s online business financing and any other questions you may have about unconventional loans, non-traditional loans and bank loans, contact us today at 800-735-6107 and one of our experienced business advisors will be happy to answer those questions and walk you through the different funding programs we offer.
For the best alternative financing options available for businesses with bad credit, contact Fast Capital 360 today.