Alternative lenders like New Look Funding provide speed, flexibility, and personalized approval decisions. Unlike banks, they evaluate revenue and business potential rather than focusing solely on credit scores.
Example: A small manufacturing company secured funding in days to fulfill a large order, something a traditional bank would have delayed for weeks.
Benefits of alternative funding:
- Fast approval: Capital can be accessed quickly.
- Flexible repayment: Often tied to revenue or sales.
- Credit flexibility: Suitable for businesses with imperfect credit.
FAQ:
Q: Are alternative loans more expensive than bank loans?
A: They can have slightly higher rates, but the speed and accessibility often outweigh costs.