Globalised markets, crashing national economies, and the impact of the web and digital marketing have made modern business a tough proposition for anyone who is not prepared to be agile and adaptable. Furthermore, the global financial crisis and subsequent fallout have made banks more fearful of lending to many smaller businesses because of the risks involved.
A New Breed of Lender
The really good news is that this vacuum in the financial lending market has led to the rapid growth of many small and independent lending companies. They may not all have the brand and power of the major banks, but what they lack in traditional qualities, they more than make up for in flexibility and an ability to engage with risk.
So, You Have a Good Idea for a Business?
The problem with all of this risk aversion from the major lenders is that it makes it a lot more difficult for average people to realise their dreams. If you have a great business idea, for example, how are you going to inject much-needed capital investment unless you have it saved already? The lack of small business lending from these big financial providers just means that either people are not going into business, or that they are growing at a much slower rate than they would if they had quick injections of money.
In this case, seeking out an independent lender is the wisest choice, but it also makes people wonder about the legitimacy of these lenders. If you’re wondering, for example, and whether you can really trust what you read in a Max Funding review, the answer is that independent lenders have exploded in popularity in recent years, and the risk of using one is much lower than it might have been a decade ago.
Why Use an Independent Lender?
So, if you’ve done your homework and you are prepared to use an independent lender, what can you reasonably expect from them and the process? Consider the following:
- No huge forms or documents to fill out, and pre-approval in around five minutes.
- The capacity to receive the funding you need on the very same day you applied.
- Serious consideration of every client – even those with debt and a questionable credit history.
- All new businesses considered, even if there is very little business experience behind it.
- Lending operations and pre-approvals every day of the week so you can have a cash injection fast and when you really need it.
Where these smaller operations shine is that they can engage more flexibly with more people. A person seeking approval for a loan from a bank who has debt and poor credit is likely to be knocked back, but independent lenders have made it easier for modern businesses to thrive.