The internet is the cornerstone of the cultural, economic and technological revolution of the 21st century. For the first time ever, we have a wealth of knowledge and choices available at our very finger tips. Unfortunately, that has made decision making even more difficult for some of us. Online business lenders like Fast and Easy Funds exist online because it allows them to better service the needs of today’s online consumers. Because there are so many options, how can a business owner find the best online business lender?
Start Your Search
When you start searching for online business lenders, don’t just go immediately for the brand name alternative lenders. It is always worth checking out the lesser known online business lenders because they usually have better customer service and even better deals.
You should also ask for references from fellow entrepreneurs who have experience with taking out business loans.
Watch Out for Reviews
If the business exists, there is a review of it on the Internet. Even though there are plenty of reviews for online business lenders, you cannot trust them all. There are websites and services that exist to skew the reviews on even the most reputable websites.
A good rule of thumb is to read the good reviews and the bad, and always check the sources!
Find Comparable Traits
When you think you have found a few online business lenders that you are comfortable with, you have to start comparing them. In order to compare online business lenders correctly, you should choose facets to compare.
- How long have they been in business?
- Do they have an establish reputation?
- What are the loan terms and APR stipulations?
Get in Contact
Sometimes, you simply can’t beat good, old fashioned human intuition. When you are comparing online business lenders, don’t hesitate to call and asking for a consultation; you can get a strong sense of the lender that you are dealing with and create a connection.
Remember that after a loan is established, you will be working with this company for a while, sometimes for years, so how they handle the initial connection will say a lot about what you can expect from them moving forward.
Business Credit Scores
There are tools available that archive and access the credit rating of businesses. Dun and Bradstreet, as well as Equifax, are the two most popular services. These tools are good to use in all general business dealings, and it is worth buying the software in general.
In this case, you can use the software to rate potential online business lenders. Simply search for the lenders you are unsure of and presto, a credit score. Use this to assist in making a decision but do not let it be the only factor.