Business owners looking for a cash infusion may seek out online lending over more traditional banking options. Many may assume that online lending is a faster and easier way to access needed funds. But as with any other funding option, it’s essential to know the facts about online lending before jumping in.
Below, members of Forbes Finance Council offer 15 tips for business owners looking to explore online lending options. They explain what to look for in a lender and what to watch out for before you sign any virtual paperwork.
1. Read The Terms And Conditions
Entrepreneurs must thoroughly research the lender’s offering to be sure the product and the associated terms and conditions suit their financial situation. They should also review the company’s client testimonials, look to see if there are any hidden costs or unusually high rates of interest, and determine if the lender provides recourse/non-course funding or collateral/non-collateral funding before entering into an agreement. - Pushkar Mukewar, Drip Capital
2. Use Online Resources To Find A Lender
There is a difference between “online lenders” and “finding lenders online.” Using online resources to research and match to the right commercial lender for your business is extremely powerful and is a tool that’s underutilized by business owners. The one thing you need to consider when using online resources to find a lending solution is to make sure the organization is reputable, transparent and experienced. - Matthew Bjonerud, Cerebro Capital
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