With the economy thriving in many areas, small businesses are cropping up at an unprecedented rate. If you are like many other entrepreneurs and need additional cash to either start or expand your company, obtaining capital from a business lender is one of your best options. Before you sign on the dotted line, carefully scrutinize credible reviews to find the firm that makes the most sense for your business.
DOES IT COVER SPECIFICS ABOUT FINANCING?
Although loan company reviews are a dime a dozen, the ones you pay attention to should focus on the important preliminary aspects of all loans. Consider crucial factors that include the following:
• How long is the application process?
• What rates will you pay?
• What are the minimum and maximum loan amounts?
• What are the terms of the loans offered?
• What are the qualifications, including minimum credit score?
Any review worth its salt will exhaustively cover all of these topics so that you can begin to weed out unsuitable options.
DOES IT SPECIFY CERTIFICATIONS AND ACCREDITATIONS?
When hitching your company’s wagon to a lender, you are initiating a relationship that could go on for several years. Therefore, you should make sure that the loan company reviews you consult specify the steps that companies have taken to follow industry best practices and ensure the security of their data. Organizations that many lenders join include the Better Business Bureau, Norton and McAfee.
IS IT OBJECTIVE?
It is your job to critically view any content that you find on the internet, and that includes business lender reviews. To that end, consult reputable sites for legitimate customer testimonials. A good starting place is the Better Business Bureau, but there are many more. If a particular lending company seems to be garnering a great deal of negative testimonials, this is often a very obvious red flag that should encourage you to look elsewhere.
DOES IT PROVIDE LINKS TO PRESS COVERAGE ABOUT VARIOUS LENDING COMPANIES?
Many lending companies make it a point to attract as much positive media exposure as possible. By the same token, there are times when the press uncovers aspects of an organization that are less attractive. In both cases, you should want to be aware of what the media are saying about your potential lending partner. Good reviewers will link to relevant articles and videos.
DOES IT SPECIFY LENDER CONTACT INFORMATION?
Finally, you will want to follow up your perusal of reviews by directly communicating with the lenders that seem like the best possibilities. Good reviews will make doing so easy by providing links, phone numbers and other contact information so that you don’t need to go hunting for it.
Reviewers can make the process of finding a topnotch business lender infinitely easier. Just be sure that you are consulting those that are committed to providing the most thorough and objective information. Take your time, do your homework and use all of the data to arrive at the best lending option. Once you have some working capital, you can do what is most important: grow your company.
