There is no denying the fact that a relationship with a loan shark sounds appealing. Even if you know this is the wrong decision, you could find yourself sucked in by the many perceived benefits, including but not limited to:
- Quick access to funds.
- Little to no paperwork or documentation required.
- Option to easily request more cash in the future.
- Access to the amount of money you need.
- Credit score and history is not typically a big deal.
With benefits like this, you may soon forget that this type of relationship is not one you want to be involved with. It can turn south at any moment, putting you in a difficult personal and professional financial position.
Fortunately, a traditional lender can make you forget about everything. When you do business with a reputable bank, you will feel better about every step you take. Not to mention the fact that there are no concerns about what the future could bring.
Here is what you get with a traditional lender:
- A loan officer who knows what you are looking for, how to help, and ways to put you in position to succeed.
- Clearly defined terms, ensuring that you know exactly what is expected of you at all times. From the term to the interest rate to late fees, you will know where you stand.
- Documentation that keeps everybody safe and on the same page.
Does it take a long time to complete a business loan application with a traditional lender? This all depends on what you mean by a long time. You won’t receive funds within a day, but at the same time it’s not going to drag on for many months either.
Before you jump the gun, before you think it is okay to borrow money from a loan shark, contact a few traditional lenders to discuss your situation. This will put you in the right frame of mind.