The Top 5 Things You Need to Know About Online Business Loans

It pays to shop around for the perfect loan. Back in the day, small businesses didn’t have a choice, but to go to the bank for a traditional loan that took months and required a mass of documents, as well as collateral.

The good news is that we can now choose online business loans instead, and we know the real story about what banks are hiding.

Greenbox Capital is here to advise you on the top five benefits that come with choosing an online business loan.

Convenience

Online business loans accommodate the busy shop owner and the jet-lagged businessperson. As long as they have a computer with an internet connection, they can find a business loan during their lunch break or on the plane. If they still don’t have time, they can also search and apply for an online business loan at their hotel or at home wearing nothing but their pajamas.

Quick Turnaround

With the added convenience of searching, choosing, and applying online for a business loan, alternative lenders provide working capital within 24 hours as opposed to months. Alternative lenders, such as Greenbox Capital, help you avoid wasting time sifting through months of bank statements and other documents, so you can get the money you need fast to achieve your goals.

Flexibility

Large banks don’t even consider you if you have bad credit, but smaller banks and credit unions may sit with you to work out a solution and offer reasonable prices. However, you will find more flexibility when you choose online business loans from alternative lenders. For instance, Greenbox Capital does not require any collateral when you apply, so you won’t have the fear of repossession hanging over you if you are unable to fully pay back the loan. Representatives of Greenbox Capital work with you no matter how good or bad your situation is.

Whether it’s from the fear of rejection or because they have been rejected too many times by banks, female business owners opt for funding less often than male business owners. Female business owners will, instead, use credit cards for their company’s requirements, which is not an economical solution since they must endure high interest rates. Greenbox Capital is one of a few alternative lenders that forms solid partnerships with female entrepreneurs, so their business can thrive.

Simplified Repayments

With so many types of businesses, alternative lenders understand that they need an easy and simple method for repaying a business loan. That’s why Greenbox Capital offers Automated Clearing House (ACH) payments.

We can arrange for daily or weekly fixed ACH payments that are automatically deducted from your account with a term length that lasts between 3 and 12 months.

Freedom

Alternative lenders, such as Greenbox Capital, do not give funding with any set instructions on how to use it. You know where to put the money in your business:

  • Working capital. Subtract your business’ current assets from its current liabilities and you’ll be left with your working capital. It demonstrates the status of various activities, including debt and inventory management, suppliers’ payments, and revenue collection.
  • Inventory. Whether you’re experiencing a dip in sales or putting your money towards other departments of your business—like debts—an online business loan can help restock your shelves with new inventory.
  • Equipment. Machinery is essential in business from coffee machines to computer cash registers to commercial washing machines. When they break down or when you want to upgrade, your business may not be making enough money for that. However, an online business loan will help you get the repairs or equipment you need.
  • Refinance. Not happy with your current loan? You can replace it with a new one that has better terms to help you accomplish your goals.
  • Business Acquisition or Expansion. There are several business loans to help you get started on your next big challenge, whether it’s a new partnership or a franchise.

Find out More About Greenbox Capital’s Online Business Loans

Call us at 1-855-442-3423 for more information or to make an appointment.

If you’re ready to take the next step, apply now and sign up to become a loyal Greenbox Capital member!

 

Sources:

https://www.thebalance.com/getting-a-loan-with-bad-credit-315569

https://www.thebalance.com/what-is-refinancing-315633

https://www.fundera.com/blog/fear-of-being-rejected-for-loan

https://www.fundera.com/business-loans/guides/online-business-loan

https://www.nav.com/business-financing-options/online-loans/