We will explore the differences between three of the most common types of lenders and the various small business funding options they offer.
Well-known lenders, like banks, become household names because they have a history of reputable lending practices. The lucky customers who can qualify for credit with these companies do not have to worry that they will fall victim to a loan scam. The remainder of individuals who need a business or personal loan must exercise caution in order to avoid becoming prey to dishonest and predatory lenders.
Searching for financing and banking products, such as loans, is a breeze for anyone with online access. Borrowers whiz through the process of finding a lender, applying for a loan, approval, and cash-in-hand -sometimes in a 24-hour period. Online lenders are alternative providers of secured and unsecured loans. And they have become stiff competition for…
As the name suggests, a personal loan is used for individual needs or wants of the borrower’s choosing. Unlike a mortgage or boat loan, it is not approved for a specific purpose. People take out personal loans to pay for vacations or weddings, for instance. Other reasons borrowers get them are to make home improvements, consolidate credit card debt, or if money is needed for a sudden emergency.
Private loans come in all shapes and sizes and can be used for many purposes. They are termed private because the proceeds do not come from a government entity (common with student loans), or banks and credit unions (as do many business loans).
here are many types of personal loans available today which enable borrowers to choose from a wide variety of funding options. Choices include small loans from friends and family to larger loans to finance ventures such as education or starting a new business. Flexibility in lending, in addition to more financial products, makes it easy to find funds with payment terms to fit any budget.
Home renovation loans are ideal for the homeowner who has lived in a neighborhood they love in their perfect home for several years, but wants to improve or expand the house even more.
Title loans let individuals get cash in exchange for the lender holding title to the vehicle until it is repaid. And the cost for these loans is many times over the cost of the average installment loan.
Veteran home loans come with distinct advantages for men and women who serve, or have served, in the military. These loans are also available for reservists, active duty service members, and National Guard members.
Like any business, start-ups need funding for short and long term business projects. Start-up loans are often vital to whether or not the business ever gets off the ground or meets with long term success.